By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
9/9/16 & Week End Analysis - NASDAQ Fintech Index (KFTX)
WHOA!!! Wake up, jump out of snooze mode and SELL. Friday came out of the blue and probably caught a lot of investors; (1) off guard; (2) complacent; (3) at the beach; (4) all of the before. Friday markets got sold hard.
So, after a nice run the NASDAQ KFTX closed at 1029.63, down -25.43 points (-2.41%) pretty much in line with all the other markets. With a straight down day there were not much intraday swings but 17 of the index’s 49 stocks finished down -3% or more, and a lot more came close. Lets see:
ACIW 18.43, -.70 (-3.66%)
ADS 208.66, -8.60 (3.96%)
CATM 42.96, -1.78 (3.98%)
CLGX 40.02, -1.35 (-3.26%)
DNB 132.93, -4.31 (-3.14%)
ENV 38.20, -1.86 (-4.64%)
EVTC 16.45, -.55 (3.24%)
FDC 13.72, -.64 (-4.46%)
FICO 128.51, -4.36 (-3.28%)
FLT 160.85, -6.79 (-4.05%)
GPN 73.62, -2.65 (-3.47%)
MCO 106.62, -3.32 (-3.02%)
PYPL 38.01, -1.26 (-3.21%)
SEIC 44.13, -1.52 (-3.33%)
SQ 11.27, -.51 (-4.33%)
VNTV 52.97, -2.06 (-3.74%)
WEX 101.81, -3.21 (-3.06%)
Now, a very special “shout out” to MKTX which actually went UP +2.66 points to 171.38. How? No clue.
For the week (a short one) the KFTX closed down 25.10 points to 1029.63, a -2.4%. Friday said it all and accounted for the week’s loss.
Big movers for the week include:
ACIW -5.10%
CATM -3.11%
CLGX -3.40%
DNB -3.48%
ENV -4.52%
EVTC -4.53%
FIS -3.39%
FISV -3.74%
FLT -4.72%
GPN -4.46%
HAWK -5.13%
MSCI -5.59%
NDAQ -4.13%
PYPL +3.20% (winner, whoopee)
RATE +3.99% (another winner)
SEIC -4.11%
SQ -6.47%
TRI -3.53%
So, for the week. fully one third of the index’s stocks lost 3% or more. Not so pretty. Remember, this week is a big options expiration which could throw some volatility gas on this fresh fire. And fires can spread very rapidly. Have a super Monday.