To say it is a random walk is confusing a model of reality with reality.
Totally agree with the other poster though. You can pretty much prove whatever you want in the market depending on the start date and window size.
I would think the driving factor is after market earnings releases, expectations for those releases and how many there randomly happen to be during the window in question.
Totally agree with the other poster though. You can pretty much prove whatever you want in the market depending on the start date and window size.
I would think the driving factor is after market earnings releases, expectations for those releases and how many there randomly happen to be during the window in question.