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Boyz to Men — Step Back to Small Caps & Growth Stocks

We started this year looking at the monthly charts and the 2 moving averages that depict business cycles.

Back in February, we wrote:

All in all, the key sectors (retail, transportation) have more to prove, especially by clearing the 23-month moving average or 2-year business cycle. This is a significant level, as these sectors proved recession was held off when they both held the 80-month moving average or their 6-7 year business cycle low. So, after 2021 was a huge up year and 2022 was a huge down year, 2023, if it clears a 2 year cycle, that looks way better for the economy and market.

Subsequently, Retail (XRT) never cleared the 23-month MA, while Transportation (IYT) did. That prevented us from feeling too confident in a sustaining rally with retail weak.

However, as you can see, the picture has changed.

Retail (XRT) threatens the 80-month moving average once again. Transportation (IYT) has failed the 23-month in September. That gives us two reliable indicators for moving ahead.

Can Retail hold the 80-month MA? If not, here comes recession.

Or can IYT return over the 23-month, engendering more confidence?

Perhaps the small caps and NASDAQ index can shed more light. Small-caps (IWM) fell below the 23-month MA after spending only one month above it. The failure in August to hold above the blue line or 2-year business cycles is a pretty clear sign the higher rates are having an impact on the Granddaddy of the US economy.

Conversely, NASDAQ QQQ broke above the 2-year business cycle high in May 2023. Price ran from $328 to $388 in 3 months as AI and growth have been the winners for a long time. This move lower can see a retracement in QQQ back to 328. After that, so much depends on what happens with IWM, XRT, and IYT.

Nonetheless, one thing is safe to presume. If XRT keeps recession at bay and IYT can rebound back into some expansion, growth will continue to outperform. And if XRT indicates a recession is coming, and IYT plus IWM fail their 80-month MAs, QQQ may still outperform. But we would wait for a move down to 275 as the better buy opportunity in that index.

This is for educational purposes only. Trading comes with risk.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

If you find it difficult to execute the MarketGauge strategies or would like to explore how we can do it for you, please email Ben Scheibe at Benny@MGAMLLC.com.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

See Mish argus investors could jump into mega-tech over value and explain why she is keeping an eye on WTI prices on BNN Bloomberg’s Opening Bell.

Even as markets crumble, there are yet market opportunities to be found, as Mish discusses on Business First AM here.

Mish explains how she’s preparing for the next move in Equities and Commodities in this video with Benzinga’s team.

Mish talks about the head-and-shoulders top pattern for the S&P 500 in The Final Bar.

Mish covers sectors from the Economic Family, oil, and risk in this Yahoo! Finance video.

Mish shares why the most important ETFs to watch are Retailers (XRT) and Small Caps (IWM) in this appearance on the Thursday, September 20 edition of StockCharts TV’s The Final Bar with David Keller, and also explains MarketGauge’s latest plugin on the StockCharts ACP platform. Mish’s interview begins at 19:53.

Mish covers 7 stocks that are ripe for the picking on the Wednesday, September 20 edition of StockCharts TV’s Your Daily Five, and she gives you actionable levels to watch.

Take a look at this analysis of StockCharts.com’s Charting Forward from Jayanthi Gopalkrishnan, which breaks down Mish’s conversation with three other charting experts about the state of the market in Q3 and beyond.

Mish was interviewed by Kitco News for the article “Oil Prices Hit Nearly One-Year High as it Marches Towards $100”, available to read here.

Mish covers short term trading in DAX, OIL, NASDAQ, GOLD, and GAS in this second part of her appearance on CMC Markets.

Mish talks Coinbase in this video from Business First AM!

Mish looks at some sectors from the economic family, oil, and risk in this appearance on Yahoo Finance!

Mish covers oil, gold, gas and the dollar in this CMC Markets video.

In this appearance on Business First AM, Mish explains why she’s recommending TEVA, an Israeli pharmaceutical company outperforming the market-action plan.

As the stock market tries to shake off a slow summer, Mish joins Investing with IBD to explain how she avoids analysis paralysis using the six market phases and the economic modern family. This edition of the podcast takes a look at the warnings, the pockets of strength, and how to see the bigger picture.

