By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/14/16 Daily Closing Analysis – NASDAQ Fintech Index (KFTX)
Sliding again. Fed raised rates, fintech sold off as did most averages/indices and the happy punch bowl got pulled away from the party people……..once again. Well, that means the KFTX closed down 10.94 points (-1.02%) to settle at 1065.91. It’s getting ‘choppy’ and the supply of punch for the party is running low. Maybe not totally out, but LOW.
So here we go identifying the stocks that had the most fun going up or down today. Remember, to get in this select group the stock has to move 2 points and/or 3%, so let’s see:
ADS -2.69 (229.99)
BOFI -1.13 (26.89) -4.03%
DNB -2.02 (121.66)
FDS -3.00 (164.54)
LC -.21 (5.20) -3.88%
MCO -2.05 (97.45)
MKTX -4.41 (164.52)
PAY +.54 (18.39) +3.03% Oh boy, and ‘upper’
RATE -40 (10.00) -3.85%
WEX -2.10 (111.38)
Breadth was all one sided with only 9 stocks in the plus corner and 40 stocks in the penalty box.
So now what that the fully expected interest rate hike has happened? This Friday is a big options expiration but you have to think all the rolls have taken place and it won’t have a meaningful impact. Maybe a little more selling followed by some holiday malaise? Maybe not big selling, but fintech is looking “stretched” up here. Sleep tight.