Photo: 30 Rock via Hulu
If you guessed that there’s nothing special about Leap Day, then you were right.In today’s Cashin’s Comments, Art Cashin cite’s some very boring data supplied by market historian Sam Stovall.
Don’t Worry It Really Doesn’t Happen That Frequently – S&P resident sage, Sam Stovall, reports that Leap Day (February 29th) has a rather spotty record where the stock market is concerned. Of the sixteen times since World War II that it has fallen on a trading day, it has been down 10 times. If Sister Herman Joseph was right that would be a 62.5% failure rate.
Here are two other facts from today’s Comments:
Two other points on Leap Day. Literati will note that February 29th became associated with Sadie Hawkins Day when women could propose to men. The day became a bit of a national craze in the 40’s; 50’s and 60’s, copying a Dogpatch event in the comic strip – “Lil’ Abner. Secondly, on the eve of the last Leap Day in 2008, the S&P closed at 1367.68. Last night it closed at 1372.18. Strangely similar (hat tip Dave Lutz).