Mish was the special guest in this edition of Traders Edge, hosted by Jim Iuorio and Bobby Iaccino!

In this Q3 edition of StockCharts TV’s Charting Forward 2023, Mish joins a panel run by David Keller and featuring Julius de Kempenaer (RRG Research & StockCharts.com) and Tom Bowley (EarningsBeats). In this unstructured conversation, the group shares notes and charts to highlight what they see as important considerations in today’s market environment.

Coming Up:

September 29: Live Coaching

October 2: Schwab, The Watch List 

October 4: Jim Puplava, Financial Sense

October 5: Yahoo! Finance

October 12: Dale Pinkert, F.A.C.E.

October 26: Schwab at the NYSE

October 27: Live in-studio with Charles Payne, Fox Business

October 29-31: The Money Show

Weekly: Business First AM, CMC Markets

ETF Summary

S&P 500 (SPY): There are multiple timeframe support levels round 420-415.Russell 2000 (IWM): 170 huge.Dow (DIA): 334 pivotal.Nasdaq (QQQ): 330 possible if can’t get back above 365.Regional Banks (KRE): 39.80 the July calendar range low.Semiconductors (SMH): 133 the 200-DMA with 147 pivotal resistance .Transportation (IYT): 225 next support.Biotechnology (IBB): 125; if clears, impressive.Retail (XRT): 57 key support.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

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Stocks

MEM TV: How to Tell When It’s Safe to Get Back Into the Markets

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what drove the previous week’s sharp pullback and what we’ll need to see before the markets can turn positive again. She also highlights recession-proof stocks that are currently attractive as well as high yielding Energy names that are in confirmed uptrends.

This video originally premiered September 22, 2023. Click on the above image to watch on our dedicated MEM Edge page on StockCharts TV, or click this link to watch on YouTube.

New episodes of The MEM Edge premiere weekly on Fridays. You can view all previously recorded episodes at this link. You can also receive a 4-week free trial of her MEM Edge Report by clicking the image below.

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Stocks

The Halftime Show: Fixed Income Continues To Fall, Can’t Say I Didn’t WARN You!

Pete has been monitoring and calling out the downfall of TLT for nearly 20 months. In this week’s edition of StockCharts TV‘s Halftime, Pete explains why the ETF broke below $90 and how the US 10-year is over 4.5% on the same day. He dives into the US Dollar, and of course Oil, and then reviews the Nasdaq 100 and S&P 500 and where they stand in their current trend. Last on the list is Coal and Uranium stocks, which look like they are breaking out. He ends on the warning signs of stocks breaking down, including another Homebuilder.

This video originally premiered on September 25, 2023. You can watch on our dedicated Halftime by Chaikin Analytics page on StockCharts TV, or click this link to watch on YouTube.

You can view all previously recorded episodes of Halftime by Chaikin Analytics with Pete Carmasino at this link.

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Stocks

Nvidia Stock: Why It’s Screaming a Spectacular Buy Signal

Nvidia’s stock has maintained a high StockCharts Technical Ranking (SCTR) score since early 2023. If you had bought the stock when it was less than $200 and continued holding it, you’d have made over a 100% return.

When the stock market trends lower, it will pull most stocks down. And when you have a stock like NVDA, which has a huge AI exposure and a massive influence on the stock market’s rally, it’s only natural for the stock to pull back.

Pullbacks are a great time to go through your charts and create a list of stocks that you’d like to own to take advantage of a market reversal. Given that we are in a seasonally weak period, this is a perfect time to analyze your charts. It’s also a great time to see how the different sectors and sub-sectors have performed within the broader downtrend.

Which stocks within the sectors have been underperforming, and which ones show stability? This gives you an idea of which areas you want to be in when the market reverses, because, very likely, the stocks that are stable during a downtrend will turn around and lead the rally. NVDA is one such stock.

Analyzing NVDA

On the monthly chart of NVDA stock (see below), the stock has been trending higher with support of its 50-month simple moving average.

CHART 1: MONTHLY CHART OF NVDA STOCK. Looking at a 10-year monthly chart, the stock has been steadily trending upward, with the 50-month moving average (red line) acting as a support level.Chart source: StockCharts.com. For educational purposes.

