By Bill Taylor, CEO, Fintegration/FintekNews & CIO, TLC Capital Group
August 20, 2016 – The new NASDAQ fintech index (KFTX) closed off .70, or .07%. on Friday and finished off .20 for the week ending 12/19, virtually unchanged. That should not be a surprise being that August is typically the slowest month of the year, especially the last two weeks. Only 3 of the index’s 49 stocks moved more than 3% intraday on Friday (ADS,CATM & PAY) with only CATM finishing off more than that (-3.65%) on the day.
For the week only two stocks moved more than 5% and they were both down. Alliance Data Systems (ADS) finished off almost 20 points, or 10%, and Bankrate (RATE) was down $.56, or about 7%.
Expect another slow dull August week.