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.
Six in a row. The S&P closed higher for the 6th consecutive session. The gain was small but it doesn’t matter much because the streak is impressive. The last time the S&P rose 6 sessions in a row was Feb of ’18. These things also seem like they should be super rare but they happen about 1.4% of the time.
So the streak is worth mentioning but the news today wasn’t. Headlines weren’t significant except for a couple of stock-specific items, Tesla being a notable mention.
Capital flow was 88%, which highlights that the day was a snoozer.
Tomorrow *should* be interesting because of the nonfarm payrolls data (+177k vs +20k prior).
The market assumes the Fed is likely to cut rates at some point during the year and the weak labor data from last month is expected to be explained/smoothed in the pending revision.
I don’t know what number would be bullish (maybe a bullseye) but a very strong or very weak number would be bearish for stocks.
We’ll find out together tomorrow.