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’ll be out of the office

tomorrow

. No Recap

Friday

. Will be back

on Monday

.

Mellow ride. Equities started off a little bit this morning. Maybe that was a bit of a reflexive response to yesterday’s modest rally. There’s nothing too powerful in the headlines to explain today’s action. The third revision of US GDP came out before the open (3.1% vs 3.0% est & 3.0% prior). That’s not much of a surprise and futures didn’t react to the release anyway. Capital flow was a touch light at 95%, so investors were not very motivated by whatever news crossed the tape today anyway.

To be honest, it looks just like the usual dip-buying. The morning presented a (shallow) dip but we’re close to month-end and there wasn’t any major news breaking, so it makes sense to me that managers and individuals stepped in.

Granted the S&P didn’t move much, so the action today is noise. There’s no sense in trying to explain it.

I tried but I have low conviction. Let’s just call it noise.

Month-end is

tomorrow

. The S&P is up 1.5% month-to-date. I expect money will chase the tape higher. I don’t think it’ll be much but this has been a smooth steady climb higher and just that fact will attract more money to the long side of things.

Look at this year-to-date chart! What person, with an eye towards investing, wouldn’t be tempted to push some extra money into their IRA, 401k, personal trading account, etc. at the end of this month?

See you

Monday

, have a great weekend!

-Mike