The Bernanke Market

Wow. Someone who is on the right track. I think this may be the first time I’ve seen a mainstream media article that makes the correlation between our money supply and the stock market.

What will happen to our stock market when our government and the Federal Reserve ‘unwind’ all of the programs adding money to this system? If you’ve read my earlier posts on our monetary system – you know the answer.

Outstanding credit market debt continues to fall – so when the Fed removes all of the additional sources of money from the system – we’re going to watch a free-fall collapse of our stock market and our economy. We’ve been setup to fail – and it won’t take much to pull the rug out from under us.

jg – July 15, 2009
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JULY 15, 2009

The Bernanke Market

We won't get real growth until Congress and Treasury get policy right.

Wall St. Journal

By ANDY KESSLER

I remember once buying the stock of a small company and I couldn't believe my luck. Every time my fund bought more shares the stock would go up. So we bought even more and the stock kept climbing. When we finally built our full position and stopped buying the stock started dropping, ending up at a price below where we started buying it. We were the market.

Just about every policy move to right the U.S. economy after the subprime sinking of the banking system has been a bust. We saved Bear Stearns. We let Lehman Brothers go. We forced Merrill Lynch, Wachovia and Washington Mutual into the hands of others. We took control of Fannie and Freddie and AIG and even own a few car companies, pumping them with high-test transfusions. None of this really helped.

We have a zero interest-rate policy. We guaranteed bank debt. We set up the Troubled Asset Relief Program (TARP) to buy toxic mortgage assets off bank balance sheets. But when banks refused to sell at fire sale prices, we just gave them the money instead. Dumb move. So we set up the Public-Private Investment Program to get private investors to buy these same toxic assets with government leverage, and still there are few sellers. Meanwhile, the $1 trillion federal deficit is crowding out private investment and the porky $787 billion stimulus hasn't translated into growth.

At the end of the day, only one thing has worked -- flooding the market with dollars. By buying U.S. Treasuries and mortgages to increase the monetary base by $1 trillion, Fed Chairman Ben Bernanke didn't put money directly into the stock market but he didn't have to. With nowhere else to go, except maybe commodities, inflows into the stock market have been on a tear. Stock and bond funds saw net inflows of close to $150 billion since January. The dollars he cranked out didn't go into the hard economy, but instead into tradable assets. In other words, Ben Bernanke has been the market.

The good news is that Mr. Bernanke got the major banks, except for Citigroup, recapitalized and with public money. June retail sales rose 0.6%. Housing starts jumped 17% month to month in May and will likely be flat for June. Second quarter GDP may be slightly up. And he was successful in spreading a "green shoots" psychology throughout the media. But the real question is, now what? Government interventions are only meant to light a fire under the real economy and unleash what John Maynard Keynes called our "animal spirits." But government dollars can't sustain growth.

Like it or not, the stock market is bigger than the Federal Reserve and the U.S. Treasury. The stock market anticipates only future profits and prosperity, not government-funded starter fluid. You can only fool it for so long. Unless there are real corporate profits from sustainable economic growth, the stock market is not going to play along. It's the ultimate Enforcer.

In mid-May, Mr. Bernanke's outlook seemed to change. Maybe he didn't approve of the sharp housing rebound -- like we need more houses! Maybe he saw inflation in commodity prices -- oil popping to $72 from $35. Or, more likely, he finally realized that he was the market and took his foot off the money accelerator, as evidenced in the contracting monetary base (see nearby chart). Sure enough, things rolled over -- the market dropped 7.5% from its peak, oil prices dropped almost 17%, and even gold has lost some of its luster. But in July, the Fed started buying again and the market rallied.

Can the U.S. economy stand on its own two feet without Mr. Bernanke's magic dollar dust? Eventually, but apparently not yet. Unemployment stubbornly hit 9.5% in June, according to the Bureau of Labor Statistics. Housing prices are still dropping, albeit at a slower pace, and foreclosures are still rampant.

But I think what really bothers the market is that the structural problems that got us into trouble in the first place still exist. We took the easy way out and, with the help of Treasury Secretary Tim Geithner's loose "stress tests," swept banking problems under the carpet. We waved off mark-to-market accounting and juiced bank stock prices to help them recapitalize, but all those toxic mortgage assets on bank balance sheets are still there as anchors on lending. All the pump priming and stock market flows didn't get rid of them.

