Financial Action: Worries From Europe And Contagion
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.
Head And Shoulders: Can They Save It From Triggering
The U.S. markets are trading flat on the day after an ugly overnight session in the S&P futures. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $136.91, -0.05 (-0.04%) after the S&P futures were down as much as 20 points overnight. This surge back was helped by the weakening Dollar and the strengthening Euro off their overnight highs and lows.
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 is J.P. Morgan Chase & Co (NYSE:JPM). Today, JPM stock is trading higher by 0.25 cents to $42.00 a share.