The Real Reason the NYSE is Closed Good Friday

 

Three times a year, the NYSE’s holiday schedule differs from the U.S. Federal Government. Federal office closings usually dictate bank holidays as well. This happens on Columbus Day and Veterans Day; on these days, banks and the Federal Government are closed, the stock exchanges are open. Only on Good Friday is the market closed as Federal workers and bank employees have a regular workday.  Interestingly, the Friday before Easter is the only non-federal holiday among the exchange’s nine annual holidays. Traders, stock market employees, and others associated with transacting for U.S. equity markets can keep their work computers off, receive USPS mail, run to the bank, and even chat by phone with the IRS.

Why This One Particular Day?

Wall Street is full of superstitions, sayings, and stories with varying degrees of truthiness. The granddaddy of exchanges, the New York Stock Exchange, has been closed the Friday before Easter for over 150 years. There have been three exceptions (1898, 1906, and 1907), and during these years it stayed open that Friday. There is an often-heard tale that has circulated, referring to this day as “Black Friday.” As this fake news story goes, the NYSE had once opened its doors on a Good Friday, which occurs on the holiest week of the year for Christians, and the stock market had a terrible crash. This “bad karma” caused those governing the NYSE to vow to never again allow trading on the exchange on Good Friday.

There is no record of anything that would fit the above narrative. Plus, it begs the question, “why isn’t the market closed for superstitious reasons on other days of horrific selloffs?” Maybe March 23^rd would be a wise day for those running the exchanges to consider guarding against the first week of Spring selloff in 2020.

Why there is no record? Because it never happened. Apparently, the story isn’t even Snopes-worthy because the only entries related to Good Friday or Black Friday respond to questions about Thanksgiving and resurrection, not market selloffs.

 

 

But I did find a story from what I deem to be a credible source or at least a wise codger that is believable on this question.  Art Cashin, the recognizable NYSE floor trader for UBS, slapped down this myth in his daily emailed newsletter back in 2011. In short, he wrote, “it never happened.”

Text From Art Cashin’s 2011 UBS Newsletter

“In the over five decades that I’ve been in Wall Street, each
Easter season sees the re-blooming of an old — and erroneous — myth.

“That myth contends that the NYSE opened on a Good Friday
and the terrible Black Friday crash occurred. Thus, chastened and shaken, the
Governors vowed never to open on a Good Friday again. It never happened.

“Thanks to the nice folks in the NYSE archives we were able
to establish a few facts. Records clearly show the NYSE closed on Good Friday
as far back as 1864. Before 1864 records on the subject are a bit harder to
find but there is high likelihood that the Exchange closed on Good Friday all
the way back to 1793. (It was founded on May 17th, 1792 so Good Friday would
have already passed that year.)

“There was a famous and terrible Black Friday crash in Wall
Street but it was primarily in the gold market. It came about when the ‘corner’
on gold that
Jay Gould and Jim Fisk had constructed (with
some help from President Grant’s brother-in-law), collapsed. That occurred on
September 24th, 1869, a little late in the year for Good Friday. You will also
note from the search of the records that the NYSE was closing on Good Friday at
least five years earlier and probably, much, much longer.

“Lastly, for some unexplained reason, the NYSE stayed open
on three Good Fridays. On April 8, 1898, the Dow closed down a half point.
That’s hardly a crash. On the other two, April 13th, 1906 (a Friday the 13th)
and March 29th, 1907, the Dow actually rose.”

“I hope that puts the myth to bed.”

Two Last Points

• Of the three years the market stayed open on Good Friday, two closed higher than they opened, and one (1898) closed lower.
• If you’re off today or missing the excitement of trading, enjoy your long weekend, the market will be there for you on Monday.

Paul Hoffman

Managing Director, Channelchek

Suggested Reading:

Long Term Retirement Money and Fledgling Companies	How Good are Experts at Predicting the Market?

An Opportunity to Ditch Chemotherapy and Still Treat Cancer	PSCs Can Function Like Embryonic Stem Cells

 

Sources:

Stock Market Legend Art Cashin

NYSE Holidays and Trading Hours

NYSE Historical Data

Photo: Art Cashin, NYSE

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Reddit, Robinhood, and Rocketships

 

Playgrounds aren’t only for the young. They’re also used by older adults to sit, watch and remember when they were at an age when they barely concerned themselves with bumps, cuts, and bruises that are part of a good day of play. Last year and continuing into 2021, the U.S. stock market has become a playground of sorts to many younger investors. While much has been written that scoffs at the carefree attitude of the subreddit WallStreetBets, Robinhood, and rocket emoji users, perhaps those sneering overlook the benefits the trading app investor is getting from their interaction with the markets and each other. The newest investor class is gaining respect, recognition, and legitimacy among traders and investors of more traditional styles.

