Statistics of Price Movements of American Realty Investors (ARL)

The price movements of American Realty Investors (ticker ARL) 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 ARL 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 ARL had a big price move
• Table 11. Statistics of daily price changes in the 20 days after ARL moved 5% with twice the 30-day average volume

The statistics are calculated using ARL's price data across 1,549 trading days from 2015 to 2020.

Table 1. Statistics of ARL 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 1,549 trading days, 45.0% of the time (696 days), ARL closed above the previous day's closing price. 42.8% of the time (662 days), it closed below the previous day's closing price. 12.3% of the time (190 days), it did not change.

Also see: VIX price movement study.

ARL Price Change (%)	Number of Days	% of Total Sessions
26 – 27%	1	0.06%
24 – 25%	1	0.06%
21 – 22%	2	0.13%
19 – 20%	3	0.19%
18 – 19%	2	0.13%
17 – 18%	3	0.19%
15 – 16%	3	0.19%
14 – 15%	7	0.45%
13 – 14%	1	0.06%
12 – 13%	2	0.13%
11 – 12%	3	0.19%
10 – 11%	8	0.52%
9 – 10%	8	0.52%
8 – 9%	11	0.71%
7 – 8%	21	1.36%
6 – 7%	18	1.16%
5 – 6%	26	1.68%
4 – 5%	48	3.10%
3 – 4%	66	4.26%
2 – 3%	101	6.52%
1 – 2%	175	11.30%
0 – 1%	186	12.02%
0%	190	12.27%
0 – -1%	180	11.63%
-1 – -2%	132	8.53%
-2 – -3%	103	6.65%
-3 – -4%	80	5.17%
-4 – -5%	65	4.20%
-5 – -6%	26	1.68%
-6 – -7%	20	1.29%
-7 – -8%	17	1.10%
-8 – -9%	10	0.65%
-9 – -10%	6	0.39%
-10 – -11%	6	0.39%
-11 – -12%	5	0.32%
-12 – -13%	2	0.13%
-13 – -14%	3	0.19%
-14 – -15%	1	0.06%
-16 – -17%	1	0.06%
-18 – -19%	3	0.19%
-21 – -22%	1	0.06%
-24 – -25%	1	0.06%

Table 2. Statistics of ARL: 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 ARL.

40.0% of the time (619 days), ARL closed above the opening price. 37.7% of the time (584 days), it closed below the opening price. 22.3% of the time (346 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
24 – 25%	1	0.06%
20 – 21%	1	0.06%
18 – 19%	1	0.06%
17 – 18%	3	0.19%
16 – 17%	1	0.06%
15 – 16%	4	0.26%
14 – 15%	4	0.26%
13 – 14%	3	0.19%
12 – 13%	3	0.19%
11 – 12%	2	0.13%
10 – 11%	6	0.39%
9 – 10%	7	0.45%
8 – 9%	11	0.71%
7 – 8%	16	1.03%
6 – 7%	21	1.36%
5 – 6%	21	1.36%
4 – 5%	34	2.19%
3 – 4%	75	4.84%
2 – 3%	94	6.07%
1 – 2%	140	9.04%
0 – 1%	171	11.04%
0%	346	22.34%
0 – -1%	174	11.23%
-1 – -2%	124	8.01%
-2 – -3%	85	5.49%
-3 – -4%	72	4.65%
-4 – -5%	43	2.78%
-5 – -6%	21	1.36%
-6 – -7%	16	1.03%
-7 – -8%	16	1.03%
-8 – -9%	9	0.58%
-9 – -10%	5	0.32%
-10 – -11%	5	0.32%
-11 – -12%	2	0.13%
-12 – -13%	3	0.19%
-13 – -14%	2	0.13%
-14 – -15%	2	0.13%
-15 – -16%	1	0.06%
-17 – -18%	2	0.13%
-19 – -20%	1	0.06%
-24 – -25%	1	0.06%

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

In the past 1,549 trading days, ARL opened more than 5% higher than the previous day's closing price 32 times. Of these days, 25.0% (8 days) had closing prices above the opening price, and 59.4% (19 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
15 – 16%	2	6.25%
14 – 15%	1	3.12%
13 – 14%	1	3.12%
12 – 13%	1	3.12%
2 – 3%	1	3.12%
1 – 2%	1	3.12%
0 – 1%	1	3.12%
0%	5	15.62%
0 – -1%	4	12.50%
-1 – -2%	3	9.38%
-2 – -3%	2	6.25%
-3 – -4%	2	6.25%
-4 – -5%	1	3.12%
-5 – -6%	3	9.38%
-8 – -9%	1	3.12%
-9 – -10%	1	3.12%
-12 – -13%	1	3.12%
-24 – -25%	1	3.12%

