Record Gaps
If it seems like every time you open a quote screen in the morning, and the little blinking lights are green, you're not imagining things. Stocks have gapped up at the opening of regular trading hours almost every single day for the past 30 sessions.
In the history of the main S&P ETF, SPY, we've tied the most-ever cluster of positive opens, with only March 1999 being an equal.
For the S&P 500 futures, there has never been a time like this since their inception in 1982. There has never been this many gaps up at the open over as long a time period as 30 days.
There have been a handful of times when more than 70% of the days gapped up and the futures were trading at a new high. Like we've seen with other recent studies, short- to medium-term returns were rocky, with high risk versus limited reward.
What a market.