Courtesy of Doug Short
Yesterday CNBC once again featured the First-Trading-Day-of-the-Month strategy:
“The first day of the month has been by far the market’s best since the recovery off the March 2009 lows. In 2010, the first trading sessions brought 123 of the 134 points the Standard & Poor’s 500….
Whether the trend holds up Tuesday is dependent on a number of factors, but market behavior would indicate that it should be a good day.”
The CNBC article appeared in the last hour of trading. I wonder how many people bought the close for a quick one-day cha-ching. The index lost 1.57% for the day. Ouch!
