Equity markets continue to act wildly different in the first half of each month than the second. As I detailed back in December, this is in part due to rebalancing of large pension plans back to equities towards month-end (as markets have sold off, allocations to equities have become smaller than policy, thus they rebalance from better performing assets).Keeping in mind the old trader's saying:
Going back to September, we see five consecutive months where this has been the case (by more than 5% in each instance).
"As soon as you think you've found the key, they go and change the lock",
EconomPic is, as one commenter noted "...the only site [where] I've seen this mentioned..."