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Friday Reversal Days

Friday, 10 February 2012 06:07

I have long been a proponent that the short term direction of the stock market is driven by the swing traders. I have also recognized that a high percentage of the time, Friday's market activity will often be counter to that of the prevailing trend for the week.

The theory behind this phenomenon is that when swing traders have positions from early in the week and have worked in their favor on Friday's, they will take their profits and head into the weekend flat. This theory does not work out 100% of the time, but if you start to pay attention and notice what is going on you will see the data for yourselves.

This week has been a rip roaring week for the stock market and as I write this at 9 am, the futures are down through S4 on a sell signal and this weeks parabolic stock AAPL, Inc. is down $2 pre-market Will the Friday sell off continue? I do not know, but having a plan and sticking to that plan is paramount on Friday reversal day.

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