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
Nothing new. Markets were calm – again. US equities rose – again. Capital flow was light at 93%. This is a bit light but par for the year.
We floated through another day of completely uneventful news, data, and trading. What’s to discuss? Nothing with respect to the day.
Looking forward we have a few things but nothing that is primed to shake up the tape.
- Sep ADP tomorrow morning (135k est vs 237k prior)
- PepsiCo earnings tomorrow ($1.43 EPS, $16.3 billion revenue)
- Nonfarm payrolls Friday (80k est vs 156k prior)
Labor data is what we’ll all ooh and aah over because that’s what we do but the data will have to be quite an outlier for it to derail the Fed’s plan and the market’s perception of the plan. Even if labor data is really weak, the expectation is for it to be dismissed as hurricane-skewed.
The start of earnings season with PepsiCotomorrow
is interesting because the earning *must
* be there to support valuations. That said, nobody is going to extrapolate from PepsiCo to the whole market unless it’s a disaster.So surprises are not likely and we’re probably in for more quiet drift.
See youtomorrow
,-Mike
