Beware the ides of August, which on Wall Street describes the poor performance traders tend to expect for the month.
The historic data shows this saying may be overselling seasonal weakness while the first day of August trading is off and running.
Monday kicked off August in the green. The Dow Jones Industrial Average opened at a fresh record high and the blue chip index, along with the S&P 500 was trading within a stone’s throw of record closing highs.