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

On 20 days, ARL opened 4–5% higher than the previous day's closing price. Of these days, 70.0% (14 days) had closing prices above the opening price, and 30.0% (6 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
14 – 15%	1	5.00%
9 – 10%	2	10.00%
8 – 9%	1	5.00%
5 – 6%	2	10.00%
4 – 5%	1	5.00%
3 – 4%	2	10.00%
2 – 3%	2	10.00%
1 – 2%	3	15.00%
0 – -1%	1	5.00%
-2 – -3%	1	5.00%
-3 – -4%	1	5.00%
-6 – -7%	2	10.00%
-10 – -11%	1	5.00%

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

49 times ARL opened 3 – 4% higher than the previous day's closing price. Among these days, 36.7% (18 days) closed above the opening price, 46.9% (23 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
12 – 13%	1	2.04%
8 – 9%	1	2.04%
6 – 7%	1	2.04%
4 – 5%	1	2.04%
3 – 4%	2	4.08%
2 – 3%	1	2.04%
1 – 2%	3	6.12%
0 – 1%	8	16.33%
0%	8	16.33%
0 – -1%	4	8.16%
-1 – -2%	6	12.24%
-2 – -3%	6	12.24%
-3 – -4%	2	4.08%
-5 – -6%	2	4.08%
-8 – -9%	3	6.12%

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

99 times ARL opened 2 – 3% higher than the previous day's closing price. Among these days, 34.3% (34 days) closed above the opening price, 53.5% (53 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
15 – 16%	1	1.01%
10 – 11%	1	1.01%
8 – 9%	1	1.01%
7 – 8%	1	1.01%
6 – 7%	1	1.01%
5 – 6%	1	1.01%
4 – 5%	1	1.01%
3 – 4%	5	5.05%
2 – 3%	4	4.04%
1 – 2%	10	10.10%
0 – 1%	8	8.08%
0%	12	12.12%
0 – -1%	9	9.09%
-1 – -2%	17	17.17%
-2 – -3%	3	3.03%
-3 – -4%	10	10.10%
-4 – -5%	5	5.05%
-5 – -6%	5	5.05%
-6 – -7%	2	2.02%
-7 – -8%	1	1.01%
-9 – -10%	1	1.01%

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

186 times ARL opened 1 – 2% higher than the previous day's closing price. Among these days, 42.5% (79 days) closed above the opening price, 42.5% (79 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
17 – 18%	1	0.54%
11 – 12%	1	0.54%
10 – 11%	1	0.54%
9 – 10%	1	0.54%
8 – 9%	1	0.54%
7 – 8%	2	1.08%
6 – 7%	6	3.23%
5 – 6%	4	2.15%
4 – 5%	4	2.15%
3 – 4%	11	5.91%
2 – 3%	6	3.23%
1 – 2%	16	8.60%
0 – 1%	25	13.44%
0%	28	15.05%
0 – -1%	30	16.13%
-1 – -2%	20	10.75%
-2 – -3%	12	6.45%
-3 – -4%	6	3.23%
-4 – -5%	5	2.69%
-5 – -6%	1	0.54%
-6 – -7%	1	0.54%
-7 – -8%	1	0.54%
-8 – -9%	1	0.54%
-9 – -10%	1	0.54%
-11 – -12%	1	0.54%

Table 8. Periods when ARL moved 15% or more

In this table, we track the price movements in the 20 days after ARL 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
20200605	26.3%	-.1	-8.3	-15.0	-14.3	-22.5	-14.3	-3.1
20201109	24.2%	-6.7	-15.7	-15.3	-18.3	-17.6	-8.9	-10.1
20200325	21.5%	2.5	15.5	-20.5	17.0	27.9	-15.7	-11.3
20200527	21.3%	-9.6	-9.9	21.0	18.3	3.3	2.5	-.7
20200408	19.6%	17.1	9.2	-17.3	-17.9	-19.7	-15.1	-19.8
20160324	19.2%	.0	3.7	-1.8	-.6	1.0	.0	.2
20190913	19.1%	-6.8	1.5	4.1	-1.7	-4.9	-7.7	-3.4
20200626	18.9%	-3.9	8.6	-1.4	1.0	1.1	8.4	-3.3
20150804	18.1%	6.0	2.2	3.6	4.4	5.9	15.7	10.0
20160916	17.9%	-3.3	1.9	.3	7.1	4.7	6.2	2.9
20200320	17.4%	-14.7	2.5	15.5	-20.5	17.0	27.9	-15.7
20200409	17%	.0	-24.3	-30.8	-29.5	-28.1	-30.8	-34.3
20200701	15.6%	-1.8	-10.9	-8.8	-8.7	-2.0	-12.6	-8.4
20180322	15.5%	3.1	8.6	3.1	2.0	6.5	4.5	9.3
20170208	15.1%	.6	7.1	11.8	9.2	-10.4	-3.1	-14.1
20170224	-16.4%	1.0	9.3	-3.2	-7.7	-2.2	4.0	3.2
20200313	-18.5%	-10.2	-21.1	-23.8	-4.4	-19.1	-19.0	27.0
20200415	-18.7%	-18.8	-14.5	-9.4	7.7	-9.4	-19.6	-16.9
20200416	-18.7%	14.8	13.9	11.6	18.0	11.4	6.2	-6.8
20200318	-21.7%	8.6	4.9	31.6	11.3	11.5	74.8	63.0
20200401	-24.4%	-10.2	12.0	57.0	18.9	8.6	10.7	12.9

