The financial stocks have now led the major stock indexes higher since late November 2011. Traders and investors that have followed the financial sector very closely know that every crisis over the past five years has been a banking crisis.
Even today, the problems in the European Union are simply just more banking problems. This afternoon, the financial stocks are all trading slightly lower on the day. The popular and highly traded Financial Select Sector SPDR Fund (NYSEARCA:XLF) is trading lower by 0.17 cents to $14.60 a share. This is the first time in 2012 that the financial stocks are showing some signs of weakness. The action yesterday is nothing to be alarmed about yet, however, it is worth noting.
Some leading financial stocks that are coming under some selling pressure include Citigroup Inc (NYSE:C), Goldman Sachs Group Inc (NYSE:GS), and Morgan Stanley (NYSE:MS). Traders must keep these stocks on the radar at all times as they have signaled rallies and corrections for years now. If the financial stocks begin to deflate it could be a sign that the 2012 stock market rally is coming to an end for a while.
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Financials Signal a Chink iIn the Armour
Published 02/23/2012, 06:47 AM
Updated 07/09/2023, 06:31 AM
Financials Signal a Chink iIn the Armour
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