 Hello and welcome to the CMC markets and non-farm payrolls webinar with me David Madden. This is non-farm payrolls on Friday the 4th of September 2020 and the current time is 13, 15 British summer time. As always if you are used to attending our webinars you know that will be the classic example of going through the risk warning screens and from there what we will end up doing is do the risk warnings it's the usual standard stuff if you watch our videos or tune into our webinars and essentially says everything that is covered in this webinar is only my thoughts is only just general kind of commentary and it's not to be construed as trading advice or explicit investment advice and it's all fairly basic stuff it should keep my compliance department happy and for those of you who tune in regularly to our webinars or watch the videos that we produce on a weekly basis it's all stuff that you've seen before so this will give you a quick outline of what they're going to be doing I'll talk about what's going on in the markets in general the big indices the big commodity pairs talk about the headlines and then we'll talk about the number of themselves so we've had reasonably good we had a colossal sell-off in the in the US last night very much tech tech led we saw that the NASDAQ 100 declined over 5% the S&P 500 declined about three and a half percent but we've seen a bit of a bounce back here in Europe today it's things are looking reasonably we call it as the optimistic if you take a look at the FTSEW 100 here things have recovered from yesterday but nonetheless there's still a good major concerns out there for the sake of the overheatingness of the jobs market sorry I said the jobs market I got jobs figures on the mind overheatingness of the US tech sector so I would say imagine today's move was probably more position squaring up rather than actual genuine belief that things are everything is a okay in relation to the tech stocks if you take a look at the price action of the FTSEW 100 of the last few months it's been very much in a downward trend and obviously with today's session hit back to low levels last scene in mid-May we have recovered somewhat we still haven't gone anywhere near back up to the pre Thursday level before the massive sell-off the huge sell-off that we saw in the US last night which spilled over to Europe so still very much in a downward trend we're currently trading around 5,862 in the FTSEW if it can a wider negative trend continues we could be looking at heading back down towards this area here down around 5,660 any move to the upside could run into resistance at this zone here in around 6,000 it's a big psychological number on top of that we did previously it has acted as both support and resistance we take a look now what's going on over in Germany on the DAX it's the DAX is in a better shape than the FTSEW but take a look at the wider view it's been a nice upward trend the last number of months since the lows that we saw in March but if you notice what's interesting was that yesterday's daily candle this big red rectangle here is completely well not quite but almost engulfs it was a very bearish candle it didn't quite become a fully fully bearish engulfing but it was extremely bearish candle we're lower a bit and today the the long wick on today's candle denotes indecision so traders a second of two minds which way we're going to go the wider upward trend is still very much intact and if we hold above this blue line here the fifth movie average which comes in the play around 12,820 if you could hold above that it's like it at the wider upward trend is going to continue and should we press on higher from here we could be looking at heading up towards 13,200 and if you go beyond that we could be looking at retesting the multi-month highs the highs that you know they get the kind of set month highs that were racked up yesterday and if you go beyond that we could then be looking at potentially heading up towards 13,500 it's only really if you have a size of a break below this blue line here the fifth movie average could then we begin to think you know what maybe there's maybe something maybe the kind of we could be looking at a move lower should that be the case we could then potentially head back down towards the late mid to late August lows in around 12,629 I'm sure we had had below that we could head back down towards this red line here the maturity moving average which comes into play at 12,193 notice how it acted nicely as support at the very at the very late July and if a metric has been important in the past it makes it more likely it'll be of importance in the future although there are no guarantees what I'll do now is I'll take a look what's going on with the US markets we can see here on the S&P 500 the count yesterday is extraordinary huge massive extremely bearish candle lately more than engulfed the bodies of the previous positive two days candles granted the lows of today's session haven't taken up the lows of yesterday I suspect all the traders are going to be sitting on their hands waiting for the non-farm payroll numbers to come out not only do we have non-farm payrolls coming out in nine minutes we also have Canadian jobs numbers and if I remember serves me correct Monday next week is a bank holiday in both the US and Canada so therefore we could have some some traders in North America going we have the job list we have the job support in both Canada and US coming out we're heading into a long weekend so whatever moves you see post the job support could be of a major interest but when you're in the eye of the storm like last night when we were down finished over 3% lower on the S&P 500 there's a there's some people out there who are perma bears you're always saying yes I knew if the crash was coming and now it's and now it's begun it was a colossal move to the it was a very big move to the downside there's no doubt about