The media creates and analysts perpetuate a myth that traders do not like to carry their positions over the weekend and the market generally shuts down lower on Friday compared to Thursdays. And many of us being Media followers swallow that as the truth. On any Friday when the mkt closes down the media reports "Market down as traders unwind positions before weekend" and the myth gets perpetuated.
Here is a look at the year gone by 2009
Total trading days 242 excluding the Muhurat trading day on Saturday.
Friday if anything had a above average (26) closing!!
Now that does not mean that you go around buying on Thursdays with the hope of a a positive close on Friday!!. Just a sample of how some myths get perpetuated without any statistical study.
Here is a look at the year gone by 2009
Total trading days 242 excluding the Muhurat trading day on Saturday.
Code:
Day Number Up Down
Mon 45 21 24
Tue 48 26 22
Wed 51 29 22
Thu 51 28 23
Fri 47 31 16
Total 242 135 107Now that does not mean that you go around buying on Thursdays with the hope of a a positive close on Friday!!. Just a sample of how some myths get perpetuated without any statistical study.
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