This morning, the major stock indexes are fading into the sunset once again by giving up the pre-market gains. Traders and investors are now starting to have fear that the major stock indexes can break sharply lower. There are a lot of stocks that are very oversold which tells us that a bounce could occur. It is the financial stocks that should be followed most closely this morning.

The large financial stocks have been some of the weaker stocks over the past three months. This morning, Citigroup Inc.(NYSE:C) reported earnings that were better than expected. Citigroup stock is trading higher by 0.81 cents to $39.82 a share. Yesterday, J.P. Morgan Chase & Co.(NYSE:JPM) reported earning that were well received by investors in the early part of the trading day.

The action today has increased the support/resistance levels on the S&P 500 (SPY) (1,345/1,357)/Nasdaq Composite (QQQ) (2,872/2,874) but has the levels the same on the DJIA (DIA) (12,605/12,760)...Each of the three indexes was up at least 0.7%...A few interesting things to note underneath the hood of the stock market direction from a sector perspective today-defensive sector Utilities traded the m

Today was quit a volatile session before the May jobs report is disclosed tomorrow morning at 8:30. Stocks traded in both directions today significantly. At the end of the day the Nasdaq Composite (QQQQ) led the market today with a mild 0.2% gain while the DJIA (DIA) and S&P 500 (SPY) fell in small order 0.3% and 0.1%, respectively.