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  • Large Banks Defy Gravity 0 comments
    Jan 24, 2013 10:39 AM

    The strongest industry group in the stock market since June 2012 has been the large banks. Today, the large bank stocks are trading higher again. J.P. Morgan Chase & Co (NYSE:JPM) is by far the most important stock in the sector. This stock has surged higher by nearly $16.00 since June 4, 2012 when the stock was trading as low as $30.83 a share. Traders should start to call JPM stock the real bank of America. The stock is now starting to trade into some important resistance around the $48.00 area. There should also be heavy resistance around the $50.00 area as well should the stock trade up there. JPM is also overbought in the near term so pullbacks or consolidation on the daily chart should be expected a little bit higher.

    Some other leading financial stocks that are climbing higher today include Deutsche Bank AG (NYSE:USA) (NYSE:DB), Citigroup Inc (NYSE:C), Wells Fargo & Company (NYSE:WFC), and Bank of America Corp (NYSE:BAC) just to name a few. Traders can follow the entire sector by using the Financial Select Sector SPDR (NYSEMKT:ETF) (NYSEARCA:XLF). Remember, the trend remains up in all of these stocks, however, the sector is now getting overbought in the near term.

    (click to enlarge)

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