I have access to some tick data and Bloomberg data. Outside of data mining and hoping to find an economic rationale after the fact, what do you usually do to generate ideas before you look at the data? I'm having trouble thinking of anything outside of arbitrage, trading pairs of similar assets, data mining correlated assets, data mining stuff that mean reverts, and data mining "signals" from tick data. Maybe I'm just overthinking and data mining actually works. What are some general strategies that firms actually employ as opposed to strategies fit for the personal trader?
I've heard about stuff on momentum (last 11 months skip a month) and the typical "factor" models like small - big, liqudity, but that seems more suited for like mutual funds.
I guess another question is, do firms actually data mine a lot? I'm trying to get a job so I want to do something that is relevant/practical that I can talk about in an interview as opposed to just "I took a stats class or watched a video on ML".
Should I be digging into random research papers? I mean I have ideas in general, but I only have access to some tick data and Bloomberg - which is pretty limited since it only offers closing values which can be a different timestamp for different products/exchanges.