Buy on Monday, sell on Tuesday: The day has developed a reputation for posting hefty losses this year, including the so-called "Black Monday" on August Pivotal data is released on Friday night in the US and Europe, well after the Australian market has closed, including the Purchasing Manager's Index, a gauge of private sector activity, and US payroll data, which sheds light on the state of the world's largest economy. By submitting your email you are agreeing to Fairfax Media's terms and conditions and privacy policy.

China, which has been a key contributor to market volatility over the past 12 months, also released important data over the weekend, Mr Dagan said.

Crisis meetings between eurozone leaders and Greece dominated the weekend news during the first half of this year, helping to set the dour tone in Australia on a Monday morning. The day has played host to some huge sell-offs. On June 29, the ASX fell 2. August 24 trumped them all, with a 4.

Statistically, Tuesday is the best day on the index, with gains totalling points in an otherwise dismal year in which the overall index has fallen points between October 22 last year and October 21 this year.

The stock exchange on average posts a gain of 0. This is despite being offset by the second worst trading day of the year, September 29, when the stock exchange fell 3. Mark Lennox, a decade long trader and senior private adviser at HC Securities, said he generally avoided trading on Mondays because of the high number of sell-offs that reverse on a Tuesday.

He said a bad session on the European and US stock exchanges followed by a weekend could lead to an "overwhelmingly negative" sentiment on Monday. Aside from Monday, Thursday was also a weaker trading day. The day has accumulated just 21 points over 12 months, eking out an average 0.

Mr Dagan said Thursdays were the day that options and futures contracts expired, leading to some profits coming off the table. Mr Lennox said Thursday weakness could also be the result of stronger Tuesday and Wednesday trading. Wednesday has added points for the year so far, with an average 0.

Friday is the second-best trading day, gaining The stronger figure on Friday may be the result of some "window dressing" by fund managers and investors generally looked to finish the week on a positive note, Mr Dagan said.

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SHARE Share on Facebook SHARE Share on Twitter TWEET Link The bears await Monday's ASX trade. Get Bear Smart For an explanation, look overseas, Peak Asset Management executive director Niv Dagan said.

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