 Thank you and welcome to the CMC markets webinar with myself Dave Madden market analyst and CMC markets on Monday the 3rd of July We're just going to quickly run through the risk warning before we actually proceed with the webinar actually itself This is the actual Risk warning here. Thank you very much for your time now We'll crack on with the actual webinar itself. So what we saw this morning out of the United Kingdom We saw some manufacturing numbers come out of the UK which came in below market expectations on top of that We came we saw some eurozone on employment numbers, which came in bang in line with expectations overall what we've seen in in European equity markets is a push to the upside bearing in mind we did have a Negative week last week. We did see declines in global equity markets last week But over the weekend we did see some positive numbers from China the private the private survey of Chinese manufacturing Showed that manufacturing in China actually Expanded for the first time in three months and it came in above expectations on top of that We saw some better than expected just some good numbers from Japan in terms of the tanking survey In terms of the manufacturing survey and also the non manufacturing service So the positive numbers out of Japan and also out of China overnight Assisted the Asian equity markets higher and in turn push the European equities higher so this just now turn our attention to the FTSE 100 and Take a look at the chart of what's going on in the late major London benchmark If you take a look at the beginning with the daily chart What we can clearly see here is that the mark has been in a fairly decent upward move But we have seen some pulling up. We have seen a bit of a market turnaround a small bit of a correction Beginning late May early June We have seen the market cross dip below the both the 50 and the 100th day of moving average Which is obviously something something to give us be slightly concerned about Momentum negative momentum is actually is very much clearly on the rise and and what and And and the negative momentum is on the rise So we've seen that the pressure is very is towards the downside taking a look at a on a four-hour chart We can see here a number of days ago The FTSE 100 drop below the key support level at a seven thousand three hundred and seventy six It broke below that at the back end the last week I tried to rally through it on Friday. It couldn't it failed to do so and Seeing that this is quite a big support level as the market was rising It's now acting as a resistance point to market rallies and while the market remains below seven thousand three hundred and seventy six I think the the outlook for the FTSE 100 is going to is going to remain On the but on the on the bearish side Levels to watch out for to the downside should you move lower will be seven thousand three hundred and then the big support level here at seven thousand two hundred Should we rally through seven thousand seven hundred and seventy six The next level to watch out for will be the resistance at seven thousand four hundred and eighty two should be break north of Seven thousand four hundred and eighty two. I think that would negate the downward move that we've seen recently it's going to be a similar picture for the markets all across Europe and to a Kind of similar extent in the United States of America as well Actually, I'm just after seeing a message here. No sound anymore If it's anybody you could see the screen but not here I probably know all of you again No sound at my at my anybody else The speaker is it's been turned up higher Any anywhere that I'm probably sound I have Is it okay now It's anybody else having problem with the sound now if you could just please type in the box To let me know either way that would be fantastic. There is no sound How about now? Can you hear me now? is the Sound okay now How about now? Yes, can you know yes? Yes, excellent. I'll continue on with the DAX and then I quickly go backwards to the footsie To cover that once again. I do apologize about the inconvenience caused Taking a look here at the DAX a similar view to the footsie with under it It's had a great red rally trial 2017 But it seemed to kind of topped out in the month of June the DAX the Germany 30 20 below the 50-day moving average now receiving support From the 100-day moving average which comes into play just in around the 12,300 mark if you take it a closer look on the four-hourly chart We can see what was what we're actually up against There the the old support at 12,500 has now become resistant. So why would we remain below at 12,500? I think the outlook for the Germany 30 is going to be to to the bearish side of things Should we move lower the immediate target at a downside will be 12,310 that the low of Friday and seeing as That's actually quite a significant level. I'll move below that would then bring the 12,000 12,200 level into play rallies should we see it north of 12,500 and then go to incur this the next seven of resistance at 12,840 but certainly We have a quite a large move through 12,000 500 that actually could make the gate the downward move that we've seen in the last number of weeks. I Will we believe it's puts you in hundred UK 100 seeing as the weapons and issues with the sound Not to the similar to the actual to the Germany 30 the market started the the market started to top out and in May And we start to see in declines since then this important support level here was tested a number of occasions I was actually broken through it on Friday. It rallied back up to the old support was acting as now new resistance But I failed to clear it while we we while we remain below 7,376 the initial downside target is going to be 7,300 and then below that again 7,200 Should we have a decisive break north of 7,376 the next level to watch out