 All right. Good afternoon, ladies and gentlemen. Welcome to this month's non-farm payrolls webinar with me, Michael Huston here in London, and my colleague over in Toronto, Colin Szynski. Good afternoon, everyone. Good afternoon. And we, the Paterbas, will be helping you to navigate the turbulent waters of the October non-farm payrolls report. And really, I think the expectation has been, let's get this risk warning out of the way first, because I think before we sort of really get started into the guts of it, let's keep our compliance departments happy, shall we, Colin? Absolutely. You know, I've got to do that and make sure that they're all on board and we're all singing from the same... All right. I'm being asked, are you going to tell us when to start buying and selling? Short answer to that is no, because we are not allowed to give financial advice. So if you're looking for when to start buying and when to start selling, I'm afraid this is the wrong place to be. We are not allowed, by regulation, to give trade recommendations. It's beyond our regulatory remit. So I'm sorry about that. We can talk about general direction. We can talk about support and resistance levels. We can talk about where we think the market may or may not be going in the wake of the payrolls numbers. But what we cannot do is give you trading advice. We can educate you, but we cannot tell you buy here, sell here, stop loss here, take profit here. It's beyond our purge you. So sorry about that. Anyway, moving swiftly on. So yeah, basically the expectation is for non-farm payrolls, U.S. non-farm payrolls to come in. This is the Bloomberg at 235, 235,000 new jobs to be added in October. Now, I put out a note this morning suggesting that that might be slightly conservative. And the reason I think that could be slightly conservative is basically we've had some really good weekly jobless claims coming at a 14-year low in October at 266, and they've been regularly below 300,000 every week in October. We saw some very positive ISM employment components from not only the manufacturing sector, but also the services sector. And we saw a fairly positive ADP number. Now, let's quickly look at my spreadsheet. Because this is basically the ADP numbers that we've seen over the course of the last three or four months. Now, one thing that did strike me on Wednesday's ADP numbers, we had a very sharp downward revision to the August number from 202,000 to 162, so that brings it more in line with the non-farms, which was at 180 for August. And originally, that was very much an outperformer, and we've come back into line to that. 248 September, fairly positive. If we look at where it was a year ago, it was around about 164, I believe. Yeah, 164. So the slowdown happened a little bit later. So going into the end of the year, this year looks like it could probably be the best jobs growth in the US for quite some time. I think it's in about 13, 14 years, isn't it Colin? I think I was reading somewhere. It's certainly a very, very positive year for jobs. So it's been very, very strong in the United States. We're seeing consistently plus 200,000 prints. And yes, we had the one in August, but other than that, it's been very, very solidly above 200 for almost six months now. So that's really, really positive for the US and great momentum for their economy. Apart from the August one, which came in at 180, but pretty much January was on 4th. And that's over time, I mean. Yeah, sometimes you get a bit of a slowdown and that's certainly been reflected. So I'm expecting 275. Now I could end up with egg all over my face with respect to that, but that's basically what I said on Bloomberg TV this morning. 275 is what I'm expecting on non-farms. It should be fairly positive. The big question is, what does that mean for the US dollar? The markets, is that already priced in? What's your view, Colin? First of all, I just wanted to mention my expectation was slightly more, pretty close to yours, a little more conservative. I factor in the revision. I figured in a 10,000 upward revision to last month, particularly bouncing back from October and in 240. So that would be combined around 250. So I'm a little bit above the street as well. So I do think we'll see a positive report. My thinking is the streets probably priced in something in between 200 and 250. I think really you'd have to see probably above, say, 260 for people to really think it's a positive surprise and below 200 for a real negative surprise. Is that reasonable to you? It's reasonable to me. The thing with these payroll numbers is you have to basically factor in a variance and the window is 180 to 300. So for me, what's most important is the average hourly earnings number down here. If this starts to wedge higher, then the potential for a red rate hike, easy for me to say, obviously comes in quite substantially and that would be dollar positive. The thing we've seen at the moment and I think the thing that worries me a little bit about the US economy is the fact that the participation rate is still at 35 year lows and that's at 62.7. What we're seeing is the unemployment rate coming down, at the same time as the participation rate, which makes me doubt the resilience of the US recovery and the biggest thing is these new jobs, they're fairly low paid jobs. So even though we're seeing fairly positive jobs growth, it's probably at the lower end of the wage scale which would explain why retail sales continues to underperform and that's coming out next week. Certainly worth keeping an eye on the actual numbers themselves but anything between I would suggest 225 and 255 or 265 is probably going to be fairly neutral. Anything above 275 is going to be dollar positive, anything below 