 Right, good afternoon, ladies and gentlemen and welcome to this last non-farm payrolls webinar of 2015 with me, Michael Huston, my colleague Colin Suzinski in Canada. Hello Colin. Hello, Michael. Good morning everyone. I'm just going to do a little bit of housekeeping, risk warning, putting up on the screen in front of you. I have to do that for compliance purposes but once we've got that out of the way we can basically get cracking and talk about certainly obviously what's coming up but also those massive events that we sat through yesterday afternoon when Mr. Draghi decided to lead the markets up the garden path with respect to what he was planning to do with respect to the QE program yesterday. I think it's quite interesting and I know Colin's got a view on this but I think it's quite interesting about what happened yesterday was the fact that the markets were just completely wrong footed by it, completely wrong footed by it and what it's done is it's created a number of very key reversals and I think that the dollop up trend that we've been in for the past two or three years is now at an end. We're at a turning point, I think we've seen the base potentially in the Euro and we could well actually start to rebound back towards 115. So the question is what's, you know, the question I think most people will ask is why do you think that and a number of reasons but obviously my approach is a technical based approach and we'll be looking at the key indices to look at some of the key levels. We're going to be starting with the S&P and actually we'll start with the UK 100 because what we saw yesterday was a significant reversal within a broader sideways formation but within an uptrend that we've been in since August. It's a nice ascending triangle here, we've got a series of peaks around about 6450 and you know at the moment I think what we've got to decide is what's going to be the catalyst for pushing the dollar even lower. Now there has been some speculation that Mr. Draghi held back on the stimulus because he perceived that the Federal Reserve was going to hike rates, hike, hike, hike, hike rates at its December meeting. I would certainly think that that's still a possibility, certainly the Fed funds have suggested that there's 76% possibility that the Fed will hike rates in December. I still don't think it's the nailed uncertainty that people think that it is. You know, it probably will happen but there's that nagging voice in the back of my head telling me that the Federal Reserve will find some way to try and not do it. They've been putting it off and putting it off all year. So are they going to be the Grinch at Christmas in the same way that Mr. Draghi has been? So my bet on non-farm payrolls is a bit of an outlier. I'm going for 85,000 simply because I think hiring has been weak, the ISMs have been weak. I think an awful lot of the job gains that we saw in October were basically brought forward from November and December in terms of hiring for retail. I could be wrong. Colin has a slightly different view because we've gone slightly more conservative. But overall I think what we're going to see today is probably not going to shift the dial that much in terms of what to expect in two weeks' time. However, if we get a very, very weak number it's certainly going to make things very, very interesting. If we get anything above 120,000, 130,000, I don't think we're going to get much of a move. I think yesterday's move wiped out an awful lot of people and I think a lot of people could well be sitting on their hands today in the event of a fairly neutral number. But let's go through the numbers and look at what the markets are expecting. Maybe I can mention some of my expectations, Michael? Yeah, absolutely. Okay, so my feeling is on the employment that I don't think Michael said far off base. I think that we're definitely going to see a retrenchment for two reasons. First of all, I think the Fed's been signaling pretty strongly that they're going to go in December. And what we saw earlier when Main Street was expecting the Fed to raise rates in September, we saw a slowdown in jobs. And historically, the time the Fed has started raising interest rates, we've had a slowdown in jobs. So we had the slowdown in September, then they didn't act. They had the bump in October, then now they've been sending the last month's signaling towards a December hike. So it wouldn't surprise me to see a slowdown in jobs. Plus, the retail seasonal hiring in the States has been soft. The only companies that really bumped up hiring was Amazon and FedEx. Everybody else was flat to a little bit lower. And generally speaking, I think that we're in the other part is I think we'll see a bit of a retrenchment. Last month, we had weak ADP and strong non-farm payrolls. On Wednesday, we had strong ADP. I think part of that was catch up. And I think we'll see the gap close with non-farm payrolls. Now