Party over? Is this it? Rumors swirled in the markets today that a multi-billion dollar hedge fund had been short and had covered (bought back) billions of dollars of stocks over the past week. Was all this a short squeeze? Oh well, sad for them, glad for us. We move on.
So, the KFTX did drop 2.94 points (-0.26%) today and settled at 1127.94. Only a couple points off all time highs. Advance/decline had 22 issues up, 27 down and 1 unchanged. Pretty similar to the breadth of the past few weeks.
Looking at the fintech index’s 50 stocks, here are the ones that moved 2 points and/or 3% today.
HAWK -3.35 (34.00) -9.97%
SSNC +2.54 (35.35) +7.74%
Well I guess that’s fair. Only two stocks out of 50 with some volatility but one with a nice percentage gain, and one with a big percentage loss.
Next up is Friday and, remember, its leading up to a 3 day weekend (Presidents Day) and a minor options expiration. Probably going to be a dull sleepy session. I have been stressing caution but I am now upgrading that to urging caution and maybe some downside protection too. Warning signs are out. Have a warm and wonderful evening.