Financial Stocks Weak: FOMC Leading Indicator Alert
The markets continue to roar higher with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) trading at $165.60, +1.10 (0.67%). This is the second solid up day in a row, both coming prior the FOMC Policy Statement tomorrow. While the markets are charging higher into this major event, financial stocks have stalled and are flat to negative. Goldman Sachs Group Inc (NYSE:GS) is trading at $163.65, -0.46 (-0.28%) while JPMorgan Chase & Co. (NYSE:JPM) is trading at $53.89, +0.04 (0.07%). ..
The Federal Reserve Chairman Ben Bernanke is beginning to testifying in front of the Joint Economic Committee. In his opening remarks, the head of the central bank has signaled that he shall continue to keep the current quantitative easing program in place. Traders and investors can easily see the decline in the U.S. Dollar Index after his comments were released. Chairman Bernanke warned that reducing the Federal Reserve's efforts to keep borrowing rates low would carry a substantial risk of slowing or ending the economic recovery.
Large Financial Stocks Hot: Too Big To Fail Now Even Bigger
If The Financial Stocks Slide You Should Watch Out!
This morning, the financial stocks are leading the major stock indexes higher. Many traders and investors are buying financial stocks on the anticipation that the European Central Bank (ECB) will cap rising debt yields. The problem with the financial stocks now is that the bulk of that news has already been factored in by the market. You see, someone always knows something before it happens. ...