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
Yesterday was a dip. That’s all you need to know. There’s nothing of note happening in the news although there’s drama in the M&A space. AT&T and Time Warner’s merger is on the rocks and there are other mergers/talks that are facing bumps. Another example is/was Disney and Fox. It’s not catastrophic out there in M&A land but it seems that a handful of negative stories have popped out of the space lately. Usually M&A news is a stream of agreements and announcements. It’s anecdotal on my part but lately the M&A news is more about what’s not happening or what’s falling apart versus what’s actually going through.
It’s not terribly important for the broader market anyway. The tape did what it usually does after a small drop, it rallied. It took half the session for the S&P to climb into the black on the day but that’s insignificant. The key is that the tape recovered yesterday’s drop, and then some. We printed an all-time closing high today. Capital flow was 107%.
What’s in store for us tomorrow? Not much in terms of scheduled releases. We’ll see if something surprises us.
I am not counting on it.
See you tomorrow,