Whether up or down, it is very annoying.
Today's huge gap up has the S&P 500 sniffing the 200 day exponential moving average – hours after the market was poised to break down, hitting new lows for December. It is a market without memory from day to day and laughing off rules such as "markets that close on the lows, traditionally open poor the next morning."
Lately the market days have been characterized by strong opens, which are faded. BespokeInvest tweeted that the past 6 days the high of the day was in by 10: 30AM. Hence traders will observe if this pattern can change and Santa will be allowed in….
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog