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Don't Take Your Eyes Off The Financials

ByNicholas Santiago
Published 06/05/2013, 02:32 PM
Updated 07/09/2023, 06:31 AM
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One of the most important sectors that anyone can follow is the large financial stocks. After all, the Federal Reserve doesn't print all that money just to bailout some local coffee shop. It does it to save large financial institutions. There have been 454 regional bank failures in the United States since the start of 2009. The large banks have enjoyed the benefits of all the free money they received from the Federal Reserve since that time. The large financial institutions have a very profitable credit-card business, buy stocks make investments and sometimes even loans to qualified borrowers.

Goldman Sachs Group Inc. (GS) is one of the most important financial stocks that any trader can watch on a daily and intra-day basis. Today, GS stock is trading lower by $1.78 to $159.90 a share. Day traders should watch for intra-day support around the $158.73, and $155.00 levels. The daily chart of GS still remains in an uptrend by trading above the important 50, and 200-day moving averages. Should GS stock decline sharply over the next week or so swing traders can look for support and a potential bounce around the $145.00 level.

Correction Warning
A few others to watch include J.P. Morgan Chase & Co. (JPM), BlackRock, Inc. (BLK), Bank of America Corporation (BAC) and Citigroup, Inc. (C). All of these leading financial stocks still remain in a daily chart uptrend despite intra-day weakness. Should this leading stock sector begin to break down, that would be a very good sign that the stock market is about to stage a major correction.
Goldman Sachs
Nicholas Santiago
www.InTheMoneyStocks.com

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