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 shortly after the market close.
The opinions expressed below are my own
Finally. The dip-buyers finally did what they do and the tape was off to the races today. The intraday action was a steady climb over the session versus a sloppy rip, although activity was light with capital flow coming in at 83%. News was a snooze again and the Trump address last night was disaster-free. I am sure many investors breathed a sigh of relief as a result and put capital to work on the long side.
So here we are, in the same old familiar pattern, with no foreseeable news to shake the prevailing investor narrative. Whaddaya think is going to happen from here? Let’s see if the good ole chart can help us figure it out.
Guess what sector led today also? Tech. Remember, tech is the only sector (in my opinion) that can continue the bull market. There’s no other sector that can deliver the growth necessary to keep the bull running.
So here’s the takeaway for today. Tech is alive and well therefore the bull market is alive and well. Tech controls the commanding heights of the market and you’re actually long tech if you’re long equities.
Watch tech. Everything else is a sideshow.
See youtomorrow
,-Mike
