By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/31/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Scared stiff. Must be the fact that its Halloween (BOO!) and the NASDAQ KFTX fintech index got so scared it couldn’t hardly move today. Well, it stirred a little closing up 2.04 points at 1009.63 (+0.20%). But then again, other than crude oil (down big) or Bitcoin (up big) nothing else moved today either.
Let’s take a look at the index’s issues that moved 3% intraday this fine Monday; CATM up 1.35 to 50.00 (+2.77%) giving back a little from this morning; LC (our little zombie stock) climbed .23 to 4.93 (+4.89%); RATE unchanged at 7.80 but was up over 3% earlier; VIRT down .45 to 12.80 (-3.40%) and WEX off 3.82 to close at 109.10 (-3.38%).
Now how about those stocks with a 2 point price change. Oh boy, 49 stocks in the KFTX and there were all of 2; ICE (270.39) +2.56; and WEX (109.10) -3.82. Guess all the others were sleeping in after trick or treating.
So why should tomorrow be any different? It probably won’t. FOMC meeting begins with any news on that coming out Wednesday and payroll numbers on Friday. Sleep tight and one last BOO!