What you mention of taking advantage milliseconds after the close is not true. The market moves as fast as a human being can process the information in a earnings report. And i can guarantee you its not in milliseconds or nanoseconds or seconds. And even then you wont be able to predict what the particular underlying will do.
The stock market is 50/50 proposition... actually to be correct its a 53/47 proposition. Look up price efficiency models and black schoels
The trend, previously unreported, could help explain what happened on the afternoon of Dec. 5, when Ulta Salon Cosmetics & Fragrance Inc., ULTA -3.73% a cosmetics retailer based in Bolingbrook, Ill., released its earnings. At 4 p.m. EST, Ulta’s stock was changing hands for about $122 a share. Business Wire issued the company’s earnings, which missed analysts’ forecasts, about 150 milliseconds after 4 p.m., according to a person familiar with the timing of the release. A millisecond is one-thousandth of a second.
Within about 50 milliseconds, nearly $800,000 of Ulta’s stock was sold on stock exchanges in a series of rapid trades. But major news wires hadn’t yet distributed Ulta’s earnings, according to the news wires. Bloomberg News issued the release 242 milliseconds after 4 p.m. Dow Jones issued it 464 milliseconds after 4 p.m. Thomson Reuters Corp. TRI.T -0.08% issued the release about one second after 4 p.m.
About 700 milliseconds after 4 p.m., Ulta’s stock reached its closing price of $118 a share on the Nasdaq Stock Market, NDAQ -1.52% which incorporated the orders placed immediately after Business Wire and other news services distributed Ulta’s earnings, according to data analyzed by Nanex LLC, a market-data provider, and people familiar with the trading. Stocks often settle a few tenths of a second after 4 p.m. as Nasdaq’s computer systems seek to reconcile all trades.
http://online.wsj.com/news/articles/SB10001424052702304450904579367050946606562