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October 31, 2011
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Last week, every talking head in the financial media was falling in love with the leading financial stocks again, however, today these institutions look more like a zombie institution.
Morgan Stanley (NYSE:MS) was last week's big winner. Today MS stock is declining lower by $1.34 to $17.98 a share. This is a 7.0 percent decline for the financial giant. Many traders and investors believe that MS has a decent amount of exposure to the European debt market. MS stock will have intra-day support around the $17.40, and $17.00 levels.
Other leading financial giants that are trading lower today include Goldman Sachs Group Inc (NYSE:GS), Bank of America Corp (NYSE:BAC), and Deutsche Bank AG (NYSE:DB). These financial stocks have lead the markets higher since the October 4, 2011 pivot low, however, these same stocks are leading the declines this afternoon.
Nicholas Santiago
InTheMoneyStocks.com
