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For Immediate Release
Chicago, IL – 05/08/2012 – Zacks highlights commentary from People and Picks Trader “inthemoneystocks”.
For more Voice of the People, visit http://at.zacks.com/?id=5851
Financials Keep Markets from Coming Unglued
This morning, all of the leading financial stocks are catching a bid higher. This move in the financial stocks comes despite the sharp sell-off in the overnight trading session in the futures market. The most important financial stock that any trader can follow isJ.P. Morgan Chase & Co( ( JPM - Analyst Report ) .
Today, JPM stock is trading higher by 0.25 cents to $42.00 a share. It should be known by almost every trader and investor by now that JPM is a stock that should be treated as a stock market barometer. The stock will likely have intra-day resistance around the $42.30 area.
Some of the other leading financial stocks that are trading in positive territory today include Bank of America Corp( ( BAC - Analyst Report ) ,Goldman Sachs Group, Inc.( ( GS - Analyst Report ) andWells Fargo & Company( ( WFC - Analyst Report ) . As long as these leading stocks hold up, it is very hard to see the major stock indexes trade sharply lower. The financial sector accounts for roughly 14 percent of the S&P 500 Index.
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