Markets rarely bottom on Fridays
It's unusual to see so much late selling on Fridays. Or at least it was until the last six months.
Friday is usually a day you can count on for some ho-hum late-day trading. Three weeks ago, I pointed out how so many of the selloffs since August have hit on Fridays, in moves similar to today.
This was the chart I put up:
Once again today it's happening.
What makes me so uncomfortable about it is that it's a new phenomenon. When something new happens, it means something has changed.
It's not a screaming red flag but it's worrisome.
And markets rarely bottom on Fridays. With the S&P 500 clinging to support from the late-Jan lows, it doesn't look good for Monday.
