Statistics of Price Movements of Golden Star Resources Ltd (GSS)

The price movements of Golden Star Resources Ltd (ticker GSS) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when GSS opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after GSS had a big price move
• Table 11. Statistics of daily price changes in the 20 days after GSS moved 5% with twice the 30-day average volume

The statistics are calculated using GSS's price data across 1,551 trading days from 2015 to 2020.

Table 1. Statistics of GSS one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 1,551 trading days, 40.9% of the time (634 days), GSS closed above the previous day's closing price. 39.9% of the time (619 days), it closed below the previous day's closing price. 19.2% of the time (297 days), it did not change.

Also see: VIX price movement study.

GSS Price Change (%)	Number of Days	% of Total Sessions
22 – 23%	1	0.06%
20 – 21%	1	0.06%
19 – 20%	2	0.13%
18 – 19%	1	0.06%
17 – 18%	4	0.26%
16 – 17%	2	0.13%
15 – 16%	3	0.19%
14 – 15%	2	0.13%
13 – 14%	5	0.32%
12 – 13%	4	0.26%
11 – 12%	3	0.19%
10 – 11%	9	0.58%
9 – 10%	8	0.52%
8 – 9%	8	0.52%
7 – 8%	23	1.48%
6 – 7%	20	1.29%
5 – 6%	52	3.35%
4 – 5%	58	3.74%
3 – 4%	90	5.81%
2 – 3%	100	6.45%
1 – 2%	148	9.55%
0 – 1%	90	5.81%
0%	297	19.16%
0 – -1%	77	4.97%
-1 – -2%	150	9.68%
-2 – -3%	117	7.55%
-3 – -4%	87	5.61%
-4 – -5%	62	4.00%
-5 – -6%	43	2.77%
-6 – -7%	28	1.81%
-7 – -8%	15	0.97%
-8 – -9%	13	0.84%
-9 – -10%	12	0.77%
-10 – -11%	5	0.32%
-11 – -12%	5	0.32%
-12 – -13%	1	0.06%
-13 – -14%	1	0.06%
-14 – -15%	1	0.06%
-17 – -18%	1	0.06%
-22 – -23%	1	0.06%

Table 2. Statistics of GSS: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of GSS.

39.2% of the time (608 days), GSS closed above the opening price. 41.7% of the time (646 days), it closed below the opening price. 19.1% of the time (297 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
26 – 27%	1	0.06%
23 – 24%	1	0.06%
20 – 21%	1	0.06%
19 – 20%	1	0.06%
17 – 18%	2	0.13%
16 – 17%	1	0.06%
14 – 15%	1	0.06%
13 – 14%	4	0.26%
12 – 13%	1	0.06%
11 – 12%	4	0.26%
10 – 11%	6	0.39%
9 – 10%	13	0.84%
8 – 9%	11	0.71%
7 – 8%	18	1.16%
6 – 7%	26	1.68%
5 – 6%	46	2.97%
4 – 5%	58	3.74%
3 – 4%	77	4.96%
2 – 3%	115	7.41%
1 – 2%	145	9.35%
0 – 1%	76	4.90%
0%	297	19.15%
0 – -1%	75	4.84%
-1 – -2%	155	9.99%
-2 – -3%	120	7.74%
-3 – -4%	97	6.25%
-4 – -5%	62	4.00%
-5 – -6%	58	3.74%
-6 – -7%	28	1.81%
-7 – -8%	13	0.84%
-8 – -9%	14	0.90%
-9 – -10%	10	0.64%
-10 – -11%	9	0.58%
-12 – -13%	2	0.13%
-14 – -15%	2	0.13%
-15 – -16%	1	0.06%

Table 3. One-day performance when GSS opened 5% higher than previous close

In the past 1,551 trading days, GSS opened more than 5% higher than the previous day's closing price 49 times. Of these days, 22.4% (11 days) had closing prices above the opening price, and 57.1% (28 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
5 – 6%	3	6.12%
4 – 5%	4	8.16%
3 – 4%	2	4.08%
1 – 2%	1	2.04%
0 – 1%	1	2.04%
0%	10	20.41%
-1 – -2%	1	2.04%
-2 – -3%	1	2.04%
-4 – -5%	4	8.16%
-5 – -6%	13	26.53%
-6 – -7%	4	8.16%
-7 – -8%	3	6.12%
-9 – -10%	1	2.04%
-10 – -11%	1	2.04%

Table 4. Closing vs. open when GSS opened 4–5% higher

On 44 days, GSS opened 4–5% higher than the previous day's closing price. Of these days, 18.2% (8 days) had closing prices above the opening price, and 61.4% (27 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
12 – 13%	1	2.27%
9 – 10%	2	4.55%
8 – 9%	1	2.27%
7 – 8%	1	2.27%
4 – 5%	1	2.27%
3 – 4%	1	2.27%
2 – 3%	1	2.27%
0%	9	20.45%
-1 – -2%	4	9.09%
-2 – -3%	4	9.09%
-3 – -4%	7	15.91%
-4 – -5%	4	9.09%
-5 – -6%	4	9.09%
-8 – -9%	3	6.82%
-10 – -11%	1	2.27%

