 Good evening. Once again, this is Ali Hamadi with Ticknell, with the Futures webinar series and introduction to the Futures market. I hope all are doing well, and I have had a profitable last two weeks. It's been two weeks since we have done our last webinar, and I've got some information to conclude mainly what information is needed for how to conduct and use the Futures as securities and how they're used. Then what we're going to do tonight, inshallah, is start to transfer the conversations and future webinars into what's actually taking place in the marketplace, commodity by commodity, sector by sector, or leile banan ballish, if you see it enough with oil, projected forecasts, and some information for you to start, let's say, some of your own due diligence and research within the Futures product. Getting this evening started, I want to say, for the most part, for the recurring visitors and attendees, I want to say, for the most part, for the recurring visitors and attendees, everyone knows that I want to talk about something informal, not make it so formal, the webinar, and let you have a conversational concept. So I'm able to portray a more how it works instead of textbook definitions or hake issue. From that perspective, as I had an army on the other lately, I will my name Ali Hmedi. I'm just a little bit more tick me as a consultant regarding the future products that they have now added to their investment product line on across their platform. That being said, what we're going to be discussing this evening comes to the taxation. And we're going to do the transformation. That is the webinar, which are all on on their YouTube platform and channel. You'll be able to see all of the pre-recorded sessions that we've discussed discussing what futures are, how they're used, what to pay attention to, how to value them from a speculative perspective and come in off from a hedging perspective and what to look out for when you're looking to make, let's say, maybe do a prediction, but once you've done your research, what types of curves can give you some sort of prediction indication of how the market may be moving in order for you to take a position to either speculate and or hedge and protect your portfolio. The taxation concept is coming mainly from the U.S. perspective. So it's Anahadan that is a U.S. citizen and reporting taxes. You know, every year in February from your broker dealer, they call the 1099 form where you end up sending in to do your taxes for profits and losses and you do the taxation accordingly. At the same time, not necessarily for Americans, but non-Americans come in countries that do also have their tax laws. Their tax laws may differ than what the U.S. tax law is for futures, but most taxation laws when it comes to securities, you look at the U.S. market as a standard, not the standard, but a standard, one of the main standards. So is an American Anahadan taxation laws for future securities than other countries where taxes are taxed and charged for securities on profits and losses, you will most probably and most likely also find Kamena a tax law regarding futures, hopefully, and a favorable manner similar to how the U.S. looks at them. Starting with that, from the U.S. perspective, the tax advantage that Halini Kabir al-Shishishway, there we go. So basically the IRC, Internal Revenue in America, basically the IRS, they have what they call a 60-40 rule on taxation for futures securities. That means that 60% of net gains of the futures trading, they're treated like long-term capital gains and the other 40% are treated as short-term capital gains and taxed like ordinary income. Shuman e Tehon, from the standpoint of U.S. taxation, once again, come in, it may not apply to the country that you're living in or your nationality, but from a U.S. perspective, it's important to know because most of the indices that were connected to when it comes to futures are coming out of the U.S. markets, 60% when we say long-term gains, any securities that an investor holds longer than one year, it's one year plus, then the capital gains tax is 20% on your gains. Short-term securities, if they are realized and this is all realized, of course, short-term means anything less than one year. So if you buy something today and you sell it next week for a profit and or a loss, this is considered short-term. If you buy anything today and you sell it further out than a year from today, depending on your capital gains or losses, come in, it's looked at long-term. Now, 20% is the long-term capital gain tax on profitability, when it says ordinary income on the short terms, the 40% manita depending on your current income tax bracket, hasab, yani, ad day, intah ambittallah, be shavlok, on an annual basis, what's considered your taxable income would put you in specific brackets and categories of taxation. So it's not just a flat rate when it comes to ordinary income. Obviously, the more you make, the more taxes you pay, the less you make, the less taxes you pay. And that's what's considered your ordinary income from a short-term perspective. Now, the futures traders that benefit from a more favorable tax treatment than equity traders and the section that they, it's under the IRC is one, two, five, six of the IRC. And it states that any futures contract traded on the US exchange, which most of these futures contracts that we're connected to with TICML are on the US exchange, foreign currency contracts, dealer options, dealer security futures contracts