[ksdale]

I think the issue with this is that one person's loss is another person's gain. Lots of people lose money during the day, but it's not generally the very sophisticated hedge funds and HFT people.

And if you were to hold overnight, you'd have to sell in the morning, and the volume of overnight trading isn't high enough to support a bunch of big firms buying into overnight trading and selling at open, they'd all sell into a disaster, which would make overnight returns go away?