Market Overview

This Industry Group Leads The Markets Higher

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This morning, the leading financial stocks are rallying and carrying the Dow Jones Industrial Average to new all time highs. Earlier today, Morgan Stanley (NYSE: MS) reported corporate earnings that are being well received by the market moving institutions. Traders and investors should note that as long as the large financial stocks move higher the major stock indexes should also do well.

J.P. Morgan Chase & Co (NYSE: JPM) is the most important stock that any trader and investor can follow. In other words, this stock is the real bank of America. Today, JPM stock is trading higher by 0.75 cents to $56.02 a share. Short term day traders should watch for intra-day resistance around the $56.10, and $56.50 levels. The daily chart is also trading into an important double top resistance area from the May 31, 2013 high pivot, so the stock does have some daily chart resistance around the current level. 

Some of the other leading financial stocks that are trading higher today include Goldman Sachs Group Inc (NYSE: GS), and BlackRock, Inc. (NYSE: BLK). It should be noted that all of the financial stocks are in an uptrend and remain one of the leading industry groups in the stock market at this time. 

Nicholas Santiago


The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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