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  • Financial Stocks On Fire. Will The Flame Burnout?  1 comment
    Jan 7, 2010 3:51 PM | about stocks: WFC, BAC, GS, XLF

    The financial stocks are soaring today. Stocks such as Bank of America(NYSE:BAC), and Wells Fargo(NYSE:WFC) are trading higher by almost 5.00 percent on the day. Meanwhile Stocks such as J.P. Morgan(NYSE:JPM), Goldman Sachs(NYSE:GS), and Morgan Stanley(NYSE:MS) are all higher by more than 2.00 percent. Most regional banks are also trading higher on the day. So whats behind today's strong move in the financial sector? It seems today's move higher can be attributed to money rotation. Institutional money has simply rotated out of the technology and commodities stocks right into the financial sector.

    Financial stocks such as Regions Financial(NYSE:RF) have traded higher by more than 20 percent in the last five trading days. Hudson City Bank(Nasdaq:HCBK) has moved higher by more than 0.60 cents in two trading days. This stock usually moves like a turtle. These are incredible moves being made by this sector across the board.

    What does this mean going forward? Technically speaking all of these stocks in the financial sector are now getting extended on the charts. The Financial Select SPDR(NYSE:XLF) is nearing a double top chart formation from it's October 14th, 2009 high. This is usually a very strong and important technical resistance level. Watch for profit taking in these financial stocks soon.

    Nicholas Santiago,
    Chief Market Strategist

    Stocks: WFC, BAC, GS, XLF
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  • buddhabill
    , contributor
    Comments (134) | Send Message
    Profit taking? When does one see profit taking anymore?


    GS to new highs, other financials have more shorts to abuse, and they know it.
    7 Jan 2010, 11:15 PM Reply Like
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