Hats off to Mr. Bernanke for getting the worst behind us. He'll be pressured politically to keep pumping out dollars, but he should resist the urge. The stock market will ignore his dollars if it doesn't believe they'll turn into real profits. Green jobs and government health-care clerks do not make a productive, sustainable economy. That can only come from innovative companies with access to growth capital. The stock market won't turn bullish until it sees that type of economy.

Again, when it's clear that you are the market you have to stop buying and begin tackling the hard stuff. By not restructuring banks, by not getting bad loans off bank balance sheets, by not standing up to the massive increases in government debt crowding out private capital, the Fed and Treasury are holding back real economic growth.

Mr. Kessler, a former hedge-fund manager, is the author of "How We Got Here" (Collins, 2005).

Federal Reserve is Driving the Stock Market

You’ve probably wondered – if there is so much negative economic data out there – why does the stock market continue to rise? With the Dow Jones Industrial Average and S&P 500 index up by significant percentages this year – it would seem that stock investors know something we don’t. Is this true or is something else happening?

If you invest in stocks, then you are familiar with the stock price to earnings ratio. This is a good metric to determine if a stock price is considered expensive – and therefore, a good metric to determine whether or not to buy a particular stock (P/E trends). If we take this a step further and look at the P/E ratio for the entire S&P 500 index – we can get a good idea if it’s a good time to buy into the stock market.

So - there are two, very big questions we should answer when it comes to future stock prices:

1. Is the economy rebounding to the point that company earnings will increase significantly in coming quarters?

2. Are stock prices considered high compared to corporate earnings?

As I’ve said before – I see no indication (based on good, quantitative economic data) that the economy is rebounding. As we’ve seen – the economy continues to deteriorate – continuing job losses, growing residential and commercial loan defaults, home prices continue to decline, wages and income declining, etc. Therefore, I would not bet my financial future on a quick economic turnaround that will increase corporate earnings - based on the economic data that I trust.

Also remember, companies have been able to beat recent earnings estimates due to significant cost reductions – not due to sales/revenue increases. How much more can they cut if revenues continue to decline? Bottom line – I would not expect to see a significant turnaround in corporate earnings any time soon.

This is not exactly good news considering current S&P 500 earnings. Over the past 20 months we’ve watched the biggest earnings drop in the history of the S&P 500. Again, you’re probably wondering – with such a big drop in earnings – why is the S&P 500 up approximately 35% since March? Good question. We’ll answer it after we look at the current S&P 500 P/E ratio.


With earnings plunging, we would expect to see a high P/E ratio if prices haven’t also plummeted. As I mentioned above, since S&P 500 stock prices have increased significantly since March – the S&P 500 P/E ratio is through the roof.
From Nathan’s Economic Edge (http://economicedge.blogspot.com/):
“The higher stocks go without real earnings and without clearing the debts from consumers, the higher price to earnings ratios will go. It is ultimately earnings that underpin the equity markets and the price of stocks has NEVER been so high compared to earnings.

It would take one heck of a lot of growth to pull P/E’s back into a normal historic range, and the only reason they look as “good” as they do is because the financial industry was allowed to go back and mark their assets to fantasy – otherwise the large banks are still insolvent and would not have earned a nickel.”
The answer to question #2 is – stock prices are at historic highs compared to earnings – and not by a small margin. We see the same situation with the DJIA.
Bottom line – we see no real economic turnaround and P/E ratios are at historic highs. What does this tell you? It tells you that it’s a very bad time to invest in the stock market. If you’re not in the market – stay out. If you’re in – get out. The whole house of cards could collapse at any time.
So – the final question to answer is – why are stocks increasing if the economy and earnings are plummeting? It’s not because the economy is rebounding (regardless of what the media tells us) and it’s not because stocks are cheap. As Chris Martenson shows us below – the culprit is – once again - the Federal Reserve.
If you’ve seen the movie ‘The Sting’ (1973), you have some knowledge of how a confidence (con) scheme works. In the movie, Robert Redford and Paul Newman’s characters ‘con’ a big time bad guy (the ‘mark’) out of some serious money. The ‘con’ was broken down into the following acts:
1. ‘The Set Up’ – devise a plan to deceive and then steal a significant amount of money from the ‘mark’
2. ‘The Hook’ – create a situation that ‘hooks’ your ‘mark’ – meaning that the ‘mark’ becomes very interested in what your scheme can do for him
3. ‘The Tale’ – tell a good story that the ‘mark’ believes will make him lots of money. A good tale preys upon the weaknesses of the ‘mark’.
4. ‘The Sting’ – just when the ‘mark’ thinks he’s going to make a killing – pull the rug out from under him and steal his money
What was the most important lesson from this movie? The ‘mark’ can never know that he’s been taken.
The people of the United States have been the victim of the biggest confidence scheme in the history of the world.
By creating bank panics in the late 19th/early 20th centuries, the bankers behind the Federal Reserve set the stage for the Federal Reserve Act of 1913.
We’ve been told a grand tale – that our current banking system is stable, reliable and benefits everyone.
We’re about to experience the ‘Sting’ – when the international bankers behind the Federal Reserve try to take everything from us. This will most likely begin in earnest with a significant stock market crash.
With high stock prices, low corporate earnings and a deteriorating economy – our stock markets have been setup for an historic fall.
It’s going to be epic.
jg – August 7, 2009

