By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
1/3/17 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
-------------------------------
Fintech welcomes 2017. And not with just a “hello”, but rather “come on in and party”. So, withmoney sidelined the past few holiday weeks, the first trading day of the new year saw ‘fresh’ cash put to work pushing the KFTX up 12.34 points (+1.17%) to finish at 1068.50. For sure a nice start to 2017.
Now that we have congratulated the first fintech rally of the year, let’s check which of those 49 issues got to party with the index. Only stocks with a 2 point move and/or 3% get on this list.
ADS +4.51 (233.01)
FDC +.69 (14.88) +4.86%
FLT +3.13 (144.65)
LC +.17 (5.42) +3.24%
MA +2.14 (105.39)
MKTX +3.26 (150.18)
RATE +.45 (11.50) +4.07%
TSS +2.41 (51.44) +4.92%
A nice solid group of stocks moving up and an advance decline showing 40 issues up and only 9 down certainly reflects the NASDAQ’s fintech index strength today.
Looking at the rest of the week, we have NFP’s on Friday (first Friday of the month) but will not mean much since this is very much a forward looking market and that number is so last year. Should be a quiet week (only 3 more days) but strength should continue. Remember, first few days of a new year brings in fresh cash to be put to work and that investment has all year to be wrong. On the KFTX (fintech) index 1077-1078 is resistance. If it struggles around there take caution. Don’t get to hung up on the tasty new punch. Have a great evening.