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

Of the 1,549 trading days from 2015 to 2020, there were 15 days in which ARL was up more than 15%. 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 ≥ 15%	-1.2	-.5	-3.4	-3.5	-2.5	-2.9	-6.8

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

Of the 1,549 trading days from 2015 to 2020, there were 6 days in which ARL was down more than -15%. This table shows the average price changes over the 6 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -15%	-2.5	.8	10.6	7.3	.1	9.5	13.7

Table 9. Periods when ARL moved 10% or more

In this table, we track the price movements in the 20 days after ARL 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
20200605	26.3%	-.1	-8.3	-15.0	-14.3	-22.5	-14.3	-3.1
20201109	24.2%	-6.7	-15.7	-15.3	-18.3	-17.6	-8.9	-10.1
20200325	21.5%	2.5	15.5	-20.5	17.0	27.9	-15.7	-11.3
20200527	21.3%	-9.6	-9.9	21.0	18.3	3.3	2.5	-.7
20200408	19.6%	17.1	9.2	-17.3	-17.9	-19.7	-15.1	-19.8
20160324	19.2%	.0	3.7	-1.8	-.6	1.0	.0	.2
20190913	19.1%	-6.8	1.5	4.1	-1.7	-4.9	-7.7	-3.4
20200626	18.9%	-3.9	8.6	-1.4	1.0	1.1	8.4	-3.3
20150804	18.1%	6.0	2.2	3.6	4.4	5.9	15.7	10.0
20160916	17.9%	-3.3	1.9	.3	7.1	4.7	6.2	2.9
20200320	17.4%	-14.7	2.5	15.5	-20.5	17.0	27.9	-15.7
20200409	17%	.0	-24.3	-30.8	-29.5	-28.1	-30.8	-34.3
20200701	15.6%	-1.8	-10.9	-8.8	-8.7	-2.0	-12.6	-8.4
20180322	15.5%	3.1	8.6	3.1	2.0	6.5	4.5	9.3
20170208	15.1%	.6	7.1	11.8	9.2	-10.4	-3.1	-14.1
20200417	14.8%	-2.1	-.1	1.8	-2.1	-7.0	-18.2	-19.3
20161110	14.7%	-1.6	-14.7	-26.1	-21.4	-22.0	-23.5	-23.9
20160628	14.5%	-3.5	-2.8	-4.2	2.9	-1.3	.3	-5.7
20200330	14.4%	-2.1	-32.6	-.8	8.4	-28.6	-24.8	-20.3
20180614	14.1%	.8	3.6	10.9	21.4	16.4	27.9	20.1
20190705	14%	1.0	.7	4.9	.8	.7	-3.7	-2.7
20190826	14%	-8.2	-9.0	-11.3	.7	3.0	17.3	27.6
20200429	13.4%	-11.1	-16.0	-19.9	-29.8	-24.8	-20.6	-19.7
20171208	12.8%	3.8	3.8	.1	1.9	1.9	-3.0	-4.8
20160315	12.2%	-12.9	-6.7	13.1	17.3	7.8	12.4	15.8
20200407	11.8%	19.7	30.8	-13.8	-9.2	-3.8	14.3	-3.8
20191212	11.5%	1.1	-3.6	-1.7	3.9	9.2	2.9	1.3
20180326	11%	-1.9	-5.6	-12.3	-3.9	-10.0	-1.4	-5.3
20200520	10.7%	-4.6	-3.5	.9	16.8	41.5	29.8	20.4
20200603	10.7%	-4.0	21.1	2.5	7.2	1.5	-9.1	3.5
20150730	10.5%	-1.0	27.6	23.0	24.8	25.7	27.4	39.2
20180622	10.2%	.1	9.6	5.1	15.4	8.4	9.3	12.9
20201103	10.1%	-6.3	22.4	-1.2	2.7	5.0	.9	1.9
20160909	10%	9.3	4.2	17.9	26.5	22.1	31.9	29.0
20160922	10%	.9	-2.6	5.2	3.0	.7	-4.4	-5.1
20190911	10%	-4.0	9.4	19.0	20.9	12.6	9.7	5.8
20200316	-10.1%	3.4	3.2	3.2	21.8	-19.1	.9	41.4
20200402	-10.1%	1.4	49.3	63.2	7.5	13.2	19.9	42.6
20200916	-10.2%	-.1	-10.3	-12.7	1.2	3.1	3.5	1.3
20160115	-10.3%	.0	-11.6	-18.1	-16.4	-13.1	-8.2	-10.3
20190809	-10.8%	3.7	-9.5	-1.9	-9.8	-3.6	-6.5	-3.2
20181024	-10.9%	-1.5	6.1	13.4	24.0	15.7	15.2	8.1
20200430	-11%	-4.7	-9.4	-20.4	-21.4	-15.5	-2.4	9.6
20180907	-11.5%	6.9	17.0	17.6	13.1	13.1	18.8	15.4
20200511	-11.5%	9.0	5.8	17.5	22.6	24.3	24.0	66.5
20161121	-11.7%	2.8	5.3	13.2	4.4	4.0	2.1	-7.2
20190320	-11.7%	2.5	-2.5	2.8	1.2	2.9	2.6	6.2
20160316	-12.8%	5.1	8.9	29.8	34.7	27.6	29.1	31.1
20170306	-12.9%	-.4	-5.1	.6	7.0	6.1	12.5	14.4
20160613	-13.2%	-5.4	-7.0	.5	4.4	18.5	15.0	14.5
20150424	-13.4%	1.7	.8	4.2	1.5	6.0	5.4	4.2
20180517	-13.6%	-3.6	2.4	-4.8	2.2	-1.8	-1.5	-14.0
20200323	-14.7%	-3.5	21.0	2.3	2.5	60.7	49.9	13.5
20170224	-16.4%	1.0	9.3	-3.2	-7.7	-2.2	4.0	3.2
20200313	-18.5%	-10.2	-21.1	-23.8	-4.4	-19.1	-19.0	27.0
20200415	-18.7%	-18.8	-14.5	-9.4	7.7	-9.4	-19.6	-16.9
20200416	-18.7%	14.8	13.9	11.6	18.0	11.4	6.2	-6.8
20200318	-21.7%	8.6	4.9	31.6	11.3	11.5	74.8	63.0
20200401	-24.4%	-10.2	12.0	57.0	18.9	8.6	10.7	12.9

