>> millions, if not billions, of dollars a year. >> that edge, joe saluzzi claims, has made high-frequencyl street. and he says he spots signs of predatory behavior every day. saluzzi, who trades large blocks of stock for institutional investors, says the supercomputers are programmed to place and then cancel thousands of orders a second, trying to sniff out which way a market is moving in order to jump in ahead of big rallies and sell off before big declines. he calls them parasites who exploit a technological advantage to suck money out of the market and add no value. does it raise capital for companies? >> absolutely not. if anything, it's distracting from the capital-raising process. >> do these high-frequency trades have anything to do with market fundamentals? >> valuation is irrelevant. it's all about just moving the price up and down the ladder all day long. each day is new. each day starts fresh. so you have to question the true valuation of the markets now. >> larry leibowitz of the new york stock exchange says there is absolutely no evidence that small investors are being hurt b