or other equity options contracts are taxed at 60% of the long-term capital gains rates in short-term rate to 40%. Regardless of how the trade was opened and what the purpose was for. So it averages out, means the short-term and the long-term, you're looking at a taxation rate of plus or minus 27% overall, which when you look at it from an investment perspective, means it's almost 20 years in the market being able to use and manipulate but understanding the taxation rules can help you either save from paying taxes if you have some losses in the portfolio that you can shed positions and get out of positions for taxation to save tax payment and or vice versa. So the section one, two, five, six contracts are also marked to market by the end of the year. And now this is an important note to take into consideration. When we say marked to market, Manusa La Icha de Sine, December 31st because it's a calendar year from January 1, like December 31, it's marked to market at the end of year, December 31st. And when we say marked to market, they're gonna look and say, okay, secretary to Soilion de Saro. And pending on what the price is at the end of that close of business day at the end of the calendar year is what the price will be marked at for your portfolio regarding taxation purposes. Regardless, is a straight to one week before or at the very beginning of the year, map the full, they're gonna look at the price that you purchased to that and then they're gonna look at the price at the end of the year and they're gonna market at that particular price which is marked to market. And then they're gonna say, okay, Fieribih or Fiyah Sara Bidda. And in the next few slides, I'll show you an example. Now, as an example, for anyone trades during the course of the calendar year and buys a contract worth of $20,000 US dollars. And then at the end of the year, December 31st, the fair market value of the contract is at $26,000. The trader will recognize a $6,000 capital gain on their tax return for that year. So the $6,000 US dollar will be taxed at this 60, 40 rate, which means you have 60% is taxed at, if you recall up here, long term, I'm gonna highlight here, which is 20% and then the other 40% is treated at the ordinary income tax bracket. So pending on your tax bracket will depend on how much tax you're gonna pay for the next few years. So depending on your tax bracket, it'll depend on how much tax you're gonna pay on the head of city of the lot. Plus 60% of it is gonna be taxed maximum at the 20% capital gains. And the other 40% will be taxed at your income tax bracket level. Now, we fast forward a year later, when we will, last year, 2020, the trader sells the contract, Manetta Sakara, meaning here at the end of 2021, the contract is open, but the market market price was at 26,000 when the trader bought it at 20,000, but Masakarit al-Pazishan, Bado open and Nishimasu, it comes one year later, the trader sells the contract for $24,000. In the example, because the trader marked their portfolio at the market for the end of 2021 year and recognized a $6,000 gain, the trader will subsequently book a $2,000 loss when they close the position in 2022. And when you book a loss, I realized loss in your portfolio, this also lowers any taxes that you may owe. So this is also looked at as part of the tax advantages when it comes to trading with futures. Now, should a futures trader wish to carry back any losses under the IRC section 1256, they're allowed to do so for up to three years under the condition that the losses being carried back do not exceed the net gains of the previous year, nor can it increase and operating loss from that year. The losses carried back to the earliest year first and any remaining amounts are carried to the next two years. And of course, the 60-40 rule applies. Now, what does this mean? It means that if you have a gain where it says here specifically, losses being carried back do not exceed the net gains of that previous year. So the previous year marked market can be set the left a lot of it. If this current year can suck at the position at a 8,000 loss, well, it can exceed the 8,000 because the mark to market the previous year can it sit the lift? So the limit would be 6,000 if they were to close more than 6,000 for year 2022. That's all that that means in the textbook definition of the IRC or internal revenue code under US taxation. Now, close the middle taxation, very simple to 60-40 rule. This is under US taxation law. I'm not a tax specialist. I would advise anyone that's living outside of the US and pays taxes under any other foreign government or entity that does have taxation laws in place on futures contracts to make sure you understand what the taxation rules are for your particular taxation entity, regardless of where it may be and understand how those would apply. I just gave you an example of how detailed, low bayha and easy to understand from a US perspective, they could be more complicated in other countries and other taxation jurisdictions. So it's good to know where you stand from that perspective before you start building your futures portfolio and start trading. And then at the end of the year, Manak Arfin and Wadah Bil Nisb Al-Taqsation and before you know it, Pijji Fatoula and it hits you out of nowhere. And that's what we don't wanna know. We wanna have a full circle understanding of everything from A to Z, how it works, how the futures contracts operate, which we do now, we've been in the previous webinars