The Zigmont Report (Daily Market Recap for 10/5/17)

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

More new highs.  Today was a demonstration of momentum.  The S&P opened flat, started climbing, kept climbing.  Why?  There’s no obvious reason.  Intraday momentum has been noticeable for the past couple years and it looks like today was just another example.

The S&P 500 is now up for 8 consecutive sessions.

I wonder how long it can continue.

Tomorrow we learn the nonfarm payroll numbers (80k est vs 156k prior).

I don’t think the actual number will surprise the market.  The number may surprise but I don’t think the market’s reaction will be large.

We shall see.

There’s nothing else to say.  Today didn’t usher in anything new from yesterday.  We are trending.  It’s a yearly trend, a monthly trend, a daily trend, a minute trend.

It’ll end when it ends.  Good luck predicting the turn.

See you tomorrow,