This applies to all stocks Market veteran Jim Brown: “Never buy on Friday. You never know what is going to happen over the weekend and market declines on Friday tend to continue at the open on Monday. Experienced traders never buy on Fridays in a volatile market.
Friday’s can turn into flush days. Investors who have been trying to hold out all week could see the margin selling at Friday’s open and decide the market is going lower and the give up on hope as a strategy. They hit the sell button and kick themselves for not getting out earlier.
This is called a capitulation event. If it occurs on Friday, that is an even better sign for dip buyers on Monday. Remember, margin selling usually occurs before 10AM and again at 2PM.
Look for signs of capitulation on Friday as a buy signal for Monday.”