May 27, 2008
With the markets closed yesterday for the Memorial Day observance, the first trading day of the week closed higher. The NASDAQ advanced 1.50 percent, its largest positive move since May 12, nine days ago.
The odds for negative days and positive days on Tuesdays, after Monday holiday closings, for these three indices are more or less equal. Since January 2000, after the 41 Monday closings, 20 Tuesdays posted increases, while there were losses on 21 Tuesdays. And between 1950 and 1999, there were 84 Tuesday increases and 86 declines.
As for the day after Memorial Day, we now have three positive Tuesdays, since 2000, after losses on the Friday before the holiday, whereas prices fell twice in the same situation.
DJIA .55 percent
NASDAQ 1.50 percent
S&P500 .68 percent