through how to capitalize and understand what the gains are from a capital gains, whether it's ordinary taxation and or capital gains taxation. Now, moving on, what we're gonna be looking now, starting from this point within this webinar, l'al-mustabal inshallah, we're gonna start looking at the specific sectors within commodities, within metals, within agriculture, within interest rates, within indices, et cetera, et cetera. And we're gonna start taking a more in-depth look at the market outlook, so that it gives you more information to provide you an informed decision-making ability to decide, oh, she had a sector behemak awla, is a sector that you're thinking about getting into or you're already involved in, but you're looking for ways to hedge positions. You will need to be able to use the research specifically based on the curve, whether if you can recall from last webinar, the types of curves that we're looking for is a backwardation or if it's contagan, a contagan. So from this perspective, moving forward, I've started with crude oil, since it is a hot topic. There is a lot of volatility. It does have a lot of moving parts. And at the same time, the war between Russia and Ukraine, after that, no one knows, maybe there's an end to these two weeks, maybe it's a long time after two or three years, no one knows. But all of this is out of your control. And all of this is diplomatic positioning between, you wanna call it East-West, Russia, Europe, et cetera, et cetera. It is political positioning, it's geopolitical tension. And at the end of the day, fietykh la sbsera aw kamena fietetowah. And the outlook from what the market is showing us is irrelevant of whether Ukraine and Russia believe it or not ends today. Now, obviously, it's a hara khol-sit-al-yaw, or mafibah abadan hara bain-yur-si or Ukraine, it will relieve some of the pressure on oil prices. But neither here nor there, inflation has already crept in the largest market in the world, which is the U.S. market. The real inflation rate, you know, CPI, the Consumer Price Index that is reported by the U.S. government, they come out with it on a monthly basis. They are saying it's at 8.3%. But real inflation, when you calculate how the CPI is manipulated, which it is, that's not a secret, but the manipulation part of it is the sense that what types of goods are they putting inside this basket to come up with the CPI index? And the real rate of inflation is not at 8.3%. It's closer to 12% the real inflation rate inside the U.S. market. And from that perspective, you have to understand how expensive things have gotten within that particular market. And depending on most Americans living day-to-day, week-to-week, paycheck-to-paycheck is what they call it, Now, if we get into energy prices in America, mode of transportation is automobile. Most everyone owns an automobile. They have to fuel their cars on a weekly basis, depending on how much they have to travel and use, et cetera, et cetera. So it's not, because America is so big and everyone needs a car to get from point A to point B and the public transportation system is not as efficient as, and it's not, the infrastructure is not as thorough as you would find elsewhere. It is a very big development for the American market. Now, for the most commodities, prices are expected to significantly be higher in 2022 than in 2021 and to remain high in the medium term. Now, it's no secret. Hala, I mean, when all will ascending to Hala, the S&P 500 excluding today is down year-to-date, 13 to 14%, okay? And that's already factored in to interest rate hikes by the Fed and there will be several more throughout the year where the expected rate should be or could theoretically be anywhere between two and a half to two and three quarters, maximum 3% on the year end. Now, where will it be by year end? Commander had his speculation. This is also a futures asset class and security that one could speculate and or hedge with as well, the interest rate sector. Now, if we go back to where we are with oil, this site, this information source is coming from, Relief, expand it for you so you can check it out for yourselves, there it is, Reliefweb.int, okay? Now, from this particular website, which this was taken, this information I got last week, the price of Brent crude oil is projected to average at $100 a barrel in 2022, which is a 42% increase from 2021 and it's highest level since 2013. Non-energy prices. Now we're getting away from oil, but we're gonna focus on the first 70% and the first sentence in the future slides. But, Commander, just to give you an idea of where we're going and where we're headed with these webinars moving forward in the other sectors, non-energy prices are expected to rise about 20% in 2022, with the largest increase in commodities for Russia, Ukraine are key exporters. We prices in particular are forecasted to increase by more than 40% this year, reaching an all-time high in nominal terms. Means basically in numbers. So, I have three specific spotlights, as about as about corn. Let's talk about this particular webinar. This is taken from S&P or spglobal.com from the week of May 16th. And what we're gonna be looking at within these next three slides and next three topics on market outlook for you to have more information in order for you to have a better, let's say outlook and more informed information and research to place your position, make a position, place your bets, depending on your portfolio. Now, the first thing that