By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/24/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Broad jump for fintech. Yup, the KFTX had a very nice broad based rally today proving once again that there is life in fintech. The NASDAQ fintech undex closed higher by 8.79 points at 1028.69 (+0.86%). It looks to the untrained eye (mine) that the area around 1010 to 1015 has some firmness and the next upside of around 1035 to 1040 might be a target. Of course since the index is pretty new (July 18th) there will be lots of technical building.
But enough of that technical guessing, lets see what the +/- 3% intraday club looked like today. Five of the 49 issues qualified for that club and 2 held their gain, 2 gave some back and 1 closed down after being up. Which is which? ADS up 6.54 to 206.49 (+3.27%); FDC up .30 at 14.20 (+2.16%); LC up .02 to 4.87 (+0.41%); PAY down .17 to 15.63 (-1.08%); and RATE up .35 at 8.00 (+4.58%).
Here are the stocks that had a 2 point move today. Oh wait, there was only 1. A very lonely 1. Go figure, on a pretty good up day too. ADS (206.49) + 6.54. That’s it folks.
So, a nice rally but staying within trading ranges until something happens. What will it be? No answer here, but fintech is still solid even with some downdrafts. Have a super night.