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Financial Stocks Find Traction

The financial stocks like Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC) are getting a bid today and helping the markets stay positive. These financial stocks are a major key to the whether or not the market can stay up and not collapse lower in the next few weeks.  Note the Financial Select Sector SPDR (ETF) (NYSE:XLF) is still holding the double bottom level. See chart below.  Keep an eye on this double bottom. When it gives way, the markets will collapse as well. To get more hardcore analysis, guidance, swing trades and education, join the Research Center.

Gareth Soloway
Chief Market Strategist