Do what you are afraid to do -Emerson
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Art Cashin: Traders used to have a bizarre ritual for Friday the 13th to scare away evil spirits
It's Friday the 13th. Art Cashin, the veteran trader at UBS Financial Services, notes that stocks tend to rally on Friday the 13th up to 60% of the time, despite all the myths associated with the day. In note Friday, Cashin also explains how traders dealt with the fear of this date in a tradition that's sadly disappeared. New York Stock Exchange traders called it Hat Day, and they wore headgear to ward off evil spirits. From his note: "We think the negative myth may be based on a novel published back around 1910. It told of a plot by an evil stock trader (ain’t they all) to crash the market on Friday the 13th. By a ... (full story)
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