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Financial Stocks Slide

This morning, the leading financial stocks are all pulling back at the start of the trading session. The most notable and most important financial stock that anyone can follow is J.P. Morgan Chase & Co (NYSE:JPM). Today, JPM stock is trading lower by 0.38 cents to $42.18 a share. Recently, JPM stock has been rallying higher on the daily chart and is now trading into resistance around the $42.50 level, so a pullback could be in order. Short term traders should watch for intra-day support around the $42.00, and $41.70 levels.

Some other leading financial stocks that are coming under selling pressure this morning include Bank of America Corp (NYSE:BAC), Deutsche Bank AG (NYSE:USA) (NYSE:DB), Goldman Sachs Group, Inc (NYSE:GS), and Citigroup Inc (NYSE:C). All of these stocks are very important, however, JPM stock is the leading stock in the sector and certainly the most important financial stock at this time. The financial stock sector has been very strong lately and this industry group has been one of the main reasons why the major stock indexes have not traded lower. Should the financial sector rollover it will certainly be problematic for the major stock indexes.