By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
8/30/16 Analysis – NASDAQ Fintech Index (KFTX)
Another day, another new high for the NASDAQ fintech index. Yawn. Continuing to be the ‘hot” sector the KFTX closed at 1047.26 up 2.75 points, or +0.26%. With volatility still low, and in the final days of summer, only two of the index’s 49 stocks moved +/- 3% intraday.
BOFI was one of them closing down $.90 (-3.92%) but has been on a real tear the past month so some profit taking could be expected. The other “mover” was FDC up $.26 (+2.13%) after being up over 3% during the morning. The firm Craig-Hallum began coverage with a buy rating and a $20 price target. Whew, all the other firms have a $16.05 average price target. None of the index’s 49 stocks could manage a $2.00 move today.
Tomorrow, last day of the month of August, ADP payroll numbers (+175K est. vs +179K prior) and only three more days till Friday’s job numbers.