Yahoo incorrect price

T

trading1

Yahoo seem to have the closing price for FXI as 35.75 yesterday. Yet I saw it close at 36.08 and elsewhere its reported at that price.
 
Yahoo picks up "consolidated" quotes vs. "primary market" quotes quite often. So, perhaps they picked up the 4:30 snapshot price from an ECN or another market center.


Don
 
Thats interesting, I noticed the afterhours market and it was mainly higher than the EOD. I find Yahoo usually correct, though this calls into question the validity of their backdata.
 
Yeah, Goldman will allow us to choose whether we prefer, by trader, to have consolidated quotes or primary market... I rely on primary market data because I trade the openings and the MOC imbalances a lot.

I don't use back testing, but yes, I guess it could affect the data.

Don
 
Right. Do you trade pairs? (I notice the Markets Open is favourable for pair trading.) I read once "the Markets Open is set by amatuers and the close is set by the professionals", do you believe theres any truth in that?

Quote from Don Bright:

Yeah, Goldman will allow us to choose whether we prefer, by trader, to have consolidated quotes or primary market... I rely on primary market data because I trade the openings and the MOC imbalances a lot.

I don't use back testing, but yes, I guess it could affect the data.

Don
More...
 
I think Yahoo receives its quotes from whatever Bat's has as the last trade... its very possible that closing and other ECNs are some cents away.
 
Quote from trading1:

Right. Do you trade pairs? (I notice the Markets Open is favourable for pair trading.) I read once "the Markets Open is set by amatuers and the close is set by the professionals", do you believe theres any truth in that?
More...

Monty21 is basically right about BATS or whatever other datavendor/ECN trading "away" from the actual market at closing time.

The term "amateur" and "professional" for openings and closings certainly has been bantered about for decades. There is "some" truth to it, in that the openings are more likely to be beatable than the closings.

The reason for this is that (we've seen more of this lately) that the MOC imbalance information that we see at 3:40 and 3:50 (dynamic from GS as well, updating every 30 seconds or so) can be misleading as it pertains to the final print for the day. There can be an actual broker (yes, there are still brokers on the NYSE floor, LOL)...with an order for a million shares that is not in the mix 5 seconds before the bell...this number of shares can be thrown in at the last second, thus affecting the closing price. Hard for an "amateur" to trade that kind of size.

Harder to do anything like that for the opening, since the Specialist has some control over when he stops accepting orders for the OPG.

And, yes, we do see some great movement with our pairs at opening time.

FWIW,

Don
 
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