By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/8/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Lift off. This week has been (so far) the rocket launch of the fintech moon shot. Who knows, maybe it blows right past the moon and heads for………Mars? Either way you look at it the NASDAQ KFTX fintech index closed at yet another all time high at 1078.80, up 10.69 points (+1.00%). With one day left in the week the index (again, so far) has risen just about 3 and a half percent. Almost in orbit.
You just know there are lots of issues experiencing a 2 point and/or 3% move today and here is where you can see them;
ADS +6.37 (239.87)
BKFS +1.65 (38.65) +4.46%
BOFI +2.00 (28.41) +7.53%
LC -.23 (5.63) -3.92% The SEC is asking questions
Well this is interesting, only 4 stocks with ‘big’ moves and the breadth a touch softer than yesterday with 39 stocks up and 10 down. Still strong, but I would have expected a bigger list.
One more day in the week and overall the KFTX just appears to be in the ‘melt up’ stage (indeed, all averages too) where sellers just disappear and stocks just go into orbit. These moves can go ‘parabolic’ and a feeding frenzy ensues. Looks like they have refreshed the party’s punch bowl. Have a wonderful evening.