Since 1990, the
Friday of monthly options expiration week in July has a bearish bias for DJIA declining
21 times in 35 years with two unchanged years, 1991 and 1995. On Friday the
average loss is 0.36% for DJIA and 0.35% for S&P 500. NASDAQ’s record is
even weaker, down 23 of 35 years with an average loss of 0.46%. DJIA posts the
best full-week performance, up 21 of 35 with an average 0.39% gain. However,
NASDAQ has been weakest, down 21 times and the last seven straight with an
average 0.18% loss. The week after monthly options expiration also leans
bearish for NASDAQ with an average loss compared to mild gains from DJIA and
S&P 500.
