If there's a sharp rise at the close, it's wise to reduce positions, as a correction the next day is highly likely.
Sharp drops will inevitably rebound, don't sell.
Slow declines will continue to fall, sell.
Sharp rises will inevitably pull back, sell.
Slow rises will continue to climb, don't sell.
Don't cut losses on a big morning drop; there's usually a rebound in the afternoon.
Sell into a big rally at the close; there's a high probability of a pullback the next day.
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