Stock prices at the market open tend to be higher than at the previous day’s close. The pessimists pack it in by the end of the day.
Whereas stocks are traded during the day, the real profit comes at night, when the exchanges are closed to regular trading. Cumulate separately the daytime and after-hours returns, and it turns out that all the price gains on the New York Stock Exchange 1993–2007 came outside normal trading hours. For the past quarter century, day trading has been a desert of loss with oases of gains. The nighttime is the right time to be in the market.
Forget about the news and the market ups and downs during the day. They are nowhere close to what they are cracked up to be. ~ American stock analyst Paul Hickey