By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/7/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
UP UP & AWAY! Joining the momentum of all the other market indices, the NASDAQ KFTX fintech index jumped sharply to a new all time high of 1067.99, up a solid 16.53 points (+1.57%). What a difference a few days and a new week makes. Seems like just last week the KFTX was sliding hard. Oh wait, it WAS last week.
Let’s take a glance at all the issues in the index sporting a 2 point and/or 3% move in today’s rally.
ADS +6.34 (233.50)
BOFI +1.32 (26.42) +4.43%
CME +2.35 (120.85)
DNB +2.42 (123.83)
EFX +2.49 (115.99)
FDS +3.04 (164.51)
FICO +3.74 (120) +3.22%
FLT +2.74 (152.19)
LC +.18 (5.86) +3.17% Oh my, our little lender is growing up so fast.
MA +3.25 (105.25) +3.19%
MKTX – 2.91 (163.47) So, not all the kids played upside today
SQ +.85 (14.12) +6.41%
V +2.20 (79.31)
There was an overwhelming 43 stocks up and 6 down within the fintech index today, as might be expected. Momentum fosters momentum and the MO is in full force.
Rest of the week? Looks like more of the same with a whole lot of funds and institutions putting the cash they set aside a while back (for the election selloff) back to work……at higher prices. Alpha chasing and gotta show fully invested for year end (juice those performance fees). Get a good night’s sleep.