Is The ‘Friday Effect’ In Place Today? (NYSE:SPY)
Courtesy of Nicholas Santiago at InTheMoneyStocks
Rarely do we see a big negative day on a Friday. We call this phenomenon the ‘Friday Effect’. Ever since the 2008 panic began the markets have held up very well during a Friday. They usually close around the flat line area up or down a little. In the past year I believe we have had less than 10 big Friday declines.
My guess is that the institutional money that can move markets does not want to scare the Asian markets that open on Sunday night in the U.S. or cause any panic to build up over the weekend. Today looks like the ‘Friday Effect’ is in play, therefore, it is likely to see a flat to slightly positive close for the last trading day of February.