I've been a little bit closer to what the street singing, I'm taking your retrenchment down to around 220 for U.S. jobs, but with all the moving pieces around the holiday season and the Fed meeting, it could go either way. I think you could have an inline number. I think you could just as easily have a number below that what Michael's calling. But I think the key is, and it's something you mentioned, you would need a really, really low number, I think, to change FedEx expectations at this point. Michael brought up 120. I think it might actually have to be a negative number to not the Fed off course. But generally speaking, I do think we'll see some fairly sizable swings around this announcement. Absolutely. So again, so let's look at the key support levels. We can see on the UK 100 where the key support level is there, it's just below 6,200 roundabout, I would say 6,120. But what I did find particularly interesting when I looked at the U.S. Russell 2000 was how we've, we are trading in this nice little triangle here or wedge pattern here. And we're very, very near the support of that uptrend line, that blue line. And that probably comes in roundabout 1,160. But it's very interesting to note that the oscillators on all the major indices are turning over, they're turning lower. So that suggests to me that the line of least resistance to stock markets is towards the downside and not to the upside. That's what we're looking at on the S&P. No problem there? No problem. Just so I wanted to mention, I had done a blog a couple of weeks ago that talked a little bit about how, what happened when, based on what the Fed did in December, at their December meeting. And interestingly enough, it was the years the Fed went hawkish in any way, whether with capering or what have you. The markets went down the first half of December and then rebounded. The years the Fed went dovish, the markets went up the first half of December and then went down. So certainly I think with, when we listen to what Michael's telling us, I definitely think we should look at this in terms of we could see some weakness certainly heading into the Fed meeting if people think they are going to raise rates here. So that's quite significant. Sorry, Michael, please continue. I think you're right on these oscillators rolling over too. Probably getting a retrenchment here, but these bigger ascending triangles look pretty interesting for the long term. What I also think is I think if we get a rally in stock markets in the event of a number that's outside expectations, then I think the rally probably will need to be sold into. I do not think that we're going to see any new highs between now and the end of the year. I think at the moment we're still within a range. And I think if you do get a rally higher, then I think it's unlikely we'll take out the highs that we've seen this week. I think it's unlikely that we'll take out the highs that we saw yesterday. Certainly the oscillators seem to be in pointing in that direction. And as I said earlier with respect to the currencies, I think the line of least resistance now for Euro-dollar is for us to move higher. We look at the DAX. The DAX does appear to be pointing to a weaker close to the week. We can certainly see that on the weekly candle here. It's very aggressively down. If we close the week that way, then again the line of least resistance is lower. And a bigger clue, a bigger clue is in the bond market. Let's look at the two-year, because this two-year chart is eye-watering. This is a daily chart. We have had a key reversal day. And what we did yesterday, this was two-year yields at 0.45%. In the space of one day, we made a new high. And then we also took out the November lows in the space of a single day. That's incredible. That gives you an indication of how far bond markets were the wrong way in terms of what the ECB was going to do. Now, we're getting a little bit of a rebound today. But I think the damage has been done. And I think those yield differentials between US treasuries, two-year treasuries, and two-year German treasuries could close in the euro's favor. So if we then transpose that onto a euro-dollar chart, which I have here, it gives you this is the weekly chart. Let me just change it to the daily so you can see what I'm talking about here. So again, look at this move in euro-dollar. But also, look at the fact that we're now starting to turn positive. The big problem we've got at the moment is that we've got the 50, 100, and 200 day moving averages pretty much within about 100 points of each other, between 109.50 and 110.50. So I don't think we're probably going to take out these particular moving averages in a day. But I think as long as we hold above 108.20.40, which basically was the previous breakdown level, the previous support that we saw here, as long as we hold above here. So if we get a dollar positive number, I would expect to