By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
11/21/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Big new high. The NASDAQ fintech index gained more altitude today and closed at a new all time high. Granted the lifespan of the KFTX only goes back to July 18th of this year, but no matter what, it is a new high. Closing at 1058.80 the index showed a gain of 7.86 points, or 0.75%, with optimism in high gear.
There just has to be a group of stocks in the KFTX that had a move of 2 points and/or 3% today, so let’s find them:
ADS +11.06 (228.66) +5.08%
FLT +2.12 (152.32)
WOW! Sorta surprising there are only two “movers” on a day with new highs, but the breadth is running 80% bullish with 40 stocks up and only 9 down. Fintech has some strength.
Looking ahead to the rest of the week, it would appear that the drift up will stay intact but dramatically slowing come Wednesday as investors duck (or turkey) out for Thanksgiving on Thursday. Friday is a short stock market session so should be very calm and quiet. Have a great evening.