Technically, the stock looks strong, even though the broader market has faltered. The weekly chart also displays a positive picture. Since the October 2022 dip, when the price fell below the 200-week moving average, the stock has been trending higher, above its 21-week exponential moving average (EMA) — which is another positive for the stock. If it holds the 21-week EMA support and reverses from there on momentum, then it’s very likely the stock will rally.

CHART 2: WEEKLY CHART OF NVDA STOCK. Looking at the stock from a weekly perspective, it’s been riding up above its 21-week exponential moving average (blue line).Chart source: StockCharts.com. For educational purposes.

Even the daily chart looks positive. Sure, the stock pulled back, but it’s holding on to the support of its 100-day moving average (green line) with very narrow-range days. It’s almost as if it’s waiting for a catalyst before it explodes to the upside, which might be starting to take shape. With a SCTR score of 98 and relative strength with respect to the performance of the S&P 500 index approaching 50%, NVDA looks like a strong candidate that will lead the upswing when it happens.

CHART 3: ZEROING IN ON THE DAILY CHART OF NVDA. The stock is still strong. It has a SCTR score of almost 98, strong relative strength compared to the S&P 500, and is holding on to its 100-day moving average support. All indicate potential upside movement.Chart source: StockCharts.com. For educational purposes.

A Quick Way To View Multiple Time Frame Charts

From Your Dashboard, under Member Tools, scroll down to Charting Tools and select GalleryView.Type in NVDA in the symbol box.By default, you’ll see an Intraday View, Daily View, Weekly View, and Point & Figure View.You can customize your GalleryView charts with indicators, overlays, and other settings using the ChartStyles feature.

Bottom Line

As long as the trend is bullish in all timeframes and NVDA’s stock price holds its 100-day MA support, this would be the stock to consider owning when the market shows signs of turning around. But at a price above $400, it may be rich for the average investor. So, as an alternative, consider investing in exchange-traded funds (ETFs) that are heavily weighted in NVDA, such as the VanEck Semiconductor ETF (SMH), iShares MSCI USA Quality Factor ETF (QUAL), and Global X Robotics & Artificial Intelligence Thematic ETF (BOTZ).

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Stocks

SharpCharts vs. ACP – Comparing & Contrasting Your Charting Platform Choices

On this week’s edition of StockCharts TV‘s StockCharts in Focus, Grayson explores the two primary charting platforms on StockCharts – SharpCharts and ACP – to highlight the strengths of each, compare and contrast the two and share his thoughts on when and why you may want to use one or the other. You’ll also learn how to “blend” the two by accessing your saved SharpCharts right from ACP.

This video originally premiered on September 22, 2023. Click on the above image to watch on our dedicated StockCharts in Focus page on StockCharts TV, or click this link to watch on YouTube.

You can view all previously recorded episodes of StockCharts in Focus at this link.

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Stocks

The Ord Oracle September 26, 2023

SPX Monitoring Purposes: Short SPX on 9/1/23 at 4515.77; cover short 9/5/23 at 4496.83 = gain .43%.

Gain since 12/20/22: 15.93%.

Monitoring Purposes GOLD:  Long GDX on 10/9/20 at 40.78.

The bottom window is the 21-day average of the CBOE equity put/call ratio, and the next window higher is the 5-day average. We identified the times when both indicators reached bullish levels with red- and pink-shaded areas. As you can see, both are in bullish levels, suggesting a market low is not far off.

The bottom window is the 5-day average of the TRIN and the next higher window is the 10-day TRIN. We shaded in light pink the times when the 10-day TRIN closed above 1.20 and the 5-day TRIN closed above 1.50 and extended the shaded area to the SPY prices. A 10-day TRIN above 1.20 and a 5-day TRIN above 1.50 are normally found near lows in the market. As you can see, both 5- and 10-day TRIN have not reached panic levels (note with red box). Another day or two of declines like today could push both TRIN moving averages to the bullish levels.

We updated this chart from last Thursday, which is the Bullish percent index for the Gold Miners index/GDX ratio. Last Thursday’s chart took this ratio back to mid-2016; the above chart goes back to 2009. The top window is the 28-period RSI, and the next window down is the Bullish Percent index for the Gold Minders index/GDX ratio. A bottom is in for GDX when the RSI of this ratio trades below 30 and than closes above 30. The blue and red lines on the chart above are previous signals. There were 18 signals generated with two failures (noted with red lines), which works out to a 89% success rate. We could see a “back and forth” period, but the chart above has a 89% success rate.

