Monday is the most bullish day of the year for stocks: Carson Group
As of Monday, there are only eight days left until the Nov. 5 U.S. election. But before investors get too excited about what is expected to be a scary week for markets, they can maybe find some comfort in this.
According to Carson Group’s Ryan Detrick, Monday is the most bullish day of the year for stocks, with the S&P 500 rising an average of 0.5% on Oct. 28 going back to 1950.
So-called seasonals haven’t exactly been the best guide for markets this year, seeing as stocks continued to power higher during September, historically the worst month of the year for the S&P 500. Stocks have also defied an established trend of election-year weakness during October.
Still, it’s worth keeping in mind, seeing that futures are solidly higher ahead of the bell after Israel’s retaliatory strike against Iran was more limited than many had expected. This helped to boost stock futures while driving crude-oil prices lower.
One more thing: Oct. 28 also happens to be Detrick’s birthday.