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We found a consistent advantage across several metrics. The average daily return during the first five trading days is +0.084%, compared with just +0.019% for the remainder of the month—a difference that amounts to more than four times higher average returns. This pattern holds up even when looking at median returns, which are less influenced by extreme market moves, with early-month median daily returns of +0.121% vs. +0.049% for other days.
https://www.investopedia.com/day-trading/best-time-day-week-month-trade-stocks/#toc-early-month-returns