Posted by lessarda on 23rd of Sep 2011 at 03:59 pm
This morning, Art 'stay nimble' Cashin was outlining a Thurs
down big, Fri inside day consolidation, Mon trapdoor &
turnaround Tuesday pattern that he has found dozens of times,
including the black monday of '29.
"
But now something else to add
to the mix which short term could throw a monkey wrench into the
near term outlook. That’s the Jewish High Holy Days which also
begin next week, just as we head into the end of the quarter. Rosh
Hashanah begins next Wednesday night, September 28, at sundown. The
reason I mention this is because of the old Wall Street adage,
“Sell Rosh Hashanah, Buy Yom Kippur.” This year the first night of
Yom Kippur occurs on October 7, which is the following Friday. By
the way, this isn’t just some silly “old wives’ tale.” There have
been major bottoms which have occurred on or around Yom Kippur. One
of the most compelling in recent years was the low in 2005. As you
may recall, that year, the market bottomed, to the day, on Yom
Kippur, which fell on October 13. That was an important low,
followed by a rally to all time highs in the S&P in October
2007. And from there, the Yom Kippur bottom held until the meltdown
in 2008-2009."
Posted by lessarda on 23rd of Sep 2011 at 04:53 pm
the morning of Tues 10/29/29 saw the low and a rally began from
there and lasted until Thurs 10/31 when one could have sold down
less than 5% from the Monday open. Of course the Dow was down
another 30% from that recovery high two weeks later.
Thursday - Tuesday pattern
Posted by lessarda on 23rd of Sep 2011 at 03:59 pm
This morning, Art 'stay nimble' Cashin was outlining a Thurs down big, Fri inside day consolidation, Mon trapdoor & turnaround Tuesday pattern that he has found dozens of times, including the black monday of '29.
Doesn't look like Art Cashin's
Posted by angelo851 on 26th of Sep 2011 at 03:30 pm
Doesn't look like Art Cashin's scenario played out.
Tuesday aint over
Posted by tonto on 26th of Sep 2011 at 04:30 pm
As they say...
Posted by lessarda on 26th of Sep 2011 at 03:36 pm
when you find a key to the markets, they change the locks. But watch out for 'turnaround tuesday' anyway.
Turnaround Tues!!
Posted by burkmere on 23rd of Sep 2011 at 04:18 pm
Do you mean back up again Tues??
With a Monday washout, that is the pattern...
Posted by lessarda on 23rd of Sep 2011 at 04:20 pm
October 1929 crash was a
Posted by philosoraptor on 23rd of Sep 2011 at 04:34 pm
October 1929 crash was a Monday and Tuesday washout, then large Wednesday reversal - careful!
Remember the saying...
Posted by roamingjan on 23rd of Sep 2011 at 05:18 pm
"Sell on Rosh Hashanah, Buy on Yom Kippur"? Rosh Hashanah starts Wed pm.
Yes And it usually correct
Posted by law6 on 24th of Sep 2011 at 09:37 pm
Yes And it usually correct
Title: click to expand From my
Posted by chartboy on 23rd of Sep 2011 at 07:33 pm
From my friend "Harry Schiller".
" But now something else to add to the mix which short term could throw a monkey wrench into the near term outlook. That’s the Jewish High Holy Days which also begin next week, just as we head into the end of the quarter. Rosh Hashanah begins next Wednesday night, September 28, at sundown. The reason I mention this is because of the old Wall Street adage, “Sell Rosh Hashanah, Buy Yom Kippur.” This year the first night of Yom Kippur occurs on October 7, which is the following Friday. By the way, this isn’t just some silly “old wives’ tale.” There have been major bottoms which have occurred on or around Yom Kippur. One of the most compelling in recent years was the low in 2005. As you may recall, that year, the market bottomed, to the day, on Yom Kippur, which fell on October 13. That was an important low, followed by a rally to all time highs in the S&P in October 2007. And from there, the Yom Kippur bottom held until the meltdown in 2008-2009."
Yes, there is also sometimes Tuesday morning capitulation...
Posted by lessarda on 23rd of Sep 2011 at 04:53 pm
the morning of Tues 10/29/29 saw the low and a rally began from there and lasted until Thurs 10/31 when one could have sold down less than 5% from the Monday open. Of course the Dow was down another 30% from that recovery high two weeks later.
I have to agree as
Posted by rbreese on 23rd of Sep 2011 at 04:14 pm
I have to agree as that worked many times while I was trading for a large mutual fund in the 70's and 80's on Wall Street.