A Case of the Mondays?

Bob Pisani at CNBC noted this on his blog this past Friday:

"here are the cumulative point gains for the Dow Industrials for each trading day of the year so far:

- Monday up 1,076
- Tuesday up 12
- Wednesday up 114
- Thursday down 841
- Friday down 721"

Keep in mind that mutual funds and the like typically do alot of investing and buying on Mondays... they have new 401k contributions from the previous week's paychecks and they go shopping, so Monday's in general tend to be positive days (same for first day of a new month sometimes).

However, look at how THIS market has performed throughout the rest of the week. This shows a commitment to new money coming in initially and money seeking higher risk returns -- but then shows alot of money basically exiting an selling on highs. This shows a lack of follow-through by the market as well as a fear to hold money in the market too long (i.e. sell big on thurs/fri to avoid being committed in case some new drama emerges over a weekend).

Today wasn't quite a good Monday. What does that say for the rest of the week? Like I noted in my last post, 1050 is a big bear barrier -- also note that today 1090 became a solid ceiling for bulls trying to go higher. Time after time the market failed to breach that level. So does that mean momentum shifts back to the bears to make another run at 1050? Time will tell -- and maybe the aforementioned history does too.