This morning, all of the leading financial stocks are declining and trading lower. While a pullback session after a big rally day is common, the action in the financial stocks should keep traders cautious. The problems in the economy are caused by broken financial institutions and today's action in the financial stocks is certainly telling us that.
The leading financial stock in the United States is J.P. Morgan Chase & Co (NYSE:JPM). This is the most important stock that any trader can follow. JPM stock is trading lower by 0.66 cents to $30.31 a share. The stock will have short term intra-day support around the $29.85 and $29.35 levels. When JPM declines it is likely that all of the financial stocks are falling as well.
Some other leading financial stocks that are trading lower this morning include Goldman Sachs Group Inc (NYSE:GS), Blackrock Inc (NYSE:BLK), Wells Fargo & Co (NYSE:WFC), and Bank of America Corp (NYSE:BAC). All of the leading stocks surged sharply higher yesterday, therefore, today's pullback may not be a big deal. If these stocks begin to decline further traders and investors should remain cautious with this very volatile industry group.