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

Of the 1,549 trading days from 2015 to 2020, there were 36 days in which ARL was up more than 10%. This table shows the average price changes over the 36 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 10%	-1.2	.8	-1.1	1.5	.6	.9	-1.0

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

Of the 1,549 trading days from 2015 to 2020, there were 23 days in which ARL was down more than -10%. This table shows the average price changes over the 23 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -10%	.1	3.0	7.6	6.3	6.2	10.3	13.8

Table 10. Periods when ARL moved 5% or more

In this table, we track the price movements in the 20 days after ARL 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
20200605	26.3%	-.1	-8.3	-15.0	-14.3	-22.5	-14.3	-3.1
20201109	24.2%	-6.7	-15.7	-15.3	-18.3	-17.6	-8.9	-10.1
20200325	21.5%	2.5	15.5	-20.5	17.0	27.9	-15.7	-11.3
20200527	21.3%	-9.6	-9.9	21.0	18.3	3.3	2.5	-.7
20200408	19.6%	17.1	9.2	-17.3	-17.9	-19.7	-15.1	-19.8
20160324	19.2%	.0	3.7	-1.8	-.6	1.0	.0	.2
20190913	19.1%	-6.8	1.5	4.1	-1.7	-4.9	-7.7	-3.4
20200626	18.9%	-3.9	8.6	-1.4	1.0	1.1	8.4	-3.3
20150804	18.1%	6.0	2.2	3.6	4.4	5.9	15.7	10.0
20160916	17.9%	-3.3	1.9	.3	7.1	4.7	6.2	2.9
20200320	17.4%	-14.7	2.5	15.5	-20.5	17.0	27.9	-15.7
20200409	17%	.0	-24.3	-30.8	-29.5	-28.1	-30.8	-34.3
20200701	15.6%	-1.8	-10.9	-8.8	-8.7	-2.0	-12.6	-8.4
20180322	15.5%	3.1	8.6	3.1	2.0	6.5	4.5	9.3
20170208	15.1%	.6	7.1	11.8	9.2	-10.4	-3.1	-14.1
20200417	14.8%	-2.1	-.1	1.8	-2.1	-7.0	-18.2	-19.3
20161110	14.7%	-1.6	-14.7	-26.1	-21.4	-22.0	-23.5	-23.9
20160628	14.5%	-3.5	-2.8	-4.2	2.9	-1.3	.3	-5.7
20200330	14.4%	-2.1	-32.6	-.8	8.4	-28.6	-24.8	-20.3
20180614	14.1%	.8	3.6	10.9	21.4	16.4	27.9	20.1
20190705	14%	1.0	.7	4.9	.8	.7	-3.7	-2.7
20190826	14%	-8.2	-9.0	-11.3	.7	3.0	17.3	27.6
20200429	13.4%	-11.1	-16.0	-19.9	-29.8	-24.8	-20.6	-19.7
20171208	12.8%	3.8	3.8	.1	1.9	1.9	-3.0	-4.8
20160315	12.2%	-12.9	-6.7	13.1	17.3	7.8	12.4	15.8
20200407	11.8%	19.7	30.8	-13.8	-9.2	-3.8	14.3	-3.8
20191212	11.5%	1.1	-3.6	-1.7	3.9	9.2	2.9	1.3
20180326	11%	-1.9	-5.6	-12.3	-3.9	-10.0	-1.4	-5.3
20200520	10.7%	-4.6	-3.5	.9	16.8	41.5	29.8	20.4
20200603	10.7%	-4.0	21.1	2.5	7.2	1.5	-9.1	3.5
20150730	10.5%	-1.0	27.6	23.0	24.8	25.7	27.4	39.2
20180622	10.2%	.1	9.6	5.1	15.4	8.4	9.3	12.9
20201103	10.1%	-6.3	22.4	-1.2	2.7	5.0	.9	1.9
