BAC stock traded as high as $7.90 a share at the open, however, the stock is now trading in negative territory and lower by 0.05 cents to $7.59 a share. Short term traders should watch for intra-day support around the $7.40 and $7.20 levels.   ....

One sector that will tell the tale of the market is the financial sector. This morning, all of the leading financial stocks are coming under early selling pressure. When the financial stocks decline it is very difficult for the major stock indexes to stage any kind of meaningful bounce. Today, the Financial Select Sector SPDR (ETF) (NYSEARCA:XLF) is trading lower by 0.09 cents to $13.41 a share. 

J.P. Morgan Chase & Co (NYSE:JPM) is the most important financial stock that any trader can follow at this time. This stock has lead the major market indexes higher throughout the first three months of 2012 and now the same stock is leading the markets lower. JPM stock has come under some major scrutiny after reporting a $ 2 billion trading loss in its investment unit.