Dazed & Confused. That sort of sums up today’s movement in the fintech sector. Strong move up to record highs the past two days, then a “give part of it back” move today. OK, we can use the word ‘mixed’ too. Anyway, the KFTX gave back 7.56 points (-0.68%) this fine day to settle at 1101.95.
So, let’s take a look for the usual suspects. You know, the stocks in the fintech index that had a price change of 2 points and/or a 3% swing.
ADS -5.56 (221.70)
FLT -2.69 (148.05)
MKTX +4.42 (180.41)
PAY -.83 (17.85) -4.44%
SEIC -1.82 (49.28) -3.56%
Even though the advance/decline showed 17 up, 31 down and only 1 unchanged, there were several issues that had only a 1 cent to 5 cent change which would normally be considered ‘unchanged’ but…….rules are rules.
One more day this week and if we pull back again it would be just another “nowhere” week. But, will fintech pull back some more? Oh boy, good question. Still think there could be a panic buy, but if selling kicks in the buyers are gone, gone gone. Let’s go back to neutral with some selected shorts (just cause). Have a nice evening.
By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group