FYI, this is an extract from Bespoke Premium service. We live a definitely rare market behavior.

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"First Hour Negative Reversals: Fasten Your Seatbelts
After rallying more than 1% on news of a potential debt deal, today’s weaker than expected
ISM Manufacturing report sent the S&P 500 down as much as 0.86% by 10:30. Going back to
1985, today is only the tenth time the S&P 500 has ever been up 1% or more in the first half
hour of trading, only to give back all of that and more (0.5%) by 10:30 AM ET. In the table below
we highlight each of these days.

Before 2008, these types of negative reversals had only occurred two other times between
1985 and 2007. Since then there have been eight other occurrences with four occurring from
October 2008 to November 2009! While the average intraday return for the S&P 500 from
10:30 to the close has been a gain of 0.25%, that doesn’t tell nearly the entire story as there
was continued volatility throughout the day. In every occurrence, the S&P 500 finished the
day with another move of more than 1% up or down."