Taps Coogan – January 6th, 2020

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Since January 2016, S&P 500 futures have traded up 60% in aftermarket hours compared to just 10% during normal trading hours, as the following chart from Goldman via Win Smart reveals.

It’s worth noting that at the time this chart was made in mid-December, the business-hours performance of the S&P had it trending lower than during the worst parts of the Pandemic lockdowns in March and April. The entire recovery since then has been after hours.

Charts like this are so discomfiting it’s hard to know what to even say about them.

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