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July Trading Calendar

The following chart shows the average month-to-date percentage change in the S&P 500 index by trading day during July from 1990 through 2010. Day 0 represents the June close. It shows that the index during July tends to be about flat, with the first half of the month stronger than the second half. We have not used data for trading day 22, because most Julys do not have 22 trading days. Also, sample size is only 16-21 for specific trading days, so these results are only mildly suggestive rather than predictive. For 1990-2010, 12 Julys have been losers and nine winners.

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