Another Friday the 13th is upon markets, the first since August 2021. The deadly combo is scary for most, and the fear of it is called "Paraskevidekatriaphobia." As investors go through one of the worst phases of a market downturn, an analyst at LPL Financial offered insights into how the market has behaved on this day in the past.
A Good And Bad News: The unlucky nature of "Friday, the 13th" hasn't seeped down into U.S. stocks recently, LPL's chief market strategist Ryan Detrick said. The market has actually ended higher in the past four similar Fridays, the analyst said.
The bad news, however, is that when Friday, the 13th fell in May, the S&P 500 Index struggled.
Source: LPL Financial
The analyst shared an interesting trend about Monday being the worst trading day of the week and Wednesday the best.
Detrick also noted that in 2022 only 43.3% or 39 out of the 90 sessions have seen green days.
"The good news is we expect this number to mean-revert and we'll see more green days before 2022 is all said and done," he added.
Related Link: Why Q1 Earnings Season Has Been 'Death By Paper Cuts'
2022 Correction Vs Past Corrections: Detrick noted that the S&P 500 is down about 18% from the January 2nd peak in 2022, and it has been 128 days since then.
Since 1980, corrections ended by 88 days, on average, the analyst said. The 2022 correction is getting long and could be nearing its conclusion, he added.
On a positive note, a year off the correction lows, stocks have been higher 22 times out of 24, and the average gain is about 23%, Detrick said.
The SPDR S&P 500 ETF Trust (NYSE:SPY) ended Thursday's session down 0.10% at $392.34, according to BenzingaPro data.
Related Link: Apple Analyst Warns Of 'Considerable Risk' For Tech Sector In Coming Months
Photo collage via photos on Pixabay
