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Financial Stocks Are Steering The Ship

|Includes: CS, DB, Direxion Daily Financial Bear 3x Shares ETF (FAZ), GS, MS
All of the leading financial stocks are coming under some selling pressure this morning. The important Financial Select Sector SPDR (NYSE:XLF) is finally declining after an eight day rally. On November 25, 2011 the XLF was trading as low as $11.73 a share. Today the XLF is trading lower by 0.21 cents to $13.12 a share. Even with today's decline in the XLF this ETF is still $1.39 higher than it was on November 25, 2011. All in all, the XLF is still holding up well on the daily chart at this time. Traders can watch for some short term intra-day support around the $13.05, and $12.84 levels.

Some of the leading financial stocks that are coming under some selling pressure today include Goldman Sachs Group Inc (NYSE:GS), Deutsche Bank AG (NYSE:DB), Credit Suisse Group (NYSE:CS), and Morgan Stanley (NYSE:MS). The financial stocks could be very volatile today as the markets are moving on every comment coming out of the European Union. There will be a lot of news reports beginning today as the European Union summit begins today and lasts throughout the weekend.

Nicholas Santiago