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

Former Trump campaign manager, Paul Manafort, was indicted. That certainly isn’t bullish news but given how little investors have cared about political drama for the past year, this doesn’t strike me as the event that finally collapses sentiment. There’s never only one cockroach. That’s what we say about fraudulent practices within industry groups… the same words of wisdom pertain to politics. How many more cockroaches will we find, and how far up the chain will they go? Time will tell but there’s certainly a bearish component to this whole shebang. Another news item concerned pending tax reform. The details of the proposal will be presented to the House

on Wednesday

but rumors emerged today of watered down reforms. That’s a bearish turn as well. How material are these developments? I don’t know. Maybe the market just buys the dip

tomorrow

and these become footnotes to a trivially down day? Maybe they’re the start of something?

I’m not holding my breath. The bulls have whupped the bears unmercifully for a long time and it won’t stop until it’s obvious that that the bull run is over.

So what I’m saying is that if it isn’t obviously over, it ain’t over.

See you

tomorrow

,

-Mike