Climbing higher. Another day, another new all time high. I gotta say, this is one helluva tall tree this market is climbing. With the KFTX adding another 3.52 points (+0.31%) to begin the new week, the fintech index now stands at 1125.28. Philosophical question; can a new high every day get boring? (shorts need not comment)
So on day 1 of this week let’s peek and see which of those 50 stocks in the KFTX had a 2 point and/or 3% move in today’s session.
CME +2.40 (121.38)
MKTX +2.98 (189.80)
WEX -5.76 (113.52) -4.83%
Well THAT’S not very many. Looks like last week again. Advance/decline showed 31 issues up, 18 down and 1 unchanged.
The rest of the week has a whole lot of economic data coming out (no one has cared recently though) BUT Fed Chairwoman Yellen has 2 days of Senate testimony beginning tomorrow and wrapping up Wednesday. Happens twice a year (Humphrey Hawkins) and you can bet there will be lots of interest rate talk. Might make for some volatility.
Just to go back to my tree climbing analogy, the higher you climb a tree the weaker the branches become and can’t hold the weight. The branches give way and you fall DOWN. Big question; is this a redwood tree or a tall pine? Either way, this fintech market (actually all market sectors) is closer to the top of the tree than the bottom. Caution is in oder.