that but let's just look how far we've traveled you know March in the grand scheme of things wasn't that long ago and the and the it was only you know at the end of March the S&P 500 was sub 2200 and only during the week it was up not quite as high as 3600 but not too far away so the move to the upside has been absolutely colossal we haven't seen any kind of proper corrections in months even if you take a look even when we were kind of taking a look at the levels that we've achieved basically trot basically from the end from late from late July we were in around 3200 and we gained almost 400 points in space of about five weeks which is an absolutely kind of colossal move when you think about it you know if you think 400 points as a percentage of 3200 is about nearly 12 and a half percent so it's come out a huge way and you know one of the biggest indices in the world so the broader upper trend the border trend is still to the upside but we'll see how the job is clear how the numbers come in obviously if you take out yesterday's lows we can then be looking heading back towards 3400 a break below that could take us back towards the mid-august low of around 3350 I think I'll move below that down towards 3326 and obviously to the upside traders are looking out for numbers like 3500 and if you go beyond that let me look at retesting the recent all-time highs so we have six minutes on the clock until what's until the numbers come out I'll chat to you about what you kind of expect why is it expected from the numbers and then we go back to more about what's going on on the indices and the reaction don't worry I will be going back to indices I will be talking about currency pairs dollar crosses pound dollar Euro dollar dollar CAD and obviously if I hear me okay feel free to kind of type in the chat box and in a while to say that you want me to have a look at a certain currency certain markets but I will be going to the big ones as well gold as well as another one I'll be talking about and an oil so a quick straw poll up for those of you who are signed up how many are actually have accounts with CMC markets just feel free to kind of type in the box if you are familiar with our trading platform what we can see here is we have the on the under news and analysis third option down is the market calendar this give you the economic calendar of the basically the big events if you can scroll down here we can see down along here at non-farm payrolls we're expecting 1.4 million jobs to be added that would be a decline from the 1.76 million jobs that were created last month on the unemployment rate that is expected to drop to 9.8 percent from 10.2 and also keep an eye for average earnings it's expected to fall from 4.5 percent to 4 to 4.5 percent from 4.8 percent I can't hear you okay there's an individual there you said you said they can't hear me at all you may want to check your connection because anything I can see here is people can people are interacting with me so I'm afraid it must be an issue with your end excellent you can't hear me brilliant non-farm payrolls I suspect we're going to see something in a region of around 1 million to 1.2 million I think a natural tapering off in the in the recovery of the US economy is likely but I think we're probably going to come in around kind of 1 million 1.2 million why do I think that if you take a look back yesterday at the ISM non-manufacturing update we can see here that the employment component of that reading if you take a look at the actual figure itself ISM non-manufacturing which is essentially a services update if you take a look at the actual reading itself we can see here that the reading came in at 50 56.9 which is a pullback from the 58.1 posted in the previous month which is a good reading but if you look finer down in the details we can see here that the the new orders in metric dropped off a fair bit but if you take a look at the unemployment component it went from 42.1 to 47.9 so it's moving in the right direction but it's not really moving upwards at a fast pace and this is the problem sadly the the problem with the labor market whatever is a downturn I think it's a bad employers are quite quick to make redundancies or at the very least stop hiring but when things appear to be turning around I you know we're seeing a recovery in the economy they're not so quick to actually hire people back so I think we're going to see a tapering off in there in the in the jobless rate and the rate of which jobs are being created if you take a look yesterday at the initial jobless claims they were they're quite they're quite impressive well in a relative speaking the reading was here it came in at 880 1000 800 any 1000 it was a nice drop on the kind of just over a million that were that was posted in the week before so there were 880 1000 new people signed up for unemployment benefit for the first time but it's a considerable drop on the kind of in excess of one million in the previous week we could also see if you take a look at the continued claims reading we can see on the continued claims front that fell to 13.25 million from 14.49 million so for those that people who are already claiming an employment benefit how many additional ones how many we're still claiming it dropped by over a million so so we always suggest that over a million people return to the labor market so that that's that was just me the things are that things that are improving slowly but surely so that's why I believe we are going to have probably about a million or so maybe 1.2 million created but I don't think we're going to be as generous as the 1.4 million that were created in the previous month okay we're coming down to 50 seconds left let's also forget about Canada Canada numbers coming out of half one as well on the unemployment rate it's tipped to fall from 10.9% to 10.1 and on the employment change reading that is tipped to cool from 418,500 