By Pam and Russ Martens
Wall Street on Parade
Monday, August 12, 2019
Where did the U.S. stock market actually close yesterday? It's pretty much an open question. To give you an idea of just how bad the so-called "glitch" was yesterday, Bill Griffeth, the co-anchor of CNBC's "Nightly Business Report," had to deliver this warning to his viewers before reporting the prices of the closing stock market indexes yesterday.
"By the way, toward the close, there was a technical issue with trading computers. It's not clear if all the volume was reported or if some of the prices of the indexes were affected. You might see different numbers elsewhere but these were the numbers we had of the close today."
... Dispatch continues below ...
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Griffeth's quaint phrase "technical issue with trading computers," is not accurate. It was not a problem with trading computers but rather the failure of the Consolidated Tape System to receive executed trade reports from the various stock exchanges that must timely report their trades to the Consolidated Tape. ... Let's just say, hypothetically, that if someone wanted to stop hedge funds from shorting the market and driving the prices of stocks lower, one way to do that is to put a blindfold on short traders as to where the market actually is trading and to render it impossible to gauge how much sell-side volume there is going to be heading into the close. The disruption in the Consolidated Tape System did precisely that. ... ... For the remainder of the commentary: http://wallstreetonparade.com/2019/08/shhh-dont-tell-the-public-there-wa...
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