With the S&P 500 losing a bit of steam in early trade, the index is trying to manage to turn green heading into the last half-hour of trading. Down only -0.3%, the index has been able to hold onto a good portion of Monday’s gains, with the individual sectors performing in a sporadic manner.
Out of the seven sectors trading in negative territory on the day, I’d like to shine the spotlight on the Financial Sector, which is currently trading down -0.9%. While not the worth performing sector on the day (Energy takes the cake), I’d like to point out some interesting outliers within the sector within the OTC markets.
Against the Grain Highlights:
iQSTEL Inc. (OTC-PNK:IQST) made the news today as it completed the official launch of its new Fintech Division. According to the press release, this expansion will include very popular services including the ability to:
- Send money domestically and internationally with low fees.
- Send money via SMS using our customized SMS service (smartphone not required).
- Pay utility bills with minimal payment fees (mobile, electricity, gas services).
-VISA debit card solution for easy access to funds, could be sent to their native counties.
While the shares are only slightly trading positive likely due the overall sector being punished today, this doesn’t mean you shouldn’t at the very least add this expanding company to your OTC watchlist!
To add to the positive news in an underperforming sector, Goldmoney Inc. (OTC-PNK:XAUMF) is finding some success in late trade. The company went from trading down to $1.68/share (-3.44%) at mid-day to trading up +3.4% to $1.80 heading into the close. This was possibly due to the stock finding decent support from the late-July level.
This move boosted the company out of the oversold level on its 14-day Relative Strength Index (RSI) as traders attempt to hold onto gains. It is important to note however that this rally is attempting to reverse a month-long down trend, and on weak volume it’s tough to say if it will remain successful or if this is simply an anomaly. Its next test will be at the 100-day SMA which is currently around $1.87.
