Absolutely!
Also I highly recommend http://www.amazon.com/High-Probability-ETF-Trading-Professional/dp/1616586397/
I read both of them from cover to cover.
What about holding longs till Monday open before selling?
See for example http://www.amazon.com/Short-Term-Trading-Strategies-That/dp/0981923909 , the chapter "It pays to hold positions overnight".
There are 2 things which can make the system more profitable.
1. Do not trade if the first trading day of the month is Monday.
2. Go long if the price is above SMA200.
Of course, they reduce a number of trades.