see that we won't break back below 108. If we hold above 108, then I think it's quite conceivable that we can push back up, retest these moving averages, which did act as support all the way along here. If we get back above here, then over the course of the next few days and weeks, we could start to come back to those 112, 113. But we need to stay above 108.20.40 previous support. That, for me, is key. If we don't do that, then we're looking to go back lower again. So it's all about levels. Always has been with me. I trade the levels, I trade what the price does, and I react to that accordingly. So euro-dollar, I think, is going to be very, very key. If we look at the dollar index, again, this is a very compelling chart. What we've got here is, again, a tweezer top. We've got an aggressive move lower. That's very bearish in terms of the overall outlook. It's a very short-term chart. But on the continuous chart, again, it's very, very similar. So if we look at that on the weekly chart, it gives us a similar sort of thing, a bearish reversal week, where we've taken out the lows of the previous three weeks. Again, that is very negative. And also, Michael, on that one, you've got the failure at the 100-round number, which is very psychologically significant. That it's peaked above and just been counted back down. Yeah. So I think the psychology of the market has changed. When I looked at the client sentiment yesterday, it was 93% short for euro-dollar. It's now 76% of the cash positions are short. That could well be right. But what I think it does do is it limits the downside of any move lower. Because the market is still structurally quite short, I think it's going to make it very difficult for the market as we head into the end of the week to go much lower than that 108 level that I was talking about earlier. Obviously, that really depends on how good the jobs number is. But when you actually look at what US yields are in relation to the German yields, I think rate rise has already been priced in. So I don't think even a good jobs number will make that much difference. A negative jobs number or a negative average earnings number could well invoke another short squeeze in euro-dollar towards 110. I agree. I think the surprises to the downside, anything strong isn't going to change expectations. So again, let's have a look at cable. Cable looks as if it's going to break higher. But again here, what we've got, we've got to hold above 150, 20, 30. We could well look to test again the 5,100 and 200 day moving average. Similar sort of story here. Let me just pull this out a little bit so that we can see it. So there's the trend line through the highs. We've managed to break above 150, 120, 30, but not with any convictions. So I'm a little bit concerned about the fact that we haven't been able to do that. But the fact that we haven't been able to dip much today and the long shadow on this candle does suggest to me that there's plenty of buying interest lower down. That's borne out again in the client sentiment, 85% short cash positions in cable at the moment. So again, I think if we do get a dip in cable, it'll probably be bought into. And that's going to limit the downside somewhat in the event of a fairly positive number. Dolly Yen, similar sort of story. We're in a 122, 124 range. We're slap bang in the middle of that at the moment. So with respect to Dolly Yen, I probably sit on my hands. It's in a part of the market that I've got absolutely no interest in. It could easily go up as it could go down. It's 122, 124. It's boring. It's uninteresting. I'm not interested in it. Could we do Dolly Kadd in the last few seconds, Michael? Dolly Kadd, yeah. We've got 30 seconds very quickly. Dolly Kadd upside. Yeah, it still looks like it's topping out and rolling over here. How oil acts around 40 bucks is still going to be significant. The last month, Kadd jobs were 44,000. The street's calling for a trenching back by 10,000. I think that's a little excessive. I think if that was expected, the bank would have been more negative. So I'm wrong. We've got 35,000 declined for Canada and what have we got for the U.S. 211? So it's pretty much in line. Revised upwards to be 298 from 271. So all in all, that's a fairly positive dollar number, which should provoke a sell-off in Eurodollar and cable. But again, as we said previously, I think the downside there could be fairly limited average earnings. It's pretty much in line with expectations. So we haven't really moved the dial. We're pretty much in line with expectations. You're going to get a bit of a dollar bid on that. It's probably going to push Eurodollar lower. It's going to push cable lower. But overall, I really don't expect it to break out of the overall ranges that we saw earlier, although we've seen that far today. And even if we do, I think 108.20 on Eurodollar will be the limit of the downside. These numbers are okay. They're