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

Low volume pullback. I’m sure every bear is looking at today’s small drop and praying that this is finally the beginning of a bearish stretch. It’s wishful thinking but that’s all the bears have. It is still a bulls’ world. It will continue to be a bulls’ world for the foreseeable future.

There wasn’t material news today and the flow, which was 87%, reflects the disinterest of investors to move their capital and also is related to Rosh Hashanah (Happy New Year to those of you that observe it).

The only difference between today and most other sessions this month were these facts:

  • we dropped
  • volume was light

Those differences are not enough to get us to think something is happening under the hood.

Maybe the market is tired of rallying. Maybe investors will see more risk ahead. Maybe something subtle is in flux.

Lots of maybes to be sure but there’s nothing concrete. It was a quiet day that resulted in a drop. Let’s just leave it at that and see what

tomorrow

brings.

See you then,

-Mike