A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from May 20, 2013
Rally Tuesday

The stock market (New York Stock Exchange) on Tuesday in the first half of 2013 had a 20-week-long streak of always entering positive territory at the end of the day. The Wall Street Journal had an April 23, 2013 “Moneybeat” blog post titled “The Stock Market’s Ridiculous Tuesday Streak Lives On” and the financial blog Zero Hedge, on May 14, 2013, posted “POMO + Tepper + Tuesday = Total Equity Disconnect,” with charts to show just how outsized the gains on Tuesday were compared to the other days of the week. One comment to this post noted that someone had called it “Turbo Tuesday.” ABC News, also on May 14, 2013, called it “Another Amazing Fat Tuesday on Wall Street.”

The blog Jesse’s Cafe Americain, on May 14, 2013, posted “SP 500 and NDX Futures Daily Charts - Rally Tuesday,” commenting:

“Today was rally Tuesday when the banks and funds decide to take stocks up.”

Jesse’s Cafe Americain used the “rally Tuesday” nickname in other blog posts. On May 20. 2013, it was posted, “There is no major economic news scheduled for tomorrow. Let’s see if the wiseguys can keep the ‘Rally Tuesday’ trend going.”

Similar Wall Street nicknames for Tuesday iinclude “Turnaround Tuesday,” “Turbo Tuesday” and “Terrific Tuesday.”


The Wall Street Journal—Moneybeat blog
12:17 pm
Apr 23, 2013
The Stock Market’s Ridiculous Tuesday Streak Lives On
By Steven Russolillo
Check out this stat: The Dow is on pace for its 15th straight Tuesday rally of the year.
(...)
But Tuesdays are trickier to decipher. The nickname “Turnaround Tuesday” has long been passed around trading desks to describe the market’s tendency to rebound following a difficult start to the week.

We consulted the Stock Trader’s Almanac to see if there’s anything to this legend. Turns out, there is. From the Almanac:

During the last eleven and a third years, Tuesday has produced the most gains. Since the top in 2000, traders have not been inclined to stay long over the weekend nor buy up equities at the outset of the week. This is not uncommon during uncertain market times. Monday was the worst day during the 2007-09 bear, and only Tuesday was a net gainer.

Zero Hedge
POMO + Tepper + Tuesday = Total Equity Disconnect
Submitted by Tyler Durden on 05/14/2013 10:28 -0400
It’s Tuesday. It’s a big POMO day. And sure enough, equities are in full-tilt melt-up mode. In the face of a stronger USD, rallying bond market, higher VIX, and widening credit spreads, the S&P 500 has smahed through yet another set of stops, squeezed shorts wherever you can see, and made new all-time highs. Mardi Gras indeed… though one wonders what happens when Europe closes and POMO is over.
(...)
COMMENTS
kaa1016
Tue, 05/14/2013 - 10:38 | 3560394
Someone yesterday called it Turbo Tuesday. That was a great name.

ABC News
Another Amazing Fat Tuesday on Wall Street
By Sandy Cannold
May 14, 2013 4:48pm
The Dow Jones Industrial average closed Tuesday at a new all-time high with a triple-digit surge of 123 points.

And it’s fitting that the Dow hit a new high of 15,215 on a Tuesday because it’s the 18th straight Tuesday that the industrials have finished the day higher than where they began.  This 18 for 18 streak started all the way back on January 15.  The Dow since then is up more than 1700 points. And according to the statistical gurus at Bespoke Investment Group over 1400 of the 1700 plus points gained since then on the Dow have come on, you guessed it, Tuesday. That’s 83 percent of all the gains in stocks since then coming on this one day of the week.

Jesse’s Cafe Americain
14 May 2013
SP 500 and NDX Futures Daily Charts - Rally Tuesday
“Never have investors reached so high in price for so low a return. Never have investors stooped so low for so much risk.”
Bill Gross, 14 May 2013

Today was rally Tuesday when the banks and funds decide to take stocks up.

Check out the results for the last few Tuesdays. This makes more sense for today’s rally than anything else I have heard.

Jesse’s Cafe Americain
20 May 2013
SP 500 and NDX Futures Daily Charts - Pause Ahead of Bernanke’s Wednesday Testimony
There is no major economic news scheduled for tomorrow. Let’s see if the wiseguys can keep the ‘Rally Tuesday’ trend going.

Jesse’s Cafe Americain
20 May 2013
Gold Daily and Silver Weekly Charts - Twentieth Century Fox - RIP Ray Manzarek
(...)
Bernanke gives his testimony to Congress on Wednesday, and tomorrow is the newly traditional ‘rally Tuesday’ for stocks if the bulls can shove the overbought SP 500 any higher.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Monday, May 20, 2013 • Permalink