One of the strangest patterns in the stock market that you don't know about! $SPY $VTI $VOO
I recently watched an interview with Samir Varma, a theoretical physicist turned trader hedge-fund manager- he earned his doctorate in particle physics from University of Texas at Austin, and was one of the first to execute profitably quantitative futures strategies.
He noted - over 30 years, almost all of $SPY ’s gains happened while the market was CLOSED! I found this super interesting, so I did some digging to see if this was true and here's the data:
According to a long-term analysis (1993–2025), the “overnight” strategy for SPY i.e. buy at close, sell at next open, yielded cumulative gains of 1,105%, while the “intraday” strategy, buy at open, sell at close, only delivered about 27% over the same period
i.e. - If you bought at the close every day and sold at the next open, your return would be about +1,100% - If you bought at the open and sold at the close, your return is only around +27%
Same index, same time period but insanely different returns.
This doesn’t mean the market always drops during the day - it just means that the average intraday move has been very small over the long run, while the average overnight move has been much larger.
Why might this happen?
- News and earnings usually come out after hours
- Futures markets react overnight
- Big institutions hedge when markets are closed
- Risk premium for holding exposure through uncertainty
This pattern shows up again and again in the data. Why this is not a free trading strategy? because costs and spreads can wipe out the edge if you try to time it.
But for long-term investors, it highlights something important:
- A big part of the compounding has come from simply holding overnight.
- The market often moves the most while you’re not watching, a lesson for intraday index traders ;)
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4:22 Why We Train Abs Wrong
7:27 Abs vs Core Explained
11:17 Look Feel Perform Goals
15:04 How Core Muscles Work
20:26 Stability and Anti Movement
24:00 Do Abs Need Daily Training
29:12 Spinal Safety and Crunches
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33:08 Testing Core Strength
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47:02 Choosing Core Exercises
50:18 Isolation vs Compound Core
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56:16 Loading the Core Safely
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