One factor that will likely have a substantial impact on market movement on Friday is the reaction to the Employment Report. Employment days have done fairly well over the last few years but most of the gains are thanks to the overnight session. This can be seen in the 2 profit curves below.

As you can see, the overnight has generated more than 9x the profits of the day. Day profits have been less reliable and more volatile. With the report just released it appears the typical gap higher is going to occur. Unfortunately, what happens between the open and the close is a lot more random.

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