Even the robots are bored. What if the AI group makes the markets so efficient they NEVER move? Just thinking. Equilibrium forever. I heard the first robot to not make money just got a hot dog cart.
So another day of inactivity has passed. The major averages (Dow, S&P and NASDAQ Composite) all squeaked out ‘itsy bitsy’ gains if anyone noticed. No significant news today other than the Richmond Fed President “resigned” after it was reported he “may” have let some confidential Fed news be released to a media source inappropriately. OR, he may just have gotten bored with the markets. No big deal, just something to discuss when its slow.
Let’s make it short and sweet; Markets look VERY extended and exhausted. That’s it. Robots CAN sell, so write that down.
So, you asked, how did the fintech sector do? Not well in fact. The more “pure” fintech index KFTX which does NOT include the Facebooks, Amazons, Googles, etc has been a poor performer for a little while now. What’s the word I’m looking for? Oh yeah, UGLY. While the other averages squeaked out small gains the KFTX lost 7.50 points ( -0.67%) to settle at 1118.03. Out of the 50 stocks in the index, 13 rose and 37 declined. Oh well. Lets find the individual issues that moved 2 points and/or 3% today.
FLT -8.55 (141.60) -5.69%
TREE -3.20 (118.60)
VIRT -.55 (16.35) -3.25%
That’s a wrap. Rest of the week? Tomorrow (Wednesday) brings ADP payroll numbers (190K est vs 298K prior), President Trump meets China’s head dude on Thursday and NFP’s on Friday. Market movers? Maybe. Earnings season next week. Meanwhile, sleep with one eye open and watch for “put offers”. Have a nice evening.