Mike Zigmont, author of the Zigmont Report, is a partner at New York-based Harvest Volatility Management, a hedge fund with over $10B AUM, offering volatility management solutions to its investor base worldwide. Mike has been publishing his daily newsletter (Monday-Friday) privately for the firm’s investors and his personal contacts in the investment business since 2008, sending it daily shortly after the market close.
The opinions expressed below are my own
Nice and quiet…kind of. News today was dull. Data was dull, although bulls might try to gin up some excitement for the excellent Empire manufacturing data (22.5 vs 15.0 est & 13.1 prior). Overseas markets were quiet too. Our premarkets were slightly higher. Everything was pretty blah and trading began with the usual bullishness, although it was less enthusiastic than in prior sessions.
As the day progressed, the bulls pressed and the highs of the day printed around 11:30. The S&P was up about 14 handles. That’s a fair amount for a quiet day. If things stopped there, I’d chalk the day up to it being quiet and the dip-buyers finally getting there way.
It didn’t stop there though. The market sold off and the S&P printed the low for the day around 2 pm. The S&P was off about 8 handles at the time. So the S&P slipped 22 points intraday on no news.
That’s interesting…. But then we rallied back to almost flat.
No big deal. All this movement happened in a VERY thin session. Capital flow was 86%.
The summary of the day is:
the S&P whipped about a significant amount, but there was no obvious cause, and we finished about flat, on light volume.
Nothing to see here.
I’ll see you tomorrow though,
Rock Chalk Jayhawk!