Curious, how do you guys rapidly scan for news? I'm half dead before the open so I can't imagine going through a large list of stocks looking for news. Usually I only check for news after I get a bad fill that seems unusual.
That's part of the required work for doing the strategy IMO. A couple of large losers tied to news will likley help you get up and be alert enough to follow all the news. Many guys start their day about 1 1/2 hours prior to the open. During Earnings season, I do half the news just before i go do bed.
I dont think I'm the best kid to answer but I'll try. On NYSE to get the real opening price from the auction you have to use NYSE. That first print that you see on TS must be including the ECNs and there is no way to get that (if you are refering to thoses wet dreams kind of 1$-2$ over pre-market bid-ask range). I first took my data on Yahoo to back test the opening and I had 900 stocks (therefore including the stocks you talk about). My backtest would have done an average of 0.75$ per share on 4-5 fills per day easilly. Unfortunately, those prints are not "real" (meaning that they appened but probably on 100 shares). I dont know if you would have been filled if you had a limit ignoring RTH 0.05$ under that price??? (In that case you could just provide liquidity pre-open with limits way out). No clue with Naz 2 fills, 2 long +0.03 (1 layer), +0.07 (2 layers) still cancelled a lot and went a little large on the envelope a big 17$ pre comission, lol
My spreadsheet pulls in earnings, upgrades and downgrades and flags the stocks in my list as such. Then i look at the sector level for any news and adjust accordingly. In the beginning (without the spreadsheet automation) it was an hour long process. Now it is about 10 mins. Sometimes stuff gets by, but a great majority is caught with earnings/ups/downs.
Yeah, I figured that, since ti seemed to good to be true. It seems from talking to a friend today, that if I route my opening orders through instinet, they get lumped into the opening "cross" as he put it. He seemed to think this was the case for NASDAQ and listed.
Manually on 32 stocks for now. Takes about 20-30 minutes. Better safe than sorry so I trim a lot. I plan on automating the dividends, earnings and the like also. If you skip the news I think you at least have to look at unusual pre-market bid-ask move. I cant really believe it but news have such an impact that I think about backtesting a system that would buy the good and sell the bad on the open. All that cash neutral long/short. Another try in the quest for the holy grail
Personally, I bookmark a Yahoo headlines page that has all my stocks. One can do that too by entering your stocks in here at the end, http://finance.yahoo.com/q/h?s=, and separating your stocks by a "+" sign. Also, I have my Ticker Alert Watchlist on Briefing filled with my opening stocks, which pretty much catches all of the news. I also used to use Google Portfolio (which also shows earnings dates/conferences) but Yahoo and Briefing are good enough for me since I do no more than 40 or so stocks. I wake up about half an hour before the opening and get it done usually by 10 minutes before the bell.
The Yahoo newslist is good, I suggest that as well. You guys can feel free to use this for daily information if you like. (Economic Calendar, Earnings, Up/Downgrades, Pre-market report, Dividends, and Company information.) www.stocktrading.com/Tradinginfo.htm Now, I hope that some of you Openings guys are going to join me either in Chicago, Boston, or New York (Possibly Jersey City right next to Goldman building)......Send me a PM or an email to donbright@brighttrading.net Chicago June 5 NYC June 10 Boston June 12 And, for some fun...Foxwoods on the 14th. Let me know guys, beer wine and food on me. Don
Those sound like great ideas. Thanks guys. Currently my program checks for unusual bid/ask prices premarket and I check for news. When tis the season I check for earnings on briefing.com. But going through all the stocks on yahoo sounds like a good idea for me. Just wish I was more of a morning person
cbs market watch shows news with ticker symbol...i can scrool through 24 hours worth of news in 5 to 10 minutes... cbs is free... trade the news catches a lot of the news others miss...however you have to pay for this service...worth every penny though... good luck