Big burst UP!! Quiet, slow, dull and boom. Non-farm payroll numbers came in with a big upside surprise and away we went on this last day of the week. Friday saw the KFTX jump to new all time highs with a gain of 13.11 points to settle at 1114.47, a nice +1.19% percentage gain. Wow!
The strength in the upside move was clearly evident in the advance/decline which showed a whopping 46 issues up and only 4 down. Let’s see which of the fintech 50 had a 2 point and/or 3% move this jumping Friday.
ACIW +.63 (19.48) +3.34%
ADS +2.16 (228.14)
EFX +2.30 (120.35)
FLT +2.67 (150.72)
MKTX +3.17 (191.27)
MSCI +2.74 (91.65) +3.08%
RATE +.35 (11.15) +3.24%
SPGI +2.18 (122.60)
TREE +2.70 (114.60)
TSS +1.87 (52.87) +3.67%
V +3.78 (86.08) +4.59%
WETF -1.26 (8.95) -12.34% (yup, one of the 4 downers)
So, that’s Friday and the end of Groundhog Day week.
How was the week? The first of the week (actually first 4 days) were just plain dull and sleepy. Then Friday brought the NFP numbers and away we went. The KFTX jumped 12.86 points on the week (+1.11%) to finish at 1114.14. Nice fresh new all time highs. Of course the whole weeks gain came on Friday. Yeah, but who cares. New highs are new highs.
Let’s look at the stocks in the 50 stock fintech index that moved at least 3% on the week.
BOFI +4.03% (29.15)
CLGX +3.90% (36.34)
ENV +3.65% (38.30)
MKTX +6.70% (191.27)
MSCI +10.77% (91.65) (biggest % winner on the week)
NDAQ +3.49% (70.34)
PAY +4.09% (18.57)
TREE +4.28% (114.60)
TSS +3.87% (52.87)
VIRT +4.21% (18.55)
WETF -11.12% (8.95) (biggest % loser on the week)
WU +3.36% (19.97)
All in all, there were 41 stocks going up on the week, 8 heading down and 1 unchanged.
So here we are again wondering what the new week will bring AND what to do about it. It would seem that the big jump on Friday was a big surprise and it does not look that there will be any more surprises this week. Momentum to the upside that seemed to be peaking in the previous few weeks may very well be back in vogue and the fintech sector might slowly grind its way higher…….slowly. Still think caution is in order and some strategic shorts should be placed. Nothing lasts forever. Have a great week.
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By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group