Winning
Percentage

Staying with the playground theme; imagine it’s Sunday morning, you’ve finished going through overnight emails, just read today’s Channelchek article, and now decide to walk over to the park. You check your favorite weather app, and it reads there is a 5% chance of rain. Do you dare go out? Is it smarter to skip the potential reward of activities in the park that have been given a 5% chance of being ruined and instead stay inside so you don’t run the risk of being rained on? After all, on days like this, there is only a 95% chance that it will turn out well.

Please excuse my sarcasm, but over the past 12 months, 5% is the statistic of companies that are part of the broad Wilshire 5000 that finished 12 months ending March 23, in the red. Looking back, that was the chance of having picked a bad U.S. headquartered company stock, 5% or one in twenty.  In fact, I understated the percentage, actually, 95.9% of the 3000+ stocks in the Wilshire 5000 index had a positive return from a year ago (4.1% were not positive). The only other 12- month period that comes close was in 2004 when 93% had a positive return.  I used the Wilshire 5000 because it’s a much more inclusive, broader measure than other more reported on indexes. This makes it better for gauging the price performance of American publicly traded U.S. companies.

Chicken
Little (The Sky is Falling)

Is anyone served if someone is at the park and warning those happily playing that there’s a 5% chance of rain? Or should those benefitting from the still positive environment be left to play until the odds noticeably change? They may have forgotten that it sometimes rains? A better approach is, if there’s a long streak of fair weather, capitalize on it until there’s a change in the air. Perfect performance doesn’t exist, but we’re in a period that is experiencing as close to it as we’ve ever seen. Whatever the reason, it doesn’t much matter, even Jesse Livermore,  who is considered the greatest trader that ever lived said, “The market is always right.” 

One derisive comment often heard in market reports or posted online is that  “…Robinhood traders are a bunch of kids living with their parents wasting their stimulus checks in the market like it’s a game.” The CARES Act was signed into law one year ago on March 27th. By mid-April, a large percentage of the first $1,200 paid would have been in the accounts of individuals. If this is part of what helped fund or add fuel to this group’s transactions, the timing was fantastic. Luck, skill, or serendipity, doesn’t matter, a large portion of the population that may never have considered any kind of investing, are now active and learning more than they otherwise would have. Certainly, market conditions will one day be negative, and most periods will be weaker than they have been, but those bumps and bruises will be the price of education, social interaction, taking chances, and even play.  

Robinhood
(High App-titude Traders)

I use the term Robinhood investors to include all trading app and online platform users that have only become active during the past five or six years amidst a period of above-average market return  – all relatively newcomers to stock buying/selling that by conventional judgment (and often their own open assessment) are doing everything wrong, yet doing pretty good. The investors/traders that post that they have no idea what they’re doing or ask the most basic questions in public forums often have remarkably good performance. The ranks of this investor class have grown substantially. There is no formal name for this group, so Robinhood is the generic moniker often used. I like to refer to them as high app-titude traders (HATs).  

The growth of this group since the advent of commission-free trades has been phenomenal. Using account growth from broker Robinhood alone, there have been years where the size has doubled and tripled.

 

 

Below we see the average dollar size of the accounts are small, so in reality, high-levels of concern for their “gambling” may be misplaced. The amount they can lose (w/o margin) is not reckless. As a group, they may not know much about stocks but they are savvy and learning.

 

 

The average Robinhood user age is 31 years old, which means most began school after the internet became widely used in homes. Many are adept at online games played on their smartphone or desktop. This may even give them an advantage not appreciated by those who learned while having to dial their broker from a landline.

 

 

Take-Away

Playground visitors practice and hone important skills. If the Robinhood style investors are treating the market like a playground, they are likely learning through their own play. This by far is more mass investment education being obtained than by any group of young adults that came before them. At a time when everyone is living longer, and many of those now approaching retirement are financially unprepared, education (even through play), with smaller sums of money, may become extremely positive for the future.

Any visit to the more popular subreddits, Facebook discussion groups, and even Stocktwits will reveal posts by people investing that openly declare they don’t know what they’re doing. There are throngs of account owners with their finger on the buy or sell button that solicit advice from others that they know could be even less informed. Yet many of the same inexperienced market participants or HATs declare almost daily they just made another $300 or more. The upward trending broad market has allowed them to not only stay alive but for many, actually thrive.