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Fed POMO activity and the Stock Market
Friday, August 7, 2009, 11:38 am, by cmartenson

Today, again, we receive news that Fed is continuing to pour more and more POMO money into the banking system, this time with a 'mere' ~$2 billion addition.
August 7 - New York Fed purchases $1.937 billion in agency coupons
As long-time readers here know, I have been tracking the Permanent Open Market Operations (or "POMO") activity of the Fed for a long time.
As I wrote in The Five Horsemen ( May 31 2009, enrollment required $):
The beginning of the end for nearly every debt-ridden country has always been the attempt to pay for past expenditures with newly-minted money. It always starts innocently enough and seems like the right thing to do, but soon the programs grow and grow, and eventually the currency of the country is destroyed.
Now the Fed is openly and actively buying dodgy debt from the government as well as from the private sector. I covered on this in May (2009) in an "In Session" posting, where I charted the amount of US Treasury debt that was being purchased by the Federal Reserve on a daily basis.

This chart reflects only the Treasury purchases. When we add in agency debt, mortgage-backed securities, and various other corporate debt programs, we find that the Federal Reserve is printing up roughly $15 to $30 billion dollars a day just to keep things limping along.
As for the opening quote by Mises, which I think most accurately reflects how things will turn out, I think it is safe to say this: Any country that is printing up to $30 billion a day just to keep things moving along is not voluntarily abandoning credit expansion.
This means that we are risking a final catastrophe of the currency system involved. Unfortunately, the currency in question also happens to be the world's reserve currency, so this has enormous, far-reaching implications.
Today I want to update that chart above and provide a little more context by placing it beneath a scaled chart of the Dow Jones index (time periods match exactly so the charts align). Again, what you are looking at is a chart of POMO activity that is being expressed as "billions of dollars per day." No effort has been made to account for weekends or holidays; this is simply taking each POMO and dividing it by the number of days that pass until the next one.

What we might wonder here are three things:
1. How would the stock markets have behaved without the massive daily additions of billions of dollars?
2. When the stock market turned around in advance of the initiation of the POMO purchases which major bank holding companies, such as GS, were effectively front-running this flood of money?
3. If the stock market is up 40%+ and green shoots are everywhere, why is the Fed continuing to pour gasoline on the fire ($16 billion this week so far)?
Part of the answer may lie in a nice piece of work posted at ZeroHedge which notes that on POMO days that stock markets exhibited some statistically unlikely upward thrusts in the final few minutes of each associated trading day.
Under this scenario POMO money is being shuffled out of the endless thin-air vaults of the Fed and into the banking system where it needs to find something to do. One of those things, it seems, is to goose the stock market, especially late in the day.
The goal, we surmise, is simply to get the stock market to move upwards. This is not an unthinkable idea to me because, frankly, it is exactly the prescription I would write for an economy as dependent on rising asset prices as is the United States'. If a rising stock market helps to get people out buying and spending again then it is a worthy goal in many a policy-makers mind, I am sure.
The only question here is "what does this mean to me?" We'll be exploring that in some detail later on…

A Final Warning - The End of Wall Street is Near - May 6, 2010

On January 15, 2010 – I posted the following:

“What will be the sign to usher in the next phase of this crisis? Most likely – it will be a stock market decline of 300-500 points in one day. Could be a little less or could be more - but keep your eye on any significant market decline over a very short period of time. This will be the sign that the system is teetering – and about to go over the edge. There will be no rebound this time.”

http://endtimediscussions.blogspot.com/2006/09/us-money-supply-is-now-contracting.html

This sign happened today as the Dow Jones Industrial Average plunged 1,000 points. The market recovered later in the day to close down approximately 350. Stock market volatility increased over 50%.

