By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
9/30/16 Daily Closing Analysis & Week End Review – NASDAQ Fintech Index (KFTX)
Roller coaster. Following a big drop on Thursday markets jumped back up today (Friday) and got back almost, but not quite, what they had lost. This is becoming somewhat of a pattern and perhaps, since today was the last day of the third quarter, a little “window dressing” to mark up portfolios. BUT, back to reality, the NASDAQ KFTX fintech index closed at 1038.28, up 7.75 or +0.75%. The index closed off less than a percent for the week (see below).
Once again very few issues in the forty nine stock index had a +/- 3% intraday move. To be precise; ONE. RATE moved up .29 to 8.48, a +3.54% gain. Major averages get big swings, individual stocks not so much.
In this paragraph we like to point out stocks in the index that closed higher or lower than two points. But we can’t because there weren’t any Friday. It seems the stock market doesn’t need stocks. Hmmmmm!
So, for the week (last week of the quarter) the KFTX lost 7.64 points closing at 1038.24 declining -0.07%. Not so bad, but still weak. With forty nine stocks ‘playing’ in the index let’s take a look at some that had a 3% weekly “price adjustment”.
ACIW +3.09% (19.38)
CBOE -7.56% (64.85)
(Note: The CBOE announced it was acquiring the BATS Exchange to offer stock trading)
EFX +3.02% (134.58)
ENV -4.79% (36.45)
FDS -8.96% (162.10)
INFO +3.36% (37.55)
MKTX -3.49% (165.59)
PYPL +3.72% (40.97)
VIRT -5.66% (14.97)
VNTV +3.23% (56.27)
Monday begins a new quarter and the last one of 2016. After these last three quarters what might we expect for this final three months? Well, here are some general thoughts: two Fed meetings with an interest rate decision hanging in the balance; the presidential election (good vs. evil…..you pick which is which); third quarter earnings season begins in a short time (better than expected? Fall short?); year end tax ‘adjustments’ (aka tax loss selling); and…….a black swan event (yup, watch out….we are due)
With that, enjoy the weekend and good luck on all the football games (I predict 50% of the teams playing will win).