Why suggest newcomers stay away from the markets when the win percentage remains so high? There has never been anywhere near as positive of a win percentage at other “playgrounds” like a casino. Even most lotteries only return 65% to very few players. Both of these activities are accepted because we know play is its own reward. Stock trading is just as legitimate with limits.

In the case of today’s newest market participants, huge by comparison to those in their age group at any time in the past, they are becoming accustomed to being active in the stock market. This could help them.  For many, the most valuable lessons will come when the market is no longer repaying on such a high percentage of positions. When that occurs, we’ll have over 13 million, who on average have invested the same amount as they’d have invested on a couple of three-credit classes at a U.S. University. That’s very cheap for a hands-on real-world financial market education.

 Paul Hoffman

Managing Editor, Channelchek

Suggested Reading:

Stimulus Checks, Taxes, and Investments	Understanding the Robinhood Class Action Lawsuit

Will Robinhood be Sued for Gamification?	What is an ESG Score?

 

Sources:

https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp

https://en.wikipedia.org/wiki/Jesse_Livermore

https://studentloanhero.com/featured/cost-per-credit-hour-study/

 

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Stimulus Checks, Taxes, and Investments

 

IRA tax season and the third round of stimulus checks are inspiring recipients to deploy their $1,400 stimulus to reduce their 2020 tax burden. A deposit in a qualified retirement account could minimize 2020 (or 2021) taxes and at the same time enhance retirement – or even help with home purchase options down the road. Getting the most benefit from investing these longer-term assets is dependent on many factors, including the individual’s time horizon. The following advice from a highly credentialled investment analyst may help inform investors’  allocation options.

Robert R. Johnson, Ph.D., CFA, CAIA, is a Professor of Finance at Heider College of Business, Creighton University. He is also a co-author of The Tools and Techniques Of Investment
Planning, Strategic Value Investing, and Investment Banking for Dummies, among others. As if these credentials aren’t enough, he is the former deputy CEO of the CFA Institute and headed the CFA Program, as well as having been the President of the American College of Financial Services. Dr. Johnson is one of the most credentialed individuals in the field of finance and investment, so I asked him a question important to those that use Channelchek for insight on small and microcap investments. The answer is worth knowing for anyone that is more investment than trading-oriented.

Channelchek (PH): “Dr. Johnson, if over a long enough timeline, small-cap indices outperform large-cap. Could it stand to reason that if you’re a young saver for retirement, holding stocks that have demonstrated a greater return over time should have an allocation? Also, could individual stocks be more suitable than an ETF in the small-cap sector? What stipulations would you have for an investor buying small or even microcap stocks in their IRA?

Dr. Robert R. Johnson: You are absolutely correct in that small-cap stocks are most suitable for investors with a long time horizon. According to data by Duff & Phelps [formerly Ibbotson Associates] from 1926 through 2019, an index of small-cap stocks returned 11.9% compounded annually, while large-cap stocks returned 10.2% compounded annually. While that may not sound like much of a difference, one dollar invested in a large-cap index would have grown to $9,243 at year-end 2019. That same dollar invested in a small-cap index would have grown to $39,381 at year-end 2019. Now, those higher long-term returns come at a cost of higher volatility. Over that same time period, the standard deviation of annual returns was 19.8% for the large-cap index and 31.5% for the small-cap index.

 

“…one dollar invested in a large-cap index would have grown to $9,243 at year-end 2019. That same dollar invested in a small-cap index would have grown to $39,381 at year-end 2019.” – Robert R. Johnson, PhD, CFA, CAIA

 

Individuals need to be taught to invest for retirement and not to save for retirement. The surest way to build true long-term wealth for retirement is to invest in the stock market. Starting early is the key to successfully building wealth because of the effect of compound interest. Albert Einstein said that “compound interest is the greatest mathematical discovery of all time.” Time is the greatest ally of the investor because of the “magic” of compound interest. An IRA is the perfect investment vehicle for an individual with a long time horizon. They can weather the increased volatility of the small-cap universe.

People in their 20s should begin investing in a low-fee, diversified small-cap equity index fund and continue to invest consistently whether the market is up, down, or sideways. Dollar-cost averaging into an index mutual fund or ETF is a terrific lifelong strategy. Dollar-cost averaging is a simple technique that entails investing a fixed amount of money in the same fund or stock at regular intervals over a long period of time.

Additionally, these investors should be 100% invested in stocks and have no bond exposure. Ironically, one of the biggest mistakes young investors make is taking too little risk, not too much risk.

