The Zigmont Report (Daily Market Recap for 12/7/17)

Mike Zigmont

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

FYI, I’m out of the office tomorrow so no Recap until Monday.

Finally, a gain… [eye roll].  US equities printed a higher close today, snapping a 4-session skid in the S&P 500.  The last time we had a 4-day losing streak?  March 21.  Wanna’ know when the last 4-session win streak for the bulls occurred?  Nov 6th… and before that it was Nov 5th… and before that it was Oct 20th….  In fact, there have been 22 4-day winning streaks for the bulls this year.  There were 3 for the bears.

Rough year for the bears.

Other than these modestly interesting stats, there’s little to say.  Most financial headlines covered the new all-time highs in Bitcoin, hitting $17,000 to $18,000 today (depending on the exchange you reference).  Other headlines covered the potential Government shutdown.  Markets aren’t concerned.  I don’t know if that means investors assume the shutdown will be averted *or* if they don’t care whether or not a shutdown happens.  Your guess is as good as mine.

Regardless, capital flow was 104%, which is a nice, usual, and unremarkable level.

We head into nonfarm payrolls tomorrow (195k est & 261k prior).  I stick by the prediction that the number won’t shake up the tape.  The FOMC hike on Wednesday is a fait accompli and that’s all I have to say about that.

See you on Monday, have a great weekend,

PS: Bitcoin futures begin trading on the CME on Sunday….