positive, but they're not particularly wonderful. I mean, a nice upward revision to October from 271 to 298. But overall, not really shifted to dial. It looks like we're probably going to get a rise in interest rates of 25 basis points in December. And that really hasn't changed. It hasn't changed the dial, I think. I think pretty much we're pretty much back where we were. About 10 minutes ago, it's a pretty neutral number. Canadian jobs number is probably slightly more disappointing. Definitely more disappointing. But even on the Canada, it's not really having that much of an effect. Let's look at it. Let's see what it is. Well, here's the interesting thing on Canada. So Canada, full-time increase, 36,000, part-time decrease, 72,000. So that should offset the headline number. You actually had a big pickup in full-time employment. So that actually is somewhat encouraging. Yeah, and we've had a slight increase in the labor force participation rate in the US. It's gone up from 62.4 to 62.5. The unemployment rate has remained unchanged. We're looking at the slightly greater details. The under-employment rate in the US, however, has gone up from 9.8 to 9.9. So the under-employment rate has increased. So I suppose you've got a fairly good non-farm's number. But on the flip side, that under-employment has gone up. So is that a function of the slight increase in the labor participation rate? Or is that just because there's more part-time jobs being added than full-time jobs? It's really hard to say. But as I say, I'm clutching at straws a little bit here to get any indication as to where we go to next. But certainly, in the context of the CAD jobs report, it's not a good Canada report. It's a positive US report. But overall, I really don't think that we're going to go too far today. The upside on dollar CAD 134, downside 133, you can probably throw a blanket over it in the same way that you throw a blanket over $122 yen, $124 yen. Let's have a look at gold, because one of the things that did surprise me yesterday when Mr. Draghi decided not to be as dovish as everyone thought he would be was how muted the reaction was in terms of the gold price. Certainly, we got a very, very muted reaction there. We got a significant amount of dollar weakness, but it wasn't really reflected in the gold price. And I think the reason for that is, once again, this US rate hike, we need to get it out of the way. And then we can get a better idea of where gold is going to next. So the big level for me is 1044. It's the 2010 lows. We're still above that. But we haven't as yet managed to get really back above this trend line here, which I'm going to draw in on the four hour chart to give you a better indication of where it is. We can see that this trend is quite clearly lower here. So until such times, as we get any clarity on where that's going to go next, I also still think that gold is just too close to $1,000. And I still think it's being drawn towards it. And I still suspect that, just like we saw the US dollar index in the last few weeks, get drawn up to 100, peaked above it, and then got pounded down, I think you could see the reverse happen in gold where it's just steadily drawn down over the next while towards that $1,000. Maybe it breaks below it, flushes out a few stops in a weekend. And that might be the clean out. Because I mean, RSI in stochastic gold looks like it should be bottoming out. And it should be getting ready to move much higher than it actually has been. And I think it's just because of that round number effect that is holding it back a bit. It's just basically detracting it a little bit like a magnet. Yes. OK, so let's look at crude oil. Because I think crude oil could still have a part to play with respect to what the Fed might do. It's unlikely. But I think if crude oil continues to decline, then I think we could see some questions raised about the Fed's dual mandate and the fact that they're missing their inflation target. And if you get further oil weakness dollar strength, the argument could well be made that it might be worth holding off because the last thing that you'd want to do if you're the Federal Reserve is to tighten policy and push oil even lower and reinforce that deflation, that disinflationary effect that currently is absolutely killing the manufacturing sector in the US. You look at the ISM manufacturing survey earlier this week. It hit its lowest level since June 2009. Well, in June 2009, the Fed has only just started QE1. So you've got this perverse situation at the moment whereby the manufacturing sector in the US is back at levels that we saw in 2009 when the Fed was loosening monetary policy. It's now back at those same levels and the Fed is tightening monetary policy. So it does see a rise. It'll be interesting. It'll be interesting, absolutely, because all of these manufacturing jobs are high-paid, highly skilled jobs. Yes. I always want