The Market’s Monday Blues Continue
Louis Basenese pointed out on Friday how Mondays are mostly down days in the market. “Over the last five months, the Dow has only risen on Monday twice. It’s fallen during the other 17 Mondays ,” Louis said.
Well, this week is certainly no exception. The major indexes all took a step back from their multi-year highs set last week.
What’s the deal? Do investors just dislike coming off of the weekend as much as everyone else? Not exactly.
According to Anthony Chan of JPMorgan (NYSE: JPM) Private Wealth Management, this week’s dip is “a reflection of the fact that the economy is not growing very rapidly. And we are certainly trying to optimize or strengthen the pace of growth by trying to… improve our trade balance.”
The market hasn’t shaken off the Monday blues yet, either. All the major indexes are down again this morning.
Don’t fret, though. As Louis has also said, “The good news is, once the Monday curse is broken, stocks tend to rally over the next week. Sometimes as much as 5.5%.”