I would imagine – hope – that many people take this warning and get out of the stock market - because there isn’t much time left.

Will a final market crash happen tomorrow? A week from now? A month from now? It’s hard to say – but it is clear that the world’s debt based monetary system is at its end.

I do know this – the era of Wall Street greed and corruption is over. Why did we ever put our faith in something as evil as this?

My hope and prayer is that we learn our lesson – and place our faith where it belongs – with the Lord of heaven and earth.

jg – May 6, 2010
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MAY 6, 2010, 7:16 P.M. ET

Dow Takes a Harrowing 1,010.14-Point Trip

Biggest Point Fall, Before a Snapback; A Data Jumble

A bad day in the financial markets was made worse by an apparent trading glitch, leaving traders and investors nervous and scratching their heads over how a mistake could send the Dow Jones Industrial Average into a 1000-point tailspin.

At its afternoon low, the Dow Jones Industrial Average had plummeted 998.50 points, its biggest intraday point drop ever. The swing from its intraday high was 1010.14 points.

The markets were already on edge before the midafternoon collapse as traders watched televised scenes of rioting in Athens following the Greek government's approval of its portion of the European Union and International Monetary Fund bailout.

Throughout the day, markets around the globe posted big declines as investors reacted with disappointment to the failure of the European Central Bank to signal any heightened concern about the spiraling Greek debt crisis.

The Dow eventually rebounded to close down 347.80 points, or 3.2%, at 10520.32, its worst percentage decline since April 2009.

Standard & Poor's 500-stock index dropped 3.2% to 1128.15 Bond, commodity and currency markets were all roiled as investors fled from risky assets toward the safety of gold and Treasurys.

The Chicago Board Options Exchange Volatility index, or VIX, which tracks volatility in stock-index options, at one point soared 60% to nearly 40 and ended the day up nearly 32%.

Traders were stunned by the sudden sharp move.

"It was absolute chaos," said Steven Starker, co-founder of brokerage firm BTIG LLC, who said the trading in the volatile half-hour reminded him of the selloff during the market crash in October 1987.

"You sit there and stare at the screen and don't quite know what to make of it," said Mike Ryan, the chief investment officer for UBS Wealth Management Americas.

Representatives of major U.S. exchanges and the Securities and Exchange Commission convened an emergency conference call late Thursday to examine potentially erroneous trades in multiple stocks. The trades took place between 2:40 p.m. and 3:00 p.m. EDT, according to a notice from Nasdaq OMX Group Inc. Officials late in the day said any trades that were 60% away from the market price at 2:40 p.m. would be canceled.

Insights From An Ex-Wall Street CEO On Market Manipulation

Either this – or something very close to this – is what has pumped markets higher over the past year.

The obvious other side of this – is that the market can be crashed at any time – by some evil people - to move their agenda forward.

jg – May 14, 2010
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Insights From An Ex-Wall Street CEO On Market Manipulation

http://www.zerohedge.com/

Submitted by Tyler Durden on 05/14/2010 00:48 -0500

http://www.zerohedge.com/article/insights-ex-wall-street-ceo

Submitted by a reader.

I am Ex CEO of mid sized Wall Street Firm. Known for equity research; reasonably good trading; acceptable Investment Banking. Now retired

Equity Block Trader early in career. May have traded more 1,000,000 share blocks than anyone over 10 year period.

Executed 1st program trade that I am aware of. Manually handled blocks of stock vs options on the XMI for expiration October of 1983.

Oversaw global equity trading, for top 5 firm. Was senior trader and oversaw hedge book during 87 crash. Still have time and sales from that day for all trades on NYSE.

Can read the tape as well as most.

I cannot come up with any explanation for market activity for last 15 months other than treasury intervention. Probability of other explanation is nonexistent.

But if that is the case…and I was Tim, how would I work it…starting in March 09.