to mention, I'm sorry, go ahead, Michael. And then I'll talk about crude oil. And they're being replaced by lower-paid service sector jobs. So the disposable income of the US economy is going down. And you mentioned in the retail sales numbers, the Black Friday retail sales were a little bit weak. And we could actually get a good early indication of how that went next week, I think it's next Thursday when we get US retail sales. The other part of which is in which you mentioned on the manufacturing is also true both the oil parts, where you've got really, really high-paying oil patch jobs have been lost this year. And a lot of those people that have lost those jobs are not going to be making the same kind of money in their next job. And because of that, I think that's what you're seeing. And one of the things you have seen play out, the high-end retailers in particular have really been getting crushed. You saw terrible numbers out of Tiffany and out of Métis and Nordstrom and Narcissus. And I think that effect is still working its way through. Just to talk about crude oil for a minute, crude oil still has the potential to be really active today. We've got an OPEC meeting underway as we speak. And the press conference is supposed to be at 3 o'clock London time, 10 a.m. New York time, and Canada time. So it's at 4 o'clock in Indiana where they're actually meeting. So the, and on that, I mean, there's been time, we've seen 4% moves up and down in crude oil this week based on speculation of is the Saudi Arabia going to start to talk to everybody about maybe trying to stabilize the market or are they going to keep the price for it? I think they're going to not do anything to production this time, but maybe they'll start to see a few conciliatory things. But it'll be interesting to see because we've had 40s, 40s been pretty heavily defended in the last two days. Every time it drops below, the Saudis suddenly start talking nice. And it gets back above and then the denials come out. So we'll see what happens there. But it seems to me as though as we get into this 35 to 40 range for crude is the level of pain threshold for a lot of the producing countries below which they start to run into real problems. And I think that's why we're seeing 30 to 40 starting to get defended. So we'll watch the crude oil very closely because that's something that'll play out over the next couple of hours. I think talk is cheap. And I think the market is getting wise to the fact that a year ago, Saudi was talking about defending $70 a barrel. And ultimately the market called that bluff. And we haven't been back above that since. So yeah, if you buy all means, talk about defending $40 a barrel, but ultimately you're gonna have to put your money where your mouth is. And at the moment, the market's getting wise to it. Look at the direction of travel here, ladies and gentlemen. We've got lower highs and we've got lower lows. And we've peaked out here in September and October around about $54 a barrel and Brent. We're retesting the lows that we saw in August for Brent. So that $42 a barrel level is very, very key. But look at every single rebound that we've had. Each high has been progressively lower. So we're at a very, very key point here. This resistance level here at 46 is key. But what I think is more important here is this could actually get led by US crew. Before you close that, look at the stochastics rolling over too, lower high, lower high. And the recent ones are failure at 50. If that 42 gets broken, it's in big trouble. I mean, 40 will be easy, but that'll probably get taken out too. This thing would be in big trouble if that 42 fails. Maybe we'll call it WTI now. No, absolutely. Now let's look at WTI. What's interesting to note about this WTI chart is we actually haven't retested the August lows. But we have broken the lows that we saw in October and we haven't been back above them. And this is $43 a barrel. And at the moment, we have floated below $40 a barrel. We haven't been able to sustain a move below it. But again, look at the highs relative to the oscillator and you draw the highs through here. Failure at 50. Failure at 50 with the 200 day moving average. Still there, 50% and the 200 day moving average. So we could squeeze higher on US crew to around about $42, $43 a barrel. But ultimately, unless or until we break above this trend line here that I've just drawn in, then I think again, the line of least resistance is lower and $37.4 a barrel is the line in the sand for USWTI. Get below that. And then really you're looking at $35 a barrel. Why is $35 a barrel important? I'll tell you. It's basically because it was a lows that we saw in 2008 which was these lows that we saw here when we dropped from $143, $144 a barrel all the way down to $35. So that's really, really the big, big chart point the US crewed the 2008 lows. But again, you can see here, lower high, lower low. The