Tim Ord,

Editor

www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.

Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.

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Politics

Senate leaders reach short-term budget deal with $6B in Ukraine aid, setting up showdown with House

In a bid to avert a government shutdown by Saturday, lawmakers in the Democrat-controlled Senate released a ‘clean’ Continuing Resolution (CR) on Tuesday that would keep the government funded through Nov. 17. 

The CR cleared a key procedural hurdle in upper chamber in a vote of 77 – 19 Tuesday afternoon, ending the debate on the measure and allowing it to proceed to a final vote.

‘All through the weekend – night and day – Senate Democrats and Republicans worked in good faith to reach an agreement on a continuing resolution that will keep the government funded and avert a shutdown,’ Majority Leader Chuck Schumer, D-N.Y., said in a statement Tuesday.

The short-term CR includes only $6.2 billion allocated to Ukraine — an $18 billion decrease from President Joe Biden’s August request to Congress. Another $6 billion is allocated to natural disaster funding. The CR does not include any additional funding for border security like the House’s version.

The House and Senate must come to some kind of agreement on how to fund the government by the end of the fiscal year, Sept. 30, or risk a partial government shutdown.

However, without unanimous consent from the upper chamber, it’s unclear how far the Senate’s CR will travel either. Sen. Rand Paul, R-Ky., already said he would object to any funding patch with Ukraine aid, potentially placing the passage of the CR after the deadline.

‘I will oppose any effort to hold the federal government hostage for Ukraine funding, I will not consent to expedited passage of any spending measure that provides any more US aid to Ukraine,’ Rand posted on X, formerly known as Twitter.

The Senate’s proposed CR, however, is worlds apart from its GOP-led House counterpart, where House Speaker Kevin McCarthy, R-Calif., indicated aid to Ukraine should be a standalone bill and may not give the Senate-authored CR a House vote.

McCarthy said the chamber would vote on a short-term spending bill soon after holding a key vote to proceed with four year-long appropriations bills on Tuesday night.

‘The Republicans will put on the floor a move to secure our border. I think that’s the appropriate way to be able to keep government funded, secure border while we continue to keep government open to work on the rest of the appropriations process,’ McCarthy told reporters in the morning.

Schumer said Tuesday on the Senate floor, ‘We are now right at the precipice.’

‘This bipartisan CR is a temporary solution, a bridge towards cooperation and away from extremism,’ Schumer said. ‘And it will allow us to keep working to fully fund the federal government and spare American families the pain of a shutdown.’

Meanwhile, Senate Minority Leader Mitch McConnell, R-Ky., said, ‘We are eager to provide relief to communities recovering from natural disasters from Hawaii, to Florida, and bipartisan majorities recognize the ongoing need to counter Russia and China and continue to provide lethal aid to Ukraine.’

‘Over the years, I’ve been pretty clear in my view that government shutdowns are bad news whichever way you look at them. They don’t work as political bargaining chips,’ he said.

The House is scheduled to deliberate on four distinct appropriations bills on Tuesday evening. However, it remained uncertain if McCarthy had garnered enough votes to advance them. He can only afford to lose a handful of Republican votes. 

Jamie Joseph is a writer who covers politics. She leads Fox News Digital coverage of the Senate. 

This post appeared first on FOX NEWS
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Politics

House finally passes key spending hurdle after week of GOP infighting

House Republicans passed a procedural hurdle on government funding on Tuesday night after a week of disarray that saw multiple planned votes scuttled. 

Lawmakers voted 216 to 212 late Wednesday to advance four appropriations bills, teeing them up for debate and final vote sometime this week. The only Republican to vote ‘no’ was Rep. Marjorie Taylor Greene, R-Ga., who protested funds going toward Ukraine in two of the bills. 

The House and Senate must come to an agreement on how to fund the government past Sept. 30, the end of fiscal year 2023, or risk a partial government shutdown.

