 All right everybody, welcome back. Good afternoon to all. Today is Wednesday, April 18th, shortly after 3.05 p.m. Eastern time. And welcome back to a workshop here guys with what we typically like to do once per month. We like to kind of put a focus on a specific subtopic that we go over in class. So for this month, we'll be discussing level three and the full title of this workshop, Understanding the ECN Book. For those of you unaware of myself, my name is Josh Levitan. I am the senior instructor here with Cyber Trading University. Let's get a quick sound check as always to begin. See how everybody's doing today. Perfect, Michael laid a loud and clear from them. Great to see everybody else. Donna, Gloria, Darrell loud and clear. Good sounds from Richard, I like that. All right, perfect. Great to see everybody as well. Fran, Phil, Barb, David, Ron, Emily, the whole crew, great to see you all. Well, like I said guys, we typically like to put a focus on a subtopic typically once per month. I think last month we took a brief break but this month we'll be focusing more so on the ECN Book. And as I had said in Trader's Talk earlier this week in our trading room and in the morning and afternoon meetings when I was conducting them, this is not an advanced workshop. This is not anything different from what we go over in the phase one class itself. We'll be discussing kind of the same, but we'll be putting the same spotlight on the ECN Book and breaking it down as far as the bid versus the ask, understanding what the iceberg orders look like and how to identify them. And ultimately on top of that, understanding different ECN fees, something that we don't really talk about that much in the phase one class, but I felt it was very important to kind of discuss for this workshop itself, all right? So what we'll be going over today, like I had just said, what creates the bid and what creates the ask. We kind of discuss looking at buying and selling volume and how that translates to time and sales. But before that time, we end up seeing a large majority of those orders on the ECN Book. Give me a quick moment guys, the gain might be a little high. All right, was the gain a little high guys? Audio should be much better now. Test one, two, good? Good, all right, perfect. So guys, alongside creating, or alongside what creates the bid and the ask, we'll discuss ultimately how to determine basic support and resistance, how to correlate the charts with what you see on the ECN Book, all right? So we'll be transitioning from that into discussing, well, after we end up reading the ECN Book, what type of stocks should we be watching based off of that? Looking at different stocks and what you end up finding on the bid and on the ask, how big are the orders? How spread out are they? And should that be the type of stock that you should be focusing in on as a student or trader? All right, then finally, what to watch out for when we are in the trade. So we'll kind of cap it off with ECN fees at the very end of the workshop. But before that, we'll discuss a little bit of as far as when we're in a trade, what we should be focusing in on afterwards as far as the ECN. All right, so I wanted to kind of bring up an example here. It's funny, I was doing a coaching session with, I think it may have been Michael, Michael D, in the trading room earlier this week, maybe on Monday it was Tuesday yesterday and I was thinking about it. It was like, he brought up a really good example and he said to me, Josh, basically he said, treat me as a new student. I want you to kind of break down the ECN Book as if it's kind of just buying a car. So I thought about it and I was like, that's a perfect way to kind of translate the ECN Book to everybody here in this workshop. So with that said, welcome to the used car marketplace. What we're looking for here guys is a used car. We're going to try and spend underneath $15,000 for just a basic four door sedan with low mileage, right? You know, we'll go online, look to see what the best options may be. We'll try and find a car that's relatively newer but between maybe 2010 and 2018 models, right? So let's see some options. Now, of course there are different companies that have different features for each car. Let's just pretend that for this example, we're just looking at the same type of car, maybe different mileage, but the same brand more or less, we're just looking at pricing and offerings that the website has for all of these different cars. Well, you end up seeing all these prices above $15,000. Here's $15,027, $15,056, $15,498. Now, these are all people who are listing their used cars to sell, right? So how can you buy one of these cars for underneath $15,000? Is it possible to do that guys? How could we possibly buy one of these cars for underneath $15,000 in price? What do we do? Leda and Darwin say make an offer. Richard says offer, bid for it. Paul says offer, Ben says bargain for it. David says make an offer or get a discount and then Fran, negotiate. You have to negotiate for a seller to drop the price of one of those cars for you to get the price that you desire, right? Otherwise, I might have to bite the bullet and say, you know what, all right, fine. I mean, I guess I could spend an extra, you know, 56 bucks or an extra $420 here on this black car, right? But otherwise, we try and negotiate, we try and make an offer, right? So with that in mind, let's pretend that you have all these sellers right here from that website looking to sell their cars, their listings. You might have Mary selling her car for $15,200. You might have Ronnie listing his for $15,250. Maybe