This is incredible:
If you bought the S&P 500 ETF, $SPY, at market open and sold at market close every day since its inception in 1993, you'd be up just +13.3%.
This means that the vast majority of gains have occurred after market close and before market open.
Buying the market close and selling the next open saw a whopping +992% gain since the ETF was established.
By comparison, the total return by simply holding the ETF during this period was +1,138%.
Companies’ earnings releases and subsequent conference calls almost always occur outside of regular trading hours and lead to material stock price movements.
After hours trading is more important than ever.
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