We have updated our privacy policy and terms & conditions. Find out more here.
2
 

Large Banks Defy Gravity

By Stock MarketsJan 25, 2013 07:09PM GMT Add a Comment
 
AA
+
-
The strongest industry group in the stock market since June 2012 has been the large banks. Today, the large bank stocks are trading higher again. J.P. Morgan Chase & Co (JPM) is by far the most important stock in the sector. This stock has surged higher by nearly $16.00 since June 4, 2012 when the stock was trading as low as $30.83 a share.

Traders should start to call JPM stock the real bank of America. The stock is now starting to trade into some important resistance around the $48.00 area. There should also be heavy resistance around the $50.00 area as well should the stock trade up there. JPM is also overbought in the near-term so pullbacks or consolidation on the daily chart should be expected a little bit higher.

Some other leading financial stocks that are climbing higher today include Deutsche Bank AG (USA) (DB), Citigroup Inc (C), Wells Fargo & Company (WFC), and Bank of America Corp (BAC) just to name a few. Traders can follow the entire sector by using the Financial Select Sector SPDR (ETF) (XLF). Remember, the trend remains up in all of these stocks, however, the sector is now getting overbought in the near-term.
JPM
JPM
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Citigroup
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg