By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/20/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Fintech slides….no surprise. No surprise, at least to myself. Yesterday’s up day did surprise me since the KFTX index was launched in July at a very high valuation point in the overall market and is quite vulnerable to a decline. Now moving on, the NASDAQ fintech index sold off 5.76 points closing at 1016.91 (-0.56%). Just took yesterday back.
Kind of a quiet day with only 4 of the index’s 49 issues moving +/- 3% intraday. ADS lost 10.01 to 204.77 (-4.66%) and after the close reported an earnings ‘beat’ and raised guidence; AXP gained 5.53 points closing at 66.78 (+9.03%) after reporting better earnings last night; VIRT declined .40 to 13.25 (-2.93%); and…..AND little LC sunk .21 to 4.86 (-4.14%). This stock certainly “has issues”.
Lets take a look at the big (+/-2 points) movers in the KFTX today. ADS (204.77) -10.01; AXP (66.78) +5.53; EEFT (82.36) -2.15; FDS (153.31) -2.02; and ICE (265.03) -2.03. Very short list….again.
So, the last presidential debate is in the coffin (Halloween thoughts) and tomorrow is Friday. It’s a minor options expiration and should be another quiet day. If you forgot you pillows today don’t leave them home tomorrow. Sleep tight tonight.