Speaker Kevin McCarthy, R-Calif., took a victory lap on Tuesday night after the bill was passed. He also said lawmakers would likely vote on a short-term funding bill known as a continuing resolution (CR) on Friday after working to advance the four spending bills.

‘We want to make sure government stays open as we do the work. We’re gonna be here working late tonight. Senate has not passed anything yet,’ McCarthy said. 

Asked about CR timing, McCarthy said: ‘We’ve got these four bills coming up so it’s — this’ll take us to Thursday, probably on Friday.’

Congressional leaders in both parties have agreed that a CR would be necessary to give lawmakers more time to reach a deal on the next fiscal year. 

But the House GOP’s current CR proposal — which would cut government spending by about 8% from this year’s enacted funding levels for 30 days and includes measures from Republicans’ border security bill — has been labeled a non-starter in the Democratically-held Senate

The two chambers are also still far apart on their 12 individual appropriations bills to fund the government for the next fiscal year. The Senate is working toward toplines agreed to by McCarthy and President Biden during the debt limit negotiations, while the House is working toward a lower number. 

They are also distant on a CR. As the House prepared to vote to advance their spending bills on Tuesday night, the Senate agreed to proceed with its own CR that would preserve this year’s funding levels and include additional dollars for Ukraine aid and U.S. disaster relief. 

McCarthy dodged a question on the Senate CR, telling a reporter, ‘Ask me when they pass it.’

In addition to battling Democrats, however, McCarthy is also dealing with members in his own conference who are opposed to any kind of CR on principle, arguing it is an endorsement of the last Congress’s Democratic priorities. 

It’s also not immediately clear if the four appropriations bills advanced Tuesday will pass their individual votes.

Rep. Andrew Clyde, R-Ga., a member of the conservative House Freedom Caucus, told Fox News Digital when asked whether he thinks they will have issues, that ‘some of them might. I hope they don’t, I mean we’ve got some amendments to deal with and that’s a good thing. That’s the way the process should work.’

McCarthy and his allies have attempted to pressure the holdouts by claiming they would give Democrats the upper hand if they did not agree to a CR with conservative priorities.

‘I don’t understand how a Republican is going to sit and support what is currently happening on the border and defend President Biden on keeping the border wide open. I don’t understand how someone can do that,’ he said. ‘So I’m not quite sure how they would defend that position.’

He also said the House would vote on a CR regardless of what happens to the four appropriations bills this week.

Elizabeth Elkind is a reporter for Fox News Digital focused on Congress as well as the intersection of Artificial Intelligence and politics. Previous digital bylines seen at Daily Mail and CBS News.

Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com

This post appeared first on FOX NEWS
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Stocks

Market Begs: Tell Us Something Good!

We compiled a list of the 10 biggest uncertainties in the stock market right now.

In no particular order:

China-trade wars and chip wars Oil and food inflation Strikes Government shutdown Corporate and individual bankruptcies on the rise Commercial real estate and banking Fed rates higher for longer Political polarization Social Unrest: how far can folks be pushed economically Geopolitical concerns: Russia and how far they will go

What we do know is that the market is not a big fan of uncertainty.

Hence, until there is some glimmer of hope, we expect fear to prevail.

That leads us to speculate on where hope might come from.

In 2011, the government shut down. By October 2011, the market bottomed along with TLT (yields began to soften.)

Oil was at $100 a barrel and in 2012 fell to $80.

The accommodative Fed helped save the day. Plus, oil had very different fundamentals than today.

Now though, with $33 trillion in debt and rising inflation, if the Fed softens, it will help commodities prices and drive the economy towards stagflation.

We speculate that the dollar could fall as well.

In 2011 the Fed had wiggle room and much less of a debt issue. Now, not so much.

We show the NASDAQ chart as this is most likely where hope can emerge from.

Can AI and tech help efficiency while soothing the ailments of the day?

Over the weekend, we looked at volatility, retail, and small caps and came up with this as the Bottom line:

“A move over 18.00 or the 200-DMA in VIX, coupled with more downside pressure in IWM and XRT (watch momentum), could spell another leg lower-perhaps to 170 in IWM and 57 in XRT. Then, we look at the monthly charts and our 80-month moving averages on both, which have held since the heart of COVID.”

