What, again? Yes, again. This just seems so redundant to say “fintech new all time highs” But, I’ll say it anyway; KFTX fintech index new all time highs. A gain of 2.68 points (+0.24%) pushed the index to a close of 1130.53. All together now………..A NEW ALL TIME HIGH.
Even the advance/decline is pretty much the same as the past few days. Today they showed 35 issues UP, 14 issues DOWN and 1 unchanged. Let’s take a look at the 2 point and/or 3% mover club.
LC -.31 (6.29) -4.70%
TREE -3.55 (114.40) -3.01%
And that’s the list.
So here we are again, except a touch higher. Fed Chairwomen Yellen has wrapped up her congressional testimony with an increased market perception of a rate rise in March. Odds are now up to 44% expectation that the Fed hikes at the next meeting.
I continue to urge caution and if (IF) you buy up here, don’t fall in love with that trade/investment. Valentine’s Day was yesterday so love is soooo 24 hours ago. Either fintech ‘peters out’ OR there is a classic buying panic into those stocks. I see no signs (yet?) of that panic build. CAUTION. Lots of new bulls out there. Have a wonderful night.
By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group