By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/5/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Change of mind. Roller coasters twist, turn, spin and dive but alwayswind up where they started. And where is that? Well the NASDAQ KFTX fintech index closed at 1038.28 today, up 3.73 (+0.36%), exactly where it closed last Friday. Technological conspiracy? Probably not.
With yesterday having virtually no stocks (1, actually) breaching a +/-3% intraday move a few more issues got on the “dance floor” today. BOFI rose .73 to 22.83 (+3.30%); GPN jumped 2.60 to 79.04 (+3.40%) on good earnings/bullish outlook; PAY managed to rise .29 to 16.49 (+1.79%) after being higher earlier; RATE dropped .35 at 8.50 (-3.95%); and TSS rallied 1.46 to 48.65 (+3.09%).
Only 2 stocks could muster a 2 point closing move today. ADS +3.57 (216.28) and GPN +2.60 (79.04) see above. The other 47 index issues must be really shy to “not hit the dance floor”.
So, countdown is down to one more day till NFP’s Friday morning release. Then right into earnings season next week. Tech is still looking good.