By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/12/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Slipping back. After a pause on Friday after hitting new all time highs, the KFTX gave up some ground today with the fintech index sliding down 7.72 points (-0.72%) to close at 1070.88. We had this discussion a week or so ago; party over or re-filling the punch bowl? Tough call and maybe a some profit taking should be expected.
So, while we wait for the answer (which will be obvious in hindsight) let’s take a look at the active issues today. Only the stocks that moved 2 points and/or 3% get to be picked;
ACIW -.75 (19.09) -3.78%
FDS -2.13 (165.25)
FLT -2.67 (150.89)
LC -.19 (5.34) 3.44%
WEX -3.35 (112.61)
Short list, all down but no great big losers. Breadth had 12 stocks up, 36 down and 1 unchanged. Let’s call it a little selling after the big spurt up……..so far at least.
The rest of the week will be dominated by the FOMC meeting that wraps up on Wednesday where, gasp, the Fed will raise rates a touch. Boy, that secret got out didn’t it? It’s the forward looking language that will really count. Till then, should be muted in the market. Have a nice evening.