we're gonna talk about, Hala of the three is the surging US jet fuel prices driving historic rise or rises in airfares. What does that mean? Jet fuel is a commodity, it's linked to crude oil. We're gonna read here what's happening. The most recent United States CPI report showed that there is a rise of 8.2% from a year ago across all items, but airfares were up 33.3%. And increased 18.6% in April alone. Hala, let's look outside of the context of the actual commodity market. What's happening? We didn't finish 100% of Corona, but the world is open, except China. China is still under a severe lockdown. They're going into the fourth week now, but in China, which means you have coming post pandemic because it's not considered a pandemic anymore. So airfares, they're having, airliners are having to pay higher prices for fuel because of the geopolitical situation and the inflation that's taken place because of the commodities market in general is rising in prices, but they're not charging on a relative scale. They're charging a premium. Maybe they're trying to make up for lost time. Maybe they're trying to manipulate earnings per share if they're traded publicly, which most airlines are. There are a number of reasons, but mainly it's based, it goes back to the supply and demand. There's demand now from the world, but they're safe. They're looking now for ways to get out and make up for the lost time for the last two years, which were houses or cities. Now, they're not going to be able to travel. For example, from Lebanon to Ibros or from Lebanon to Turkey or anywhere, people are going to travel and COVID testing and COVID pandemic are becoming more relaxed and I think of the past and people are getting past it and used to that. Now, this was the largest month-to-month increase since the inception of the series in 1963 when we say in the series, when they started calculating this particular data within the air-lining industry. Spot jet fuel prices have risen 157% on year suggesting the upward pressure on airfares will continue to possibly worsen in early summer. So now, what's going to happen now in the context of things? What's going to end now? The schools and universities are ending the year. There's summer. What will the world usually do when they travel? People with families, people with children, if they have a chance, especially if they're studying in the university or if their children are studying, they'll finish their studies. Now, the world is going to start traveling. So the demand is going to pick up more and this is where they are suggesting that the pricing on airfare will continue to increase based on the demand. So I'm not saying advice, but if someone is thinking about the summer, I think it's better to go and study from now instead of waiting for the last minute because each passing day and each passing week, based on this particular data, prices will be increasing. What's next? The sharp rise in airfares with prospects of further pricing pressures could deter summer travel at the margin over the summer. And so, this is what we have to look at as investors and or traders. And it is a demand will supply There's going to come a time where there's still supply, meaning availability to travel, but it's got too expensive for people to make the decision to say, yes, let's do it. They're going to say, I don't know whether it was cheap for like 2500 dollars to travel or from Lebanon to America, since the time 1987 to and. Why, or for like 2000 200. If we have family we can't Andags, so you have to take this. Information, come and into consideration when you're looking at this particular sector within futures trading. The second factor that we're going to be looking at are now we get into the dynamics of what's actually happening when it comes to the crude market itself, when it comes to the trade, VLCC is very large crude carriers. They remain present in increased USGCUKC trade amid mid-sized tanker volatility. So what's happening is you have these very large crude containers. They've taken an untypical market share and the US Gulf Coast, that's what USGC stands for, that's in the south of the United States, in the Gulf of Mexico to the UK continent, basically the continent runs from smaller Suez maxes and Afromaxes. Those are large tankers, oil tankers. What's next? Freight for mid-sized tankers has since fallen from peaks seen in early April, whereas you're seeing VLCCs have also seen sunken rate levels ushering their return to the transatlantic play. So what does this mean? We're going to see possibly, possibly instead of using the mid-sized tankers, we're going to see an increase or supply and demand for the large tankers. Leish, Achan, America has the largest oil reserves in the world and we could start seeing transatlantic from the US to the European continent, a spike or heightened demand for the VLCC tanker market versus the mid-sized tanker market. Future cannibalization of mid-sized tanker transatlantic cargoes and covered barrels on previously booked VLCC is making the USGC and UKC run could at least to further, could lead to at least further softening and the supermax freight environment. So when we say softening, we're going to see the cannibalization. What's going to happen now? Are these transporters are going to continue using mid-sized carriers depending on the price of oil, depending on the demand of oil, depending on where it's headed and the need based on the geopolitical tension. If they're able to turn off all