1) I would only have one … at most two … firms involved. And only 3-4 at those firms…although it is more likely 10. (My bet is JPM).

2) I would assume that I had TARP money or other unaudited Fed money to work with (ZH has documented past documents that tangentially referenced this possibility) and it would be north of 10B allocated. With leverage thru the loan process…much bigger.

3) I would –as you have suggested – wash the order thru liquidity loans to my 1 or 2 firms; with the understanding that they would buy equities that they would then deposit as collateral for such loans. That way I could almost time my equity support for the market with a notional understanding that I wanted the “ collateral” created and posted in a very short time frame.

4) Not on paper, but at the coffee house, I would discuss how I generally would support a steady underlying bid to keep sell-offs limited. To use quieter times to make the push (as ZH points out…rainy days and Mondays never get them down).

Now I suspect they started with noble intentions. The Minneapolis bridge is out and we need an alternative for just a short period. But it worked so well, that their 10B investment thru leverage and gains became worth a great deal more and now they were working with house money.

Even if they ever got audited; they had a winning trade. And even better, they could make some losing trades and still be ahead of the game. After all, no side pockets needed. No outside investor. No redemption provision at all.

So now we get cute….

We actually take the market up on light volume…especially since we have VIX low and complacency rampant. Now I can even sell some volume at an intraday loss. I am still way ahead of the game…. And I replenish my capital to keep the support up.

It’s an inside Ponzi game and I am using my winnings to keep it going.

But…. Where are the hedge funds? Why do they let me get away with this. Well, I didn’t expect to be able to have this much effect, but I caught them short and then with rates so low that any idiot bank could make money 90 days In A Row, they turned and stayed with the tide.

I do not think this plan leaked, because if it did, they would have run in front of me in such a major way; but the tape stayed steady, steady. But they did appreciate how much help we were for C and friends and they kept their stocks in safe zones.

The only leak was in a soft way to CNBC by telling them we had their back if they had ours. And I don’t think they realize the extent to which we appreciated the “benefits” of our friends.

And we feel morally OK. We did a good thing keeping the markets from collapsing. After all, we are only crafting that temporary bridge, until traffic can resume going 65 mph. And boy is that taking a long time.

But now it is a drug. And we have drug money to keep it going. And we know how the process works. Se we get O to call Angela and say; this drug puts the wind at your back. You have the shorts just where we did – and with that start, you too will soon have a positive trading account that you can lever up. OPM leveraged up.

But now what……you would have thought that Larry Liebowitz would have mapped out the joint circuit breakers given his background. (BTW he is Jon Stewart's brother)

We ended up selling when we should have been buying and we are now in the negative column (speculation on authors part).

Stay the course. Trichet to the rescue. Only one mistake. Currency markets just a might bit bigger than equity markets. And one can support the equity markets all day long with enough money but if you take the carry support away……

And so I think the hangover effect will set in and Uncle Ben will say to Timmy….that was a terrific and successful experiment. But I don’t have more TARP money to double your equity bet. You can keep your bet on until I get forced to sell some mortgages….but enough of adding. Let Trichet carry some water for awhile
………………………..

Author again… so that’s how I explain light volume during the day, followed by sharp volume bursts down. Not the algo’s….but rather Timmy. And its like he gives them a dollar amount to raise…and then walks away.

Who knows…it could have even been Timmy who set the Thursday action into motion, but for the first time he did it simultaneously with other large sellers worried about intl markets.

We have met the enemy and he is us.

More Stock Market Manipulation - Algorithmic Crop Circles - August 10 2010

Still think there’s no way that markets are manipulated?

Now that this type of market manipulation is being reported more regularly – leading many people to wake up to what is really happening – I expect a serious market collapse at any time.

The people behind the New World Order will not allow the world to become aware of the truth before they pull the rug out from under everyone.

I think the military term for this type of economic warfare would be ‘shock and awe’.  Strike fear in the world’s population – then institute a new monetary system that you control completely.