20160909	10%	9.3	4.2	17.9	26.5	22.1	31.9	29.0
20160922	10%	.9	-2.6	5.2	3.0	.7	-4.4	-5.1
20190911	10%	-4.0	9.4	19.0	20.9	12.6	9.7	5.8
20200406	9.9%	11.9	56.8	18.7	8.4	10.6	12.7	8.4
20201201	9.4%
20201007	9.3%	-9.2	-11.1	-8.6	-13.4	-17.7	-17.5	-11.6
20160912	9.2%	-8.8	12.5	4.2	15.7	15.7	18.1	18.7
20200522	9.2%	.0	1.4	1.2	35.8	32.7	16.0	15.1
20170213	9.1%	-8.8	-4.8	-7.0	-23.7	-17.5	-26.9	-30.3
20200128	9%	-1.2	-6.3	-8.9	-4.8	-10.5	-10.5	-13.4
20200512	9%	-9.0	-2.6	2.9	4.1	8.8	25.9	52.6
20150723	8.8%	1.8	3.9	17.1	48.8	39.8	40.0	45.7
20160606	8.8%	5.0	13.4	-11.5	-5.7	-.2	17.7	14.5
20200319	8.6%	17.5	17.5	38.6	-7.9	14.8	60.9	21.9
20201015	8.5%	-5.4	-10.3	-14.8	-14.6	-8.4	-9.8	-1.3
20170315	8.4%	5.0	8.3	10.6	6.4	13.2	12.9	15.3
20180409	8.3%	-3.2	-5.0	-.7	-1.7	-4.6	-5.0	-8.0
20150413	8.2%	-1.5	-2.5	-1.5	-17.1	-17.8	-15.1	-17.3
20200422	8.1%	.7	2.6	-1.3	-6.2	-17.6	-18.6	-12.5
20151102	8%	.5	.9	-1.5	-7.6	-9.8	-11.1	-11.1
20180521	8%	-5.5	-8.7	-7.9	-.5	-7.8	-8.3	-5.1
20180911	8%	1.1	2.7	7.1	-.1	1.0	4.3	1.7
20150908	7.9%	.7	5.2	5.8	2.0	2.8	-1.1	-.8
20160915	7.8%	18.0	9.2	21.4	21.4	23.8	24.4	22.7
20170606	7.8%	2.9	-3.5	-6.4	-8.2	-6.3	-10.2	-14.1
20190819	7.7%	-1.5	-9.5	-3.2	-6.1	-2.8	.6	26.7
20150825	7.6%	1.2	-3.7	-7.8	-1.9	2.9	2.5	-.4
20160309	7.6%	-4.1	-2.8	-10.2	-7.8	14.0	11.0	7.1
20201001	7.6%	.9	4.6	-2.7	1.0	-7.6	-15.7	-18.0
20200803	7.5%	.6	-2.9	-9.0	-6.8	-2.0	-6.6	-6.4
20200828	7.5%	-9.1	-3.3	-3.7	4.1	-3.8	-13.5	-15.9
20201116	7.4%
20161130	7.3%	-8.5	-7.3	-6.8	-10.5	-21.4	-19.2	-19.8
20180705	7.3%	2.3	-3.9	-3.1	.1	7.7	4.9	4.7
20200508	7.3%	-11.6	-12.7	-6.1	8.4	21.6	9.5	16.5
20180320	7.2%	5.5	39.5	31.7	23.1	23.7	30.0	35.2
20200515	7.2%	.3	6.0	7.2	12.1	29.7	57.2	44.2
20160816	7.1%	4.3	-9.8	-10.4	-9.8	-10.9	-9.8	2.5
20170330	7.1%	-.2	-1.0	1.1	1.0	-4.3	-4.6	-3.8
20180702	7.1%	-3.8	5.6	-.8	.0	3.3	11.2	8.3
20200901	7.1%	2.1	-1.4	8.4	-1.0	-9.1	-10.6	-6.2
20170705	7%	-3.7	-4.9	-2.0	-3.1	-4.9	-4.4	-3.9
20190919	7%	2.5	4.0	-3.1	-5.5	-8.9	-2.7	-5.5
20170210	6.9%	9.1	7.8	5.5	-17.6	-11.5	-19.8	-20.2
20180212	6.9%	.0	-.1	-2.1	-2.2	.2	-2.8	6.6
20190117	6.9%	-.3	-2.0	3.1	2.7	2.7	1.4	3.9
20191210	6.9%	.1	14.9	10.7	11.7	19.5	21.9	13.7
20180910	6.8%	8.1	8.4	12.3	7.4	5.2	7.6	12.6
20200930	6.8%	7.6	3.0	3.6	.1	-4.6	-7.5	-9.9
20180816	6.7%	-2.0	-3.5	-5.7	-7.8	-10.6	-21.7	-8.6
20201105	6.6%	-1.4	7.9	10.9	8.6	2.3	.4	10.8
20151218	6.5%	.7	2.0	3.1	4.1	.0	2.8	-1.9