down to 275,000 so the expecting jobs to be created but not as many as originally not as many as a previous month in July we got 20 seconds on left on the clock I'm going to just be quiet now 1.37 million so almost bang a line the unemployment rate dropped to 8.4% a larger drop than expected the average earnings component falls from 4.8% to 4.7% this is looking at a quick snap glance a decent job support from the US there is only a tiny revision made to the previous number of 1.76 million revised down to 1.73 million over in Canada the unemployment rate dropped to 10.2% down from 10.8 as I mentioned Canadian unemployment rate we can see here on in terms of Canada okay that's interesting there were and the Canadian employment change 245,000 jobs and 800 jobs are created so not too far away from the 235,000 that was that was expected to be created the unemployment rate in Canada surprisingly fell down to 10.2% so essentially not too far away from the original expected just to get a quick revision of the US numbers I would suggest they were quite positive they're quite decent 1.37 million jobs added just below the 1.4 million that was expected in terms of the actual unemployment rate out of the US the unemployment rating fell to 8.4% that's quite decent that's quite a large fall from the previous rating of 10.2 and much lower than the 9.8 expected and lastly we saw the we saw the average earnings come drop of it down to 4.7% so I would suggest it's a fairly good number all in all I'm guessing that it's going to be positive for the dollar let's see how it reacts in terms of the in terms of the indices I take a look now at Euro data to gauge the reaction my guess is it's going to be dollar positive so probably have it a bit more additional pressure on the on the jobs on the on the single currency on the Euro as we can see here so the big spike down initially on the on the Euro versus the US dollar let's see what the reaction is across all the currency pairs it's going to be the Canadian the dollar cat is going to be interesting given that they both had pretty good numbers I suspect that the American currency went out so we could see a dollar cat a bit higher let's see if I'm right so we did see a spike to the upside on the nation reaction now the market seems to be digesting the numbers and I would suggest this is a pretty positive report as well for equities and go back to the S&P 500 yeah if you take a look at that rating initially right on the money higher followed by lower seem to be pressing higher so it looks to be to be have gone down well with the with the US equity traders was Evans thoughts and I've given you my thoughts on the job on the on the on the unemployment figures what are your thoughts feel free to just stick them in the box what I'm going to do now is have a look at what's going on with the Dow Jones see that that's reacting yeah we seem to be going to pressing higher post the numbers let's take a look at the wider view so you know yesterday on the Dow Jones the daily cat the daily chart we're looking at very much a but a bearish day yesterday fall on bearish and golfing posted yesterday but the lows of today's session haven't taken up the lows of yesterday and we and given what we saw the last few minutes we do appear to be kind of nudging a bit higher so we could see that the Dow Jones continued to kind of make up for a make up for last ground given what we had in terms of the actual jobs numbers in terms of potential areas to keep an eye off or I look at this was really the point we and there you want to keep an eye off for from them from this morning session will be in around twenty six twenty eight thousand six hundred there they're about that's been the kind of high of the this morning session obviously this is the futures market we're talking about if you do look to kind of break above that I could then head us back up towards twenty eight thousand eight hundred and then if you go beyond that we keep looking heading up towards twenty nine right one going to do now as I take a proper look now at the a few the currency pairs if there are any markets I'll be going through Euro dollar pound dollar and dollar CAD in more detail I'm taking a look at gold as well I know some of you mentioned some markets are ready it's anything else you have a look at that I haven't listed I'll happily do so so the wider picture for Euro dollar for the last few months has been very much to the upside it was only during the week we actually saw it's only during the week that we saw if a euro dollar hit a 28th month high so give an indication if how strong the euro has been against you a dollar or really how weak the dollar has been so it's still very much in a separate trend if you take a look at the price action the last few days it has been moving lower note the very long wick on yesterday's candle long wicks denote in decision which is this kind of this very kind of skinny line here that just that denotes in decision as kind of suggesting that the markets don't know which way to turn and we haven't moved well to be honest we're still sort of in the range of yesterday we haven't taken up the highs yesterday but we're still well above the lows of yesterday so we could see Euro dollar holder on these levels or maybe gonna drift down towards 118 but like I said this report seems to be a dollar positive so we could head a bit lower and if that is the case we can head back towards 118 if you take out yesterday's low that could potentially take us up back down toward these is it these lows here in around one spot 1754 and if you have a decent move below that we could head back down toward this area here in around one spot 1696 but let's not forget the wider upper trend and you know I suspect if he if you hold above this area here one spot 1696 I suspect the wider upper trend in your dollar is going to continue let's take a look now at pound dollar yesterday are