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Want to beat the market? Sell at 10 am, play golf

An old Wall Street maxim says the "dumb money" buys in the morning and the "smart money" buys late in the trading day. But statistics show the opposite is true.

According to Bespoke Investment group, the first half hour of the trading day is anything but "amateur hour." In fact, it's the best time to buy and sell.

Bespoke's report shows that if an investor bought the S&P 500 at the previous day's close and then sold it at 10 a.m., every single trading day since 1983, a $100 investment would be worth $949 today, making it the single best portion of the trading day.

(Bespoke counted 9:30 to 10 a.m. as a full hour so it could easily divide the day into hour-long trading periods.)

"One potential reason for the strong early performance could be related to mutual fund flows as well as foreign inflows,"...