Opening DOWN

Yesterday I bought some stock at the Open (which was a drop from the previous day's Close) and (surprise!) that turned out to be the Low for the day. So I lay in bed thinking: Does that happen often? If the Open is down from the previous Close, can we expect a further decrease from Open to Close? How much of an additional drop will there be ... on average? If I buy at the Open (after a drop), should I have waited for an additional drop? What if ... ? Anyway, to make a long story short(er), I hopped out of bed and whipped out an Excel spreadsheet. I downloaded 10 years worth of daily price data. I identified days where the stock Opened down. I checked out the subsequent Low for the day. I plotted average decrease: Open-to-Low versus Previous Close-to-Open. I stared intently at the chart, expecting to see something exciting. Not too exciting ... so I went back to bed. Wanna play? Click! Alas, when stocks split, the change from previous Close to Open can be screwy *$%#@!? Here are a few more: Huh? Is that "additional" drop, Open to Close, (almost) always close to 1.0%-1.5%? ------------------------------------ I should mention that them percentages are: (previousClose - Open)/previousClose and (Open - Low)/Open so they come out as (positive) "drops". ------------------------------------ I also noted that, sometimes, the larger the drop the larger the drop: ------------------------------------ P.S. Because of nico's remark, I now count the numbers: and I even got me a tutorial, too.