Waiting and dozing. Markets are waiting for something (pick your own subject) and taking a nap while waiting for that………..something.Two big numbers this week; Wednesday ADP Feb. payrolls (186K est vs 246K prior) and Friday NFP for Feb. (190K est vs 227K prior). Normally these would mean something but since the Fed has already basically said they would hike at next weeks meeting these 2 big numbers may be meaningless. Hence the waiting and napping. Tip toe quietly and do not disturb.
Anyway, seems the fintech sector is one of the weaker sectors in the investment pond. The KFTX fintech index lost 5.45 points (-0.48%) today closing at 1142.23 with an advance/decline overwhelmingly bearish (8 issues up, 40 down and 2 unchanged). In going with the ‘sleeping’ theme, there were no (0) stocks in the 50 share index that moved 2 points and/or 3% today. Yawn.
So what to look forward to? Probably more like today with weakness slowly eroding prices while sellers sneak out of the market while others are napping. When you wake up prices will be lower and then you will realize the “top was made”. Tip toe softly you sneaky sellers.