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
More boring. I don’t know what to type anymore. Here’s a picture of every trading desk today.
Jackson Hole news didn’t agitate markets and while the bulls took prices up more than 10 handles early on but the tape dropped some over the rest of the day. We printed modest gains at the close. Capital flow was very light at 81%.
August has a final week left to it and I don’t foresee any reasons for it to do much. We get labor data a bit earlier than usual this month (yawn). Wednesday brings August ADP (188k est vs 178k prior). Friday brings Aug NFP (180k est vs 209k prior).
Everyone will be watching those numbers of course but unless there’s a massive outlier, there’s going to be no repricing of Fed policy, so there’ll be no repricing of equities.
Whether the summer doldrums end with Labor Day or not, I can’t say, but barring a war, the future looks like this.
Have a great weekend, see you Monday