By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
Tuesday, 8/23/16 Analysis – NASDAQ Fintech Index (KFTX)
Go KFTX, Go KFTX. The NASDAQ fintech index gained a shade over 6 points today (6.13 to be exact) to 1038.84, or .59%. That’s a pretty nice two day gain this last full week of August. Volume is light both in the index, and in the overall market in general. But hey, up is up right?
Four of the forty nine issues actually moved over 3% intraday this Tuesday with a couple of the usual suspects (LC & BOFI) joined by ACIW, RATE & SQ*. Of those BOFI climbed $.89 (4.51%) and SQ rose $.57 (4.82%) well above FintekNews’s + – 3% daily threshold. The other two issues could not quite get above that 3% ceiling/floor on the close. Geezzz, little LC seems to kind of ooze through the cracks in the floor daily on its way south.
More snooooze this week with Friday’s Fed speak from Jackson Hole being the big finish.
*SQ (Square) upgraded by Stifel Nicolaus to buy from hold. Target 15.