The 1st trading day of the month is often a bullish day for the market. In the past I have broken down the tendency by month. And since 1987, May has produced the most profits. Below are results for the month of May dating back to 1987. (Note: performance is measured on a close to close basis.)
Stats here are strongly lopsided in favor of the bulls. Winning %, win:loss ratio, profit factor, and average trade are all outstanding. Perhaps the saying should be “Sell in May, but not the 1st day!”