Ho Hum! Zombie market, sleepwalking market or dead calm market. Or, make up your own but you get my drift. And we are drifting. The President fires the head of the FBI and…….yawn. Hmmm, wonder would happen if he rehired him in the morning? Anyway, the three major averages (DOW, S&P 500, NASDAQ Composite) are now playing musical chairs. Two up today and one down. The Dow -33 (music stopped it the Dow didn’t get a chair), the S&P +3 and the NASDAQ gained +8.5. Other stuff? Gold off -2, Oil up +1.5, 10 Yr Treasury up 2.41% and Bitcoin up +$53 ($1781). Don’t play musical chairs with Bitcoin; its good.
Lets check the fintech sector by using the KBW NASDAQ fintech index (KFTX). That 50 stock index closed up +4.64 points (+0.40%) to 1162.64. I do believe that is a new all time high.
So, what’s coming? I see flatness with a chance of boredom beginning with the markets opening tomorrow. But, as with any forecast, it could be wrong. To much complacency to be a buyer, and the risk/reward just DOES NOT favor a long position. Have a good evening.