By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
9/7/16 Analysis - NASDAQ Fintech Index (KFTX)
So, everyone thought summer doldrums were over……….but NO! Not yet. A very sleepy market overall except for the super strong fintech sector. With that, another brand new high for the NASDAQ fintech index. Yup, the KFTX closed at 1056.79, higher by +3.47 points (+0.33%). Still by far the strongest space in the market.
Even though there are forty nine stocks in the KFTX only three managed to move +/– 3% intraday today. FDC, PYPL and RATE all were up over 3% earlier in the session, but only PYPL managed to close up over 3%........+3.71% to be exact. With the lack of activity and low volatility, only ADS could produce a point move greater than two points. The stock rose +2.62 to finish at 215.70.
So, two days left in this short week and all eyes will be on the Fed’s meeting on the 21st. In the meantime, watch out next week since September options expiration is sneaking up next Friday. Not many have realized that next week is the third Friday of the month. BOO!