 

“…often that is what happens to beginning investors who buy the stock of the company they work for or the stock of a product they like. When they experience failure, they withdraw from the equity markets. Investing in a broadly diversified basket of securities is a prudent strategy.” – Robert R. Johnson, PhD, CFA, CAIA

 

For the vast majority of investors, the KISS mantra — keep It simple, stupid — should guide their investment philosophy. The idea behind index investing is “if you can’t beat ‘em, join ‘em.” Investors simply can’t afford to make oversized bets on individual securities. And, often that is what happens to beginning investors who buy the stock of the company they work for or the stock of a product they like. When they experience failure, they withdraw from the equity markets. Investing in a broadly diversified basket of securities is a prudent strategy. An interesting study done by University of Arizona professor Hendrick Bessembinder shows that only four percent of common stocks have provided a higher return than Treasury bills. In other words, the returns on the market have been driven by a small percentage of big winners. Trying to pick winners, for most, is a loser’s game. The solution is to invest in diversified funds and you don’t need to pick those winners.”

Take-Away

There is debate whether today’s popular cap-weighted indices represent diversification relative to a well-selected, large diversified basket of a more even weighting. A previous Channechek article is provided below that discusses this concern; it was published before the 2020 explosion of tech stocks. Last year’s uneven growth reduced their diversification even more. Investors should evaluate if the current imbalance of individual index funds is now in fact making an oversized bet. 

Professor Robert R. Johnson, Ph.D., CFA, CAIA, certainly feels strongly that there is a difference between savings and investing. Bank accounts, CDs, bonds and notes are not the path for true long-term wealth. IRAs, 401ks and other funds earmarked for retirement should be in equities if you are not soon expected to live off those funds. For those that have a longer time horizon, accepting the higher volatility of small-cap stocks for the higher probable returns could be viewed as most prudent.

 

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading:

Investment Barriers Once Seen Insurmountable are Falling

Taking Stock of Index Funds

Large-Cap and Small-Cap Return Probabilities

Company Sponsored Research/Small-Cap Stocks

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Top Ten Cryptocurrencies by Transactions

 

Bitcoin, Etherium, Dogecoin, we see these names daily. But, we may not have our bearings on the amount of exchange that occurs on each of the top ten cryptocurrencies. Liquidity is important in deciding whether you want to transact in any asset. Or, in this case, exchange with any asset. If there is not a buyer on the other side when you decide there is a better place for your wealth, then you can’t easily benefit from the value that you believe you hold.

We put together a table for your consumption of the top ten digital currencies by volume exchanged along with other useful data so you may compare, contrast, and develop a better grasp of the size of the market and the individual currencies activity.

 

Cryptocurrencies Ranked by Average 3-Month Volume

Symbol	Currency Name	Last Price	Volume	Avg Vol (3 month)	Circulation
USDT-USD	Tether	$ 1.001	95.73B	109.12B	39.71B
BTC-USD	Bitcoin	$ 55,386.970	62.14B	66.91B	1,033.63B
ETH-USD	Ethereum	$ 1,715.882	25.60B	31.86B	197.61B
LTC-USD	Litecoin	$ 187.713	3.17B	8.24B	12.52B
XRP-USD	XRP	$ 0.573	9.97B	7.83B	26.02B
BCH-USD	Bitcoin Cash	$ 526.676	3.13B	5.91B	9.84B
ADA-USD	Cardano	$ 1.161	5.21B	5.50B	37.10B
LINK-USD	Chainlink	$ 27.447	1.27B	4.58B	11.38B
EOS-USD	EOS	$ 4.158	2.29B	3.73B	3.96B
BNB-USD	BinanceCoin	$ 261.175	2.59B	2.58B	40.36B
DOGE-USD	Dogecoin	$ 0.055	1.27B	2.53B	7.14B

     *Prices as of March 23 @10:15 AM

 More info on cryptocurrency investing: 

Cryptocurrency Gaining Banks Acceptance

How Close is the U.S. to Having a Digital Currency?

Small-Cap Names in a Big Crypto Market

Backed by the Full Faith and Credit of Blockchain

Visit the Company data of Channelchek to review stocks on your watchlist in the blockchain category or any other that you have been following.

Top Ten Cryptocurrencies by Transactions

 

Bitcoin, Etherium, Dogecoin, we see these names daily. But, we may not have our bearings on the amount of exchange that occurs on each of the top ten cryptocurrencies. Liquidity is important in deciding whether you want to transact in any asset. Or, in this case, exchange with any asset. If there is not a buyer on the other side when you decide there is a better place for your wealth, then you can’t easily benefit from the value that you believe you hold.

