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“Too Big to Fail” Leads Markets Lower
The large major banks are leading the major stock market indexes lower for a fourth consecutive trading session. It is important to remember that the four largest banks and many of the leading brokerage firms have been under pressure since the start of May 2011. These stocks are all short term oversold on the daily charts at this time, therefore, it is possible to see small bounces in these stocks in the near term.
J.P. Morgan Chase & Co. (JPM) is the strongest financial stock out of the ‘too big to fail’ institutions. This stock is trading lower this afternoon by $1.05 to $40.52 a share. When this leading stock fails to catch a bid higher it is usually a good sign that the entire sector is struggling and likely trading lower. JPM stock will have some intra-day support around the $40.35 and $40.00 area level.
Goldman Sachs Group Inc. (GS) remains in a daily chart down trend. The stock is trading below its daily chart 50, and 200 moving averages which put this leading financial institution in a weak technical position. The stock will have some short term intra-day support around the $132.00, and $131.00 levels.
Wells Fargo & Co. (WFC) is one of the leading bank stocks in the stock market. Today, the stock was downgraded by Rochdale Securities with a $22.00 price target. WFC stock is trading lower by 0.59 cents to $26.28 a share. WFC will have intra-day support around the $26.00 level. This is another leading bank stock that is trading in a confirmed daily chart down trend at this time.
Other leading ‘too big to fail’ financial stocks that are trading lower this afternoon include Bank of America Corp. (BAC), Citigroup Inc. (C), Morgan Stanley (MS) and American International Group Inc. (AIG). At this time, the large ‘too big to fail’ institutions are leading the stock markets lower.
Nicholas Santiago
InTheMoneyStocks.com
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AMER INTL GRP (AIG): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
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