looking-ahead

Do You Believe in the Curse of Friday the 16th?

October 16th, 2015 by

Here’s your Week in Review for October 16th, 2015—an interesting anniversary:

  • On this date in 1987, also a Friday and also an options expiry, the Dow Jones saw its worst single-day losses up to that point, plunging 108 points (almost 4.5% at the time). The following Monday (October 19th, 1987) lives on in infamy as “Black Monday,” when the Dow Industrials sank an unparalleled 22% in the session.
  • Global stocks opened in the green nearly across the board on Friday.
  • Shares of shoe company Skechers (NYSE:SKX) plummet Friday, losing more than 2/3 of their value (-66.7%).

looking-ahead

  • Although stock options actually expire tomorrow, today is the last day of trading before the current options expiry. Gold options don’t expire until October 27th.
  • Spot gold gains over 1.8% on the week, erasing its losses so far in 2015.
  • The U.S. trade deficit, measured over the fiscal year ending September 30th, fell 9% year-on-year to its lowest levels since 2007.
  • Factory output in the U.S. falls for the second consecutive month in September.
  • Stock buybacks may be losing their luster: even after Wal-Mart (NYSE:WMT) announced $20 billion in repurchases, shares of the company’s stock had their worst daily performance in years.