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You discover that you can achieve abnormally positive returns by buying stocks on the day after they reach a 52-week high. (A 52-week high is
You discover that you can achieve abnormally positive returns by buying stocks on the day after they reach a 52-week high. (A 52-week high is a day on which a stock's highest intraday price exceeds the highest intraday price that the stock has reached in the previous 52 weeks. This metric is commonly reported by various financial news outlets.) Does this violate the Efficient Market Hypothesis? If so, which form does it most directly violate?
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