By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/17/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Sinkhole deepens for fintech. That sinkhole we spoke of for the NASDAQ KFTX fintech index is collapsing and getting deeper. The KFTX lost another 6.76 points to close at 1009.28 (-0.67%). Technically it is ugly.
Once again only a small few (3 actually) number of stocks moved +/- 3% intraday. HAWK finished at 34.50, up just but was higher earlier; LC down .39 to 4.99 (-7.25%)**; VIRT off .32 at 13.55 (-2.31) but lower in the morning. There should be more than 3 with the weak index technicals.
**Note: LC (Lending Club has gone into cardiac arrest—-no, not jail–and may not recover)
Now, lets see where the big point movers (+/- 2pts) finished today; ADS (206.45) -3.32; and ICE (265.89) -5.40. What? That’s it. Just 2. This sinkhole in the index is gonna expand and get………..deep.
What’s up for tomorrow? Well one of the index’s stocks (Visa…V) looks to be weak. V is down about 2% after hours today after the CEO announced he is stepping down in December (to spend more time with his family….wink, wink). Tuesday may be another ‘soft’ slow day as we work through earnings announcements. But, to be sure, the KFTX (fintech) is getting sucked lower. A lot lower. Have a super night.