sorry yesterday but during the week on Tuesday what we saw was we saw pound dollar in its highest level since December that was actually back on the on the election night if you recall we could see here that it's been a nice upward trend the last few months for those of you who don't follow to read up on technical analysis I would very much recommend that you do read it read up on it that there's there's some very useful information in there and I mentioned about that the long wicks a moment ago I mentioned again you know we can see here that that the very long wick on Tuesday the 1st of September on the dollar on the pound dollar chart here basically denoted in decision and you know what you expect you hit a multi-month high and then you have a long wick is that really it's not a huge shock to see the next day well you have a bit of a correction you know markets don't move in straight lines it's kind of one of the old adages that's often gets thrown as often gets thrown about and what do you know we had a you know a move a very kind of sharp move to the upside it couldn't be held it closed higher on the day but it didn't close too much above where a previously opened I want to know we had a bit of a move to the downside in the last few sessions keep on out for yesterday's low that we got a first kind of port protocol if things continue to move to move south and pound dollar and if they do take out yesterday's low we could look at heading heading back down towards we could not move head back down towards one spot 32 and if you go below one spot 32 we could head back down towards this area here one 30 of course it's if you can a big a big it could be it could be you know it's a big psychological number coming on now to dollar cash so the wider view of dollar cash has been very much of the downside we can see here basically the last few months that you have dollar has been getting consistently weaker it's also on the flip side of this the oil market has been has been re has rebounded a lot since April since kind of you know mid mid to late April the Canadian economy is very much tied in with with with with the oil market because Canada is a big producer of oil so we take a look at the price action it's heading very much south in fact yesterday I get down to around 130 a level last seen well way back at the very beginning of the year and then of course what do you know if you look at the price action yesterday we have a very much a bearish engulfing on yesterday's daily candle now for the kind of confirmation of that you'd want to see the market to continue to move higher we are very much off the lows of yesterday but we have yet to take out the highs of yesterday so I said thanks we've given the job support of the two job support I suspect we could see a continuation in the in the move higher in dollar cat in dollar cat if we do press on higher from here we could be looking at heading back towards one spot 32 and a movie on that could take us up to one spot 3244 move to the downside could head back down towards the kind of 130 area and if you do head below head south of 130 we could take us back down towards this area here in a one spot 2951 the NASDAQ 100 keep an eye have a look at that this has been an absolutely phenomenal move so we are well south of 7,000 back down around 6,600 so 6,650 odd back in the lows of March and yesterday or in the last couple of days we got up north up around 12,400 even even higher that so it's been an absolute huge move to the upside obviously we've that kind of yesterday is exceptionally exceptionally bearish we can see here that the lows of yet of today have taken up the loads of yesterday so things are still looking and still looking skewed to the downside on the NASDAQ 100 to note this level here which were basically currently out for not too far away from 11,000 you know the lows of today's session have been in around 11,600 we did see a bit of consolidation in that zone not too long ago but to be honest because these few so few price points in terms of old old resistance could potentially be new support in the market it's not many places really to kind of kind of kind of look at what we could see here is if we do have a decent break below 11,600 it could potentially head to this wider zone 11,200 or maybe say high we saw a couple of highs here in around there they're about 11,280 there they're about down to around 11,200 so that that zone of around 80 points or 100 points could act as a support should we have another move to the downside and if you go below that we could then be taking us back toward this blue line the fifth movie average which acted nicely as support back in April and as I said before if a metric has been important in the past it makes it more likely to be of importance in the future but you know then again we're still a long long way down from the metric and this is what I was talking about in relation to when you're in the eye of the storm it's difficult to go oh god you know there's not a talk out there that the tech bubble has finally burst and is this you know the dot-com boom bust all over again you know one of the tenets of Dow theory is that a market is in a trend until you have a significant move in the opposite direction and if you take a look at how far we've traveled in the last basically since March you know at the from time to time you are going to have a fairly significant correction so even if you do head back to the 50 moving average which is still you know the guts of 680 points below where we currently are we would still be in that wider upward trend so that they'll necessarily get to get any mindset of if you do have dropped another few hundred points that all that's it you know this is it you know we're going we're heading back to you know ten thousand or nine thousand or eight thousand or whatever it is or we're going to take out the March lows in the last like 100 you know we're