According to Martin Zweig's Winning on Wall Street, the day before Memorial Day (and holidays in general) is supposed to be bullish, "the odds of the market rising on the day before a holiday was about seven out of eight." However if the market is down on that day, then one should short the market for the day after the holiday.
So this means we should expect the market to go down further on Tuesday.
Of course, the mere fact that we know this affects the pattern. The book uses data thru 1985 and was published in 1986. Since then, the tendencies may not as strong.
[6/3/08] The market finished positive on May 27. In other words, wrong again.
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