Earlier this year the Dow Jones Industrial Average rose on 20 consecutive Tuesdays – an unprecedented streak since records began.
A little earlier in the year the FTSE 100 Index rose for 10 consecutive Fridays. Not as remarkable as the Dow streak perhaps, but still impressive.
The following chart shows the average positive returns for the FTSE 100 Index for the five days of the trading week since the index was started in 1984.
Since the 1984 the strongest day of the week has been Friday; the FTSE 100 Index has had a positive return on 55% of all Fridays. The weakest day has been Monday, the FTSE 100 Index has had a positive return on 50% of Mondays.
For comparison, the following chart shows the same data but just for the period of the first six months of 2013.
The relative strengths of the days for the first half of 2013 is similar to that since 1984; for example, Monday is still the weakest day. However, Tuesday has overtaken Friday as the strongest day of the weak; the market has risen 69% of all Tuesdays in 1H 2013.
The strength of Tuesday in 1H 2013 can be seen even more in the following chart which plots the average return of the FTSE 100 Index on the five trading days of the week.
In 1H 2013 the average index return for Tuesday was 0.4%, compared with just 0.13% for Friday (and negative for all other days of the week).