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
The dip-buyers. They will not go gentle into that good night… despite what the bears want. The news today was dull but overseas equity markets were a little bit weak. We opened down small and the S&P spent the morning bouncing around, 7 handles lower than the prior close… hardly anything for bears to cheer about but unusual just the same.
Yesterday was a down session so a dip after a dip was just too good to pass up. The market started climbing a little after 10:30 AM and picked up the pace once European trading closed. Capital flow was 101%, a totally unremarkable amount of activity.
The ultimate bottom line for the day is simply that the dip-buyers showed up. Like yesterday, they turned the tide intraday but they couldn’t flip the day into a positive.
It’s pretty dull stuff but it’s all we’ve got today.
Have a great weekend, Happy Veterans day, see you Monday,