Andrea's trying to get a higher price. He's up there at $15,420 and Kevin up top at, you know, $15,498, right? Well, if I'm a buyer and I want to buy it for less than $15,000, I might make an offer for maybe, hey, $14,995, right? Well, what happens if Jeff offers an extra $105 more than me for the same car? Well, a seller might be more lenient to drop the price to his offering than mine because no matter what, they're gonna give him a better or they're gonna get a better price for their car by selling it to Jeff than they would for me maybe, right? Well, when it comes down to level three, otherwise known as the ECN book, that is our marketplace to list our offers to purchase a stock. Or if we already have shares of a stock that we're looking to sell, well, we might look to put those up to sell, right? So this is our marketplace to exchange shares of inequity. So the ECN book, otherwise formerly known as the Electronic Communication Network, it's otherwise known as level three. And as we go down, we'll end up kind of calling it other names as well, depending on a broker that may offer it. But just keep in mind that with this being our marketplace, that's, again, where we could list our orders to buy or we could list our orders to sell shares of a stock. Now, there isn't just one ECN that routes shares for every single stock out there. There are numerous ECN books, numerous order books, numerous marketplaces where we could route those orders through, right? So with all of these different ECNs that we have available to kind of route our shares through to buy or sell, the most liquid of them is the NASDAQ. You also have a few other ECNs that have high frequency trades, or I should say high quantity shares being routed through them as well. We'll go over those in just a little bit, but the ARCA, the NYSE, the BATS, all of which are ECNs that have more orders routed through them as well. So just like we go over in class, we discussed this in our introductory course, the phase one class, how the largest orders on the buy side and on the sell side will create levels of support and resistance. Think floor and ceiling for the stock. So the largest orders, we define them as icebergs. That's kind of the rhetoric that we use in our trading room. It's the lingo, right? So the largest orders on the buy side as well as the sell side are your iceberg orders. And again, those are the ones that can create levels of support and resistance. So keep in mind, this is what an ECN book will look like here, right? We end up seeing it split up within two different categories, buy orders and sell orders. So I've had a couple of questions from students, whether it be from traders talks, private messaging or coaching, just as far as understanding the difference between the bid and the ask. Because at the end of the day, the first thing that we need to understand is exactly that, the difference between the two. So to kind of break it down, when I think of the word bid, I'm instantly thinking of the word buy. I'm looking at the buy side of the ECN book. If I'm placing a bid for a used car to buy, I'm going to place it with the rest of the other orders that people are looking to purchase for. So when you think bid, think buyers, think the bulls, think support here. Remember, just like I said on the last slide, the largest orders on the buy side and sell side will create levels of support and resistance and that's respectively. So think bid, think support. When you think ask, you are thinking the sellers, they are asking for a particular price for someone to purchase their car for. So let's say using that used car example, you might have, and I see him in the room, Andrea. You might have Andrea asking for $15,420 in order for him to give you his car. He might be offering his car to you for $15,420. So when you think ask or when you think sell side here, you're thinking the ask, you're thinking the offer, you're thinking bears, people looking to sell actively and the largest orders on the ask will end up acting as your ceiling, as your resistance level. Does anybody have any questions so far in regards to this? Like I had said, this is an introductory workshop to the ECN book. So if there's any newly enrolled members that have questions or even any students that would like for me to kind of just go over the difference between the bid and the ask, just type the letter Y in the chat board down below just so that I know and we can kind of just go back. One's going twice, perfect. All right, good guys. Always feel free to ask questions intermittently as well. All right. So where do you find the ECN book? Because there are numerous different outlets that offer a variety of an ECN book. Well, first and foremost, there are some brokers that offer an ECN book directly, such as Trade Station, such as Interactive Brokers. And I've heard recently Schwab offers, I believe it's what's called either their Deep Book or their Smart Book. It's a variation of the ECN, where you are able to see every buyer and every seller that are listing their shares to buy or sell. So you'll see an ECN book across particular brokers, again, such as Trade Station, Interactive or Schwab. If you do not have any of those brokers, and if you do not have Level 3 inside your platform from your broker, then you need to make it a point to go directly to the NASDAQ website. You can go to data.nazdaq.com. Now, the link is in blue, so I don't know how visible it is on this slide, but I'm fairly confident. If you end up clicking on the actual link right here or highlighting it, I believe that you should be able to click on the link directly right from