for to the upside is going to be 7,482 Turning attention now to the the French market a lot of these markets have a similar a similar Have a similar kind of shape and direction to the chair whereby they had a good May and June But the gains have been giving up since then similar view here We're now trading below the 52 made we've now trading but well below the 50-day moving average on the France 40 It's getting support from the 100-day moving average at 5148 similar off here We were pushing to go where did they move it the market price is moving lower And then the negative momentum is increasing so this likely we could see further increase because we could see further Decreases to the market it appears that we've actually now filled up a gap That was created back in April after the first round of the French elections I'll point it towards a victory by Emmanuel Macron, which he which he went on to do Taking a look at a at a narrower gap We could just see here in terms of levels to watching all four We're trading in around the previous support current resistance at seven thousand five hundred five thousand one hundred and seventy four I do apologize And the and should we probably remain below that mark the outlet is going to be pointing towards a further losses The immediate support to the downside is going to be five thousand one hundred and then below that again Bears will be looking towards the five thousand mark Turn our attention now to what's going on in the United States US markets have actually had a better been in a bit of a better state For as the eurozone every markets given the strength of the euro at the back end of last week really actually hit Hit the the the continent the markets much harder than their European counterparts So taking a look now at the price action that we've seen on the on the US 30 It's similar chart, but actually in a better shape than what we're seeing in continental Europe The Dow Jones appears to be kind of pushing higher As you've seen in a move higher in global equities around the board The next move to the upside is going to be twenty one thousand five hundred and then north of that We'll talk of the all-time high of twenty one thousand five hundred and forty three as we can see here The support was tested at twenty one thousand two hundred, but it managed to do to very quickly bounce off of that Should this should this rally here fail to take out and have a decisive break north of twenty one thousand five hundred We could see the market turning on over itself again And should we do that the level to watch out for it's going to be twenty one thousand two hundred Notice how it's not as clear in this chart But notice how the market has seemed to have made a series of lower lows and also lower highs I'll just look at the S&P 500 now That to the similar to what we've seen on the US 30 whereby we've been alert sell-off at the back end of last week But the market has rebounded Not to the same extent, but for the time being twenty two thousand four hundred and eighteen is providing support to the US XP SPX Five hundred and the next level to watch out for to the upside. It's going to be the resistance at twenty two thousand four hundred and forty seven So these are the levels we're going to be watching out for this is going to be an indication of if you take off the resistance here at Two thousand four hundred forty seven we're going to be targeting the all-time highs Which coming to play at two thousand four hundred and fifty three But should we see a failure to take out the recent high with which which was precisely what happened At the back end of last week. We could end up actually turning over ourselves on it on a game making another attempt lower towards the support at two thousand four hundred and five and then below that again Seeing as we've had if you've tested two thousand four hundred five before it's been it's become a bit of an important support level So should we go south of two thousand four hundred five that would be a fairly big and Significent that's a significant move. All right, and it would point to further losses and the next important level to watch out for below two thousand four hundred five is going to be two thousand three hundred and eighty Turning our attention now to what's going on in the oil market Sorry, I apologize. I meant to say the oil market. I put all in one second. I meant to say the gold market The big picture for gold of last hundred months has been very much to the upside since race were raised here back in December 2016 it's been broadly been pushing higher trading a series of higher highs and higher lows Well, we have seen a bit of a sell-off Recently if you connected below from December connecting it with a low of May We've not actually broken through that that trend line It's obviously gonna be a bit of a bearish indicator if you've broken through that trend line But we haven't gone too far below it just yet We have previously received support at the two hundred a moving average. It's precisely what we're doing now Just north of 1230 with the two hundred a moving average is coming into play in around the two 1234 dollars level Should be hold north of that level the next level to watch out for to the upside is going to be 1253 dollars and then beyond that Bars who look towards two thousand one thousand two hundred and eighty dollars But should we see a close? Should we see a break below or close below the two hundred a moving average that will be quite a quite a worrying a Worrying sign and then the next level down to watch out for terms of support will be the it will be the male Oh of twelve hundred and fifteen and then below twelve hundred fifteen is going to be the big psychological 1200 number itself Looking turning our attention now to the oil market the oil market itself has also been in the news quite a bit