No Random Walking!

According to this study, the market performance of the first day of month during the last four years explains over half of the gain S&P500 has had. This is consistent with my own observation and with the performance of my own portfolio. Many times I've had over 5% return in the first trading day of a month, only to see mediocre or even negative performance for the rest of the month.

I will go to Shenzhen, China, tomorrow and will stay there for several months. Since blogspot sites may be blocked in that country, I may not be able to update this blog until I come back to the States.
[Update from China, 04/06] In China, blogspot sites can be maintained/updated by the owner but cannot be accessed by others within China.