Markets are always jubilant ahead of national festival day, a day made official by President Lincoln in the middle of the civil war — then switched to the third Thursday by FDR in order to help Macy’s, which, for a while, earned him ridicule by house republicans who called it Franksgiving.
Generally speaking, everyone loves Thanksgiving, unless of course you’re an American Indian, who views it as a day of mourning.
Good thing for Wall Street, investors don’t give a shit about the feelings of American Indians. Heading into Black Friday and Cyber Monday, markets, generally, do quite well.
Eddy Elfenbein tweeted out some startling statistics about Turkey week and markets.
Over the last 20 years, the Dow gained 253.49% on Monday and Tuesday combined. But it lost 3.67% on Wednesday, Thursday and Friday.
— Eddy Elfenbein (@EddyElfenbein) November 21, 2016
In recent years, we’ve had a sharp run up into Thanksgiving, only to sell off the following week after learning about how shitty the retail sales were during Black Friday and how Amazon was kicking everyone in the nuts.
Either way, now is not the time to lament about risks or discuss the pathetic state of the shopping mall. We’ll get to that in detail next week. Now is the time to begin to unwind, prepare to enjoy the family and hopefully stuff our faces with lots of Turkey and cranberried stuffing, amongst other things.
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I think Eddy’s comment referred to ALL weeks over the last 20 years, not just Thanksgiving week.
http://www.crossingwallstreet.com/archives/2016/01/amazing-stat.html
On another note, if your audience is voting with their comments, they love the political stuff too. Many of your insightful markets posts like this one (and those of many other bloggers) get crickets. I disagree with many of your political beliefs but still hope that you keep up the healthy mix of commentary here. It’s great to read opinions of those I disagree with and your site continues to be the first I check every day. Keep up the great work Fly!
He’s baaaaaaaaaaaaaaack.
Indeed. The Last Thanksgivings before the riots go full retard. Let the children and the butthurt libtards know together. While seated at the little table of such adult matters in kind.