of the energy or crude oil coming from Russia to the European continent, because as we've seen in the news lately, they've extended, the EU has extended some of the embargoes or sanctions on Russian oil for a further six weeks or more depending on the country itself. So as long as you see Russia continuing to supply oil to the European continent in some degree or fashion will depend on what size tankers end up being used from a supply demand perspective. Now, if you look at this chart here, the plots here, what you're going to notice, what you're going to notice here is February leading into March. If we go back just on the timeframe, these dots here, this timeframe is when Russia decided to do what they are doing in Ukraine. So this is when you see the traded value spike and since then it's come back down. Now it's at this hovering here in May at this particular level, just at the same level basically right before Russia invaded Ukraine. So now it's going to go back to what I just said and what you're going to see now with Russia coming from Russia to Europe. How much is going to continue to flow? Oh, are they going to completely shut it out and shut it down will depend on which way the next move takes place. The third point from the market view that we want to take a look at within oil and energy is the US SPR drawdown begins and will continue until 2022. What is happening? Nearly 7 million barrels of crude left the US Strategic Petroleum Reserve and the week ended by May 6th. So we're talking three weeks ago now, the largest one-week drawdown in the history of the 40-year-old emergency stockpile. It was a start of deliveries for the 180 million barrel drawdown that will continue through October. So when we say drawdown, you have reserve levels. America is the largest oil reserve country in the world globally, but they're starting to draw down, meaning they are shipping it out. They're using it. So it's coming down. The drawdown means it's coming down further and further, which means the reserves are becoming less and less, which also affects the price stability or volatility is about going in the crude oil market. So when you're looking at 7 million barrels of crude oil were sent out by the end of the first week of May, which is the historic high over the 40-year emergency stockpile where they have this emergency stockpile for specific reasons. They've started tapping into it. We need to start reading it in the lines, Schumannetta. I'm not a political scientist. I'm not a political analyst. I'm an investment manager. And my job is to navigate the markets risk management-wise, manage money over a long-term perspective so that we're able to find good investments at all times, regardless of market cycles, and understand what's happening around us and how to protect ourselves using futures as part of our strategy. Now with that being said, this is going to continue according to spglobal.com through the end of October. We're done with May, then June, then July, then August, then September, then four months where they're going to be drawing down their reserves from the U.S. What's next? The S&P global community insights estimates that an average of 900,000 barrels per day of SPR crude will flow to the market from mid-April through October with additional trial downs by other international energy agency nations raising the global SPR flows to about 1.4 million barrels per day. So it's telling us here that the U.S. is going to increase and end up averaging almost even 1 million barrels per day out of their stockpile in mid-April all the way through October, and you have other international energy agency nations such as OPEC, those nations raising their flows to about 1.4 billion barrels per day. Now if I click here and enlarge this particular graph for you to take a look at as information and research, look at where we are now. How long is the divide? Gray is the future where it's forecasted. This is the blue line represents the drawdown and look where we were at the beginning of the year and look at where it's going to be forecasted by the end of the year. This here, the drawdown begins through October and crude deliveries start on the largest ever SPR drawdown. So if I were to take a look at this graph, does this tell me that if I read between the lines just based on my own intuition and research, does this tell me that the Ukrainian-Russia conflict is going to end anytime soon? Possibly, but looking at this particular graph, I would say no. Why? My answer would be is if they're going to continue the drawdowns in this particular capacity, if you just look at the blue line as the forecast, that means they're going to be sending out more from their reserves and their drawdown levels will be decreasing or increasing, but what they're going to be supplying to the market is more coming from their stockpiles, which means they're going to in theory start shutting out Russian oil completely so that it doesn't supply any nation to where any nation that does accept Russian oil would or could possibly face sanctions, financial sanctions, taxations, etc. You guys know the drill. And I'm neither here to say I am for or against. I'm looking at data and my job is to navigate the markets. So from this perspective, just looking at this particular forecast, as you can see for yourself, it's going to continue. The US is going to ramp up their supply. They're going to lower their stockpiles to make up for what could possibly be a complete shutoff of Russian