A Little Early Scare For The Markets, Then Back to Sleep.

KBW Nasdaq KFTX Fintech Index & Other Market Indices (5/11/17)


Whew! For a little while this morning it looked like there may be a reason to actually stay awake all day. But NO. After a “scary’ morning dip, the robots and dip buyers stepped in and did their thing. But, they couldn’t get the major averages to the plus side (or the “normal” new highs) today. Awwww, sadness. So, in a “rareness”, all three major averages finished DOWN (OMG) on the day. The retail sector has caused some consternation and hesitation for investors. But robots don’t care since they don’t need/buy “stuff” so they can just go buy stocks, and they did.

So, by the numbers, the Dow lost 24 to 20,919, S&P dropped 6 to 2,394 and the NASDAQ lost 13 to 6,116. Oil gained $.46 to 47.80, Gold up 5 to $1224, 10 Year Treasury yields dropped to 2.4% AND Bitcoin jumped $70 to $1850. The VIX is now back above 10.

In the fintech sector, the KFTX lost 5.41 points (-0.47%) to close at 1157.28 which is exactly where it was on Monday. Move along folks, nothing to be seen here.

So here we are. I have been “preaching” for months to “sell in May and go away”, urging caution and saying there will be a 15%-20% drop. You think I’ve changed my mind? NAH!! Still May so you can still sell. The robots have no idea what’s coming.     Have a great night.