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A Look at the First Five Days of the Month Indicator and the January Effect

By: Ron Griess | Wednesday, January 5, 2005

It is January. Must be time to dust off the old "first five trading days of January indicator" and follow that with the "January Effect." We have assembled the statistics for these two "popular in January" indicators. We selected the Dow Jones Industrial Average from 1886-2004 for our study. Rather than just looking at January alone, we have chosen to show results for all "first five trading days" of each month and all 12 months for the "Monthly Effect." Our study is presented in the tables and notes below.

The First Five Trading Days of the Month Effect
Dow Jones Industrial Average 1886-2004

Table Notes:

The Monthly Effect
Dow Jones Industrial Average 1886-2004

Table Notes:

Author: Ron Griess

Ron Griess, Proprietor
The Chart Store