Fintech jumps. New all time highs (again) for the KFTX as buyers stepped in and launched the fintech index to 1100.30, a tidy gain of 10.60 points (+0.97%). Impressive to be sure.
With the strong move up and breadth showing 44 issues up, only 4 down and 2 unchanged let’s check the movers of the day. I define “movers” as a stock that has a 2 point move and/or 3% change on the day. Let’s peek:
ADS -2.34 (226.21)
MKTX +2.97 (158.36)
VIRT +.75 (17.95) +4.36%
Only 3 stocks with some ‘big’ moves shows a strong fintech market with solid breadth but not much volatility.
I guess there is just not much reason to be cautious or worried. Right?? There may be a big upside buying panic and ‘blow off’ after the longest bull run that anyone can remember. Fun to watch, hard to trade and usually ends badly. But for now, there is no selling and fintech looks higher. Hard to be bullish on new highs but that’s why it keeps going up. What could possibly go wrong? Sleep well.
By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group