By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/11/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Deep pothole. After cruising along, the road starting getting a little rougher several weeks ago and the “market car” has just hit a deep pothole. The NASDAQ KFTX fintech index dropped -1.58%, off 16.34 to close at 1015.22. This close goes almost all the way back to when this newly born index was introduced in late July. In technical (market, not fintech) terms, not so good.
Noticing the last week or so that even with the larger averages bouncing up and down only a small handful of the index’s forty nine stocks experienced significant moves. Today? Well today eight of those forty nine stocks had an intraday move of 3% (all down) with just three able to trim that 3% loss; ACIW (-3.92%) off .76 to 18.65; BOFI (-3.07%) off .71 at 22.39; ENV (-2.62%) down .97 to 36; EVTC (-2.79%) off .45 to 15.70; GPN (-2.51%) down 1.90 at 73.70; LC (-4.14%) off .25 to 5.79; MSCI (-3.46%) off 2.87 to 80.10; and RATE (-3.70%) off .30 to 7.80.
Big movers +/- 2 points on the day include; DNB -2.70 (127.56); EFX -2.46 (128.65); FICO -2.23 (119.66); FLT -3.51 (171.07); ICE -3.05 (265.35); and MSCI -2.87 (80.10).
What’s next? Well yesterday evening I said the week may be boring so I was either a) wrong, or b) lied. You can pick, but I noted FINTECH was softer than the overall market. Still is. Have a super night.