Gap Fade

Not every gap up holds. When a stock opens sharply higher and then sells off below the open, early buyers are trapped and the move can unwind. This screen lists stocks on Asian exchanges that opened more than 3% above yesterday's close but now trade below today's open on at least 1.5 times average volume. Short sellers fade such gaps toward the previous close; long traders use the list to avoid chasing weak openings. Prices are in each exchange's local currency, and the list covers stocks traded in Tokyo, Hong Kong, Singapore, Seoul and Jakarta with at least about US$0.7 million in average daily trading value.