Table 5. Closing vs. open when GSS open 3 – 4% higher

42 times GSS opened 3 – 4% higher than the previous day's closing price. Among these days, 33.3% (14 days) closed above the opening price, 52.4% (22 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
13 – 14%	2	4.76%
11 – 12%	1	2.38%
9 – 10%	1	2.38%
8 – 9%	1	2.38%
7 – 8%	2	4.76%
4 – 5%	2	4.76%
3 – 4%	2	4.76%
2 – 3%	1	2.38%
0 – 1%	2	4.76%
0%	6	14.29%
0 – -1%	1	2.38%
-1 – -2%	4	9.52%
-2 – -3%	3	7.14%
-3 – -4%	8	19.05%
-4 – -5%	1	2.38%
-5 – -6%	1	2.38%
-7 – -8%	1	2.38%
-10 – -11%	1	2.38%
-12 – -13%	1	2.38%
-14 – -15%	1	2.38%

Table 6. Closing vs. open when GSS open 2 – 3% higher

87 times GSS opened 2 – 3% higher than the previous day's closing price. Among these days, 32.2% (28 days) closed above the opening price, 58.6% (51 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
9 – 10%	1	1.15%
6 – 7%	2	2.30%
5 – 6%	4	4.60%
4 – 5%	3	3.45%
3 – 4%	3	3.45%
2 – 3%	4	4.60%
1 – 2%	9	10.34%
0 – 1%	2	2.30%
0%	8	9.20%
0 – -1%	4	4.60%
-1 – -2%	12	13.79%
-2 – -3%	12	13.79%
-3 – -4%	5	5.75%
-4 – -5%	8	9.20%
-5 – -6%	3	3.45%
-6 – -7%	3	3.45%
-9 – -10%	1	1.15%
-10 – -11%	2	2.30%
-14 – -15%	1	1.15%

Table 7. Closing vs. open when GSS open 1 – 2% higher

183 times GSS opened 1 – 2% higher than the previous day's closing price. Among these days, 33.9% (62 days) closed above the opening price, 53.0% (97 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
7 – 8%	2	1.09%
5 – 6%	1	0.55%
4 – 5%	6	3.28%
3 – 4%	9	4.92%
2 – 3%	19	10.38%
1 – 2%	16	8.74%
0 – 1%	9	4.92%
0%	24	13.11%
0 – -1%	6	3.28%
-1 – -2%	38	20.77%
-2 – -3%	20	10.93%
-3 – -4%	17	9.29%
-4 – -5%	6	3.28%
-5 – -6%	1	0.55%
-6 – -7%	4	2.19%
-7 – -8%	2	1.09%
-8 – -9%	2	1.09%
-9 – -10%	1	0.55%

Table 8. Periods when GSS moved 15% or more

In this table, we track the price movements in the 20 days after GSS had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19
20160224	22.5%	2.6	28.9	28.9	26.3	10.5	18.4	18.4
20160122	20%	5.6	5.6	5.6	33.3	50.0	66.7	72.2
20160714	19.9%	.0	.0	-18.8	-17.7	-20.8	-20.8	-19.8
20200317	19.8%	-4.6	-5.4	-4.2	-4.2	-4.6	-7.3	5.4
20160211	18.5%	-6.3	-9.4	-6.3	21.9	53.1	53.1	50.0
20150112	17.3%	-7.4	7.4	33.3	18.5	14.8	22.2	22.2
20151014	17.3%	.0	-7.4	-14.8	-14.8	-14.8	-22.2	-25.9
20150120	17.2%	5.9	-5.9	-8.8	-2.9	-2.9	-8.8	-5.9
20170315	17.1%	.0	3.4	-5.6	-6.7	-4.5	-4.5	-2.2
20160415	16.9%	11.6	4.3	1.4	.0	-4.3	-11.6	-13.0
20160229	16.6%	.0	.0	-2.0	-14.3	-8.2	-8.2	-8.2
20150720	15.9%	-10.3	-13.8	-10.3	-24.1	-27.6	-27.6	-27.6
20150511	15.3%	13.3	20.0	13.3	10.0	13.3	13.3	6.7
20181114	15.2%	.7	-7.1	-7.5	-5.1	.7	-.3	2.0
20190731	-17.4%	-2.3	-.8	-9.9	-18.6	-27.0	-18.0	-17.7
20160725	-22%	1.3	.0	-2.6	-3.8	.0	-3.8	-3.8

Table 8a. GSS average price changes following a 15% up day

Of the 1,551 trading days from 2015 to 2020, there were 14 days in which GSS was up more than 15%. This table shows the average price changes over the 14 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 15%	.8	1.5	.3	1.4	3.9	4.5	5.3

Table 8b. GSS average price changes following a 15% down day

Of the 1,551 trading days from 2015 to 2020, there were 2 days in which GSS was down more than -15%. This table shows the average price changes over the 2 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -15%	-.5	-.4	-6.2	-11.2	-13.5	-10.9	-10.8

