It is notable is that Friday is the last day before the President’s Day holiday. Historically the Friday before President’s Day has been a poor performer. But more recently the downside edge has not persisted. This can be seen in the curve below.

Market behavior changes over time. This includes seasonal tendencies. At this point I do not view the Friday before President’s Day as having any seasonal edge. Another example of seasonal behavior changes is the last day of the year.

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