Quote from erikrkolodny:
First, please if you can, try to respond to the current day's post if possible, i.e. this type question can be put on the current day's post. I don't want to clutter up Elite Trader for anyone not interested in reading these Day Trading posts...sorry for the housekeeping stuff, but again, just trying to respect those not interested in these day trading posts.
In any case, I have a ton of seasonal stuff I could spew at you, but I've never heard of/researched big gap days on any given weekday in detail ergo I am going from memory here.
Tuesdays historically have been reversal days (Tues Oct 20, 1987 was a true reversal session via gap) with three weeks ago Tuesday being a reversal day for the current market (for the new bull market/bear market rally/whatever you want to call it). A good Monday closing of a gap off-hand would be March 17, 2008 when Bear Stearns failed; futures were limit down overnight, but the benchmark averages reversed with the Dow closing up (I think) 20 points that day.
In direct answer to your question, November 10, 2008 saw a gap higher open on the markets with the averages closing just off of their lows. October 13 saw a gap higher open in whih the market kept going. There was a gap higher on the Monday after Labor Day in which the markets opened near their highs and sold off. Ditto for July 14. So, off-hand, I'd hae to do a lot more homework, but don't see why Monday gap highers would be any more pervasive than those of any other day of the week.
Take care,
Erik
