The 'crash' opening of the market tomorrow may be a potential bonanza. The SPX and NDX futures are each down about 5% this evening. When the SPY has opened down by at least 2%, buying the open has been a good opportunity. The chart above summarizes the results for the close the day of purchase and one, two, and five days after purchase. Buying the open and holding to the close of same day returns an average of 2.13% and was a winner 82% of the time. The average return improves a bit by holding additional time but the reliability of the trade drops from 82% to 70%.
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