By: Cooper Family Office | April 16, 2019

For the umpteenth time in the 10-year old bull market from 2009, the S&P opened higher on a gap this morning, and then promptly traded broadly sideways for the balance of the day.

 

Understanding this rhythm may be key to understanding when the current bull market may end. 

 

You see, as detailed in a New York Times February 2018 article “The Stock Market Works by Day, But It Loves the Night” (which in turn cited research by the Bespoke Investment Group), if one measures all of the net overnight advances in the S&P 500, these gains account for more than 100% of the market’s total gains since 1993.