Volatility cleared 18. Neither XRT nor IWM have hit the levels mentioned on the monthly chart yet.

Looking at the NASDAQ or QQQ chart, thus far, it is the only index holding the August lows.

It is neck and neck in performance to SPY.

Momentum continues to have negative or bearish divergence as QQQ is now under the 200-DMA in real motion while still well above in price.

Where does hope come from?

The charts will tell us.

Should we reach a nadir of support in XRT, IWM, and QQQs, buyers will come back. (The market is oversold).

However, oversold can get more oversold, so right now, the precipice still stares investors in the face.

This is for educational purposes only. Trading comes with risk.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

If you find it difficult to execute the MarketGauge strategies or would like to explore how we can do it for you, please email Ben Scheibe at Benny@MGAMLLC.com.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Preparing for the Next Move in Equities and Commodities in this video with Benzinga’s team.

Mish talks about the Head and Shoulders Top Pattern for the S&P 500 in The Final Bar.

Mish Covers sectors from the Economic Family, oil, and risk in this Yahoo! Finance video.

Coming Up:

September 29 Live Coaching

October 2 Schwab The Watch List 

October 4 Jim Puplava Financial Sense

October 5 Yahoo Finance

October 12 Dale Pinkert F.A.C.E.

October 26 Schwab at the NYSE

October 27 Live in Studio with Charles Payne Fox

October 29-31 The Money Show

Weekly: Business First AM, CMC Markets

ETF Summary

S&P 500 (SPY) There are multiple timeframe support levels around 420–415Russell 2000 (IWM) 170 hugeDow (DIA) 334 supportNasdaq (QQQ) 330 possible if it can’t get back above 365 Regional banks (KRE) 39.80 the July calendar range lowSemiconductors (SMH) 133 the 200 DMA with 147 pivotal resistanceTransportation (IYT) 225 next supportBiotechnology (IBB) 125; if clears impressiveRetail (XRT) 57 key support

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

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Business

JPMorgan to pay $75 million to settle lawsuit over ties with Jeffrey Epstein

JPMorgan Chase has reached a $75 million settlement with the U.S. Virgin Islands over a lawsuit accusing the nation’s largest bank of facilitating Jeffrey Epstein’s sex-trafficking enterprise for 15 years, according to statements released by the bank and territory.

The bank said the majority of the settlement — $55 million — will go toward local charities and victim assistance. Meanwhile, the remaining $20 million will cover legal fees.

The bank said the settlement doesn’t ‘involve admissions of liability,’ however it ‘regrets any association with this [Epstein], and would never have continued doing business with him if it believed he was using the bank in any way to commit heinous crimes.’

A JPMorgan Chase spokesperson added, ‘We are pleased that the USVI will use settlement proceeds to enhance the infrastructure and capabilities of their law enforcement to prevent and combat human trafficking and other crimes in their territories.’

The U.S. Virgin Islands said that $10 million from the settlement would create a fund to provide mental health services for Epstein’s survivors.

U.S. Virgin Islands Attorney General Ariel Smith said: ‘We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them. With this constructive resolution of this groundbreaking litigation, we look forward to helping our community move forward and to building a new relationship with JPMorgan.’

The U.S. Virgin Islands sued the Wall Street giant last year alleging the bank turned a ‘blind eye’ toward Epstein’s conduct and continued to finance him. The settlement comes as the case was set to go to trial in Manhattan federal court in October.

JPMorgan Chase was Epstein’s banker for 15 years, starting in 1998. The bank terminated him as a client in 2013.

In June, JPMorgan Chase agreed to pay $290 million to settle a similar lawsuit filed by Epstein survivors.

JPMorgan Chase said it also reached a confidential agreement with its former executive Jes Staley to resolve the bank’s claims against him. The financial institution sued Staley in March saying he should be held liable for any financial damages the bank would have to pay from lawsuits related to Epstein.

An attorney for Staley didn’t immediately respond to NBC News’ request for comment.

Staley has called the accusations “baseless,” but expressed regret for his relationship with Epstein.

Epstein was convicted of procuring a child for prostitution in 2008. He died by suicide at a Manhattan correctional center in 2019 where he was being held on federal sex-trafficking charges.

This post appeared first on NBC NEWS
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