20180531	6.5%	-.3	-3.8	-3.6	-4.0	-2.1	6.4	10.2
20180109	6.3%	-4.8	-3.9	-2.9	5.3	5.8	-2.3	-1.7
20180416	6.2%	1.7	-2.3	-4.5	-3.3	-10.1	-9.5	-5.6
20190905	6.1%	3.2	13.9	21.5	32.4	35.7	28.1	23.9
20191023	6.1%	1.1	13.5	7.2	1.6	-1.0	-3.0	-7.6
20200728	6.1%	-4.6	-.5	-.8	-6.1	-7.9	-4.8	-6.9
20150102	6%	.2	.7	-5.2	-10.2	-7.1	-5.9	-3.3
20150805	6%	1.5	-4.6	-4.5	-.6	.1	6.3	-.1
20170118	6%	2.0	1.3	1.0	11.4	12.4	33.6	42.2
20160602	5.9%	-.6	14.2	6.5	-4.1	2.8	9.9	22.9
20170915	5.9%	1.6	.5	.5	.5	1.6	2.2	2.0
20171027	5.9%	-.7	-4.4	-.7	-5.1	-2.5	.6	1.6
20171129	5.9%	-.4	-.5	17.2	28.2	18.8	14.8	17.7
20160425	5.8%	1.4	-1.0	.2	-5.3	-4.1	-6.9	-4.7
20160512	5.8%	.0	-1.5	.9	6.4	6.4	13.6	30.4
20180628	5.7%	-6.9	-4.1	3.0	-3.2	1.5	1.5	10.9
20160506	5.6%	-8.5	-7.3	-10.1	-7.9	-6.5	-5.3	5.9
20160609	5.5%	1.9	-20.6	-15.3	-10.4	5.7	2.8	1.4
20180321	5.5%	15.5	29.7	24.8	15.9	27.0	19.1	30.4
20200910	5.5%	3.7	-5.3	-13.0	-14.5	-10.3	4.1	7.9
20160526	5.4%	-4.0	1.4	16.2	29.4	8.2	6.4	15.0
20171127	5.4%	.0	10.8	10.1	28.9	29.0	24.3	26.5
20181105	5.4%	1.8	-3.1	-5.1	-7.9	-7.3	-7.8	-1.8
20200721	5.3%	-.5	-7.7	-7.4	-1.9	-5.3	-11.2	-9.1
20170602	5.2%	.6	11.6	.2	-1.1	-.2	-.3	-3.4
20181123	5.2%	-.9	.6	-2.0	-5.2	-10.5	-18.7	-17.2
20201029	5.2%	-3.7	.5	31.2	5.9	10.1	12.6	8.2
20160317	5.1%	1.0	3.6	28.2	24.8	20.4	26.5	23.5
20171018	5.1%	-3.4	-2.2	7.6	2.6	2.8	.9	4.9
20180309	5.1%	.0	-.4	3.3	29.8	36.8	29.8	28.4
20180618	5.1%	-3.7	4.6	8.4	14.3	18.0	14.4	13.0
20201207	5.1%
20170110	5%	-1.5	-4.6	7.2	6.5	6.2	17.1	18.2
20180301	5%	.0	-3.0	6.3	6.0	9.9	38.1	45.4
20200211	5%	-3.3	-6.0	-2.9	-10.1	-14.4	-17.9	-18.9
20160113	-5%	-2.0	-15.9	-26.2	-27.0	-27.0	-23.7	-19.4
20171215	-5%	2.8	-.7	1.8	-1.7	-7.0	-4.8	-2.6
20190808	-5%	-10.9	-17.3	-11.2	-15.7	-15.9	-16.6	-18.7
20190903	-5%	2.7	16.6	19.3	35.8	47.8	50.1	39.8
20191203	-5%	5.0	2.5	22.4	23.2	18.1	22.4	30.4
20200114	-5%	2.9	-4.8	-7.6	-.1	-6.1	-10.1	-9.5
20201022	-5%	-1.9	-4.6	-2.3	7.5	22.9	11.0	11.6
20171214	-5.1%	-5.0	-1.9	-1.9	-1.9	-13.2	-7.8	-8.5
20180605	-5.2%	.1	.3	-.1	1.9	10.7	14.7	21.0
20191106	-5.2%	-2.6	-4.7	-7.1	-10.8	-15.5	-13.9	-17.0
20161014	-5.3%	.1	-1.4	-7.6	-5.6	-8.2	-6.6	8.6
20201016	-5.3%	-7.3	-10.1	-12.4	-13.1	-9.3	18.4	-4.4
20160614	-5.4%	-5.0	1.3	7.2	26.4	22.9	21.3	26.4
20160908	-5.4%	10.0	6.3	30.8	37.8	35.6	44.9	41.6
20200214	-5.4%	.0	3.3	-4.4	-9.0	-12.7	-13.8	-24.3
20171108	-5.5%	.0	4.0	7.2	8.4	14.4	20.8	20.6
