The overnight gap up on $SPYThe majority of the move in AMEX:SPY since 1993 has been in the overnight session.
In a trending bull market, and making new highs, this gap trade becomes more common.
But it doesn’t happen every day
We bought the close on Friday, looking to close out early near the open on Monday
Theres countless papers on this edge, heres one about the overnight drift
papers.ssrn.com