“No Matter Where You Go, There You Are”

Market & KBW Nasdaq KFTX Fintech Index Update for 3/29/17

Wandering around. Or, as we say, a mixed market. Or, dazed and confused. Or…………well, you get the picture. Dow down, Nasdaq Composite up, S&P up, traders attention span down. Seems the overall market averages are waiting for something but they don’t know what. I personally like the term “rolling over” and since the robots, now fully in charge of the markets, have not seen a down market who knows what might happen. Since they can’t “see”, what if they confuse the bright sun and a clear day for a full moon on a dark night? Get my drift?

Oh well, lets focus on the fintech sector for a few seconds. I use the NASDAQ KFTX (launched in July last year) to track the fintech sector via its 50 stocks, and the index closed at 1127.99 today, up just .40 (+0.04%), In other words, FLAT. Now with the big brother composite up nicely this would not seem to be a good fintech sector sign, right? Well yeah, right. So lets see which of the 50 stocks actually moved 2 points and/or 3% today.

BOFI  -1.13  (26.95)  -4.02%
FLT  -5.00  (152.50)  -3.17%
HAWK  +2.50  (40.70)  +6.54%

And that’s the list for today. Some list, huh? Breadth? Advances 24, losers 23 and ‘sit outs’ 3. There are so many issues with only a couple of pennies change that the unchanged list is probably 5 times higher. Which means, BORING.

End of quarter in 2 days. Maybe markets just sit here. Not much to look forward too. Have a great evening.