Slow and mixed. That’s Friday. Fighting the allure of St. Patrick’s Day and the drama of the NCAA basketball tournament, the markets had zero chance of being busy and exciting. All the major averages were mixed with some up and some down. Kind of like my first round’s basketball bracket. With complacency running wild (snicker) the VIX hugged the 11 area all day which means…………its SLOW and NO WORRIES. So, if you passed on getting up on Friday, don’t fret; nothing happened.
The fintech sector as judged by the KFTX fintech index ended the week on a down tick. The index lost 2.78 points (-0.24%) and settled in for the night at 1148.07. Out of the index’s 50 stocks, 19 were up, 30 down and 1 unchanged. However, a lot of those stocks had only a few pennies of change so in reality (is there such a thing?) there were probably closer to 10 unchanged. Let’s see if any moved 2 points and/or 3% today.
Well that was easy, there were NO (0) stocks itching to make a move on Friday.
OK, just a very brief comment or two on the markets in general last week since a whole lot of readers probably have no recollection of last week at all what with St Patricks Day, having basketball brackets destroyed and probably having a few “beers & whiskey”. So focus here, most of the averages just barely inched up fractionally. Oh yeah, the Fed raised rates (big whoop, totally expected) and the markets rallied then went back into a coma. Feel better? It was a dull week so no need to remember anything more than Villanova got upset and busted brackets………..sorry, got carried away.
Singling out the fintech index, we find the KFTX finished the week at 1148.07, up 9.78 points (+0.09%). Searching the 50 stocks in the KFTX to find any that moved up or down 3% on the week here’s what we found:
ACIW (22.78) +4.35%
CATM (47.18) +4.75%
GDOT (33.10) +10.23%
MSCI (97.33) -4.58%
RATE (10.20) -3.23%
TREE (124.00) +3.90%
WU (20.40) +3.55%
Weekly advance/decline had 32 issues up, 16 down and 2 unchanged. As you can see from the short list above, there were a great many stocks that just flat didn’t move much. Oh well.
Upcoming week? No St Pats Day to look forward to so lets hope the market volatility perks it’s head up. Being locked around the 11 area on the VIX makes for very dull markets and it would seem that this week will see more malaise. I still think the momentum has eased and caution should be taken since at any time sellers may show up. Have a super week.