trend is clearly down and it's gonna take something significantly, I think out of the ordinary to break us out of the malaise that we're currently seeing here as we head into the end of the year. Could the FOMC do it? It's an interesting premise. And certainly it's something that Colin and I will discuss when we preview the FOMC on the 16th of December on a webinar like this. So those of you who are interested in basically you're getting a preview of the Fed meeting on Thursday, no, Wednesday, the 16th of December, you can basically log into that, register that via our website. That could be a very interesting conversation in just under two weeks time. And I certainly think it will probably be worth having a listen to. Colin, is there anything else you wanna go through? I know you wanted to talk about the commodity currencies, didn't you? Because of the rebound that we've seen in copper prices and what have you today. Yeah, let's look at the Aussie and the Kiwi dollars as well, because we've done dollar CAD already. Yeah, we've done dollar CAD. So let's look at the Aussie and I think the Aussie is quite key. Let's look at this chart here which I've prepared earlier. Again, we're pushing against the upper boundaries of our move that's been unfolding over the course of the last few months. We've got the 200 day moving average there. We've linked these highs through here. And I think it's really all about what does the RBA do in the context of the Australian economy? Is there a likelihood that they could ease monetary policy further? How will China and the Chinese economic data that we've got coming out over the next week or so affects the Australian dollar? Because I think we've got some Chinese economic data coming out in the next couple of weeks, don't we? Yeah, that should, yeah. Retail sales, production and inflation. And trade and CPI and all of that nonsense. So yeah, definitely. So basically what we've got at the moment on the Aussie is the makings or the beginnings of an essential bearish reversal. But we haven't closed today yet. So it's not quite complete. But certainly this trend line resistance from the August highs is going to be a very, very key level along with a 200 day moving average above it. Are you done with this Colin? Can I move to the Kiwi? Absolutely. And the Kiwi is quite similar. Is the interesting one for next week? This is the Kiwi. So let's make it a daily chart. So you can see the original chart that I've got here. So we've got the October highs. Let's change that to four hours. And you can see there's actually quite a nice little chart that's unfolding there. And I'll let you tell the story on that Colin for what we've got next week. Certainly next week we have the RBNZ meeting. And one of the things that I've been feeling is that the Fed kind of has put the other central banks on notice that they're kind of getting ready to start raising rates or what I've called last call at the liquidity party. It's similar to when we saw the ECB kind of signal back in January that they were going to bring in Kiwi. And then we saw that the S&P dropped their peg and a whole bunch of other central banks did think that people have had their chances to do. If you want to get in any more easing, here's your chance before the Fed starts going the other way. So this week we saw the RBA pass, the Bank of Canada pass, the RBI pass. Europe did an ECB went not as much as people thought. Next week we've got the RBNZ and the Bank of England. So RBNZ is quite significant here because we've had a rebound in the Kiwi dollar. But at the same time there's some expectation that they could resume cutting rates again. They had cut three of the, they've taken back three of the four rate hikes of 2014. They raised four times 2015, they've cut three. So we've got room to cut one more to get back to where they had been if they wanted to do it. Overnight their commodity prices index came in and it was really negative. It was way below expectations. So they still seem some softness there. So it is possible. We look at this in light of the fact that it's uncertain as to whether the RBNZ is going to cut it back next week. And that's quite significant. And maybe you won't have any comments on the Bank of England. Yeah, we can talk about the Bank of England. I don't think that the Bank of England will do anything or even given any indication that they're going to be doing anything until they know what the Fed's going to do. And I think with respect to cable, what I was saying just before the numbers came out hasn't changed. I think there's a little significant amount of resistance at the highs of the day between 150, 140 and 150, 150. But I think the downside could well be limited to around about 150, 20, 150, 30. You're a sterling slightly different ball game. It really depends on whether or not you think the ECB is done. I think leading into the meeting, there was an awful