Table 9. Periods when GSS moved 10% or more

In this table, we track the price movements in the 20 days after GSS had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19
20160224	22.5%	2.6	28.9	28.9	26.3	10.5	18.4	18.4
20160122	20%	5.6	5.6	5.6	33.3	50.0	66.7	72.2
20160714	19.9%	.0	.0	-18.8	-17.7	-20.8	-20.8	-19.8
20200317	19.8%	-4.6	-5.4	-4.2	-4.2	-4.6	-7.3	5.4
20160211	18.5%	-6.3	-9.4	-6.3	21.9	53.1	53.1	50.0
20150112	17.3%	-7.4	7.4	33.3	18.5	14.8	22.2	22.2
20151014	17.3%	.0	-7.4	-14.8	-14.8	-14.8	-22.2	-25.9
20150120	17.2%	5.9	-5.9	-8.8	-2.9	-2.9	-8.8	-5.9
20170315	17.1%	.0	3.4	-5.6	-6.7	-4.5	-4.5	-2.2
20160415	16.9%	11.6	4.3	1.4	.0	-4.3	-11.6	-13.0
20160229	16.6%	.0	.0	-2.0	-14.3	-8.2	-8.2	-8.2
20150720	15.9%	-10.3	-13.8	-10.3	-24.1	-27.6	-27.6	-27.6
20150511	15.3%	13.3	20.0	13.3	10.0	13.3	13.3	6.7
20181114	15.2%	.7	-7.1	-7.5	-5.1	.7	-.3	2.0
20170606	14.7%	.0	-1.4	-5.7	-8.6	-4.3	-2.9	-9.3
20160205	14.2%	12.5	33.3	12.5	25.0	58.3	104.2	116.7
20190620	13.9%	8.7	-1.7	-3.2	2.2	.0	5.8	18.5
20181228	13.4%	3.6	13.2	12.5	10.9	8.9	4.6	8.6
20150512	13.3%	8.8	5.9	-5.9	-5.9	2.9	.0	-2.9
20150508	13%	15.4	34.6	23.1	26.9	26.9	26.9	19.2
20150729	13%	-11.5	-19.2	-23.1	-15.4	-23.1	-15.4	-19.2
20160208	12.5%	-7.4	11.1	7.4	11.1	44.4	81.5	81.5
20190715	12.5%	1.1	-5.7	-11.6	-12.8	-27.1	-26.1	-32.8
20191031	12.5%	-.6	-6.2	-10.9	-7.1	-5.3	-10.3	-8.5
20200729	12.1%	.5	9.0	11.8	5.1	12.4	9.9	6.7
20200323	11.8%	10.2	5.3	1.6	2.0	2.0	8.5	-11.0
20160418	11.5%	.0	-7.8	-2.6	-9.1	-14.3	-18.2	-19.5
20160413	11.1%	-1.7	28.3	18.3	25.0	16.7	10.0	5.0
20201009	10.9%	-1.5	-2.2	-6.1	-5.3	-12.7	-8.5	-7.7
20200720	10.7%	.3	3.8	27.3	29.3	44.3	31.1	33.7
20160204	10.5%	14.3	28.6	42.9	47.6	47.6	100.0	138.1
20200324	10.1%	-2.2	-11.8	-4.8	-9.2	-7.4	-4.1	-16.6
20150810	10%	-4.5	-4.5	-9.1	-4.5	-13.6	-13.6	-13.6
20150820	10%	-9.1	-13.6	-13.6	-13.6	-9.1	-13.6	.0
20150916	10%	.0	-9.1	-4.5	-9.1	-4.5	.0	4.5
20151002	10%	-4.5	.0	4.5	18.2	4.5	.0	.0
20151111	10%	-4.5	-9.1	-9.1	-13.6	-13.6	-13.6	-13.6
20170302	-10.2%	-5.1	-10.1	3.8	12.7	16.5	6.3	5.1
20200417	-10.2%	3.2	9.6	11.4	6.4	5.9	12.8	16.0
20150721	-10.3%	-3.8	.0	-11.5	-19.2	-23.1	-15.4	-23.1
20181113	-10.4%	15.2	18.8	10.2	2.0	15.2	17.6	16.0
20200611	-10.5%	-.4	-2.4	3.5	5.1	13.7	6.7	15.7
20150519	-11.1%	6.2	3.1	6.2	6.2	.0	3.1	-3.1
20151221	-11.1%	6.2	12.5	6.2	12.5	12.5	.0	.0
20160720	-11.1%	4.2	-17.7	-18.8	-20.8	-21.9	-18.8	-21.9
20150728	-11.5%	13.0	-4.3	-8.7	-8.7	-8.7	-13.0	-8.7
20150730	-11.5%	.0	-13.0	-4.3	-8.7	-13.0	-13.0	-17.4
20160314	-12.4%	7.1	7.1	2.4	.0	9.5	14.3	16.7
20150922	-13%	5.0	5.0	.0	10.0	20.0	35.0	25.0
20170227	-14%	-1.2	-12.8	-17.4	-4.7	3.5	7.0	-2.3
20190731	-17.4%	-2.3	-.8	-9.9	-18.6	-27.0	-18.0	-17.7
20160725	-22%	1.3	.0	-2.6	-3.8	.0	-3.8	-3.8

Table 9a. GSS average price changes following a 10% up day

Of the 1,551 trading days from 2015 to 2020, there were 37 days in which GSS was up more than 10%. This table shows the average price changes over the 37 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 10%	1.0	2.7	1.5	3.0	5.1	8.6	9.5

Table 9b. GSS average price changes following a 10% down day

Of the 1,551 trading days from 2015 to 2020, there were 15 days in which GSS was down more than -10%. This table shows the average price changes over the 15 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -10%	3.3	-.3	-2.0	-2.0	.2	1.4	-.2

