By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/20/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Slow motion up. The fintech sector and the KFTX index continue a slow climb to higher levels. After today the NASDAQ fintech index is about 5 points from its all time high with its close at 1074.82, up 5.81 points (0.54%). Oh boy, getting close.
With a slow motion market drifting higher I suspect there may not be many of the index’s issues that experienced a 2 point and/or 3% move today, but let’s see;
FDS -4.05 (161.28)
MKTX -3.59 (157.06)
RATE +.55 (11.10) +5.21%
Damn, I love it when I’m right………..only 3 stocks made the cut. The breadth was pretty strong with 38 issues up and 11 down. Just drifting higher.
Once again, the remainder of the week should mirror today. Slow with an upside bias. More than likely new highs for fintech will be in the cards over the next few sessions. Still, caution is warranted just in case Santa plays a dirty trick. Sleep tight tonight.