FintekNews is pleased to launch our new feature “The Zigmont Report (Daily Market Recap)” today. We will publish this right after the market close, and each feature will appear the following morning on our M/W/F newsletter as well.

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 shortly after the market close.


The opinions expressed below are my own and do not necessarily represent those of Harvest Volatility Management, LLC.

FYI I am taking a couple days off. No Recap Friday and Monday. See you Tuesday.

Dull selloff. The bears officially won the session but the bulls deserve an attaboy. Overseas markets were weak and our premarket was weak in sympathy. The S&P opened down about 15 handles (~0.6%) and wiggled around until the tape began lifting at 11 AM (as European trading began winding down). Bulls kept pushing over the course of the day and a modestly down start of the day finished with a trivially down finish. There were no major headlines or data bombshells either. So there’s little to say and conclude from today’s trading.

So let’s tackle big-picture valuation issues.

Here’s the final result of earnings season.

2017 Q1 Earnings season:

95% of the S&P 500 reporting (+16% vs 5/9 data)

Surprise vs Estimates

· Sales: +0.7% (-0.2% vs 5/9 data)

· Earnings: +5.5% (-0.1% vs 5/9 data) Growth vs Prior (Y/Y)

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