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Overnight prediction

From this paper: http://www.sciencedirect.com/science/article/pii/S1059056016301563
It is shown evidence of higher overnight returns in ETFs, but with lower volatility. Moreover, it appears to be possible to forecast the direction of the first 30 minutes of trading (with a negative relation) and the last 30 minutes of trading (with a positive correlation). This is my result in which I try to predict the overnight returns and the first 30 minutes of trading thanks to the last 30 minutes of every trading day.
Does it look reasonable?
Thanks,
Mattia