Markets Danger Waiting for a vote. Friday's markets sat in limbo waiting for a vote on a healthcare bill which never happened. In turn, no vote equals no rally. So, the major market averages wandered around and finished lower on the day.The one exception was the NASDAQ composite which gained slightly. Overall, lots of anticipation resulting in boredom. In the fintech sector Friday saw slight declines with the NASDAQ fintech index KFTX losing just .40 (

-0.04%) to settle at

1123.19

. Worse on the week (see more below) but lets look at today's "action" with the stocks that moved 2 points and/or 3% on this no-health Friday.

Oh good, there were no stocks moving around today (early nap for me) and even the advance decline was neutral with 24 issues up, 25 down and 1 unchanged. Friday's in the books.

So for the week it was not just the the healthcare bill in Washington that needed help, it was the financial markets as well. All the major averages suffered significant percentage losses. Interest rates declined (10 year Treasuries 2.4%), the dollar last value and the markets followed. Its not supposed to be doing this, ya know? Perhaps a very big wrench has been thrown into the forecast models. Reasons for the markets recent rise abound, and I am sure reasons for any decline will certainly abound times 2. Maybe reality is coming to the forefront; 8 years of bull market without many

significant

corrections is just

NOT

reality. Next question should we get a significant selloff? What will the robots do? They are not programmed for downside reality. Just thinking. Ah, we move on. Since we focus on fintech lets check the NASDAQ fintech index, or

KFTX

, to see how it fared this week. Not to well actually. The KFTX finished at 1123.19, off

24.88

points a big

-2.2%

. Worse than its big brothers/sisters larger index's. Let's check the individual stocks in the index to see which move 3% on the week.

ACIW

(21.88) -3.48%

BOFI

(27.47) -4.48%

CATM

(45.46) -3.28%

CME

(119.88) -3.24%

ENV

(32.00) -7.99%

EVTC

(15.75) -5.54%

FDC

(15.13) -3.94%

FICO

(126.85) -3.68%

RATE

(9.60) -6.59%

SQ

(16.59) -4.10%

TREE

(118.85) -4.15%

VNTV

(63.42) -3.49%

WETF

(8.59) -3.03%

WEX

(102.08) -4.32%

While that

MAY

look like a "manageable"list it only masks a bigger flaw in the fintech sector. There were 43 stocks down this week, only 6 up and 1 lonely unchanged. That is rather ugly breadth. This is a very weak sector. Week coming up? I have been urging (sometimes begging) caution it looks like there is going to be some serious selling coming in. It will be hard and quick. The robos better take a few shots of some spiked lubricating oil and the ETF pricing wonks better get ready. Remember, it is

NOT

President Trump,

NOT

Obama,

NOT

policy failures but rather

way

too many people in the same bullish pond. How do they get out? Badly. Check in this week.