By Nicholas Santiago on June 15th, 2010 10:22am Eastern Time
This morning the market opened up very strong on the back of the weaker U.S. Dollar index. Everything in the commodity space is trading higher as one would expect with a falling dollar. Technology is trading sharply higher as most NASDAQ stocks are strong. The one sector that is flat today is the financial stocks.
The financial stocks struggled all day yesterday and lead the markets lower once the afternoon sell off began. Today's action in the financial stocks looks very similar to yesterday. All of the leading names look weak and are barely positive on the day.
Goldman Sachs Group Inc (NYSE:GS) is trading higher by 0.37 to $133.79. This stock has had a black cloud above it ever since the alleged fraud charges by the SEC. Goldman Sachs Group will have daily chart support around the $130.00 level should it make a new low for the year. Intra-day the stock will have short term support around the $133.00 area.
J.P. Morgan Chase & Co (NYSE:JPM) is trading higher this morning by just 0.14 cents to $37.48. This stock is still trading above its recent lows and could be forming a bullish pullback pattern on the daily chart. Intra-day the stock will have support around the $37.21 area. The intra-day resistance level for JPM is around the $37.80 - $37.90 level.
Bank of America Corp (NYSE:BAC) is trading high by just 0.01 cent to $15.42 this morning. This daily chart pattern on BAC is possibly a bullish pullback pattern. Therefore, should the market rally in the next few days this stock could get a bid higher. The intra-day support level for BAC will be around $15.30 and more around $15.10. BAC will have intra-day resistance around the $15.75 level.
When the markets rally it is unlikely that they will advance sharply higher without the financial stocks participating. This morning the financial stocks are struggling to stay positive let alone catch a bid and move higher. Therefore, until these stocks rally don't expect too much out of this market today.
Comments