lot of speculation that the ECB was going to go all in. They didn't go all in. And it's not a surprise. You look at the economic data that's coming out of Europe. It's improving. You've got services PMIs at four and a half year highs. You've got manufacturing PMIs at 18 month highs. You've got unemployment coming down. You've got inflation higher now than it was at the beginning of this year when the QE program started. And overall, you've got resistance in Europe sterling around about 72, 40, 50. So at the moment, I think you're meeting. Can I have one thing there, Michael? Yeah, sure. On the data. The one thing also I have found really interesting over the last few months is that for the last several years, Germany was driving the bus. But in the last few months, the one thing we have seen is that a lot of this improvement is coming from the Mediterranean country. Spain and Italy, in particular, have actually been putting up some pretty decent numbers for the first time in a really long time. So that's actually, I find, encouraging as well for Europe is that the weakest lagging areas are starting to bounce back. I mean, Greece is the case unto itself, but the two biggies, Spain and Italy, actually are starting to turn around a bit, which I find we're quite encouraging too. There is, but I would argue that actually that's probably not as a result of the ECB's quantitative easing program, but because of the stimulative effect of lower oil prices. And we've seen oil prices make up a large part of the deflationary or disinflationary cycle within Europe. But I think it's also important to remember those effects will drop out in February or March next year. So the big level on euro sterling is 40.50, 72.40. 50, but support around about 71.70, 71.80. Where we go to next, I think it's hard to say, but I would be surprised if we went back above 73 cents on euro sterling. I think the likelihood is that's where the top-side level is, and we'll drift back down towards around about 71. However, why do I think that oil prices will, the deflationary effect of oil prices will drop out in February, March? Well, it's quite simple. We look at this chart here. This is a chart that I've shown you guys before. We look at when the oil price bottomed out. It's bottomed out at the end of the beginning of January, February, 2015. Then oil prices started to rally. So in March, when we get the February inflation numbers, that this decline here will have gone. It will no longer be in the inflation numbers. And as we go into March, April, May, and June, these rebound in oil prices will no longer have the negative pull-down effect on inflation and actually help underpin the inflation numbers in Europe going forward for at least six months or so before we get to here and then we start to track lower again. For me, that's an interesting chart because it suggests that maybe we will start to get flattened out. It's just a headline just come out of OPEC. OPEC has agreed to oil output policy rollover, whatever that means. In other words, no change. No change, 31.5. 31.5, so basically no cuts, no cuts. So that could well see the market. We've seen oil oil over. Five minutes has gone from 41 to 40.30. So far, WTI is holding 40 bucks. If it does bust that, then we'd be looking at moving potentially lower. OK. And then it's bounced up 40.25 to 40.50. It seems to still be holding. It looks like a lot of people were kind of expecting that. Now, I've seen mixed signals on whether they're including Indonesia or not, so I don't know. They could still knock it around a bit. Yeah, I mean that tells you the more you need to know. So we've dropped pretty much just under a dollar on that. OK, so ladies and gentlemen, that is pretty much it for this month. Just a quick reminder to say there's one more webinar this month. It's the pre-FOMC webinar with Colin on myself. And I say that's on the Wednesday. I think it's on the 16th of December. It's the 16th at 10 o'clock AME through time, 3GMT, London time. So go see the Education section on the Canadian website or the UK website. Register for that. And we can basically have a chat about what to expect from the Fed. It looks like we're going to see a rate rise. And it'll be interesting to see whether or not they actually do raise rates, or they bottle it slightly and decide to get rid of the ban and just have a fixed Fed funds rate of 0.25%. That would be something, because at the moment it trades in a ban of 0 to 0.25, they could raise rates without actually raising rates by removing the lower bound. That's something. That's definitely a possibility. Because it would get them off 0. So that's one option. Anyway, unless there's any questions, ladies and gentlemen, thank you very much for your time today. And I hope you all have a good weekend. And I'll hopefully we'll all talk to you again on Wednesday the 16th of December. Thanks, everyone. Have a great day trading.