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
Barely down. Our premarket futures were up and our market climbed early, setting new all-time highs again. Stocks faded into lunch and the S&P was down 14 handles at the lows. This was explained by increased trade war rhetoric coming out of the US. I’m skeptical of that. The market bounced to flat/slightly higher afterward anyway… and no US officials unsaid anything.
The bottom line on today was that news wasn’t very interesting. The market rallied, faded, finished about flat. Bears are calling this a win although it’s trivial. At least they didn’t get stuffed for another 20 handles.
Sentiment remains strong and when there’s a pause in the conversation, financial media explains the action with “strong earnings” and “tax cuts.”
Who can argue with that?
The ECB announces their next decisiontomorrow
. No change is expected. We’ll see if the ECB throws the market a curveball or not. See youtomorrow
,-Mike