oil to the global markets. I could be wrong. I'm just giving you the information of how I'm looking at this and reading it myself. Now as we move into the key takeaways, starting off what we discussed, but over the webinar when it comes to taxation or any country that you are in that does have taxation on securities, capital market securities, make sure you do your research and figure out where you stand when it comes to futures securities taxation. You'll find them most likely more friendly than normal equities taxation policy and standards. It's certainly that way in the US markets. In theory, it should be that way in other markets, but other markets make their own policies. Other governments make their own policies. So you need to check into that so that you understand how the tax laws may affect your portfolio as you start building and trading into the futures markets. Second, going back to what we discussed, the market outlook in a very brief context on the outlook coming from specific research sites on what they're seeing based on data. It's been driven by data, real data, not speculation where you have an analyst coming in and saying, well, I think Muslim and Goldman Sachs, I think this or from some other investment firm or hedge fund saying no, I think this where you get conflicting reports. This was all data driven. You've got to do your research. I've mentioned it many times before in previous webinars. You've got to know what you're doing, what you're investing in, and why. And it goes back to research, research, research. You've got to get as much information as you possibly can. And going back here, when I say this week, this was done last week. So we only identified some variables being factored into the crude oil slash fuel commodity sector. Understand that everything that you read from any perspective may not and most likely will not be 100% accurate as the markets play out. So the information provides you with enough data to take an informed position or not. Based on what America is doing with their stockpiles, what the increase in airfares based on the increase in jet fuel has done to the airfare pricing. What could happen? Where is that point of no return to where travelers say, colors started too expensive. I'm not going to pay this price and it starts to drop right now. It's on the up and up on both sides. Cost on the airlines is increasing and they're increasing the airfares at the same time to keep up with obviously operational costs and so forth. So make sure when you read something, if it makes sense to you, I'm going to research, you're completely let's say in the opposite opinion of what you just read or watched or came across, continue searching to find what else is happening on the other side of the spectrum. And I'm not saying that once you find something that you agree with that it's going to be right, but you need to know from one end of the spectrum to the other what the market could possibly throw at what to expect from the market volatility because like I said, the market is the market. It's going to do what it's going to do. You have no control over it. It's not going to move for you in one direction or the other just because it needs or you need it to be profitable in your particular portfolio. So the more information that you have from two minutes, you can take an informed decision. This particular viewpoint makes sense. But this particular viewpoint also makes sense. And then you find out more and you read more and you find out more and you read more then you go back to the curves. You look at not necessarily from a technical standpoint of technical trading, but you use the futures graphs, their curves to give you an indication more than anything else. And lastly, we will continue our webinar series with futures trading, futures within the future sector, diving in with specific information that could be data-driven also from analytical perspectives on other parts of the capital markets. Could be agriculture next week. It could be metals next week. I will be able to give you more details as we get closer or at the beginning of next week's webinar of what we're going to be doing. But now, we're done with the futures from taxation. We started at night, all the way back to the very first webinar. What are futures and how are they used? If you need to touch up, Adnan from ThickMill came on at the beginning of last two weeks ago of the webinar, provided the link that gives you access to their YouTube platform where all of these have been recorded from webinar one all the way through eight. Today's webinar nine, you'll be able to have access to this one. If you can find your main 30 and you can go back and listen to them again and look at the information provided as to how they're used, how they're calculated, what's the value of each particular contract, how the contracts evaluated, what does it mean at expiry date, et cetera, et cetera. Now we've got what the futures are, which are highly sophisticated. These are not securities for the weak-hearted and definitely not securities for the ill-informed. It's complete opposite. You really need to understand what they are, how they're used, and then at the same time, be able to go in, make the research, start building your futures portfolio, maybe hedge the portfolio that you currently have or speculate or a mixture of the two. But we'll start getting into more information to help give you better insight within each of the sectors that Tickmill offers