going to see time at the time quite large pullbacks obviously if you get to a point then where you actually do start to have it have head back below the hundred a moving average back below the tourney moving average that's when you guys might be thinking right maybe maybe this trend has a hard one honest has a is running on a steam but this is the only chart I'm looking at here we can see basically from the session of the back end of yesterday and from what we see today it's largely been range bound 11,600 to the downside and 11,800 to the upside if we do I'm actually going to break below 11 6 we have talked about the levels we could potentially to the downside if we head north of 11,800 you can shake it off today's highs you've taken out it's kind of this this consolidation zone here that they could take us back up to 12,000 which you know coincides nicely with the 100-hour moving it's like 200-hour moving average this red line here but also 12,000 itself is a big kind of psychological number we can see on a few occasions it acts as both resistance and a support on the way up so you know it could be of importance on the way down and then if you're gonna go three take 12,000 you know we could see a few a bit of consolidation broadly speaking in around in around kind of 11,000 this is over here 12,200 and then if you get back to that level we'd have recouped most of the losses that we incurred yesterday and then people then probably be there talking again about the recent all-time highs it was it's now 1346 British summertime we've been this podcast me podcast I've been listening I visited too many podcasts and have them on the brain this webinar has been going on for half an hour any other markets you'd like me to have a quick look at gold I got a lot of gold what's going on with gold I suspect that we're going to see potentially in for a negative day or negative move on gold in light of what we saw with the with those numbers those numbers are pretty positive for the dollar inverse relationship between dollar and the gold market and what do you know we've had a fairly decent move silver and all crude all yet I take a look at that in terms of the price action the wider trend for gold has been very much to the upside hit an all-time high and nearly last month a quite a sizable sell-off here going into the middle of August but if you take a look at the lows the lows have been getting higher granted that the highs have been getting lower as well so that's not a million miles away from a kind of a triangle pattern for me forming and that that tends to be a continuation pattern a continuation of the of the previous trend we're comfortably above the 1900 level we're well above the 50 moving average sizes that actually we know we're going to see in the kind of me in the connect next few days the wider trend in gold to increase it's only really if you have a kind of very significant move to the upside in gold sorry in the US dollar could then we be luck at heading back heading back down towards 1900 but even on a kind of quite negative days we've seen in the last few months we haven't really really really retested 1900 we want to only have very briefly and got that didn't even get down there if you do have a decent move below 1900 keep going for this area here in the mid-August lows in 1863 any moves to the upside could can set us back toward the September highs the highs achieved on Tuesday in around 1992 and if you go beyond that we could then be looking up towards 2000 take a look at silver I did a chart forum and silver this only a short while ago for those of you who use the training CMC markets trading trading platform feel free to engage with chart forum click on the forum tab here feel free to enter can write your comment it's a good way for kind of you know us analysts to interact with that with you guys so the wider trend to the ups to the in play for silver is is still very much to the upside things are looking are looking fairly still looking fairly positive it wasn't that long ago we were kind of at mud it's only beginning of the month we reckon multi-year highs for silver if you could hold them all this zone here in round 26 it's likely that the kind of wider upper trend is going to continue if you can head back up towards 28 you could it could be on that and then retest 28.9 the recent highs or the highs achieving of September and then if you go beyond that we could then be looking heading up toward the highs that were posted in in the in early August which were not too far away from 30 29.85 I believe and you know keep in mind that those levels were levels last seen in 2013 and also I mentioned a moment ago the old adage markets up moving straight lines this is a colossal move to the upside so the trend upper trend remains but I wouldn't be surprised if you see a bit of sideways trading or range bound trading for a bit just because it's just because it is that level of growth is difficult to be sustained to be perfectly honest but at the same time you know the trend the upper trend is still very much in play euro yen I take a look at euro yen and then I'll be looking to kind of wind things down are there any other markets and if anyone would like me to have a look at please just feel free to type away in the box oh yes of course David don't worry I will keep an eye on that one so nice upper trend for last month few months on euro yen the highs that we saw during the week levels last seen well over a year ago circa kind of 18 month highs it's not even even longer copper as well so the trend is still very much very much to the upside granted we've cooled the last few sessions so it seems to me that the kind of the overall trend is the upper trend is still very much intact if you press on higher from here because we're currently in around one spot 25 78 if you press on higher from here the February highs of 2019 in around one spot 26 spot 90 that area