My conclusion: first day after the announcement, the trading will go logically at the gap, stocks that are going out will drop, stocks that are going in will rise. Then it doesn't really matter, until the last day. Long the stocks that are going in for the day, and especially the last ten minutes. To better position the trade, try to get in at 3:00pm. It works for both long and short positions, it seems that long positions are more crazy. Basket orders are suggested to use, so one can execute both long and short stocks. Close all trades at close or post market, 5 to 10 minutes after market close could be the best time to close out the positions.
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