http://quantifiableedges.blogspot.com/2009/04/large-gaps-after-market-has-already.html
http://quantifiableedges.blogspot.com/2009/04/gaps-up-from-10-day-highs.html
http://quantifiableedges.blogspot.com/2010/06/large-gap-up-from-high-level.html
You’ll note they all suggest a downside edge from open to close on the day of the gap. I also noticed Scott Andrews of Master the Gap posted research along these lines in his video last night. His results were confirming of mine. Below is a link to that:
http://www.masterthegap.com/public/Gap_Trading_Video_Small_and_mixed_gaps_after_a_large_unfilled_up_gap_plus_research_on_fading_gaps_that_follow_a_close_that_is_35_higher_than_the_close_of_2_days_prior.cfm
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