20180522	-5.5%	4.0	-3.3	3.8	-.3	.1	-12.7	5.6
20200117	-5.5%	.0	-3.0	5.0	-1.3	-5.6	-4.9	-.7
20200624	-5.5%	-3.3	10.0	25.3	15.1	17.6	19.0	24.1
20150226	-5.6%	1.2	-1.8	-1.4	-1.8	-1.2	.2	3.7
20160401	-5.6%	3.1	4.3	6.0	4.9	5.2	1.0	.0
20201111	-5.6%	-8.3	-4.7	-2.6	-6.4	-5.4	5.3	11.0
20180503	-5.7%	1.4	2.8	-2.2	-20.3	-21.6	-24.2	-23.6
20190522	-5.7%	-2.8	-5.7	-5.8	.9	.0	5.1	5.8
20181210	-5.8%	1.3	-10.5	-9.6	-9.5	-12.9	-17.0	-14.8
20190111	-5.9%	-3.3	6.3	2.9	8.5	11.5	6.7	7.8
20160819	-6%	-3.2	-3.9	-3.2	-4.4	-3.2	10.0	4.9
20180810	-6%	-2.3	5.9	2.3	.3	-1.7	-3.5	-6.3
20200131	-6%	-.3	-3.1	1.3	-4.8	-4.8	-7.9	-12.7
20160902	-6.1%	.0	-4.3	5.0	29.5	19.9	33.2	33.2
20201005	-6.1%	1.1	1.7	-1.7	-6.4	-9.2	-11.6	-12.2
20180516	-6.2%	-13.6	-15.0	-17.8	-17.1	-10.5	-17.0	-17.5
20200224	-6.2%	-1.2	-5.9	-9.7	-10.9	-21.7	-40.8	-40.9
20200611	-6.2%	-7.8	-3.5	-8.7	-18.2	-6.9	6.0	-2.7
20160722	-6.3%	4.7	4.5	7.1	9.7	-.3	-4.2	1.8
20161216	-6.3%	-4.2	-1.5	-2.3	-2.3	-1.3	5.1	8.7
20190814	-6.3%	-2.5	5.7	-2.9	3.8	.8	4.3	7.9
20200421	-6.3%	8.2	5.9	12.0	5.8	.8	-11.5	-5.4
20201104	-6.3%	6.6	21.9	10.0	10.6	6.7	7.7	19.0
20150722	-6.6%	8.8	12.4	23.8	59.5	53.8	56.0	57.1
20200413	-6.6%	-.1	-24.3	-24.9	-26.5	-22.3	-26.6	-30.0
20200724	-6.6%	3.5	3.9	10.0	6.2	-.4	1.9	7.2
20201110	-6.6%	-5.6	-3.0	-4.9	-10.5	-12.1	-3.1	1.3
20190916	-6.7%	2.5	11.6	13.3	5.6	2.9	-.8	6.0
20180514	-6.8%	.6	-21.4	-16.6	-22.5	-16.7	-20.0	-19.7
20180629	-6.9%	7.1	10.6	7.3	5.9	10.6	13.8	20.1
20180102	-7%	1.8	4.1	6.5	7.1	11.3	19.7	19.7
20170417	-7.1%	2.0	1.7	2.5	1.5	.9	-2.2	-2.2
20180131	-7.1%	3.6	.4	-3.3	3.4	3.2	1.2	3.6
20180306	-7.1%	.0	9.6	9.2	13.2	42.3	49.9	42.3
20201019	-7.2%	4.3	-4.9	-7.5	-5.2	4.3	19.2	7.6
20200310	-7.3%	-1.6	-30.7	-39.1	-41.1	-26.2	-37.6	-37.5
20200507	-7.3%	7.3	-5.8	.7	6.4	7.6	12.6	30.3
20201117	-7.3%
20160311	-7.4%	-2.4	.2	3.9	23.8	28.5	21.7	23.1
20181023	-7.4%	-10.9	-8.8	-1.3	8.4	3.2	1.0	-1.9
20200526	-7.4%	21.3	9.2	16.2	46.5	24.1	29.8	22.8
20200821	-7.4%	3.2	-4.0	.4	-.7	5.0	10.8	-8.3
20180316	-7.7%	4.8	36.9	53.8	47.9	37.4	50.6	41.1
20200612	-7.7%	1.0	.2	-2.9	5.5	16.7	5.5	10.4
20200918	-7.7%	-.4	-2.1	2.8	19.2	23.6	15.0	19.4
20161115	-7.8%	-1.6	-14.8	-9.4	-10.2	-11.8	-12.3	-9.3
20151026	-7.9%	-2.1	-2.7	3.8	4.8	3.6	-2.1	-6.3
20190827	-8.2%	2.1	-.9	2.6	6.2	33.7	26.8	45.4
20200707	-8.2%	-1.4	1.0	1.1	8.4	-3.3	1.4	5.7
20201112	-8.3%	4.4	4.9	1.2	2.1	12.9	11.3	22.9
20151019	-8.4%	-4.1	-7.8	-19.5	-10.7	-10.7	-12.3	-14.9