Table 10. Periods when GSS moved 5% or more

In this table, we track the price movements in the 20 days after GSS had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19
20160224	22.5%	2.6	28.9	28.9	26.3	10.5	18.4	18.4
20160122	20%	5.6	5.6	5.6	33.3	50.0	66.7	72.2
20160714	19.9%	.0	.0	-18.8	-17.7	-20.8	-20.8	-19.8
20200317	19.8%	-4.6	-5.4	-4.2	-4.2	-4.6	-7.3	5.4
20160211	18.5%	-6.3	-9.4	-6.3	21.9	53.1	53.1	50.0
20150112	17.3%	-7.4	7.4	33.3	18.5	14.8	22.2	22.2
20151014	17.3%	.0	-7.4	-14.8	-14.8	-14.8	-22.2	-25.9
20150120	17.2%	5.9	-5.9	-8.8	-2.9	-2.9	-8.8	-5.9
20170315	17.1%	.0	3.4	-5.6	-6.7	-4.5	-4.5	-2.2
20160415	16.9%	11.6	4.3	1.4	.0	-4.3	-11.6	-13.0
20160229	16.6%	.0	.0	-2.0	-14.3	-8.2	-8.2	-8.2
20150720	15.9%	-10.3	-13.8	-10.3	-24.1	-27.6	-27.6	-27.6
20150511	15.3%	13.3	20.0	13.3	10.0	13.3	13.3	6.7
20181114	15.2%	.7	-7.1	-7.5	-5.1	.7	-.3	2.0
20170606	14.7%	.0	-1.4	-5.7	-8.6	-4.3	-2.9	-9.3
20160205	14.2%	12.5	33.3	12.5	25.0	58.3	104.2	116.7
20190620	13.9%	8.7	-1.7	-3.2	2.2	.0	5.8	18.5
20181228	13.4%	3.6	13.2	12.5	10.9	8.9	4.6	8.6
20150512	13.3%	8.8	5.9	-5.9	-5.9	2.9	.0	-2.9
20150508	13%	15.4	34.6	23.1	26.9	26.9	26.9	19.2
20150729	13%	-11.5	-19.2	-23.1	-15.4	-23.1	-15.4	-19.2
20160208	12.5%	-7.4	11.1	7.4	11.1	44.4	81.5	81.5
20190715	12.5%	1.1	-5.7	-11.6	-12.8	-27.1	-26.1	-32.8
20191031	12.5%	-.6	-6.2	-10.9	-7.1	-5.3	-10.3	-8.5
20200729	12.1%	.5	9.0	11.8	5.1	12.4	9.9	6.7
20200323	11.8%	10.2	5.3	1.6	2.0	2.0	8.5	-11.0
20160418	11.5%	.0	-7.8	-2.6	-9.1	-14.3	-18.2	-19.5
20160413	11.1%	-1.7	28.3	18.3	25.0	16.7	10.0	5.0
20201009	10.9%	-1.5	-2.2	-6.1	-5.3	-12.7	-8.5	-7.7
20200720	10.7%	.3	3.8	27.3	29.3	44.3	31.1	33.7
20160204	10.5%	14.3	28.6	42.9	47.6	47.6	100.0	138.1
20200324	10.1%	-2.2	-11.8	-4.8	-9.2	-7.4	-4.1	-16.6
20150810	10%	-4.5	-4.5	-9.1	-4.5	-13.6	-13.6	-13.6
20150820	10%	-9.1	-13.6	-13.6	-13.6	-9.1	-13.6	.0
20150916	10%	.0	-9.1	-4.5	-9.1	-4.5	.0	4.5
20151002	10%	-4.5	.0	4.5	18.2	4.5	.0	.0
20151111	10%	-4.5	-9.1	-9.1	-13.6	-13.6	-13.6	-13.6
20190805	9.6%	-2.8	-11.6	-20.2	-28.5	-19.6	-19.3	-14.9
20150507	9.5%	13.0	60.9	56.5	39.1	39.1	52.2	47.8
20160329	9.5%	-4.3	-2.2	2.2	17.4	50.0	52.2	54.3
20170310	9.5%	2.5	11.3	15.0	5.0	3.8	6.2	6.2
20170206	9.3%	4.3	5.3	6.4	2.1	6.4	-9.6	-20.2
20200413	9.1%	-2.6	-20.1	-13.9	-11.3	-14.6	-11.3	-9.5
20150410	9%	-8.3	-8.3	-8.3	-12.5	-12.5	-12.5	-4.2
20151009	9%	-4.2	12.5	4.2	-4.2	-4.2	-4.2	-12.5
20150513	8.8%	-5.4	-13.5	-10.8	-10.8	-10.8	-16.2	-8.1
20160316	8.8%	-8.2	-8.2	-8.2	-10.2	-8.2	-4.1	10.2
20190621	8.7%	-5.7	-9.0	-6.2	-6.4	-2.8	9.4	8.7
20170111	8.6%	-2.3	-4.5	-5.7	-6.8	-4.5	-3.4	11.4
20181116	8.4%	-5.6	-12.4	-18.9	-8.4	-6.5	-7.8	-5.3
20160411	8.1%	1.9	30.2	32.1	34.0	30.2	34.0	26.4
20150115	8%	7.4	33.3	18.5	14.8	22.2	22.2	14.8
20160210	8%	18.5	.0	11.1	40.7	81.5	92.6	74.1
