On page 90 of the Stock
Trader’s Almanac 2022, it is shown that the first trading days of each
month combined have produced an outsized share of the market’s overall gains.
However, the first trading day of August does not contribute to this phenomenon
ranking worst among other First Trading Days in the 2022 Almanac. In the
upcoming 2023 edition of the Almanac August’s first trading day is still
the worst. In the past 24 years DJIA has risen just 36.4% (up 8, down 16) of
the time on the first trading day of August. Several sizable gains in those up
years, have mitigated the average first day percent change, but the median
performance is a more sizable loss. Over the past 11 years, DJIA and S&P
500 have both declined 8 times.
Image and article originally from jeffhirsch.tumblr.com. Read the original article here.