We last week we saw quite a few days of gains. There's also been some But there's been a number of reasons behind the gains speculation at the issue of sell-off that we witnessed In kind of late May to mid June was very much overdone So that there was going to be some sort of a bounce back There was gonna be some short covering there was going to be some There was gonna be some Barricade on the truck into into into the mix as well But there's also a couple of signs that we were seeing a small bit of a production cut coming from the United States on Wednesday Even though actually inventories actually increased. We didn't see a slight decline in US oil production Two weeks ago all production in the United States was running at 9.4 million barrels a day and that was last week It was it was announced that it's reduced by 100,000 to 9.3 million barrels of oil a day being produced in the US It isn't a major. It isn't a major decrease was a decrease nonetheless Adding to that we did see on Friday evening that the Baker Hughes ring count from the United States Showed at the number of active rigs in the US declined by two to I believe it was 756 rigs Bearing a mind this time last year the number of active rigs in the United States was 341 so we have a pullback of two rigs It really isn't a whole lot and especially when on the year the active recount in the United States It's still more than double what it was this time last year The move we have seen the moves we saw last week were quite large I've seen a while the market keeps moving higher at the momentum It's moving higher as well. So the move the momentum is clearly towards the upside But it is worth pointing out that the big picture for oil and in terms of technical and the fundamental basis We should come out to you in a second is very much to the downside so the oil market in north of $57 in late February and then trade a balance sub Well approaching $50 it pulled back most of those losses only then they could create a new 2017 low Then we saw a lower high being created here in late May. I think once again creating a new low for 2017 And not too far away from the low of 2016 or late 2016 So this pullback here even though going from say forty four dollars and forty cents up towards forty forty nine Dollars in percentage terms It is quite a bit, but when you see the pullbacks here witnessed in late March and also made of sorry early May It is really a whole lot So we could even see a pullback up towards the two-day moving average in around the fifty one seventy level Before we actually see a potential turnaround yet again in the oil market because let's face it Oil over supply is still very much in traders minds Countries like Nigeria and Libya are still increasing their production as they are Actually not as they're exempt from the OPEC production freeze Whereas countries very much oil hungry countries like China and India their economies are slowing down So their demand for oil isn't the same what it once was say six months ago twelve months ago or 18 months ago Looking at it on a in a shorter time frame to get an idea of what to what to actually be looking out for We can see here that it has been pushing up as in break and true Previous support current resistance level the as currently failed to actually take out this level here at 48 dollars and 92 cents for Brent crude We could I said the big picture is we can see another rally up towards fifty one seventy But in the in the short term The next ever see what you all for should we continue on with this rally is going to be in the 50 region And then also in the 51 region, but should we see kind of pullbacks consider we had quite a quite a bounce back last week Sellers are going to look at towards 48 dollars to the downside and then below that 4635 and should we actually move back below 4426 that's when we get assigned That's what we're going to be looking back towards The low of November 2016, which was 43 13 It's a very similar chart looking for WTI West Texas intermediate oil So we just take in a zoom in on what to look at in terms of you know the near term price moves Even though we have managed to push back it still really hasn't had the energy No pun intended to actually rally on to the resistance at 46 dollars and 61 cents here So we're still hanging around the 46 the 46 dollar mark For oil should you move north and the resistance of 4661 it's coming back down with the watch out for Then we're going to be looking towards the 48 dollar region in terms of actual Former support current resistance this area here is going to be somewhere that Need to need to keep an eye on and it probably speaking the 48 dollar mark If we do see any moves to the downside, you know, we could see it We could see Some of the gains being given up the next step of the watch out for that a downside is going to be 45 dollars Then after that fear is going to be looking towards 43 56 and then sub that again. We're looking at 41 84 Let's have a look now at some of the major currencies. What's been going on in the major currency markets? The euro dollar obviously last week in its highest level versus the versus the US the euro versus the US dollar The euro dollar in its highest level versus the US dollar last week I've now seen some of those gains being handed back it previously Not long ago wasn't receiving support from the one 14 region Given that we've seen quite a decent move in the currency pair over the last number of weeks It wouldn't entirely be surprising if you have a bit more of a pullback But support could commit to play in around the one 13 region So we could see some buyers enter the phone at the old support and the and the former resistance level here at 113 for the euro versus the US dollar Should be continue on higher in their upper trend for the euro versus the US dollar The resistance at one fourteen