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 shortly after the market close.


The opinions expressed below are my own

Another snoozer. US equities bounced around a (very) little bit today. The market opened a little higher and stumbled into negative territory shortly thereafter. Equities meandered through the afternoon with small losses. Capital flow was very light again at 85%. Health care led among the sectors and consumer staples lagged. There’s nothing very interesting to mention about today. We are sleep-trading through various sessions and it feels (to me) like the market wants to get to the weekend without doing anything.

I think that’ll happen. The major item ahead is the start of the Jackson Hole, WY Economic Policy Symposium. Who’s at this soirée in the mountains? From the website:

“Symposium participants include prominent central bankers, finance ministers, academics, and financial market participants from around the world.”

What do they discuss?

“The participants convene to discuss the economic issues, implications, and policy options pertaining to the symposium topic. The symposium proceedings include papers, commentary, and discussion.”

What’s this thing officially titled?

“Fostering a Dynamic Global Economy”

Holy Moley! I’m already bored. Call me when Elvis gets here.

The central bankers learned long ago that the market looks to this event to price future central bank policy. The bankers know not to make any slips of the tongue. I still think central bankers want placid markets and so I think they are going to say a whole lotta nuthin.’

Currently the market is pricing in a zero percent chance of a Fed hike on

September 20

. The market expects the beginning of balance sheet runoff at that meeting.

Maybe the Fed wants to guide the market differently but that’s unlikely. Everything is playing out well with respect to the Fed’s forecasts, so why would they change anything?

See you

tomorrow

,

-Mike

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