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Follow The Leader JPM

J.P. Morgan Chase & Co (NYSE:JPM) is by far the most important financial stock in the entire stock market. In fact, the company is the real bank of America. It has lead the major stock market indexes lower in 2008, and higher since the stock market bottomed in 2009. Today, the financial giant is trading lower by 0.78 cents to $54.52 a share. Day traders should watch for intra-day support around the $54.25 level. Should this level fail to hold up the next important intra-day support level for JPM stock will be around the $53.50 area. Traders should follow the leader if you want to know where the major market indexes are headed.

Nicholas Santiago