Oil in the Green | Financial Stocks Lead the Markets Lower

This morning, many of the leading oil service stocks are trading higher despite the lower stocks market indexes. The highly popular and followed Market Vectors Oil Services ETF (NYSE:OIH) is trading higher by 0.33 cents to $34.35 a share. Short term traders should watch for intra-day resistance around the $34.40, and $34.75 levels.

Some leading oil service stocks that are trading higher today include Halliburton Co (NYSE:HAL), Baker Hughes Inc (NYSE:BHI), and Schlumberger Ltd (NYSE:SLB). All of these stocks should be watched closely today as they are showing good intra-day relative strength. Stocks with relative strength will often lead markets higher if the major stock indexes head higher.

Financial Stocks Lead The Markets Lower

This morning, the major stock indexes are all declining sharply lower. The important financial stocks are leading the declines for the markets. J.P. Morgan Chase & Co (NYSE:JPM) is considered to be the most important financial stock in the United States at this time. Earlier today, a report was released that JPM could face a larger loss in their recent hedge trade that went bad. The report stated that the loss could be as high as $9 billion compared to the $2 billion loss that was originally reported. JPM stock is trading lower by $1.30 to $35.48 a share. The stock will have some short term intra-day support around the $35.00 area.All of the European banks are also sliding lower today. Yesterday, Barclays plc (NYSE:BCS) agreed to a huge fine for manipulating the LIBOR market. Today, the headline from the UK is that there could be possible criminal charges filed in the case. BCS stock is trading lower by 16.0 percent. Other European financial stocks that are trading lower today include Deutche Bank AG (NYSE:DB), Credit Suisse Group (NYSE:CS), and UBS AG (NYSE:UBS). All of these stocks mentioned continue to look very weak on the charts.

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