ninety five is going to be the next level to watch out for to the upside But should we have a large large a large pullback? It should be to go south of 113 I think traders will then be looking towards the one twelve level in terms of actual next next terms of actual support Bearing in mind looking at the forward chart here. We can see that negative momentum is rising. So While the momentum of the for the downside momentum is rising We may not be seeing a turnaround in the euro versus the US dollar just yet Quickly now take a look turn my attention now to the pound versus the US dollar Not too dissimilar to the euro dollar in that I had it had a quite a good week last week I created a two month high, but now we're going to pull it back some of those gains We're now we're now trading at one twenty nine fifty four on the power versus the US dollar So we have dipped a fair bit back below the one thirty level It's like a lot to be important one thirty level for the power versus the greenback In terms of a level to keep an eye on We could see a should we see a pullback a further pullback To the fifth today moving average at one twenty eight seventy two We then could see some buyers enter the fold in this region because overall the hawkish commentary From Andy Hall dain and also Mark Carney last week is still very much on traders minds Bearing a mind at half six today at London time We get a further update from Andy Hall dain and let's be perfectly honest We know exactly what mr. Holiday is thinking when it comes to the Bank of England And their other monetary policy So should we retake one thirty on the power versus the US dollar the next level to watch out for is going to be one thirty forty seven Beyond that one thirty one twenty, but should we have a quite deep pullback And should we should we trace quite a bit and trade even below the fifth today moving average at one twenty eight seventy two The next level to watch out for the downside is going to be one twenty seven sixteen Now turning our attention to the euro versus the British pound We've had quite a tight trading range for the for the euro starting over the last number of sessions And it's been very much edging to the downside It's not an amazing example, but you can clearly see here. It's been creating Lower lows and some of the highs have been broadly speaking pushing to the downside as well The current level is currently receiving support from eighty sorry eighty seven seventy That level has been tested a couple times in the past. We're still managing to hang on to it While we remain north of eighty seven seventy We could see a further push higher on towards the resistance at eighty a twenty eighty forty four and eighty eight eighty itself We should be should we should we break back below eighty seven seventy The next level to watch out for to the downside is going to be eighty seven thirty eight Looking now at the dollar versus the Japanese yen the dollar yen The dollar yen has been creeping higher overnight And it's actually clearly trading at just what just shy of the one one thirteen markets Just straight currently at one twelve ninety six So the the resistance at one thirteen is is is coming into play And should we should be clear that level the next mark to watch out for it's going to be one of fourteen thirty six Levels to watch out for should we actually drop back below one thirty thirteen is going to be the 100 day moving average at 111 80 and then below that again the 200 day moving average at one eleven twenty five once again, I do apologize for the The technical issues that we've had at the very beginning of the of the of the show What I quickly do is quickly do is just talk about some of the major macro and Corporate events happening this week. I'm sure you all know where they are located on our website, but if you don't Looking at our week ahead here, which you can find by going to see if the markets calm under news and analysis Click on the news and analysis section Scroll down here. If you can filter by looking Weekly outlook that give you a breakdown of what to expect during the week So in terms of actually Corporate and it will start up an economic indicator to watch out for During the week on Wednesday, we have service PMI Numbers coming out from Italy France Spain and Germany and the eurozone as a whole bearing in mind The service sector is a large. It's going to be the largest largest sector in the eurozone economy far bigger than manufacturing and construction and what have you And seeing as last week Mario Draghi gave some quite optimistic comments on the state of the eurozone But then when the euro Started to rally versus the US dollar the European Center Bank the following day had to quickly turned around and state that They had to clarify their position and say that financial markets misinterpreted Mr. Draghi's comments and Said that they're content with it with the current progress in the eurozone, but they're effectively But they're effectively happy to keep the actual monetary policy the very loose monetary policy on in place for some time bearing in mind last Friday with some good inflation numbers from the eurozone and of course should we continue to see strong economic indicators from the eurozone in terms of the service numbers coming up this week What we're going to have is we're going to have probably further upper pressure for the euro bearing in mind this morning the manufacturing numbers That they are going to pull the numbers from the eurozone remain quite steady And also on top of that the manufacturing numbers that we did have the eurozone as a whole We're also quite impressive as well and particularly Germany's What to watch out for from the UK during the week? We have service service PMI numbers from the UK on Wednesday And we also have sir. We also have manufacturing production numbers