By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/10/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Slight lift. The KFTX had a little “up bounce” on a semi-holiday trading day to close at 1031.78, up 4.31 (+0.42%). With banks and bond markets closed for Columbus Day (the explorer, not the city in Ohio) the early morning rally went limp as the day wore on. Fintech lagged.
Once again very little individual stocks played the game. Of the forty nine stocks in the index only one (1) could muster an intraday move of +/- 3%. Which one? FDC closing at 13.38, up .08 or +0.06% after being up over that 3% mark earlier.
Only one issue could move 2 points (+/-) today; FLT up 2.14 (174.58). Very dull and lackluster session.
What could make the index (and overall market) roll over and get out of bed this week? Well, earnings season kicks off tomorrow (do we care?) and begins in earnest on Friday with several banks (Wells, Citi, etc) reporting. Overall the week looks boring BUT the fintech sector still appears soft and technically weak. Have a great evening.