By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/19/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Surprise move higher for fintech. Well, at least I was a bit surprised (doesn’t take much) by the KFTX index moving up today. The NASDAQ fintech index closed up 6.04 points closing at 1022.76 (+0.59%). Of note, on a percentage basis this is the first time in quite a while that the KFTX actually out did the NASDAQ composite. Not by much, but still……? Mean anything? Not sure but nice to fintech do well.
One still nagging problem is the lack of issues ‘jumping’ around. Only one (1) of the index’s 49 issues had a 3% move today. OK, well maybe half a stock; LC moved up .16 to 5.07 (+3.26%). Other than that no other big moves during the trading day.
** After hours, AXP just beat earnings and reaffirmed guidence. Stock is up 5% after the NYSE close.
Now, returing to the studio, lets check to see how many of the stocks had a +/- 2 point move. Drat, only one (1); ADS +3.71 (214.78). Should be many more. Buyer don’t reach up and sellers don’t panic down. Oh well, congrats to ADS and AXP.
What’s next? Well said the man who was surprised ealier, earnings will obviously be part of the landscape and make stocks move so stay tuned. Final (yea) presidential debate tonight and then we watch for the election to be over (yea, yea). Otherwise, bring your pillow to work. Have a super night.