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
AlmostFriday
. US equities didn’t do much today and it feels like a just like a midsummerFriday
. There was a little movement intraday but it wasn’t that big or interesting and there wasn’t any clear news story to explain the zigs and the zags. Let’s call it random noise. Capital flow was slightly elevated at 105%.If there’s anything to mention today, it’s that US treasuries rallied today. Rates fell across the curve and the move for bonds, while not big, seems like a risk-off reaction that should’ve gone hand-in-hand with a 1% down day in stocks. That didn’t happen.
This isn’t a smoking gun situation with a curious murder mystery plot behind it. Stocks went down small and bonds went up a fair amount. Case closed. But on an otherwise dull day, it’s a sprinkle of hmmmmm.
No need to say more, see youtomorrow
,-Mike