Monday, January 3, 2011

First Day of the Month + Monday Morning Meltup Kick In for Start of 2011

Looks like 2011 is going to be little different than 2010 and 2009.  As noted last week the first day of the month is almost always up and usually in relatively sharp fashion...this has been a pattern for well over a decade.  As a special bonus this month the first day of the month happens to be a Monday.  As has happened repeatedly since the 09 lows Monday morning gap ups have become the rule.  News or no news.  For an 'efficient market' which supposedly discounts such things it is remarkable how patterns that are now obvious to everyone keep working.  Looks like another year where much of our gains will come premarket and on little news.

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