The large financial stocks are trading sharply higher this morning. This sector has been under severe selling pressure until today. It appears that the Greek austerity vote has helped to lift the large financial stocks this morning. Recently, there have been many rumors in the trading community that the large financial companies such as J.P. Morgan Chase & Co.(NYSE:JPM), Goldman Sachs Inc.(NYSE:GS), and Morgan Stanley(NYSE:MS) have had a lot of exposure to Greek and European debt. Therefore, the passing of the Greek austerity vote kicks the can down the road before Greece will have to default on its debt.
Some of the leading financial stocks that are climbing higher this morning include Wells Fargo & Co.(NYSE:WFC), Goldman Sachs Group Inc.(NYSE:GS), J.P. Morgan Chase & Co.(NYSE:JPM), and Morgan Stanley(NYSE:MS). Traders should use caution when trading these stocks at this time. The daily charts on the large financial stocks are still very poor and remain in down trends at this time.