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Global Banks Accused of Money Laundering
A FinCEN leak has global banks under selling pressure this morning. Leaked documents from the Financial Crimes Enforcement Network (FincCEN) show years of illicit movement of funds through the world’s biggest banks. Standard Charted, JPMorgan, Deutsche Bank, HSBC and more are accused of laundering over $2 Trillion in funds over the last 20 years.
Pre-market, Citigroup and JPMorgan are down over 4%, while Deutsche Bank is down 8%. The Financial Select ETF XLF is off over 3% premarket.
The pressure on the banks will not help the market, which was weak on Friday after breaking the 50-day moving average. Those that were looking for technical support at that level will be on the hook as they wake up to a gap lower in the indices.
S&P Futures Trading Levels
The S&P futures currently sit at 3260, which is 13 handles off the overnight low.
Support levels for the day will be 3238 and 3209.
Upside resistance is 3280 and 3320.
The current S&P trading environment is trending lower. The 50-day MA will now be resistance above the 3300 level and will threaten any rally.
Three Stocks to Watch
NKLA- CEO Milton has resigned after a wild week that included accusations of fraud and bizarre social media outbursts.The stock is down 30% as investors start to accept that Nikola is not Tesla 2.0.
TSLA- Speaking of Tesla, one of the hottest stocks is ignoring the premarket weakness and trading higher. The stock is in the green after Musk said that the company has a shot at record deliveries for Q3.
AMZN– Market weakness has Amazon trading at $2900 before the bell, slightly above last weeks low. The stock is off 17% from September highs, but still 22% above its 200-day MA.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>