this PowerPoint. Let me know if you can. If not, then what you would just need to do is type in on your browser, www.data.nazdaq.com. You could subscribe to the NASDAQ Book Viewer. That is the title of the NASDAQ ECN book from their website. That's just the title of it. So NASDAQ Book Viewer, that is the NASDAQ ECN, and you could subscribe to that for just $15 per month. All right? Now this gives you access to just the NASDAQ e-marketplace, just the NASDAQ ECN. So as I had said earlier, you could route your orders through numerous different ECNs. It could be the ARCA book. It could be the bats, the baddie. Well, if you end up routing your buy or sell order through those ECNs, are you going to be able to see it on the NASDAQ Book Viewer? What do you guys think? If I route my shares through the ARCA or through the bats or just a different ECN, am I able to see it on the NASDAQ Book Viewer? I see yes from Richard, Phil, and Joe. But the answer would be no. Remember, the NASDAQ Book Viewer only shows you NASDAQ data. So if your routing share is for a stock through a different ECN, you will not be able to see that through this product right here. This gives you access to only the NASDAQ. NASDAQ is the most liquid ECN, so you should be able to see a plethora of different buy and sell orders. But remember, that doesn't show you orders through other books, through other marketplaces. Now, if you have a level three or an ECN book, as we call it, through your broker, let's say for example, you have the trade station matrix. Well, your broker can offer a variety of different data subscriptions to enroll with, and by enrolling into a few of those, well, your broker, your platform, and the ECN book that it provides will be able to kind of add all of the orders up through all of the ECNs and kind of aggregate them by price. So by looking at, let's say, the trade station matrix, if I'm enrolled into the data that I could have, look meaning that if I am subscribed to ECN data from the bats, the batty, the edge, the edgex, then I should be able to see those orders as they're being routed through those ECNs as well. The more data that you could subscribe to eventually will be the better. For newly enrolled students, my suggestion, whether you have interactive brokers, trade station, Schwab, I would just recommend starting with just the NASDAQ data. It's only 15 bucks per month, so it's really cost-effective, and you're still able to see a large amount of the orders that are looking to be executed. Now, is it every single order that's out there through every ECN? No, but initially, as a newly enrolled student, I would want you to train your eyes to interpret how quickly these orders are moving across your screen, especially if you're a trader or investor or someone who is joining Cybertrading University without prior experience of this, it's gonna fly by you a million orders per second, it feels like initially, but when you begin to acclimate yourself to reading the ECN book and finding the larger orders and just kind of watching everything at once, well, from there, your eyes should be better trained over time to interpret those orders, so the more data will be the better so you could see other orders through other ECNs. All right, but again, initially, I would recommend just the NASDAQ as a good starter point. All right, so I've had a question from a couple of students over time and it's kind of frustrated them a little bit here. This more so pertains to my platform, but we could use this specifically across other platforms as well, such as Interactive or such as Charles Schwab. Look at the matrix right here. Does everybody see this picture? Everybody should be on the trade station matrix slide. Let me know if you guys see it. Okay, perfect. All right, let's look at the matrix right now, right? I'm gonna move over to the next slide and here is the book trader from Interactive Brokers. I have to thank one of our students Ken N for sending this picture in. Well, we see the book trader. It looks much different compared to the matrix, right? In terms of color, in terms of font, maybe style, right? Let's move over to the next one now. This is the Schwab total view. It's called the total view from one of our students Bert, who I have to thank as well for this picture too. This is directly from Schwab. And again, very different compared to trade station and even Interactive. It looks much different. The font, the look of it, the colors, right? Guys, what are the similarities between all three of these photos? Looking at the book trader here from Interactive. Looking at the matrix from trade station. What are the similarities between all of these? What are one or two things that these all have in common? Describe it as best as you can to me, please. Brian says volume and price. Michael says price. Gloria says they both show total orders. Joe says price and orders. All of us are right. It's funny, Darwin kind of had the answer I was looking for initially, but obviously we're all right. We're all saying price and the orders. They're all the same, right? Or the purpose is the same. But notice what Darwin wrote. Bid is always on the left and ask is always on the right. Bid side, ask side. Looking back at Interactive. Bid side down here, it's in green. Look at here on the right side, the ask side, the sellers in red. Look at now the matrix. Now it's different colors here. I have mine here in blue. Does blue mean anything different than green from Interactive? No, it's not. The similarity is that you see the buys on the left and the sells on the right. The bid on the left, the ask on the right. That