By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
10/27/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Sinkhole deepens for fintech. Just when you thought maybe that sinkhole was filling in for the KFTX, whoops, it deepened and sucked the NASDAQ fintech index to technical lows. Taking out the lows for the last several months the KFTX settled at 1008.81, down 9.11 points (-0.89%). Not pretty.
Intraday the index had several issues breach our +/- 3% ‘magic’ line. Ironically the first and last stocks (alphabetical order) actually finished up. CATM closed at 47.56, up .01 (+0.02%) BUT was down over 3% earlier; CBOE down 1.35 at 62.16 (-2.13%); CME lost 2.72 at 100.12 (-2.64%); FISV down 3.24 to 96.75 (-3.24%); MSCI off 3.33 to 79.60 (-4.02%); RATE lost .40 to 7.65 (-4.97%); SSNC down .96 at 31.94 (-2.92%); and WEX up 6.90 to 112.79 (+6.52%) beating 3Q forecasts.
Let’s check the big 2 point mover club. CME (100.12) -2.72; EFX (123.17) -5.54; FICO (119.81) -2.51; FISV (96.75) -3.24; MKTX (150.64) -2.51; MSCI (79.60) -3.33; and WEX (112.79) +6.90.
One more day in this quiet week (Friday….duh) and does the fintech sinkhole get deeper, or is the bottom near. Gotta stay tuned but sinkholes do tend to suck in a lot of peripheral items, in this case index issues. Have a great evening.