By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
12/2/16 Daily Closing Analysis & Week End Review - NASDAQ Fintech Index (KFTX)
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No bounce. Well, maybe an ity bity tiny little bounce on the magnitude of, oh say 1.17 points. Yeah, let’s go with that which equates to Friday’s KFTX close of 1031.68 up 1.17 points, or +0.11%. All told, this morning’s NFP numbers were right in line resulting in a very ho hum day.
Let’s find today’s active issues (2 point and/or 3% moves) in the fintech index:
ADS -9.47 (218.71) -4.15%
BKFS +1.30 (37.05) +3.64%
CBOE +2.58 (72.06) +3.71% Tading volume up
EFX +2.49 (114.03)
LC -.18 (5.15) -3.38%
MSCI +2.19 (79.33)
PAY -.74 (15.52) -4.55%
RATE +.35 (10.85) +3.33%
Breadth on Friday was pretty even with 27 issues up, 21 down and 1 unchanged. That rough week is in the books.
For the week the KFTX dropped -3.4% to 1031.68, off 35.90 points. Not a good week for the fintech sector. Let’s take a look at issues in the index that had a + or – 3% move this week. Should be plenty with that big move, right?
ACIW -5.72% (17.96)
ADS -6.85% (218.71)
BOFI -3.24% (23.76)
BR -3.39% (63.51)
CBOE +5.75% (72.06) Market moves increases trading volume
CLGX -3.44% (37.85)
CME +3.31% (115.64) Increased trading volume
EEFT -9.14% (70.59)
EFX -4.96% (114.03)
ENV -12.48% (34.25)
EVTC +3.45% (18.00)
FDC -6.37% (14.40)
FICO -3.20% (112.50)
FIS -4.82% (75.00)
FISV -3.60% (103.37)
FLT -4.65% (145.50)
GPN -5.11% (68.13)
ICE +3.53% (56.65) Yeah, it’s the trading volume again
JKHY -3.58% (85.46)
LC -12.86% (5.15)
MA -3.89% (101.10)
MCO -3.15% (97.62)
MKTX -4.52% (161.90)
PAY -12.68% (15.52)
PYPL -4.40% (38.62)
SPGI -3.09% (115.69)
SSNC -8.39% (28.98)
TSS -6.92% (48.03)
V -5.40% (75.72)
VIRT +4.10% (14.00)
VNTV -5.62% (55.73)
WU -4.70% (20.47)
Whoa, I believe that’s one of the longest lists we have had since the index began July 18th. There were 9 issues up and 40 down on the week. The exchange platforms (CME, ICE, etc) were strong due to the increased trading activity and volatility. All in all, a pretty broad selloff.
What’s up (or down) for the next week? Looks like more of the same actually with the waiting game in place for the FOMC meeting (14th) coming up the following week (no big surprise, rates up). Lots of recent gains are being cashed in before year end so probably more to the downside. Make sure you get lots of sleep. Have a great rest of the weekend.