Disappointing. Again. Weakness continues with rallies failing and bullish sentiment certainly being questioned. With good reason. Lately all upside pushes have been met with much more downward pressure. Obviously there is no lack of “reasons, excuses, maybes, etc” BUT the markets are just plain exhausted. Nine years of knee jerk ‘dip buying’ and markets always hitting new highs has taken its toll. The markets are way over due to learn a new word…………..GRAVITY. If you don’t know, or remember that word, it kind of means what goes up must come down. Yeah, its true.
So, now that I have tipped my hand and true feelings I will settle down and calmly report that the major averages were mixed today with the DOW off slightly, the S&P 500 off a touch BUT the NASDAQ Composite inched up a bit. Oh, may as well point out that crude oil had a big drop today and the 10 year note finished at 2.2%. Both those moves call into question a strong economic growth scenario. I’ll bet even the robots (AI) are scratching their little tin heads.
Now lets peek at the fintech sector via the KBW NASDAQ fintech index KFTX which went UP 5.33 points (+0.47%) today and settled at 1128.52. Advances beat decliners 37 to 13 so breadth was fairly good. Lets check the stocks that moved 2 points and/or 3% today.
ADS +2.64 (240.64)
RATE +.35 (10.00) +3.63%
That’s it. Out of 50 stocks only 2 had any kind of movement.
I continue to believe that the ‘sell in May and go away’ adage will be a winner this year. Under 2 weeks to make those travel plans. Have a wonderful evening.