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Excited Overnight Buying Panic Erases Year-End Stock Slam

 

Excited Overnight Buying Panic Erases Year-End Stock Slam

Courtesy of Zero Hedge

The opening gap higher overnight has extended its gains during European trading, sending US equity futures soaring above Friday's late-day plunge ledge…

The machines are in charge for now…

The question is – what happens when cash trading opens?

Does the 1st trading day of the year matter? Sounds random, but as Ryan Detrick notes, in the past 20 years, on the 1st day of a new year the S&P 500 has been higher 10 times and lower 10 times. Full year return if up the first day? +14.2%. Full year return if down the first day? -0.6%.


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