large gaps between daily bar close and next day open?

[joemiller]

Does anyone happen to have any idea why large gaps between daily bar close and next day open sometimes occur such as [eg] for Wednesday and Thursday of this week for QQQ, not a weekend gap? It happens for ETFs but not for forex currency pairs. session templates are 24 hours. The bars on the yahoo link correspond to the daily bars in my NT QQQ chart.

I asked Christopher at Kinetick support and he sent me the following link
This is the data for QQQ.
http://finance.yahoo.com/echarts?s=QQQ+Interactive#symbol=qqq;range=1m;comp are=;indicator=volume;charttype=candlestick;crossh air=on;ohlcvalues=0;logscale=off;source=undefined;

[NinjaTrader_Matthew]

joe,

The QQQ's and other ETFs only trade from 4:00AM to 8:00pm US Eastern.

The gap you're seeing is the first offer vs the previous close. This will sometimes be close, but not guaranteed to open at the same price, resulting in gaps on your daily bars.

[joemiller]

very confusing

thanks Matthew,

that was driving me nuts because I figured the Globex trades round the clock, with only a 15 minute down time between end of day and start of day, but ARCA is obviously different than the Globex I guess?

on Interactive Brokers trading platform that must be why ETFs are shown to be traded on ARCA instead of the Globex ? is ARCA an electronic exchange?

I just noticed that QQQ is traded on the NASDAQ instead of ARCA or Globex..it is the only ETF instrument of the 50 ETFs I display on Interactive brokers that is not ARCA.
NASDAQ stocks I think are traded on the Globex, so why not QQQ?

very confusing.

[NinjaTrader_Matthew]

Globex is an electronic exchange owned by the CME for futures.

Arca is another exchange owned by the NYSE:

http://en.wikipedia.org/wiki/NYSE_Arca

Some ETF's are traded on NYSE, some are on NASDAQ.

[joemiller]

thanks a million Matthew,
all that really, really helps.
much appreciated.