Financial Stocks Continue To Be Under Pressure

Following the earnings of Bank of America Corporation BAC last Friday morning, financial stocks have been under serious pressure. Bank of America continues to sell off today, down another 4% to $13.45. JPMorgan Chase & Co. JPM, Goldman Sachs Group, Inc. GS and Wells Fargo & Company WFC are also all lower on the day. Today, President Obama signed into law the Financial Regulation bill. It is now law and these firms will have just a little bit of trouble doing everything they used to, to make money. Bank of America is into a double bottom on the daily chart at $13.50. Should that level break, it could fall all the way to $12.00. Gareth Soloway Chief Market Strategist www.InTheMoneyStocks.com