By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/6/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Slow dancing. Markets feel like the last slow dance at Homecoming just before the lights get turned up. Even the hot sexy couple (Fintech) looks tired of the big dance. Shows up in the NASDAQ KFTX which managed to sink -.98 to close at 1037.22 (-0.09%). After party anyone?
Any of those 49 index issues have a little life in them? Well, four stocks did move (all down) more than 3% intraday but only one did not recover. AXP lost 2.42 to 61.94 (-3.76%) on a downgrade by Nomura to reduce from neutral; BOFI off .44 at 22.39 (-1.93%); RATE lower by .20 to 8.30 (-2.35%); and SQ sank .17 to 11.52 (-1.45%). The latter three were down more much earlier.
Only two stocks had a 2 point move today. ADS lost 2.23 (214.05) and AXP (see above) sank 2.42 (61.94). The other 47 fintech issues sat the fast dance out.
So, will there be an after party when this slow dance is over. Maybe, for some. NFP tomorrow morning (172k est. vs. 151K prior) might be the sugar high to wake everyone up. Or, might be next week when earnings season begins in earnest. Rest up and rest assured, there WILL be an after party soon.