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
tonight
and the FOMC decision comesWednesday
(100% market implied chance of a hike).The bulls controlled the tape for the bulk of the day but gave up most of the modest intraday gains in the last 20 minutes of the day. Capital flow was light at 86% so I don’t think there’s a hidden message in today’s action.
In bondland, Treasuries fell small on the front end. Not much to say about this either.
It looks to me like some investors are speculating small ahead of these two days, anticipating an equity-bullish outcome. I think that’s optimistic. We’ve rejuvenated optimism in US equityland over the last six weeks so maybe this is just the tone of investor mindsets right now.
Bulls may be in charge of quiet tapes but the next two days don’t suggest (to me) quiet headlines.
See youtomorrow
,-Mike