is the similarities that I see between seeing all three of these platforms. I've had students just try and correlate the colors that they see with my trade station matrix to time and sales. Seeing how we look at time and sales prints on the tape and we see green and yellow and red and purple. And students try and correlate those colors to what they see from my matrix. And I say every time that that should not be the case. Because at the end of the day, every platform is going to offer a different or unique looking level three. Or ECN book. This is the book trader here, right? I mean, hey, this is green on the bid, red on the ask. But we know on time and sales, as we go over in the phase one course every month, that when you see time and sales prints in green, well, hey, that means that the order was actually executed on the ask, on the seller side, right? So that can throw some students off. Point being, don't look so much at the color of the ECN book. The red or the green or the blue that you see here. It all serves the same purpose. If I can make every color here gray, I would, to be honest. Because that would show just the fact that we only have just the bid side on the left and the ask side on the right. And as we teach in the phase one class, not to go over time and sales right now, but it's all a matter of who initiates that transaction as far as what you see on time and sales. All right, does anybody have any questions pertaining to that? If so, just type the letter Y once again in the chat board just so we can go over anything else there. Going once, going twice. All right, perfect guys, right on. All right, so we look at the ECN book, of course. This is again the NASDAQ book viewer here, right? And we see up top, we see the sell orders. So we know that this is the sell side. This is the ask, the offer, and this is going to act as resistance, right? Well, when we look down, we see a couple of larger orders maybe. 6,000 shares at 50 to 11. Maybe a couple 2,000, 3,000 share orders. And then all of a sudden at 5220, we see a 24,093 share order on the ask at 5220. So that order, oops, sorry, that order, let's knock my headset out, that order I should say is going to act as resistance, but why is it going to act as resistance? Well, look at the size of that order compared to every other order that you see before it. You see a 6,000 share seller at 5211, 2,800 share seller at 5215. This 24,000 share seller is 510,000, even 20 times the size compared to some of these orders on the ask. So this sticks out. This is very blatant that this is going to be your largest order out there. And it should serve as a level of resistance in this case. Right? So when we end up, and David actually is pointing out, it's bigger than all of the orders above it as well combined. Wow, look at that. See, I'm not quick enough to do the math like David just did, but let's see, I mean, six, eight, nine, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19. But yeah, I'd say so, or at least very close, right, David? That's actually a very good note. So I don't define an iceberg order by looking at all of these orders combined and saying that if it's bigger than all of these combined, that it's only going to be resistance from that, right? But that's actually a very good point, right? You add all of these orders up and it's still less than this. So it goes to show how strong of a level it should be, right? So I have a question from Richard here. But what makes an iceberg order? What makes that cell order there, Richard? Well, it could be one person distributing those shares. It could be many people combining to show that order at 5220. Now, his next question here is how much is there a quota? Is there a minimum order that I would look at and say that that has to be an iceberg order if it's more than a certain number of shares? Is that what you're asking, Richard? I see it, yep, okay. So more or less, when you look at the ECN book, Richard, everything is relative to size. I typically look for an order that's roughly five to 10 times the size compared to, as I say, the rest of the field. So I look at the rest of the field here and I could have had some above 5220 as well. But I look at all of these orders and I say, well, hey, this is not just big, but it's at least five to 10 times the size compared to most of the other orders that you see on the ask, right? So that's kind of a rule of thumb I like to go by. Now, relating that, though, going back to Richard's question, what would happen, guys? Let me break out my trusty marker here. You guys know how well I am when it comes to drawing on here, so hopefully I get this down pat. And we'll go through some other examples as well, but what happens, guys, if instead of seeing all of these 6,000 share orders and all of these 2,000 share orders here and 24,000 share order here on the ask as well, just kind of erasing all of the 1,000, right? Let's just erase all of this. Not too bad actually, not bad at all. So looking at this now, Richard, right? Let's say I scratched all of the thousands off of here and we see maybe only 100 shares, 800 shares, 900 shares, 790 shares here, 800. Well, when I look at that, what if at 5,220, or it's gonna be blue on blue, I hope it translates well, what if instead of 24,000, we see 3,093 shares on the ask? Well, hey, that's still about five or so times the size compared to some of the other orders out there. Maybe it might not be five to 10. But looking at that number, that sticks out more so than every other number that's out there now on the ask, right? So everything is always going to be relative to size. If the