Party’s back on. Yes it is, President Trump gave a rousing State of the Union speech to a joint session of Congress last night and the party got new life. (Note: turning myself in, readers know I have been ‘urging’ caution lately and to my defense, it was caution to keep from being run over by a stampeding bull). So, back to basics, the
KFTX index got yesterday back with a rally of
+15.60
points(+1.37%)
and closed at 1156.37. That’s a new high of course.Today’s fintech rally (all markets for that matter) had a reversal of yesterday’s really bearish breadth to have a very positive advance/decline of 43 stocks up and only 7 issues down today. Here are the stocks within the 50 stock index that moved 2 points and/or 3% in the session.
ADS
+4.64 (247.62)
CME
+5.54 (127.00) +4.56% (
trading volume picking up)EFX
+2.46 (133.18)
ENV
+1.25 (39.90) +3.23%
EVTC
+.65 (17.50) +3.86%
FDS
+2.95 (180.85)
FICO
+2.03 (132.08)
FLT
-5.25 (164.75) -3.09%
(no party here)ICE
+1.80 (58.93) +3.15%
MKTX
+2.51 (197.94)
RATE
+.55 (11.45) +5.05%
WETF
+.38 (9.49) +4.17%
So, now that we have had another big rally, where do we go (not Disney World) next? Euphoria is in full swing, the bulls have been correct, the doubters are jumping in and the anti-Trump folks (shorts?) are getting (1) to be swayed to believe, or (2) crushed. In any event, it’s hard to stop a runaway freight train. Recommendations are now touting “the laggards” (which, by the way, lagged for a reason) so if you jump in here you may get a rocket ride or heartburn. Still urge caution but those words are probably falling on deaf ears…………….until????
Have a nice night.
————By Bill Taylor-CEO, FintekNews & CIO, TLC Capital Group