from the UK on Friday It is worth noting that tomorrow Is it will be Tuesday the 4th of July? So it's obviously going to be a US holiday And for that we're going to for that reason some of the economic indicators and announcements which come out on a Wednesday Well, then I actually come out actually on the following Thursday. So Thursday coming up We can expect the US ADP numbers We can expect the US oil inventories And we can also expect to use as per usual jobless claims which come out every single Thursday from the US But all the all important number of the week is going to be Friday's non-farm payroll But we should be we should be reported at half one and speaking of non-farm payrolls before if they get don't forget to sign up for our For our non-farm payrolls webinar, which will take place at 1 15 On Friday the 7th of July. It's in the same location that you found the link for this webinar And here it is In terms of what to actually expect from the actual job from the actual non-farm payroll I just have a quick look at the corporate from the economic calendar off top my head We're expecting 183,000 jobs to be added and That that compares with the hundred and thirty eight thousand jobs that were that were created on the previous month So this year is the Economic calendar for the week, and I'll just skip ahead to Friday's as it by far the most important economic day in terms of economic announcements The forecast has been revised down to expecting 180,000 jobs to be added That compares with the previous month of a hundred and thirty eight thousand jobs added Unemployment is expected to hold steady at four point three percent This is important and often overlooked indicator Average earnings on a month-on-month basis average earnings in a month-on-month basis They're expected to increase by zero point three percent And that actually compares with the previous most rating of zero point two percent because a lot of policy makers in the US Politicians and center bankers will point to the low unemployment rate four point four point three percent Which is quite impressive But wage growth in the United States has been overly impressive And because of that when people are necessarily earning more money their disposable income isn't once when it was pre like pre 2007 and therefore they're not as keen to go out and spend but people don't go out and spend the overall Economy doesn't take along as nicely as it should so often you have a scenario and on for payrolls We're by the market as an e-jerk reaction to the headline figure this figure here bearing in mind 130 a thousand jobs that could easily be revised higher or lower The unemployment may move higher or lower But often I feel that the of the the average earnings figure as often gets overlooked good average earnings In my view is going to give the the third whole reason to continue down the route of Tightening their monetary policy who's they've talked about doing so Now I am conscious that it's five to one I am conscious that we have to take the issues so we didn't get started on the bang-on the 1215 mark If you've any questions any any comments Any markets you'd like me to look at that we haven't already covered. Please feel free to do so I'm seeing both New Zealand dollar versus the US dollar and sterling yen I'll have a look at those While I pull those charts up as it is any other markets you would like for me to have a look at please stick it in the comment box So it's New Zealand dollar versus the US dollar That is on shared automatically Let's scroll down here to currencies and Aussie dollar US dollar. Yes. Yes, so I'll cover that Okay, now we're getting somewhere New Zealand dollar US dollar So the last number year just at a very first very first kind of Clownson this and fast couple of the last number of years since 2014. We've been fairly clearly kind of concise downward move for the New Zealand dollar versus the US dollar it is encouraging to see though that the Momentum is to the upside At a weekly chart here the legend is to the upside So you can have more confidence in the valley that we have seen on the on the Kiwi Kiwi dollar versus the US dollar We're obviously going to should be actually continue to push higher in the US Canadian Sorry, get my get my country's confused here in the New Zealand dollar versus the US dollar The tuner week will be average which comes to play at a 74 46 That's going to be the big level to watch out for It's not too dissimilar to the to the resistance level here Which comes to play at a 74 85 from September? 2016 not to not to not to not too much off a year ago for that particular particular high How to zoom in and look at on a near-term chart the move I look at on the daily chart. We're gonna suggest more of a Well, the money is still pointing in kind of a it's like a very much a wide It's like a wide Sort of kind of sideways move that we're seeing in this particular currency pair We have got on to create lower lows and lower highs here, which would point to a downward trend, but This would be interesting When we can actually take out this hot this level here if you take out this between a region of 73 75 and this put this price here of 74 the figure if you fail to take out that it would We could see a turnaround in the market and a potentially looking at creating another move lower But should we actually take out that level and particularly to take out this The level I was just referred to a few minutes ago this September 2016 high Which is a 74 85 I think we're at an interesting point here in the Kiwi dollar versus the US dollar It is worth noting that the move that we have witnessed here, which is quite an impressive price move higher On the momentum side though has been declining and when you have diversion between the price moving higher But the same time momentum is going lower as a positive