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
It’s back on. The amazing rally resumed today and stocks printed new all-time highs… with gusto. Capital flow was healthy at 116% and blah blah blah, we’ve seen this movie before. News wasn’t very significant today and the bulk of today’s gains came late, in what looks like a chasing of the tape. Here’s a bit of the report card for the month (so far).
The S&P is experiencing the best January since 1987.
This month’s climb ranks in the top 4% of all months going back to 1984.
We’ve had 4 down days this month versus 14 up days.
Today creates the highest 14-day and 30-day RSI readings for the S&P 500, going back to 1984.
The list of superlatives could go on and on. I’m frankly at a loss for words.
Things are good out there. There’s no denying that. I still feel like the optimism is way too far ahead of price.
Time will tell.
Have a great weekend, see youMonday
.-Mike