20160701	7.8%	.0	4.3	10.1	39.1	39.1	13.0	14.5
20190308	7.7%	5.4	6.6	10.9	16.6	18.1	8.0	17.8
20150318	7.6%	-7.1	-3.6	-10.7	-10.7	-10.7	-21.4	-21.4
20160226	7.6%	16.7	23.8	11.9	14.3	16.7	4.8	7.1
20170829	7.6%	.0	4.6	5.3	1.3	-2.6	-7.9	-1.3
20190919	7.6%	2.1	-9.8	-15.1	-13.1	-8.9	-11.6	-10.7
20200529	7.6%	2.0	-6.1	-2.4	-13.9	-15.6	-10.5	-9.2
20170802	7.5%	-.7	-.7	1.4	1.4	.0	-4.2	7.0
20150116	7.4%	.0	17.2	17.2	10.3	13.8	13.8	10.3
20160217	7.4%	6.9	6.9	44.8	72.4	65.5	72.4	55.2
20171102	7.3%	-3.6	-4.8	-4.3	1.2	4.8	6.0	3.6
20160718	7.2%	4.9	-2.9	-25.2	-26.2	-26.2	-27.2	-26.2
20170613	7.2%	-8.1	-13.5	-10.8	-9.5	-12.2	-16.2	-14.9
20180212	7.2%	-3.4	-1.4	-2.7	-2.0	-6.8	-7.3	-10.8
20181128	7.2%	.0	7.5	9.3	6.4	3.6	-6.1	-4.6
20191224	7.2%	.0	5.3	3.1	-2.0	-6.2	-12.6	-12.9
20200804	7.2%	1.5	1.3	-1.9	3.4	-1.1	1.5	-1.7
20160315	7.1%	8.9	-2.2	.0	2.2	2.2	4.4	17.8
20160427	7.1%	-8.0	-5.3	-10.7	-14.7	-16.0	-21.3	-32.0
20161025	7.1%	-2.2	1.1	-2.2	-13.3	-18.9	-15.6	-16.7
20181002	7%	.0	-3.9	-1.3	-4.2	-2.0	-8.4	-11.8
20200515	7%	.4	8.5	.0	8.5	1.5	7.7	-6.3
20200817	7%	.2	-4.1	-1.6	-4.7	-11.7	-5.7	-1.8
20160218	6.8%	-3.2	22.6	58.1	67.7	51.6	54.8	58.1
20190103	6.8%	-.9	5.8	-4.1	-3.5	-6.1	-.9	7.8
20160608	6.7%	3.2	-1.6	-3.2	-1.6	.0	1.6	15.9
20160624	6.7%	.0	1.6	15.9	20.6	27.0	63.5	58.7
20160405	6.6%	-2.1	10.4	22.9	60.4	47.9	56.3	45.8
20190408	6.6%	-.2	.7	-8.4	-10.4	-8.2	-10.4	-9.3
20170110	6.5%	8.6	8.6	3.7	2.5	3.7	3.7	16.0
20200717	6.5%	10.7	11.7	25.6	46.1	55.8	55.5	50.6
20190109	6.4%	-6.6	-12.1	-12.6	-11.8	-2.2	5.2	3.6
20191129	6.4%	.6	2.4	-1.5	4.2	3.3	.3	11.5
20200914	6.4%	2.7	-1.3	-12.5	-11.7	-7.9	-14.4	-4.6
20201201	6.4%
20200422	6.3%	1.7	3.4	-1.3	-1.7	4.7	7.6	19.5
20150127	6.2%	-5.9	-5.9	-2.9	-5.9	-5.9	-8.8	-8.8
20150520	6.2%	-5.9	-5.9	2.9	.0	-2.9	-5.9	-8.8
20151222	6.2%	.0	.0	.0	11.8	5.9	.0	-5.9
20160113	6.2%	-5.9	-11.8	5.9	5.9	11.8	23.5	47.1
20190911	6.1%	.3	3.5	10.6	-2.3	-8.0	-5.8	-1.3
20161130	6%	-6.8	-4.5	-2.3	-8.0	-25.0	-20.5	-17.0
20200622	6%	2.3	1.5	3.8	4.2	8.3	10.6	16.7
20180413	5.9%	.0	7.6	12.1	7.6	4.7	6.1	7.6
20191016	5.9%	1.0	-.7	.3	.3	5.0	5.0	.7
20150121	5.8%	-5.6	-5.6	-11.1	-8.3	-8.3	-11.1	-13.9
20151224	5.8%	.0	-5.6	.0	.0	-11.1	-11.1	-16.7
20160104	5.8%	5.6	.0	-5.6	-11.1	-16.7	.0	.0
20170517	5.8%	-2.8	-8.3	-8.3	-9.7	-15.3	-8.3	2.8
20180214	5.8%	-2.2	-3.6	-4.9	-7.5	-10.2	-13.5	-13.6
20160705	5.7%	4.1	4.1	31.5	47.9	37.0	5.5	4.1
20180424	5.7%	-2.0	-4.1	-8.5	-3.1	-4.1	-2.7	-3.4
20181025	5.7%	-2.2	-4.6	-13.0	-18.2	-30.4	-12.5	-23.4
20190710	5.7%	-2.4	13.7	6.1	-.5	-1.9	-18.0	-16.8
20200608	5.7%	-1.7	-13.3	-15.0	-9.9	-8.5	-1.0	-7.2
20161229	5.6%	.0	-1.3	1.3	14.7	12.0	10.7	9.3
20190212	5.6%	-1.3	.5	-2.5	-3.3	-7.1	-15.4	-6.8
20190325	5.6%	-.7	-7.7	-8.8	4.7	4.9	1.4	-4.9
20190612	5.6%	-2.8	-3.0	22.5	10.7	9.0	15.2	12.7
20160105	5.5%	.0	-10.5	-15.8	-21.1	-5.3	-5.3	.0
