By Gareth Soloway on May 14th, 2010 1:37pm Eastern Time
The markets have been crushed today, the week ending on a very sour note. The dollar has soared on the back of continued worry heading in to the weekend in Europe. As the dollar rips higher, the Euro and Pound are dropping more and more. Interestingly enough, gold has been sold sharply today after a gap higher. Over the last few weeks, gold has soared when problems in Europe caused the dollar to rip higher. So a little strange action on gold today for sure!
While stocks are getting hammered, many big name plays are coming into major support and could be a good bounce opportunity. JPMorgan Chase & Co. (NYSE:JPM) dropped sharply but right into a major pivot level from last Thursday's low. This was when the DOW was crushed almost 1000 points. The level here to watch for a bounce and possible move higher is $39.25.
Financial regulation continues to progress towards completion and that is causing other bank stocks to drop sharply. Goldman Sachs Group, Inc. (NYSE:GS) is trading at $142.27 -2.38 (-1.65%) while Bank of America Corporation (NYSE:BAC) is at $16.24 -0.63 (-3.73%). Wells Fargo & Company (NYSE:WFC) has been one of the stronger banks stocks of late, but today it is trading at $32.13 -0.95 (-2.87%).
BlackRock, Inc. (NYSE:BLK) has been highlighted recently is articles as one financial play that seems to be holding its own in the last week. It continues to hover around support at $170.00 - $167.00. Today it is slightly lower at $169.95 -2.42 (-1.40%). Of all of the financial stocks, BlackRock seems the most stable in the last week.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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