I would not be surprised if you see a big sell off in the afternoon before the weekend. No one wants to hold equity hot potatoes on a weekend, who knows what new surprises get announced over the weekend to spook the markets come monday. Options activity and tape show looming selloff coming soon.
Line of scrimmage crossed, canary stocks and options very bearish. Algos will dump en masse and we are going to close in the red. This right now is the eye of the hurricane point for today.
Unfortunately, same thing was said from March 09 and proved fruitless. As a stand-alone argument, invalid.
I`d say enough down days have occurred and you are now sufficiently trained enough to get short on the rally, plan for the dump, and then they rally till the close after this congestion clears up.
respectfully, i beg to differ: **edit** today is not a down Fri, so the study is irrelevant. but it is relevant as far as the cost of weekend fear when Friday is red.
I just now posted in ES Journal: http://www.elitetrader.com/vb/showthread.php?s=&postid=2848239#post2848239