High TRIN and Next Day Open - Quick Note

Quick note on TRIN (NYSE Arms Index) that I will follow up later today. In response to the reader's question, when TRIN is 2.0 or greater and SPY has fallen by .75% or more (N = 37) since March, 2003 (N = 758), the market opens the next day up by an average .17% (28 up, 9 down), much stronger than the average overnight gain of .04% (415 up, 343 down). This is further evidence that downside momentum from the previous day has not tended to carry over to early the next day. More to come...