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 and do not necessarily represent those of Harvest Volatility Management, LLC.
It stays boring, kind of. Just looking at the close, the S&P barley changed. In the grand scheme of things, that makes sense. The news today was unremarkable again. That said, the S&P opened flat but then fell a significant amount (for this market) before bouncing around 10:30 and spending the bulk of the session up small. The gains disappeared in the last few minutes and the capital flow was finally normal! The flow was 102%.
How much was that selloff you ask?
14 handles… about half a percent.
Well, in this market that is a helluva dip so you have to take advantage. And so the bulls did.
There was no clear news item to cause any of these moves by the way. It’s just the way the tape gyrated. Is that interesting? Kind of.
Anyway, more earnings are coming but the narrative for the season and the stock market isn’t likely to change.
We’re riding the same ride for a while longer. There’s no catalyst in sight to change things.
See you tomorrow.