could be looked to be covered if you go beyond that and keep an eye on for 129 itself if you do pull back from here we see we could find some support from this zone here in around one spot 24 44 one spot 24 34 there's a few occasions there's a few levels around there that acted as support there's also a bit of support is also acting as better consolidation in around 124 so keep an eye for that area to the downside and if you go below that the 50 moving average isn't too far below that in at one spot 29 one spot 23 92 take a look now at which precise take a look at Brent crude oil the cash market as we can see here it's had a huge rebound from the lows of April been pushing higher it's run right into resistance at this red line here the 200 day moving average on a few occasions it's trade above it you know it's not the line that but hasn't really pressed on higher the lows on crude oil are very much higher so if you take a look at know we're seeing a series of higher lows we're gonna see a series of higher highest we're not in an uptrend but you know I would still say that the bias is remaining to the upside oil is very much tied in about the health of the global economy the perceived health of the global economy and yes I did mean that pun so if you do get any kind of signs that things are improving in terms of global demand any signs of progress on the farmer front for a potential cure or even a treatment for COVID-19 that's likely to alter perceptions about what future demand is going to be that's the sort of thing which could be the next leg higher for the oil market because I don't really see OPEC plus in the likes going down the extreme cutting of production routes again so I think we could be range bound for oil in the near term but I suspect the bias is going to remain to the upside so if we look at getting back above the two-day moving average we could look at retesting the kind of 46 area this is obviously on the brain crude oil cash market cash contract and that begin at 46 if you go beyond that then the kind of the next big number to look out for will be a $50 a barrel big psychological number and all that move to the downside could incur could run into visit support in around here this the lows of mid mid-July into kind of late July in around $41 and 27 cents 41 you know $41 and 40 cents so there they're about we were there they're about could act as support I take a look at copper and then a look to have a look at the S&P 500 again and then I've been looking to wrap things up because we're coming up to 2 o'clock so yes this is copper here it was a belief copper at a 26 month high only a few days ago so the highs that we saw on copper during the week yeah with the highest high scene in 26 months a copper is very much in an upward trend things are still looking quite positive if you look to press on higher from here we could be looking at retaking 300 if you go beyond 300 keep on that for the recent highs at 306 and if you go beyond that 306 to be perfectly honest there isn't really a whole lot of other area price points to keep a mile for because if you take a look at the price action back there back in June 2018 it was very much in a downhill move so if you go beyond 3 306 we could be like you heading towards 320 and then even beyond that up towards 330 moves to the downside we can see here that this is a nice example of the fifth movie average acting nicely as support here so if you move lower from here we could find support from the fifth movie average which comes to play at 287 cents per pound if you do move below that you could head back down towards the the lows of middle mid August in around 276 cents per pound I'll take a look now at the S&P 500 and then I look to wrap things up because you're coming up on 2 o'clock so this is the hourly chart on the S&P 500 and obviously these are this is kind of an example of the market was driving lower trying to create new lows but I just couldn't now we're not seeing much move much upside move movement but the lows you've seen the last use the last while that the last you know they must say 12 hours have been getting higher so the market's trying to find a foundation for me what would be more significant would be you know the lower highs suggest the bias into the upside but what would be more significant would be if you actually take out the recent highs in around this is out here in around 34 86 there thereabouts and if you go beyond that we could be looking at retaking the two around moving average at 3495 you know if you go back below about back above 3500 you know that's that's a big number that's something that the chairs would be yeah we kind of would pick their interest and if you go beyond that this this is all here there's a bit of consolidation in around 3510 and if you go beyond that that could be the kind of beginning of maybe we could see for the gains being being made from here I do want to thank you for for tuning in to the to the webinar I do appreciate appreciate your time for those of you who are on Twitter feel free to follow me it's D Madden underscore CMC you can find me on the on Twitter obviously if it's any of the questions you want to fire at me in relation to what do you you know I can't give advice we definitely can't give advice but if you want to say David what do you make of copper David what do you make of a pound dollar I'd happily have a respond to in Twitter but once again we can't we can't give explicit advice but I do find Twitter to be a very good source of information so even of those who you were not on Twitter I would suggest if you are keen about trading the financial markets there's a lot of you know good Twitter you know free reliable Twitter feeds out there you know all the usual news suspects Reuters and Bloomberg are on Twitter as well luckily Irish exactly thank you for listening stay safe in this COVID environment have a good trading week and good luck