20160125	5.5%	-5.3	-5.3	.0	42.1	68.4	42.1	57.9
20160128	5.5%	-5.3	.0	42.1	68.4	42.1	57.9	100.0
20160201	5.5%	.0	26.3	42.1	57.9	63.2	63.2	121.1
20160708	5.5%	.0	26.3	42.1	31.6	1.3	.0	.0
20200527	5.5%	-4.5	.0	-3.5	-.7	-9.8	-15.7	-5.9
20160603	5.4%	.0	12.1	6.9	5.2	6.9	8.6	10.3
20190311	5.4%	.5	1.4	8.2	16.8	3.3	6.8	14.7
20190702	5.4%	.2	-.7	1.2	17.9	10.0	3.2	1.7
20200728	5.4%	12.1	14.0	27.1	15.5	17.8	23.5	19.4
20170828	5.3%	7.6	12.6	11.9	9.1	4.8	2.0	5.5
20181130	5.3%	.7	-.3	2.0	1.0	-10.8	-9.5	-9.2
20181221	5.3%	-3.6	-3.2	13.7	23.1	31.4	19.1	19.9
20190129	5.3%	-1.1	-.5	-.5	5.3	5.9	3.7	4.8
20150908	5.2%	-5.0	-5.0	10.0	.0	5.0	.0	5.0
20150915	5.2%	10.0	15.0	10.0	.0	10.0	10.0	15.0
20151120	5.2%	.0	-5.0	-5.0	-5.0	-5.0	-10.0	-10.0
20160713	5.2%	20.0	35.0	25.0	-3.7	-5.0	-5.0	-6.2
20161128	5.2%	3.8	5.0	6.2	6.2	-8.8	-13.7	-11.3
20180411	5.1%	2.1	11.5	18.9	18.9	16.4	11.0	17.5
20190319	5.1%	2.8	11.1	-1.8	1.6	9.0	15.8	16.8
20191008	5.1%	-3.3	1.6	-1.0	-2.6	-1.6	-1.6	2.9
20200305	5.1%	-4.9	-19.6	-29.1	-20.6	-11.4	-15.4	-18.3
20150423	5%	.0	.0	.0	9.5	61.9	71.4	61.9
20150428	5%	.0	.0	9.5	61.9	71.4	61.9	57.1
20150806	5%	-4.8	4.8	-4.8	4.8	.0	-9.5	-9.5
20150824	5%	.0	-9.5	-9.5	-9.5	-9.5	-4.8	9.5
20150923	5%	4.8	-4.8	4.8	4.8	9.5	28.6	19.0
20160928	5%	-1.2	-9.5	-11.9	-7.1	-8.3	-2.4	7.1
20171213	5%	-1.2	-5.0	1.2	6.0	6.0	1.4	-.5
20190424	5%	-1.7	-4.0	-2.9	-5.5	-1.7	-7.4	-7.9
20190822	5%	-.7	3.1	5.8	10.3	.7	6.2	7.6
20200304	5%	5.2	-6.5	-25.4	-14.8	-15.5	-14.4	-14.4
20200508	5%	-.4	2.4	13.7	18.1	15.7	21.4	11.7
20200630	5%	-5.5	-5.2	-1.4	.7	6.2	21.7	26.6
20200909	5%	-2.6	7.0	2.8	-8.9	-8.0	-4.1	-10.9
20150909	-5%	.0	5.3	21.1	10.5	10.5	5.3	15.8
20151119	-5%	5.3	.0	.0	.0	.0	.0	-5.3
20151125	-5%	.0	.0	.0	.0	-5.3	-5.3	-10.5
20170303	-5%	-5.3	-2.7	1.3	16.0	14.7	14.7	12.0
20190401	-5%	4.2	11.9	18.8	19.9	8.5	6.1	13.3
20190719	-5%	1.6	-9.6	-4.2	-26.5	-22.7	-33.6	-36.3
20200921	-5%	2.7	-6.5	-4.0	-3.3	-8.2	-.4	-2.0
20161006	-5.1%	1.4	6.8	5.5	12.3	23.3	19.2	19.2
20151214	-5.2%	.0	.0	-5.6	-5.6	-5.6	5.6	.0
20160107	-5.2%	.0	-5.6	-11.1	-16.7	.0	.0	5.6
20160126	-5.2%	.0	5.6	16.7	38.9	66.7	61.1	66.7
20160129	-5.2%	5.6	16.7	38.9	66.7	61.1	66.7	116.7
20160707	-5.2%	5.6	11.1	43.1	38.9	9.7	8.3	5.6
20181112	-5.2%	-10.5	12.6	-1.4	-10.5	-2.1	5.2	7.0
20200313	-5.2%	.0	12.0	24.9	19.4	15.2	15.7	15.7
20170306	-5.3%	4.2	12.7	25.4	26.8	16.9	18.3	19.7
20150514	-5.4%	2.9	-2.9	-5.7	-2.9	-2.9	-8.6	-5.7
20160527	-5.4%	.0	5.8	13.5	23.1	19.2	19.2	13.5
20181101	-5.4%	-5.7	-9.6	-13.9	-10.5	-17.5	-17.8	-15.7
20201019	-5.4%	3.1	4.1	-4.1	.5	1.4	-4.6	-5.3
20150122	-5.5%	-5.9	-5.9	-5.9	-2.9	-5.9	-5.9	-8.8
20151228	-5.5%	.0	.0	11.8	.0	-5.9	-11.8	5.9
20160111	-5.5%	-5.9	-5.9	-11.8	11.8	11.8	11.8	41.2
20180926	-5.5%	-1.5	1.2	-1.5	-1.7	-4.0	-2.4	-4.1
20181119	-5.5%	-9.9	-10.2	-7.9	-2.3	-3.3	-1.0	-2.0
