Fridays

A couple of tendencies on Fridays to consider.

1.  You don't see big rallies.  a) Big gap ups are usually good fades.  b) There is a tendency to selloff in the first hour as the fund managers want to de-risk and flatten positions ahead of the weekend. 

2.  You can get big selloffs if it is a fear based environment but the market is not oversold.  Fear based environment now but we are also oversold.

3.  Watch for the late day rally if we are oversold and the market had a first hour selloff but has stabilized during the middle of the day. 

I expect early selling today but the market should stabilize above 1040.