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One comment on gaps. They tend to be much more pronounced on the SP
futures (day session only) than on the SPX cash. The "open" on the cash
index is a process that can take 5 to 30 minutes as the 500 stocks start
trading for the day. Usually the quoted opening tick is just yesterday's
close adjusted for the first of the 500 stocks to trade.
On a humorous note, when I first started looking at charts, I thought I
had a killer daytrading system looking at 1-minute bars of the cash
right after the open. It took me a while to figure out that any trading
vehicle (futures, options, etc) had already made the move I thought I
was seeing and it was untradeable.
--
Dennis
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