The first trading of the second half has put together a remarkable streak over the past two decades.
Yesterday’s big lift made it 15 of the past 18 years that July’s first trading session has been in the green. Market’s also enjoyed triple-digit Dow gians on that day in 2002, 2004 and 2007.
Most mutual funds end their fiscal year on Spetember or October 30th, so this represents a major opportunity to redeploy and reposition assets prior to the year end.
I was out of the loop most of yesterday, but Bill King noted — via the CME — that Merrill Lynch was an aggressive buyers of SPUs, both yesterday and Friday near the NYSE close.
As noted in our Sunday linkfest, equity markets close at 1pm today, and the bond traders get cut loose at 2pm.
Enjoy your holiday!