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Unveiled: Financial Stocks Upside Limit 0 comments
The financial stocks like Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM) and Citigroup Inc. (NYSE:C) have been leading the markets substantially higher of late. The their problems appear to be ancient history as the Federal Reserve has allowed them to use every avenue possible to regain their dominance.
While these stocks have shown impressive upside, they are extremely extended. A pull back is imminent. JPMorgan is currently trading at $46.33. Just above this level lies the high pivot from 2011 at $48.35. In addition Goldman Sachs also has a major level near the $150.00 area. Almost all the financial stocks have key levels approaching. When they tag these levels, downside should begin. Look for a 10% pull back on all names across the board.
Gareth Soloway
InTheMoneyStocks
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