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
Rally continues. News was a snooze and it looks like bulls simply kept yesterday’s party going. Capital flow was about normal at 98% and the one big event of the day, the Apple new product reveal, was blah. AAPL didn’t collapse but it didn’t rally either. Gaming these Apple events has become a big topic on CNBC and I don’t think the old patterns hold any longer. There’s a lot of money chasing AAPL into the event and a lot of investors poised to sell on the announcement of the famous Apple “one more thing,” regardless of whether the last “thing” is good, bad, or meh.
Anyway, getting back to the overall day, there’s nothing to chew on. It looks like bulls want to push the S&P to 2500 and we’re so close it’s likely they succeed. Once we get there, then what?
I don’t ascribe significance to indices print big round figures but that’s the near-term event to watch and with all other things essentially quiet, it’s what we’re in for tomorrow.
Will we break through and surge?
Will we touch it and drop?
Will we hover around it?
Every technician has a line that tells them what’ll happen. I don’t buy into that stuff but their guesses are as good as any.
The mood of the market is rosy and the concern of last week is ancient history. Advantage bulls as far as I can tell.
See you tomorrow,