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IS THE 'FRIDAY EFFECT' IN PLAY TODAY?

|Includes: FAZ, SPDR S&P 500 Trust ETF (SPY)

For nearly nine months the market averted big declines on Friday's by usually finishing flat or slightly negative or positive for the day. However, the past two weeks we have seen major selloffs in the markets on Friday's with very high volume. Therefore, it is prudent to remain cautious today as the market has recovered from the premarket lows.