order book on the ask here has at every price point shares of 20 share lot orders. If every order here on the ask was 20 shares, then maybe a 200 share order would be the iceberg, right? Everything is always relative to size in that regard. So kind of just looking at that as a quick example here, 24,000 shares is the, it's not only just the biggest and not only does it stand out, but by far, I mean, it's five to 10 times the size and well more than some of the others as well. So that's going to act as resistance, right? So in that case, when we see this make a push up to 5220, I would never really look to enter and take a trade long directly underneath that big iceberg. We go over this more intensely in the phase two course, and even in phase one, but just kind of breaking it down very simplistically here. When it comes to day trading and when it comes to following the smart money, as Fausto says weekly in his webinars, our opportunity is very limited and it begins to get limited as soon as the market opens up. The second the market rings at 930, our clock's ticking, right? So going into the morning, even going into the afternoon, what would happen if we end up buying this micron stock at 5212? Well, if we see that order there at 5220, that's definitely going to act as resistance. So at the end of the day, it comes down, and this is the phrase that I've been using recently in our trader stock workshops, is the juice really worth the squeeze? Is this worth my time to take as a long trade at 5212? Am I really trying to make $0.08 on a trade? On a $52 stock, a very expensive stock, mind you, is $0.08 really worth my time? I mean, if I have to make $0.08, I will, but I'm trying to make much more than that. So with seeing this big iceberg order acting as resistance, I have to kind of, and again, I go over, I say this kind of phrase in trader stock, I have to act like a pessimist. Why would I be led to believe that that 24,000 share seller is going to get hit, get executed, and micron will move up until it happens? Why would I be led to believe that's possible? So I have to think like that to make sure that taking this trade is actually worth my time. Again, if I make $0.08 on the trade, that's great, that's fine. I'd much rather make money than lose it, right? But what I care about is the ability to set myself up to make a much larger profit than that. I go over that in coaching sessions with our students, where I look to try and make well more than the $0.08 that I can make here. And most importantly, on top of all of this, Paul says, well, sell it at $52.19 if you take the trade. Meaning that, hey, if you took this trade here, or at any point, let's say, let's say we take it from $52 and we see that big iceberg order there. Paul says, well, you know what, sell it at $52.19, sell it $0.01 underneath that big, big iceberg order. And generally, that's a good idea. But of course, it's in hindsight, you see the chart. It doesn't look like this even went up to $52.19 though, did it, Paul? So just because that order is there, we can't assume it's going to approach that exact price point. Nor can we expect the stock to maybe fall a cent below that price point. There are times where the stock might drop maybe three, four cents from where that iceberg is, and then begin to kind of reverse direction, right? So we always need to read the momentum on a stock. And that's what I need to look out for when I'm in a trade. When I'm in a trade, let's say if we take micron from, I mean, maybe $52 or even earlier here, let's say we take a trade from $51.70s and we're riding this up. Well, if we end up seeing the big iceberg order there, hey, I have to assume that's resistance, but I can't assume that it's going to just touch that price right away. So I need to read the ECN book when I'm in the trade. And by reading the ECN book, I'll get a better sense of knowing, well, are there enough people pushing the stock up? So what I would look for is to see if we have more buying to come in on the other side of the book. Remember, I'm just only showing the sell orders here. On the other side of the script, the buy orders, as this is pushing up, do we see more and more buy orders pop up as it's pushing up? Because again, much like this is going to act as resistance, the buy side is going to act as your support. So in that sense, as this is driving up, I need to make sure that we, A, have more buyers joining the bid. And on top of that, at the same time, are the orders on the ask actually getting executed? Is this going to go up to 52.16 and stall out on this 2,000 share order instead of 52.20? Is the momentum drying up and kind of weakening? If so, then it might not be likely for this to touch 52.20. Just looking at the chat board quickly from Michael, do people generally place an iceberg order at some previous support or resistance, or is it just arbitrary? So keep in mind, I'm just going to start with the word people, right? Because an iceberg order could be one person, it could be numerous people that make up this big, big seller, right? So let's say if this is made up of five or so different sellers, let's say myself, Kevin, Paul, Gloria, and you, Michael, end up looking to sell all of us at 52.20 and the combined total of our orders create 24,093 shares, right? So more often than not, you'll see a really strong support or resistance level act vice versa as a level, meaning that if this was a really strong support from the past day or two, 52.20, there is a very strong chance that this will act as a very strong resistance level overhead. So it makes it much more plausible to see a very large order