By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/21/16 Daily Closing Analysis & Week End Review – NASDAQ Fintech Index (KFTX)
Boring and blah! That was Friday summed up. The NASDAQ KFTX fintech index inched up a touch (thank you PayPal) to 1020.10. That was a gain of 3.49 points (+0.34%) helped mightily by the aforementioned PayPal. Others, not so much. Other than having a full fledged cyber attack on sites throughout the day it almost felt like August again.
The 49 stock index did have 6 issues manage to jump around by 3% intraday, 4 up and 2 down, with a couple holding on to those moves. Lets take a peek; ADS recovered slightly at 199.95 off 4.82 (-2.35%); MCO down 5.85 closing at 102.24 (-5.41%) after learning the Feds are going to sue over some rating issues leading up to the financial crisis); PAY up .45 to 15.80 (+2.93%); PYPL jumped up 4.06 to 44.15 (+10.13%); SEIC closed at 45.50 up .41 (+0.91%) after being higher earlier; and VIRT up .30 to 13.55 (+2.26%). Wait, what, no LC today? What is this market coming to.
Now, lets find some stocks within the KFTX that had a +/- 2 point move; ADS (199.95) -4.82; MCO (102.24) -5.85; and PYPL (44.15) +4.06. Wow! Only 3 “movers”. Not much going on except on a stock specific basis. The rest are just hanging out I guess and now Friday is gone, gone gone.
Now, for the week (yeah, all five days) the KFTX rose 4.44 points to 1020.10 (+0.43%) which boiled down to, basically, PYPL’s contibution. New rally cry……..GO PYPL.
So, here is where all the action was for the week ended Friday with issues that moved up or down by 3%:
ACIW (19.69) +3.55%
ADS (199.95) -5.13%
AXP (67.36) +11.76%
ENV (36.80) +3.66%
FDC (13.90) +4.42%
HAWK (36.25) +4.77%
LC (4.85) -12.30% (Note: Rumor has it LC contracted Ebola virus.)
MCO (102.24) -4.23%
PAY (15.80) +3.62%
PYPL (44.15) +11.62%
SEIC (45.50) +3.88%
VIRT (13.55) -3.18%
Well, here we go into another fresh week and a lot closer to the presidential election. Don’t think the election is a done deal either. Come on, the CUBS are in the World Series against the Clevelands (Indians)? If THAT can happen anything can. (OMG, what if those teams TIE?). Anyway, another slow week in store with individual stocks reacting to earnings and market specific news. Everything else? No clue. Hope the weekend was good.