T.G.I.M!
Tuesday, April 20, 2010 at 10:43AM As we've pointed out several times since the start of the year, the stock market certainly likes Mondays. Over the last nineteen weeks, the S&P 500 tracking ETF (SPY) has finished the day higher eighteen times. Over the last 30 weeks, the Monday strength has been nearly as impressive. Going all the way back to the end of September, SPY has traded higher on the first trading day of the week 27 times. If it weren't for the first trading day of the week, instead of being up 15.3% since late September, SPY would actually be down 6.3%!
As shown in the chart, going back to the introduction of the SPY ETF in 1993, there has never been a period where the market has started off weeks on such a consistently positive basis. Interestingly, this period of consistently positive Mondays immediately followed a period where markets were starting off the week on their most consistently negative basis. Talk about extremes!
Subscribe to Bespoke Premium and gain access to Bespoke's unrivaled stock market analysis.
Reader Comments