Whew! A pause after yesterday's big decline. Things quieted down a bit after recovering from early morning losses and, at best, finished mixed. S&P up a touch, Dow down a bit and the NASDAQ up a little bit more. Questions flying around whether that was a one day event yesterday or the start of something bigger. Answer? Don't confuse this pause with a 'bounce' and a buying opportunity. It's a
down elevator that has just stopped at a high floor to let some people off and some new ones on. Don't be a 'new passenger', its a very tall building and a long elevator shaft. So, with our focus on fintech lets explore what happened in that sector. The NASDAQ fintech index
KFTX
added2.20
points (+0.20%
) after a huge drop yesterday to finish at 1121.29. NowTHAT
is not a bounce. Its a very weak sector currently. And now we will find which of the index's 50 issues had a 2 point and/or 3% move today to look at clues for tomorrow.BOFI
+.80 (27.44) +3.00%
FLT
+2.13 (158.60)
MKTX
+3.52 (187.95)
Just 3 stocks which is not speaking highly for a meaningful bounce. Advance/decline had 29 stocks up, 19 down and 2 unchanged. It has to be noted that, once again, there were many stocks that had net-changes of 5 cents or less which I consider 'unchanged'. Not great. Tomorrow? A vote in the House of Representatives on President Trump's healthcare bill will take place. If it is not passed,HUGE
down. If it passes there will be a sharp rallyTO BE SOLD
andSOLD HARD
. It would still have to go to the Senate but even so, its a down market for now. Get a good nights sleep, its getting "fun" again.