if it closes almost low of the day, you have high probability to have a gap down Monday. so no need to close your short positions. and a good day to open some shorts 5 minutes before market closes today.
maybe not: After Down Fridays Over The Past Year... One place there has been an edge over the last year is in buying Fridays that closed down. Below is a study that illustrates this. http://quantifiableedges.blogspot.com/2010/03/after-down-fridays-over-past-year.html
There is a subtle difference. That blog measures all down Fridays. OP is saying sell those Fridays which close near day's low. You can arbitrarily assume that a 2-5 points close within day's low meets OP's condition and then test to see if OP's observations have merit or not.
as planned, I have the following positions: (not opened today though) shorts: MGM, GS puts: MGM/LVS/GS/QQQ/HRBN/BAC over the weekend.
the other subtle difference is one is actual data. But with a 75%+ win rate I'll go with the data. It is also not just the last year. Many years ago Joe Krutsinger wrote the buy on Friday/sell on Monday system. It does well long term the and the edge is going against the risk averse public.
I have not tested above and am not aware of Joe Krutsinger's study. I don't even know who he is But, I have a feeling that the edge being going against the risk averse public and public trying to not run positions during weekend sounds true. Thanks