Game, set and match. This mornings ADP employment numbers pretty much sealed the deal for the Fed to do what they have been hinting at for a while.........hike interest rates at next weeks meeting. Oh yeah, there is Friday's NFP number but unless it comes in at zero it's all but certain the march to increasing rates this year is alive and well. So, BFD. Markets are not sure that's good or bad. It will be all in the language after next weeks meeting. More waiting. In the meantime, the fintech sector is weak as displayed in the KBW NASDAQ
KFTX
index which lost a touch to close at 1136.33, off1.43
points (-0.13%
) today. Within that 50 stock index there were just 23 advances and 27 declines. Only 2 of the index's issues had a 2 point and/or 3% move:FLT
-2.01 (161.19)
LC
+.25 (5.31) +4.94%
The rest of the week looks to be kind of a mirror of the last few days. interest rates are creeping up, the dollar is strengthening and there is some very stealth selling going on. Lets take a nightcap and get a good nights sleep.