Sorry...hope this is right.

Anyway, I am not sure if you have do this loop for the path and the string or once for both...if someone could take a look at this and let me know what I am doing wrong I would really appreciate it. Thanks.

Option Explicit

Sub OpenByDate()
'Opens a sheet based on date search
Dim TheString As String, TheDate As Date, ThePath As String

ThePath = "c:\holdings\" & WorksheetFunction.Text(TheDate, "YYYY_MM_DD") & "\"
TheDate = Date
TheString = "test " & WorksheetFunction.Text(TheDate, "MM.DD.YYYY") & ".xls"

Do
On Error Resume Next
Workbooks.Open ThePath

If Err <> 0 Then
TheDate = TheDate - 1
ThePath = "c:\holdings\" & WorksheetFunction.Text(TheDate, "YYYY_MM_DD") & "\"

Do
On Error Resume Next
Workbooks.Open TheString

If Err <> 0 Then
TheDate = TheDate - 1
TheString = "test " & WorksheetFunction.Text(TheDate, "MM.DD.YYYY") & ".xls"
End If
Loop Until Err = 0

End Sub