Blast off. No more treading water. The KFTX has blasted off to new all time highs 3.0 (tomorrow 4.0?) with a big gain of 9.03 points to settle at 1109.34. That’s a +0.82% today and a nice +1.5% gain in just the last three days. Wheeeeeeeeee!
While we are all pumped up and excited let’s take a look at how the 49 stock in the fintech index did today. But, only the ones that had a 2 point and/or 3% move on the day.
CME +2.71 (120.15)
FDS +2.08 (174.43)
LC +.20 (6.10) +3.39%
MKTX +17.63 (175.99) +11.13%
(WOW! Nice earnings/revenue. Down 4 points after hours though. So fickle.)
SPGI +3.51 (120.43) +3.00%
Again, the breadth was quite strong with advancers totaling 38 up, 9 down and 2 unchanged. All good.
Well, the best thing about all time record highs is there is no history or comparisons to point to. So, what we have here is a blossoming upside momentum chasing “panic”. Shorts are caught (sorry George Soros) and bulls are hungry to not be left out. Optimism is sky high and the VIX is getting real low. What does that mean? It means we may have a few more weeks of partying and an upside ‘blow off’. To where? Whew, pick your own number but let’s just say much higher. Enjoy, but don’t be the last to