High-Open analysis on Micron Technology
This analysis will focus on an anomaly identified by analysing the first day of trading in the turn of the month. The analysis was done among the S&P 500 Information Technology stocks.
Since 2010, the high-open retracements of the first day of trading have been calculated month by month.
For the month of January, Micron Technology (MU), a multinational company based in Boise, Idaho, which produces various types of semiconductor devices, stood out with an average high-open of 3.01%.
|
January mean (high-open) |
|
|
MU |
3,01% |
|
S&P500 InfoTech Stocks |
1,26% |
Focusing on MU, we can see that the first day of January also stands out compared to the first day of all other months for the same stock.
|
Month |
High-open |
|
Jan |
3,01% |
|
Feb |
2,11% |
|
Mar |
2,21% |
|
Apr |
1,73% |
|
May |
1,97% |
|
Jun |
1,12% |
|
Jul |
1,86% |
|
Aug |
2,02% |
|
Sep |
1,46% |
|
Oct |
0,97% |
|
Nov |
2,00% |
|
Dec |
1,45% |
What’s more, the retracement of the first trading day of January is also much higher than the average high-open retracement of the other days of January – which is 1.9% – and of all trading days since 2010 – which is 1,7%.
The high-open and close-open retracements on the first trading day of January are distributed as shown in the table below.
|
Year |
Retracements |
R |
|
2010 |
2,0% |
0,3% |
|
2011 |
4,2% |
1,7% |
|
2012 |
4,8% |
1,7% |
|
2013 |
1,1% |
0,5% |
|
2014 |
0,5% |
-0,1% |
|
2015 |
0,8% |
-1,4% |
|
2016 |
3,8% |
3,6% |
|
2017 |
3,0% |
2,2% |
|
2018 |
5,2% |
5,1% |
|
2019 |
6,7% |
5,6% |
|
2020 |
1,2% |
1,0% |
|
2021 |
2,8% |
-3,2% |
The sum of close-open returns for the first trading day of the month is 17%, whereas the sum of close-open returns for all days in January is 1.7%.
Giuseppe Ferrulli
CEO, Radiqant
