I have not checked Bridge yet. Could you do me a favour and see what Bridge notes as the opening price for NKE on the 19th of September 2003. They had some kind of pos announcement and the stock was indicated something like 60-63 at the open by the specialist who eventually opened it at 9:48am with a print of 639k shares at $61.75 All my price sources (nysedata.com, eSignal, yahoo, quote.com) list different opening prices because of numerous trades on ECNs befroe the 9:46 open. Many thanks, Oliver
My time and sales shows the NYSE opening at 9:48:24 with 639,800 shares crossed at 61.10. There were ECN's trading it at exactly the same time at 61.74 so I think this may be your point of confusion. Bridge time and sales shows each trade by exchange/ecn, etc. When I pull historical daily data into excell it just says it opened at 61.1 on 9/23/2003.
Ok, thanks for the clarification. It seems that eSignals T&S is bugy. That's a new experience. Seems like Bridge is a good feed. Do you have a link at hand for more info ? Upon checking the nysedata.com website, I can confirm that they also list the correct opening price of $61.1 Most other services though have $60.5. Oliver
I assume here that you're talking about buying for a possible multiday hold as opposed to intraday. If so, gaps caused by up/downgrades are by themselves not consistently tradeable because there are so many other factors involved. However, I do trade gap downs with a good deal of success if the gap is a continuation of a downtrend, if the gap is an exhaustion of that downtrend and if the company otherwise has a strong EPS and long term chart. It is often a good buying opportunity for a nice swing trade as the last longs in line head for the door.
It depends on what kind of environment we're in and how the market is reacting to different kinds of news. When the market is runaway bullish, bad news might cause a gap down that fills right away. The same news in a negative environment could cause the opposite to happen. I would think that would be tough to backtest. Tradethenews.com is the best I've seen for realtime upgrades and downgrades, but it's expensive.
www.reuters.com The product is called Bridge Station. Most data services are shit. Tradestation is the worst. Their intra day data does not even match up against their own daily data. Bridge is the best I've found and seems to be very accurate.