Dennis Gartman highlights a rather incredible market phenomenon:
(…) this is of course the beginning of the month and that has always meant net inflows of capital to the US stock market. In other words, all things being very equal we should see the US market trade higher today. It had better, for we are always watchful for changes in patterns, and should the market not trade higher today… and do so rather materially… it will bode ill, not well.
According to “The Stock Trader’s Almanac,”
Over the past 12 years, the Dow Jones Industrial Average has gained more points on the first trading day of all months than all other days combined. While the Dow has only gained 589.99 points between September 2, 1997 and May 1, 2009, it is incredible that 4399.04 points were gained on the first trading days of those 141 months. The remaining 2794 trading days combined lost 3809.05 the period.