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’s changing. Equities were down slightly for the bulk of the day but news was uneventful again so dip-buyers did what they like to do in the afternoon. We finished slightly higher on low capital flow, about 88% today. Here’s a picture of the day’s trading. It tells us everything we need to know about a quiet day in the middle of a bullish trend.
We’ll have to see what next week brings although it doesn’t look like there will be any events likely to stir up the markets. If there’s nothing on the calendar, that leaves only bolt-from-the-blue events.
Given how readily the markets have dismissed geopolitical tensions, even that won’t stir things up too much….. unless
Unless we get an actual hot conflict. That’s such a horrible thought.
I don’t think war is very likely but I also don’t like that markets have priced it at near-zero. There’s almost a willful ignorance of the possibility. It’s a weird state of affairs, denial-like even.
I have no answers. I’m just trying to figure out how the market is discounting things and thinking aloud along the way. How am I doing?
Have a great weekend, see you Monday