within their futures platform ranging from, but less than from energy all the way through agriculture and the other commodities to the indices, interest rates, et cetera, et cetera. And I always like to end each conversation and webinar with a famous quote and the four most dangerous words in investing are, it's different this time. This one has come from Sir Thomas Templeton, who was an American-born British investor, banker, fund manager, and philanthropist. Now that being said, it's different this time. Well, we have a lot of things happening in the marketplace and it's uncharted territory. America is at a 40-year all-time inflation rate. They're raising interest rates. The U.S. markets, the market itself from everything that's coming through my network is not stable. It's more down pressure at the moment than there is optimism to lift it back up. If there is any optimism, it would be short-lived for the most part before we see what's really going to take place as they continue to raise interest rates to combat inflation. And then more importantly, we still have a lot of supply chain disruption, supply chain management disruptions, mainly from scene. They've been under complete lockdown. If they open up tomorrow, it's going to go from 0 to 100. At what capacity will they be able to start operating again? And then we still have geopolitical tension between Russia and the EU, NATO and Ukraine. So when we say the foremost dangerous words, it's different this time. You've got to be careful because this time is different. It's uncharted territory from a combination of scenarios, not just one. So once again, I'm going to do as much research as you can. You guys have my email address. You're more than welcome to send me any questions that you may have on particular issues within the market. And now I'm going to open it up to any Q&A. Let me see if anyone has sent any questions now. How accurate are these, how accurate are technical indicators? Mo, I'm going to think is short from Hamad, correct me if I'm wrong. Hamad technical indicators are part of the process. It gives you what's happened in the past, okay? It does not give you any crystal ball skills to say, okay, but if you take what's happening in the real world based on real-life capital controls, capital market management coming from the Fed, meaning interest rate hikes at the same time, inflation at the same time, commodities and raw material increases and supply chain disruption. Well, you don't have all of these crises as a bad duck happening at the same time historically, but you do have interest rates being at a 40-year-old time high from an inflationary perspective. Well, you can go back and see, okay, what's happened since World War II in the U.S. market when inflation got out of control? What happened when interest rates increased? What happened to the indices, the actual markets themselves from the New York Stock Exchange to the Dow to the S&P 500 and see what happened historically? Could it be an indicator as to what's going to happen now? Yes. Is it a guarantee that these indicators are accurate? No, it's not because we have those other variables taking place simultaneously in the marketplace now. So you have to pick and choose. When I say pick and choose your battles, I would say rather pick and choose a specific sector and focus on it and block out all the noise and go back in historically and look at the charts and see where oil was. And for instance, we went to the Petrodollar, the America. What happened to oil prices when inflation was at their 40-year-old time high prior to this all-time high? What happened to oil, for instance, when interest rates were under Volcker were increasing at a very fast clip to combat inflation? You can embassier to the price, not relative to where it is now, but relative to the price at that point in time to oil. Just giving you some examples. So how accurate are technical indicators? Moving forward, zero. But they give us historical data to give us an indication of, okay, take the effect was X. So do your research, look in to see how much of the past is aligned with what's happening today. And if the past three Mesolan episodes provided a same or similar result, whatever that may be, then do your research and see how likely is that outcome likely to happen now. But you cannot just strictly stick to technical indicators. From a risk management perspective and long-term investment perspective, indicators to me provide me only short-term information, historical data with short-term information only, but I don't use that as a long-term investment decision. Any other questions? Anyone else? Perfect. I wish everybody a good evening to Spala Khair, happy trading, and good luck with this upcoming week before I leave you. The markets today are a bit flat. On the US side, we've had a little bit of an uptick this last week. And crude oil right now is at 117, gold is at 1847. The Dow was down 44 points, the S&P 500 is flat. So we had a little bit of a turnaround in the market towards the end of last week. Yesterday was a holiday in America. So today is the first of four trading days. But be careful of what they call the dead cat bounce because there's a lot of traps out there at the moment that you need to be careful and aware of falling into. That being said, good luck. And if you have any questions, don't hesitate to reach out to me or Tick Mill and we'll respond to you as best as we can. Have a great evening and see everybody next week. Take care.