Monday, May 10, 2010

S&P 500: "Biggest SPY Opening Gaps"

This gap will be filled (eventually), meaning stocks will have a wonderful little run and then come back to earth. Note that each of those 2008 gaps were filled and more by March 2009.
The DJIA got to up 454, the S&P to up 53.
From Bespoke Investment Group:

The S&P 500 tracking SPY ETF is currently trading up 4.25% in the pre market. This would be the third largest opening gap higher since the ETF began trading back in 1993. As shown below, SPY gapped up 6.07% on October 13th 2008 and 5.52% on September 19th, 2008. This would be only the fourth gap higher of 4% or more.