momentum is evaporating and you can see a few It's kind of spectrums of negative momentum that could be a sign that we're running on empty And it could be a sign that you know the market is about to turn over It is also worth pointing out that momentum is a policy forward-looking indicator So then the momentum needs price Well, she first of all most price is most important indicator of the markets moving higher That's what you should be following but also the the moving average here The effectively moving average has crossed above the water of the moving average, but Keeping in mind moving averages lag the actual price moving So it's a liking indicator rather than a leading indicator the moving average just those for the price does the price moving higher It's really in the the moving average is with move higher Well, I like about this is how the price continues to push on higher What I'm concerned about is that how long will it last and if you if we're not having any major event And any further momentum to the upside this this rally may be running into some resist may run out of steam Which would call it which if it does happen would call it coincide nicely with the resistance levels in here and here I Should be turned around obviously the big number to watch out for it's gonna be 72 to the downside The first one then the two-day moving average at just north all 71 itself Sterling versus the yen BBP That's how we saw starting in the really big picture is very much point to the downside We've managed to Stop creating lower lower lows, but the same time we haven't really managed to create any higher highs yet As you can see here the large decline of momentum was was mirrored by a large decline actually in the price itself There was an attempt to kind of pull back some of the losses that were that were incurred in 2015 and 2016 but the momentum ran out and we saw a pullback in the price as well It's an interesting enough trade Interesting enough market in terms of what we're going to be looking at is can we take off the highs here in May 2017 and if you can can we take out then the highs after December 2016 if not That's what that's that's when we could see a return to the get a big picture move to the south so in terms of price levels need to be watching out for a And move north of one 1812 followed by a move sorry apologised that's one 1412 Sorry, I moved north of 148 12 and then a move north of 148 46 we're coming into a very big area of resistance here Should we move beyond this that's what we could actually look to the further Gains because we've been kind of grinding higher since the kind of the back end of last year creating higher lows Well, you get to really actually push out to this through this level here Should we take out these price levels here and they can admit 148 when they've been looking towards the 150 itself and then up then further further along the lines Towards the previous support with a comes into play in around the the 152 region and also the 144 region it is encouraging to see though that after moving higher here the price momentum is is is also on the upside But I do feel that this this we're not too far away. We're currently at 146 30. So Probably about 200 pips away from what's potentially going to be a big level of resistance Should he move to the downside without going to look towards it the one-day moving average at 143 55 And then 140 itself on the actual two-day moving average at 139 50 Honestly to Australian dollar US dollar I'm just going to do as it's just gone one o'clock now I'm going to do the Australian dollar US dollar and that is no more It is no more if there's no more Suggestions or hints to have a look at I will be wrapping up the webinar itself So it is the Australian dollar. Yep. No worries. You are very welcome Michael. You're very welcome indeed Australian dollar US dollar So this is the Australian dollar versus the US dollar side quite a good run recently the last couple of months We've been pushing up to pushing towards the upside. It's well well above the Moving averages it is a bit concerning though that we've seen a slight ever so slight decline in the positive momentum I'm also but worrying how we've had to have good numbers out of China over the weekend And we still actually couldn't actually take out that recent high there at At a price level of 77 12 Surely move north of 77 12. We're then going to be looking towards the 77 47 region and any pullbacks we do get in this currency pair. We're going to be find support in around the 76 40 region Obviously the non-front payrolls is going to be a big a big number to watch out for on these on the this particular currency pair Coming up, but I will say this that the short term move at least Time frame is looking at move all the last couple of months has been to the upside It did go on and create what's effectively the highest level Since the back end of Marso on Friday. We did create a three month high not entirely surprising that we have a pullback So we could see a bit of a larger pullback towards 76 40 But given the positive that a China is given what's there the chart has been doing the last couple of months Dare I say we could see a pushing higher of the Aussie daughter versus the US dollar Just before I wrap things up. Is there anything else? Any suggestions of markets I should look at Right. I'm going to wrap up the webinar now Thank you very much for listening and thank you for your patience at the beginning of the webinar I do apologize about that yet again Keep mind at the end Friday at 1 15. We're going to have our non-front payrolls webinar So please tune in for that and also don't forget to tune in for the webinar Which will begin this same time next Monday. Thank you very much Have a good trading week and it's been a pleasure from here. Let me hear Dave Madden at CMC markets