By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
11/28/16 Daily Closing Analysis - NASDAQ Fintech Index (KFTX)
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Party pause. After getting higher and higher at the Trump rally party, the “tasty cool aide” punch bowl was taken away today. The NASDAQ KFTX fintech index sold off 10.12 points (-0.95%) closing at 1057.37 on a rather slow day. So, is the “spiked punch” bowl just being refilled, or gone for a while? Before that’s answered, let’s see which stocks in the KFTX moved 2 points and/or 3% today. Here we go:
ADS -2.65 (232.04)
FDC -.47 (15.06) -3.03%
FLT -3.90 (149.75)
MA -2.37 (103.36)
Only 4 out of those 49 index issues took the time to move around today. Oh, and in case you wondered, there were 9 stocks up, 37 down and 3 unchanged.
Now on that punchbowl, let’s just say (my 2 cents) I wouldn’t expect to get my thirst quenched anytime soon. Election surprise is over, portfolios adjusted for Trump, shorts covered and alpha chasers are in. This week ends with payroll numbers on Friday (1st Friday in Dec.) and lots of uncertainty with Italian vote next weekend. So maybe take November’s gains off the table. Again, just my 2 cents worth and if I am wrong I’ll just deny it all. Have a great evening.