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
Up some more. What is there to say at this point? Nothing. Let’s just go over the January data:
- 12th positive trading session out of 15 total
- Up 6.2% so far
o In top 8% of months since 1984
- Earnings season is looking good
o Positive surprises are running 78% vs a 70% average
o Growth rates are increasing (see below)
- 396 sessions since the last 5% drawdown
o longest stretch in the last 88 years (1930-present)
Let’s dive into earnings a little at this point…
2017 Q4 Earnings season:
10% of the S&P 500 reporting (+4% vs 1/18 data)
Surprise vs Estimates
- Sales: +0.9% (+0.4% vs 1/18 data)
- Earnings: +2.3% (+0.7% 1/18 data)
Growth vs Prior (Y/Y)