20190417	-5.5%	-.7	-2.9	3.6	-3.9	-1.5	-4.4	-2.4
20200701	-5.5%	-.7	4.0	4.7	5.8	24.5	25.5	41.2
20201006	-5.5%	.0	9.8	9.0	4.6	5.6	-2.7	2.0
20150601	-5.7%	3.0	-3.0	.0	-6.1	-3.0	3.0	-3.0
20160304	-5.7%	-2.0	2.0	-8.2	-8.2	-12.2	-14.3	-6.1
20161219	-5.7%	4.5	7.6	7.6	13.6	16.7	22.7	33.3
20170523	-5.7%	1.5	.0	-4.5	6.1	.0	3.0	-3.0
20170608	-5.7%	.0	3.0	-3.0	.0	1.5	-1.5	-6.1
20181102	-5.7%	2.2	-3.8	-18.2	2.9	-9.9	-18.2	-10.5
20190624	-5.7%	-3.9	-1.7	-.2	-1.2	.7	17.3	9.5
20200130	-5.7%	-1.0	-2.7	-1.0	-.3	-.3	-3.0	-1.3
20150123	-5.8%	.0	-3.1	3.1	3.1	-3.1	.0	-3.1
20150128	-5.8%	-3.1	3.1	3.1	-3.1	.0	-3.1	-3.1
20150521	-5.8%	3.1	3.1	3.1	-3.1	6.2	-3.1	-3.1
20160112	-5.8%	6.2	.0	-6.3	12.5	12.5	18.7	68.8
20160114	-5.8%	.0	-6.3	18.7	18.7	18.7	50.0	68.8
20161213	-5.8%	1.2	-17.5	-12.5	-8.8	-6.2	-7.5	-5.0
20190909	-5.8%	.7	6.2	7.6	8.6	4.5	.0	2.4
20161108	-6%	2.6	-10.3	-3.8	.0	-2.6	12.8	6.4
20190220	-6%	-1.0	-1.8	-5.7	-14.1	-5.4	-4.4	-.5
20200326	-6%	4.0	.4	.8	.8	7.2	-12.0	-5.2
20200430	-6%	-.4	-.9	5.6	8.5	20.5	25.2	22.6
20200309	-6.1%	-.4	-20.5	-9.2	-9.9	-8.8	-8.8	-9.2
20200416	-6.1%	-10.2	-3.3	-.4	-4.1	-.4	1.6	.8
20150306	-6.2%	-3.3	-10.0	-13.3	-10.0	-13.3	-16.7	-16.7
20150706	-6.2%	-3.3	-10.0	-13.3	-3.3	-16.7	-23.3	-23.3
20160119	-6.2%	.0	26.7	26.7	26.7	60.0	80.0	100.0
20160212	-6.2%	.0	3.3	3.3	40.0	66.7	60.0	66.7
20160512	-6.2%	3.3	-1.7	-6.7	-8.3	-13.3	-3.3	5.0
20161110	-6.2%	-2.7	1.3	.0	1.3	10.7	12.0	13.3
20181126	-6.2%	2.0	15.2	17.6	16.0	19.1	13.3	8.2
20160518	-6.3%	.0	-13.6	-11.9	-10.2	-1.7	10.2	5.1
20190306	-6.4%	-3.0	10.8	11.7	19.2	28.7	13.8	17.7
20170322	-6.5%	-3.5	-2.3	-1.2	.0	-1.2	-4.7	-7.0
20190110	-6.5%	-.9	-2.6	-6.5	-2.9	10.3	11.2	12.4
20191104	-6.5%	-.6	-4.4	-3.8	2.2	-.6	1.3	4.7
20160328	-6.6%	9.5	9.5	11.9	26.2	40.5	83.3	69.0
20200811	-6.6%	2.0	9.2	6.7	3.6	6.3	.7	-2.0
20190429	-6.7%	1.3	2.5	-.3	3.8	-2.3	-2.8	-11.1
20150310	-6.8%	.0	.0	-3.7	.0	-7.4	-7.4	-7.4
20150708	-6.8%	.0	3.7	-7.4	-7.4	-3.7	-14.8	-22.2
20161201	-6.8%	2.4	3.7	3.7	-11.0	-15.9	-13.4	-13.4
20170413	-6.8%	.0	-3.7	-9.8	-15.9	-14.6	-17.1	-18.3
20190812	-6.8%	.3	-5.7	-7.0	-2.3	1.0	5.0	3.7
20181029	-6.9%	2.4	-6.6	-10.4	-14.6	-11.3	-18.2	-18.5
20200312	-6.9%	-5.2	8.3	7.4	8.7	8.7	8.3	5.2
20160504	-7%	.0	-4.5	-6.1	-10.6	-15.2	-16.7	-21.2
20150319	-7.1%	3.8	.0	-3.8	-3.8	-3.8	-7.7	-15.4
20150715	-7.1%	-3.8	.0	-3.8	.0	-15.4	-19.2	-19.2
20200526	-7.1%	5.5	10.7	1.8	5.9	-6.6	-8.5	-2.9
20201028	-7.2%	-1.0	4.8	5.8	-4.3	-.5	-4.0	-10.5
20170314	-7.3%	17.1	18.4	9.2	10.5	11.8	13.2	11.8
20150113	-7.4%	.0	16.0	36.0	36.0	28.0	32.0	32.0
20160209	-7.4%	8.0	20.0	24.0	24.0	68.0	100.0	92.0
20161102	-7.4%	1.1	-10.3	-16.1	-12.6	-13.8	-12.6	-4.6
20190930	-7.4%	1.7	4.2	3.8	9.1	6.3	4.5	5.6
20200227	-7.5%	.4	7.4	.7	-15.5	-4.1	-18.8	-2.2
20190328	-7.7%	4.5	3.2	18.4	18.7	14.7	7.6	10.5
20200330	-7.7%	4.2	3.8	.8	14.6	2.1	-7.1	3.3