20160509	-8.4%	-1.7	1.3	-.2	2.2	7.8	7.8	15.1
20161201	-8.5%	.0	-.5	2.9	-4.2	-11.4	-12.7	-11.2
20180921	-8.5%	1.5	-.5	1.7	6.4	-.9	1.1	3.5
20160913	-8.7%	-3.0	19.3	25.7	23.7	32.1	29.1	31.0
20170214	-8.7%	3.6	4.4	-.9	-14.1	-7.4	-19.7	-26.7
20200513	-8.9%	-.5	7.0	23.6	38.7	24.8	32.8	67.5
20181213	-9.1%	-1.7	-.7	-.6	-4.3	-8.9	-6.5	-1.8
20200831	-9.1%	7.1	5.9	12.0	18.1	-2.2	-6.3	-3.9
20160421	-9.2%	.0	6.9	9.7	3.7	-1.5	1.5	.0
20201008	-9.2%	1.4	-2.0	-6.7	-9.5	-11.9	-12.5	-8.7
20200528	-9.6%	-4.6	10.4	33.8	22.7	13.9	14.7	3.8
20180613	-9.9%	14.1	16.4	26.4	31.0	38.2	42.7	38.3
20200316	-10.1%	3.4	3.2	3.2	21.8	-19.1	.9	41.4
20200402	-10.1%	1.4	49.3	63.2	7.5	13.2	19.9	42.6
20200916	-10.2%	-.1	-10.3	-12.7	1.2	3.1	3.5	1.3
20160115	-10.3%	.0	-11.6	-18.1	-16.4	-13.1	-8.2	-10.3
20190809	-10.8%	3.7	-9.5	-1.9	-9.8	-3.6	-6.5	-3.2
20181024	-10.9%	-1.5	6.1	13.4	24.0	15.7	15.2	8.1
20200430	-11%	-4.7	-9.4	-20.4	-21.4	-15.5	-2.4	9.6
20180907	-11.5%	6.9	17.0	17.6	13.1	13.1	18.8	15.4
20200511	-11.5%	9.0	5.8	17.5	22.6	24.3	24.0	66.5
20161121	-11.7%	2.8	5.3	13.2	4.4	4.0	2.1	-7.2
20190320	-11.7%	2.5	-2.5	2.8	1.2	2.9	2.6	6.2
20160316	-12.8%	5.1	8.9	29.8	34.7	27.6	29.1	31.1
20170306	-12.9%	-.4	-5.1	.6	7.0	6.1	12.5	14.4
20160613	-13.2%	-5.4	-7.0	.5	4.4	18.5	15.0	14.5
20150424	-13.4%	1.7	.8	4.2	1.5	6.0	5.4	4.2
20180517	-13.6%	-3.6	2.4	-4.8	2.2	-1.8	-1.5	-14.0
20200323	-14.7%	-3.5	21.0	2.3	2.5	60.7	49.9	13.5
20170224	-16.4%	1.0	9.3	-3.2	-7.7	-2.2	4.0	3.2
20200313	-18.5%	-10.2	-21.1	-23.8	-4.4	-19.1	-19.0	27.0
20200415	-18.7%	-18.8	-14.5	-9.4	7.7	-9.4	-19.6	-16.9
20200416	-18.7%	14.8	13.9	11.6	18.0	11.4	6.2	-6.8
20200318	-21.7%	8.6	4.9	31.6	11.3	11.5	74.8	63.0
20200401	-24.4%	-10.2	12.0	57.0	18.9	8.6	10.7	12.9

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

Of the 1,549 trading days from 2015 to 2020, there were 120 days in which ARL was up more than 5%. This table shows the average price changes over the 120 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	-.4	1.4	1.4	1.9	2.2	3.2	3.8

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

Of the 1,549 trading days from 2015 to 2020, there were 102 days in which ARL was down more than -5%. This table shows the average price changes over the 102 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	.3	.8	3.4	4.5	4.5	6.0	7.6

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.