By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
Friday & Weekly Analysis - NASDAQ Fintech Index (KFTX)
(Friday 8-26/Week 8-22 thru 8-26)
(Quick refresher; the KFTX is an unweighted index of 49 stocks that are specifically involved in fintech)
The NASDAQ fintech index continued its record climbing run with another new high on Friday closing at 1042.90, up +2.02, or + 0.19%. And, that’s with a very dull post Janet Yellen speech, an August week end (always slow) and an overall down market. Obviously the fintech sector is the place for bulls to play.
Friday only three stocks moved intraday + or – 3%; The usual LC with SQ and BOFI joining. None of the three on Friday closed with a 3% move.
For the week ending 8-26 the KFTX gained 12.09 points (+1.2%) which makes it a new record for the new NASDAQ index.
Big movers (+ or – 3%) of the week were:
ACIW + 3.76% BOFI +19.25% BR + 3% CLGX + 3.53%
ENV + 3.26% HAWK + 3.15% SSNC +3.58% VIRT + 3.14%
So, next week? This coming Friday will bring NFP (non-farm payrolls) which will the BIG catalyst for market movement. Rest of the week a bit slow in anticipation of the Labor Day weekend and (sad, sad sad) the end of summer.