20190819	-7.8%	4.6	11.6	15.8	18.9	23.9	13.1	19.3
20160428	-7.9%	.0	-4.3	-11.6	-13.0	-8.7	-15.9	-23.2
20150408	-8%	-4.3	-4.3	.0	-13.0	-13.0	-4.3	-8.7
20151021	-8%	4.3	.0	-4.3	.0	-13.0	-8.7	-13.0
20160317	-8.1%	.0	-4.4	-6.7	2.2	6.7	8.9	33.3
20170614	-8.1%	-2.9	-5.9	-1.5	.0	-6.6	-10.3	-4.4
20190923	-8.1%	-3.8	-2.2	-6.3	-7.6	-4.1	-10.1	-3.8
20150413	-8.3%	.0	4.5	-9.1	-9.1	.0	-4.5	18.2
20180209	-8.3%	7.2	7.2	5.8	4.3	1.4	-1.4	-5.1
20150420	-8.6%	4.8	.0	.0	.0	9.5	61.9	71.4
20151105	-8.6%	-4.8	4.8	.0	-9.5	-4.8	-9.5	-9.5
20150604	-8.8%	3.2	6.5	.0	3.2	9.7	3.2	6.5
20160509	-8.9%	3.3	1.6	-3.3	-8.2	-9.8	-14.8	-4.9
20160524	-8.9%	3.9	2.0	7.8	15.7	25.5	21.6	21.6
20191015	-8.9%	6.0	3.5	6.3	5.3	19.0	12.3	6.7
20150422	-9%	5.0	5.0	10.0	5.0	50.0	75.0	60.0
20150821	-9%	5.0	-5.0	-5.0	-5.0	-5.0	-5.0	10.0
20160420	-9%	2.9	.0	-1.4	-5.7	-12.9	-14.3	-10.0
20200923	-9.1%	4.1	4.5	2.6	-2.1	7.4	6.7	2.4
20181219	-9.3%	.0	1.5	15.6	22.4	27.0	29.3	21.7
20200320	-9.4%	11.8	13.2	13.2	12.7	9.5	24.5	10.9
20150826	-9.5%	.0	.0	.0	.0	.0	15.8	5.3
20161004	-9.5%	1.3	-1.3	2.6	3.9	9.2	15.8	19.7
20200311	-9.5%	-6.9	5.7	-10.6	7.7	-2.8	4.9	.0
20161215	-9.8%	-4.1	-4.1	-2.7	2.7	1.4	5.5	20.5
20181120	-9.8%	2.9	-6.6	2.2	9.9	11.7	8.8	5.8
20160216	-9.9%	7.4	11.1	44.4	81.5	81.5	77.8	55.6
20170302	-10.2%	-5.1	-10.1	3.8	12.7	16.5	6.3	5.1
20200417	-10.2%	3.2	9.6	11.4	6.4	5.9	12.8	16.0
20150721	-10.3%	-3.8	.0	-11.5	-19.2	-23.1	-15.4	-23.1
20181113	-10.4%	15.2	18.8	10.2	2.0	15.2	17.6	16.0
20200611	-10.5%	-.4	-2.4	3.5	5.1	13.7	6.7	15.7
20150519	-11.1%	6.2	3.1	6.2	6.2	.0	3.1	-3.1
20151221	-11.1%	6.2	12.5	6.2	12.5	12.5	.0	.0
20160720	-11.1%	4.2	-17.7	-18.8	-20.8	-21.9	-18.8	-21.9
20150728	-11.5%	13.0	-4.3	-8.7	-8.7	-8.7	-13.0	-8.7
20150730	-11.5%	.0	-13.0	-4.3	-8.7	-13.0	-13.0	-17.4
20160314	-12.4%	7.1	7.1	2.4	.0	9.5	14.3	16.7
20150922	-13%	5.0	5.0	.0	10.0	20.0	35.0	25.0
20170227	-14%	-1.2	-12.8	-17.4	-4.7	3.5	7.0	-2.3
20190731	-17.4%	-2.3	-.8	-9.9	-18.6	-27.0	-18.0	-17.7
20160725	-22%	1.3	.0	-2.6	-3.8	.0	-3.8	-3.8

Table 10a. GSS average price changes following a 5% up day

Of the 1,551 trading days from 2015 to 2020, there were 148 days in which GSS was up more than 5%. This table shows the average price changes over the 148 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	.3	1.9	2.8	5.0	5.7	6.6	8.2

Table 10b. GSS average price changes following a 5% down day

Of the 1,551 trading days from 2015 to 2020, there were 126 days in which GSS was down more than -5%. This table shows the average price changes over the 126 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	1.1	1.2	1.9	3.6	5.4	6.4	8.0

28 stocks with statistics: AAPL, AMD, AMZN, APPN, AZN, BA, BAC, BIIB, CRM, CSCO, CX, DIS, FB, GE, GM, GOOG, IBM, INTC, JPM, JPM, MSFT, MU, NFLX, O, QQQ, SPY, T, TSLA,

Also see: VIX price movement study.