Calendar · daily rule · Energy & power
Halloween Indicator on CES Energy Solutions
What the play says
CEU with the play, last two years
Shading shows the play's call from the close that triggered it.
Growth of C$10,000 since 2006
Log scale. After trading costs, with T-bill interest while out.
The record
The play against buying and holding CEU over exactly the same dates, after costs.
| Play, since 2006 | Hold, since 2006 | Play, 5 yrs | Hold, 5 yrs | |
|---|---|---|---|---|
| Annual return | +16.0% | +19.3% | +29.1% | +60.7% |
| Total return | +2,001% | +3,668% | +257% | +961% |
| Worst drawdown | −87.1% | −94.3% | −41.8% | −41.8% |
| Volatility | 37.1% | 49.8% | 30.4% | 41.4% |
| Sharpe ratio | 0.54 | 0.57 | 0.87 | 1.26 |
| Time invested | 49% | 100% | ||
| Switches per year | 2.0 | 0 |
Every call, graded
Right on 20 of 41 closed calls (49%). In calls averaged +24.3%; out calls saw CEU move +9.2% on average.
| Called | Call | Price | Until | CEU moved | Result |
|---|---|---|---|---|---|
| Apr 30, 2026 | OUT | C$19.22 | now | +4.4% | open |
| Oct 31, 2025 | IN | C$9.49 | Apr 30, 2026 | +102.5% | ✓ right |
| Apr 30, 2025 | OUT | C$5.94 | Oct 31, 2025 | +59.8% | ✕ wrong |
| Oct 31, 2024 | IN | C$7.72 | Apr 30, 2025 | −23.1% | ✕ wrong |
| Apr 30, 2024 | OUT | C$5.44 | Oct 31, 2024 | +41.9% | ✕ wrong |
| Oct 31, 2023 | IN | C$3.44 | Apr 30, 2024 | +58.3% | ✓ right |
| Apr 28, 2023 | OUT | C$2.51 | Oct 31, 2023 | +37.2% | ✕ wrong |
| Oct 31, 2022 | IN | C$2.63 | Apr 28, 2023 | −4.9% | ✕ wrong |
| Apr 29, 2022 | OUT | C$2.38 | Oct 31, 2022 | +10.7% | ✕ wrong |
| Oct 29, 2021 | IN | C$1.72 | Apr 29, 2022 | +38.2% | ✓ right |
| Apr 30, 2021 | OUT | C$1.43 | Oct 29, 2021 | +20.2% | ✕ wrong |
| Oct 30, 2020 | IN | C$0.566 | Apr 30, 2021 | +153.1% | ✓ right |
An in call is right when the price rose before the next call; an out call is right when it fell. The latest 12 of 42 calls shown.
How the play works
- In at the close on the last trading day of October.
- Out at the close on the last trading day of April.
The research used market indexes. Applying it to one stock assumes the season carries over.
The case against
Valeriy Zakamulin tested moving-average timing on up to 155 years of U.S. stock data and found no statistically significant edge in the second half of that record. The rules earned their keep in a few severe bear markets and lagged buy and hold for long stretches in between.