This morning, all of the leading financial stocks are struggling to catch a bid higher. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) is trading lower by 0.05 cents to $14.85 a share. Traders should watch for intra-day support around the $14.75, and $14.60 levels. The daily chart of the XLF remains in an uptrend and above of the important moving averages.
Some leading financial stocks that are seeing early selling pressure include J.P. Morgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Co (NYSE:WFC), and Citigroup Inc (NYSE:C). All of these stocks are holding up well on the daily charts at this time. Later this week, the Federal Reserve will release the results of another round of bank stress tests. The round of stress tests is expected to show improved balance sheets for many of the U.S. banks.
Nicholas Santiago
InTheMoneyStocks.com
