Waiting for a vote. Markets drifted today waiting for a vote that didn’t happen. Markets were higher most of the day before giving up all the upside when it was learned that there would NOT be a vote on the Republican healthcare bill. To be sure, an approval vote is considered bullish and a no vote considered negative for the markets. Not even having a vote? Boring.
So, all the major averages finished just barely lower as reflected in a mild disappointment that no vote happened. Worse, tomorrow is Friday and if a vote is delayed further markets would most likely come under pressure with no one wanting to hold big positions over the weekend. Mondays are bad enough without waking up to a possible huge selloff.
Since we like to have a fintech sector focus, lets take a look at that sector as reflected by the NASDAQ KFTX fintech index. And what happened there? Well, glad you asked and I can report the KFTX rose slightly to 1123.68, up 2.43 (+0.22%) . Looking at the 50 stock list that makes up the KFTX, let’s find the issues that moved 2 points and/or 3% in today’s session.
ADS +2.05 (242.92)
Only 1 lonely stock with a ‘wiggle’. Advance/decline matched yesterday’s exactly with 30 stocks up, 19 down and 1 unchanged. Big whoop!
Now what? I have said it before and I believe more than ever that this is a very weak market. If bill passes, SELL SELL SELL (big caps) the rally. If bill does not pass, sell sell sell (small caps) the market. Get your hedges on and your caution mood in high gear. Have a great night.