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inthemoneystocks
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inthemoneystocks' Blog : Financial Stocks Rally Strong But Hit Key Resistance

Date February 1, 2012    Comments Comments (1)    Rate this post Recommend This Post (26)   
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As the market heads higher, the financial stocks lead the way. These gains continue to mount as concerns over Europe remain muted and economic news from China is strong. Stocks like JPMorgan Chase & Co. (NYSE:JPM) are up from a late November low of $28 and now hover at $38.00 per share. This massive spike is seen in almost all financial stocks.


While the gains are impressive, banks are nearing major resistance levels. These must be respected. The most obvious resistance point can be seen on Goldman Sachs Group, Inc. (NYSE:GS). This stock has now moved into the 200ma and a pivot top from October 20th, 2011.


Keep an eye on the financial stocks. As they go, the market goes. If the banks are putting in tops and ready to pull back, be ready for a market pull back.


Gareth Soloway


InTheMoneyStocks.com


Tags : JPM   GS   WFC   C  

1 Comment(s):

Author BearMO     Date February 2, 2012 11:18 Abuse this post Report Abuse
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Actually this blog is written better than most of the media hogwash about this subject. The media loves to downplay hot sectors, an analyst loves to be 'first on the block' to announce a change in trend direction. However in the case of the Banking Sector, one always needs to look at the numbers, the RSI, the movement to see that in this case that resistence is going to be broken. The early bird gets the worm - which in this case pertains to the 'smart money' and my RobtheMarketBlind thieves. We told you to buy in to Banking a month ago (see documented published blogs on this site). The Fools (which consist of everybody else including the troll crowd) gets in late and become losers.
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