We put together a table for your consumption of the top ten digital currencies by volume exchanged along with other useful data so you may compare, contrast, and develop a better grasp of the size of the market and the individual currencies activity.

 

Cryptocurrencies Ranked by Average 3-Month Volume

Symbol	Currency Name	Last Price	Volume	Avg Vol (3 month)	Circulation
USDT-USD	Tether	$ 1.001	95.73B	109.12B	39.71B
BTC-USD	Bitcoin	$ 55,386.970	62.14B	66.91B	1,033.63B
ETH-USD	Ethereum	$ 1,715.882	25.60B	31.86B	197.61B
LTC-USD	Litecoin	$ 187.713	3.17B	8.24B	12.52B
XRP-USD	XRP	$ 0.573	9.97B	7.83B	26.02B
BCH-USD	Bitcoin Cash	$ 526.676	3.13B	5.91B	9.84B
ADA-USD	Cardano	$ 1.161	5.21B	5.50B	37.10B
LINK-USD	Chainlink	$ 27.447	1.27B	4.58B	11.38B
EOS-USD	EOS	$ 4.158	2.29B	3.73B	3.96B
BNB-USD	BinanceCoin	$ 261.175	2.59B	2.58B	40.36B
DOGE-USD	Dogecoin	$ 0.055	1.27B	2.53B	7.14B

     *Prices as of March 23 @10:15 AM

 More info on cryptocurrency investing: 

Cryptocurrency Gaining Banks Acceptance

How Close is the U.S. to Having a Digital Currency?

Small-Cap Names in a Big Crypto Market

Backed by the Full Faith and Credit of Blockchain

Visit the Company data of Channelchek to review stocks on your watchlist in the blockchain category or any other that you have been following.

Top Ten Cryptocurrencies by Transactions We put together a table for your consumption of the top ten digital currencies by volume exchanged along with other useful data so you may compare, contrast, and develop a better grasp of the size of the market and the individual currencies activity.

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Allegiant Gold Announces Participation in Noble Capital Markets Virtual Road Show Series Allegiant Gold announced their participation in Noble Capital Markets’ Virtual Road Show Series, presented by Channelchek, scheduled for March 25, 2021. Research, News & Market Data on Allegiant Gold Watch recent C-Suite interview with Allegiant Gold CEO Peter Gianulis

ProMIS Neurosciences Completes US$7M (CDN$8.75M) Financing ProMIS Neurosciences announced the completion of an US$7M (CDN$8.75M) private placement of convertible unsecured debentures Research, News & Market Data on ProMIS Neurosciences

electroCore Announces Exclusive Distribution Agreement with Silvert Medical Nv-Sa. electroCore Inc. announced it has entered into an agreement whereby Silvert Medical will serve as the exclusive Western European distributor of the gammaCore Sapphire non-invasive vagus nerve stimulator Research, News & Market Data on electroCore

Lineage Cell Therapeutics Presents Additional Interim Data On Opregen For Dry Amd With Geographic Atrophy Lineage Cell Therapeutics announced new positive interim results from its ongoing, 24-patient Phase 1/2a clinical study of its lead product candidate, OpRegen Research, News & Market Data on Lineage Cell Therapeutics Watch recent presentation from NobleCon17

Comstock and MCU Commence Philippine Mercury Remediation Operations Comstock Mining announced that its first international remediation and extraction facility is now in production Research, News & Market Data on Comstock Mining Watch recent interview with Comstock Mining CEO Corrado De Gasperis

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Gevo Hires Dr. Paul Bloom as Chief Technology Officer and Chief Innovation Officer Gevo announced that Dr. Paul Bloom has joined Gevo as its Chief Technology Officer and Chief Innovation Officer. Research, News & Market Data on Gevo Watch recent presentation from NobleCon17

Comtech Telecommunications Corp. Awarded Follow-on Order for More Than $1.0 Million for Military X-band SSPAs Comtech Telecommunications announced it received a contract valued at more than $1.0 million for X-band SSPA/BUCs for transportable military satellite communications ground systems. Research, News & Market Data on Comtech Telecommunications Watch recent presentation from NobleCon17

Bunker Hill Announces Updated Mineral Resource and Identifies New Silver Exploration Targets Bunker Hill Mining reported a significant resource increase at Bunker Hill Mine located in Idaho’s Silver Valley, USA. News & Market Data on Bunker Hill Mining

Energy Fuels Announces 2020 Results Energy Fuels announced its financial results for the year ended December 31, 2020. Research, News & Market Data on Energy Fuels Watch recent presentation from NobleCon17

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