kftx New month, same dullness. The calendars turned from April to May but investors, traders

and robots sure didn't notice. Of course many overseas markets were off today (May Day), but still the interest is muted. I have heard talk that the "sell in May and go away" is not relevant anymore (geeezz, after just the first day of May they're 'experts'?). I have also heard that we may just have months and months of quiet summer doldrums type markets

BUT

only a few (very few) folks looking for any selling.

Scary

. Just one of those pesky robots (AI) have a short circuit and begin selling and all the other robot minions will panic.

Scary

. Of course you would never know it by watching the NASDAQ which once again closed at a new all time high of 6,092. But lets have little test. How many stocks in the NASDAQ Composite (trick question)? The true answer is 100,

BUT

how many stocks in that index have driven practically

ALL

the move up (in other words, how many do we care about?). Answer; less than 10. And the robots are piled in them.

Scary

. The Dow finished

off

a touch, the S&P 500

up

a touch, oil settled under $49 and interest rates ticked up (2.3% 10 yr). So, looks to me like only two handfuls of stocks make up the whole market.

NOT SCARY??

I don't think so. So, in the fintech sector the KBW NASDAQ fintech index (

KFTX

) rose

7.31

points (

+0.64%

) to 1158.06. Just a little below last weeks all time high. Breadth not quite as strong with 31 issues up and 19 down. The KFTX seems hostage to its big sister the Nasdaq Composite. To refresh, the rest of the week has a couple big tech earnings, a non-event FOMC meeting (no interest rate hike expected) finishes Wednesday, ADP payroll numbers Wednesday morning, April NFP numbers Friday morning (185K est vs 98K last month)

AND

the election (again) in France on Sunday. Welcome to May........unless you're away. Have a great evening.