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
4 for 4. Up every day. I wonder how long this streak will last. The big data today was the Dec nonfarm payrolls data (148k vs 190k est & 252k prior revised from 228k). This month’s number was a little light but last month’s revision was high… the overall effect is that nonfarm payrolls is about as expected. The markets didn’t react much once the data emerged and today’s rally only really heated up in the afternoon.
This NFP data doesn’t require the Fed to change its announced path. Is that bullish, bearish, or neutral?
The market voted that it was bullish.
I wonder though. 3-hikes per year until Fed Funds is 3% is the announced path. Is that something to expand valuation multiples for?
Everything US equity-related feels like a chase to me. It can go on for quite a while.
At this point, I’m just curious to see how long it’ll go without even a downtick.
Have a great weekend,
-Mike