behind that, confirming it as the level. So more often than not, you end up seeing it because it acted as some previous support or resistance. At the same time, not everyone is as tactical of a trader, right? I mean, you'd like to think if you're trading, you know, 24,000 shares of a $52 stock and making that pig of an investment, you should know what you're doing, right? But is it possible for me to, you know, place a 25,000 share sell order if I have it at 52.16, just to place it there? Yeah, it's possible. We end up seeing, you know, traders and even some larger block traders make some very silly mistakes in the market, oftentimes in the after hours and oftentimes going into the afternoons. So it's very possible. More or less though, Michael, just a kind of long story short your question there. I typically see them at previous support and resistance levels. It tends to correlate that way oftentimes. All right, from Gloria, but if 24,000 shares are sold at 52.20, wouldn't the stock go up because 24,000 shares are bought at that price? So why are we considering it resistance? So I know that Ron in the chat board just followed up as I was answering Michael. He helped Gloria out. He responded and said, the buyers have to join the bid at or over the 52.20 for it to go up. Otherwise, the buyers will go away at the iceberg order. So absolutely, Ron hit it nail on the head, right? So when it comes down to seeing this order, Gloria, this is an order that's looking to be executed. Someone's looking to sell those shares at 52.20. But if there aren't buyers to take those shares from that seller, are those shares going to get sold? No, they won't, right? So until that order gets executed, we have to count that as major resistance. I'm gonna go back 10 slides, go back to our used car example, right? I went through very quickly. I know last time I really kind of scrolled through the slides to a good extent. I think a few of us had some issues loading them up actually. Does everybody see the slide right now? It should be on buyers and sellers. It should show Josh highlighted in yellow. Does everybody see that there? Just need to make sure. Perfect, all right, good. So let's relate this back to our used car example, right? Well, let's say Kevin's trying to high ball us here. He's offering his car for $15,500 basically. Well, if no one wants to agree to Kevin's price, Kevin's not going to have a buyer to sell his car to, right? So in that sense, until there is an agreement made, Gloria, we have to consider that to be resistance. So going back here, that's why I'd said until we see buyers, and as Ron had backed up in the chat board, until we see buyers actually come in and acquire those shares, we can't expect the stock to move up yet, all right? Kevin says still a poor risk to reward ratio. Ron answering Gloria's question there. Question from Archie, is using an ECN book effective for trading an ETF? That's a very good question, Archie. And my answer is yes, it's going to be. However, with ETFs between algo trading often and just seeing how ETFs move more so with the markets and the indices, or oftentimes inversely with the indices, it makes it a bit more difficult to just rely on an ECN book solely to trade with, right? So along with the ECN book, much like in equity, we need to correlate chart patterns. We need to correlate executed orders, otherwise the time and sales prints, as we say, right? So all of that combined will help you much better with understanding when to enter, whether it be an equity or an ETF, but due to the velocity of seeing how quickly these orders are changing, not even just getting executed, but frequently changing in size, being added, being polled, and everything else in between. An ECN book for an ETF is going to be much quicker moving. So it's a little bit trickier to solely rely on to trade. And for that reason, I always encourage students to not treat ETFs initially. If we have students that enroll into Cybertrading University that have had success trading ETFs, ETNs, or indices altogether, then stick with that. But that's if you've had consistent success, right? If you're someone who hasn't really had much experience using level three or tracing the volume on a stock, then I wouldn't want you trading an ETF exactly for that reason there, Archie. So I appreciate you bringing up that question. Is this recorded? Absolutely is, Ron. So I would say this workshop should be on the dashboard by tomorrow afternoon, the latest. I would say hopefully by tonight, but typically I would say by tomorrow, the latest. Does CTU ever trade the ETF from Gloria here? Does CTU ever trade the ETFs that specifically designed for day trading? What do you mean, Gloria, as far as specifically designed for day trading? Do you have any examples that come to mind? We have students in our room that focus on, let's say, gold mining, right? You know our student grant, which you just brought up as a symbol there, Gloria, NUGTO, gold mining ETF, right? So we have students that focus on gold futures, gold trading, gold mining, and they'll frequently trade ETFs like JNUG and NUGT and DUST, the inverse ETF, right? We have students that like trading TVIX and UVXY, which are ETFs correlating to the VIX, which should run inversely to, you know, how the market, to run inversely typically to how the markets are running, right? But those ETFs are still very volatile in the sense of seeing the velocity of the ECN book run. Let me run my live screen right now. I'm hoping I could show it right now. I know I've had some issues most recently with screen sharing, so bear with me for a quick moment, guys.