Don’t be deceived.

jg – August 10, 2010

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Algorithmic Crop Circles Redux - Rise Of The Stock Market Machines Part 2

www.zerohedge.com

http://www.zerohedge.com/article/algorithmic-crop-circles-redux-rise-stock-market-machines-part-2

Submitted by Tyler Durden on 08/09/2010 20:30 -0500

And so it continues: since we first posted Nanex' report on quote stuffing two months ago, and the follow-up analysis, the firm's images of visualizable HFT algorithmic "crop circles" have appeared everywhere, from the pages of Huffington Post to The Atlantic. Which is terrific, as it further raises public awareness of the fact that no matter what one does, the market is now merely a computerized playground in which human traders have no chance of even breaking even in the long run, as the adversary uses consistently illegal means (intentional bid stuffing) to extract every last penny from whoever is left trading. In order to keep the public's, and the SEC's ADD-addled attention on this matter of major significance, we present the latest patterns of illegal computerized quote stuffing as further glaring evidence that the regulators have given up trying to restore any sort of credibility in the market (and people wonder why ICI reports 13 consecutive weeks of mutual funds outflows). Our only hope is that someone will be clever enough to reverse engineer the pattern generators in these algos, and to punish the HFT operators who day after day leave their fingerprints all over the biggest crime in capital market history with complete impunity.

As Nanex points out: "The common theme with the charts shown on this page is they are obviously all generated in code and are algorithmic. Some demonstrate bizarre price or size cycling, some demonstrate large burst of quotes in extremely short time frames and some will demonstrate both. In most cases these sequences are from a single exchange with no other exchange quoting in the same time frame."

And as long as the SEC refuses to move its finger (yet continue demanding an expansion of its billion dollar budget for porn surfing purposes), Zero Hedge will continue bringing broad public awareness to the crime scene formerly known as the market, with hopes of extinguishing all faith in the concept of fair, free and efficient markets.

08-09-10
NASDAQ "Broken Highway". 20,000 Quotes in 8.5 seconds, cycling the sizes, effecting the best bid and best ask through the entire sequence.

08-09-10
BATS "Dirty Glaciers". Not a lot of quotes in this sequence but another interesting quote-cancel price repeater from BATS.

08-09-10
"Boston Zapper III". The return of the Boston Zapper with a slightly different pattern than other Zapper occurrences.

08-09-10
NASDAQ "Landmine". 9000 quotes in 3 seconds from NASDAQ, each effecting the Best Ask. Although you can't see it in this block of 9000 quotes, bid and ask sizes were cycling during the block.

08-09-10
NASDAQ "BBOBomber". Close-up of 100 quotes from a 50,000 quote sequence (see below). Quote action causes the BBO Price to jump from 29.46 to 30.19 a approx. 1600 times a second.

08-09-10
NASDAQ "BBOBomber-2". 50,000 quotes in 30 seconds of the sequence shown above.

08-06-10
NASDAQ "Redline". 5000 quotes in 2 seconds, alternating the ask size by 1 every other quote and effecting the BBO each cycle.

08-06-10
BATS "Twilight". 250 quote slice from a sequence rate of 1000 quotes per second. See below for the full 1 second burst rate.

Zoomed out view of "Twilight" showing the full 1000 quote per second rate.

08-06-10
"Boston Zapper II". Strangely similar to the original Boston Zapper. 10,000 quotes in 10 seconds.

08-06-10
NASDAQ "2-step". Alternate the bid size/ask size/ask price every 2 quotes, effecting the Best Bid each time. 250 quotes are shown from a 1000 per second quote rate.

08-06-10
"Boston Zapper". One of the more unusual bid/ask price sequences.

08-06-10
NASDAQ "Blue Wave". Very interesting Bid price/size repeater. 30,000 quotes at approx. 480 quotes per second. See below for a detailed zoom of the cycle.

Zoomed in view of the "Blue Wave" bid price/size cycling:

08-05-10
PACF "Castle Wall". Nice bidsize block algo running at 500 quotes per second.

08-05-10
NASDAQ "The Waste Pool". Over 5500 quotes in 2 seconds, alternating the bid size up for 2 quotes, down for 2 quotes, etc., effecting the BBO along the way (you cannot see the cycling in this chart as there are so many quotes it flattens into a huge block), see below.

Zoomed in view of the "Waste Pool" bidsize cycling:

08-05-10
NASDAQ "Depth Ping". Another Interesting bidprice/size repeater from NASDAQ (with pings from PACF). 5000 quotes in 6 seconds and effecting the BBO.

08-05-10
"City Under Siege". Example of how a BATS price repeater (from the price to 0.0) reacts to other exchanges quoting.

08-04-10
"Sunshowers". Another BATS classic.