200 will be dollar negative. So let's pull this out away and let's look at some of the charts because I'm guessing, ladies and gentlemen, you want to see where the key levels are on the various indexes. What I wanted to start with, if you don't mind Colin, is the small cap. Certainly a great place to start. Because the small cap is looking very, very overbought. Let's just get rid of that because that's broken now. For me the key level remains the September highs just above 1180. Now we've seen a very aggressive bounce back in US markets since the lows in October. The S&P is up nearly 12% as is the Dow Jones. So the question I'm asking is how much of this recovery is priced in. The Fed was quite hawkish last week which surprised me somewhat and that really suggests that there is concerns, and you mentioned it earlier, about the strength of the dollar and how that will filter through into S&P 500 company earnings over the next few months. But for now, if we look at the S&P, we can see, well, we look at that. I mean, that's just absolutely incredible when you look at that. So at the moment, I think the next, if it's a bad number, or if it's a stock negative number, then obviously the support level is going to be 20-20. Would you go along with that? Yes, that sounds perfectly reasonable. That breakout point, it was certainly what you'd expect for it to come in as new resistance. And if that got broken, your next support would be a 2000, the round number, and you've got that little candle earlier in the week that bounced right off of it, that one there. Yeah. So that's looking about right, but that's getting pretty overbond on the stochastics too, even though it hasn't rolled down yet. No, it hasn't rolled down. And that's the thing, with the stochastic, even though it looks overbore, even though it looks overbore doesn't mean that it can't carry on going up. So certainly the next level on the S&P is 20-40. So that's the next level I'm looking at. But as I said, I think you made a very good analogy with respect to the Dow and the S&P. Basically the generals and the officers are moving ahead, but the actual cavalry is lagging behind in terms of the small caps. Yeah, absolutely. When you're looking at the markets, you want to see a broad-based across a wide number of stocks because when you look, there's only 30 stocks in the Dow. There's only 500 stocks in the S&P, particularly in the Dow. You only have to move three or four stocks to move the Dow. That's not very much relative to the thousands of stocks that are available out there. So when you see the Dow, and even to a certain extent the S&P, which at least is 500 companies, but it's still relatively narrow, it's suggesting a concentration of bullish capital into a small number of companies. And when you look at the market reactions to some of the earnings reports, it's been fairly positive towards the industrials. But if you look at TAC, we've had quite a few big takedowns on some big names, whether it was started with Netflix and Twitter and Facebook and a number of others. So it hasn't been all, even earnings season, hasn't been 100% full speed ahead either. And we can see it in the NASDAQ that's leveling off here. Yeah, it is. Even then it hasn't confirmed, and that's the momentum place. I mean, if we look at this here, the NASDAQ is stuck between these two lines here. There. So there's a nice little channel there in NASDAQ or a rectangle between 41.86, or there or thereabouts, and 41.24. So I would be surprised if we got a breakout of this particular range in the NASDAQ. So, you know, certainly from my perspective, I would probably favor a short position over a long position here, simply because we've tried this level three times and failed, and this is the four-hour chart. Certainly worth keeping an eye on that little bad boy there. Now, Euro-Dollar, we've seen significant breakouts in both Euro-Dollar, Dolly-Yen, and Cable over the course of the past few days. The key level for me is this 124.50.60 level on Euro-Dollar. We've broken below it, and we've broken below it quite substantially. If we close below it on the week, it really does open up the lows that we saw in 2012 at 120.40. So where we close this week, ladies and gentlemen, is going to be, I think, very, very key and where we go to next. Now, according to CFTC stats, net short positions in Euro-Dollar are the same level they were in mid-2012 when we saw the rally off 120.40. So I would remind you that the Euro will remain susceptible to a short squeeze. Doesn't mean that you shouldn't be short of it. It's all about the levels, and at current levels, I'm a little bit reluctant to be overly short Euro-Dollar, particularly ahead of a non-farm payrolls number. We could go either way. So I would certainly look to sell Euro-strength back to 124.60, 124.70, and the same really applies to cable. We broke a double bottom here at 158.75. Any pullback towards 158.75 is probably going to find a little bit of selling interest, and the potential is that we could go to 157.20. Certainly the break of the support level would appear to suggest that stronger dollar still appears to be the way to go, but it's really a question of entry levels once again. So again, it really depends on the numbers and the direction. Dollar yen, that's gone parabolic. I would steer well away from that at current levels. It's not really clear as to which way that's going at the moment. I think it's going to 120 over the long term, but certainly given the range that we saw yesterday when it traded 115.52, 114, it's probably a little bit too rich for my blood at the moment. Certainly at these levels. It's at the top end of its recent range. It doesn't mean that we can't go higher. The high was 52 yesterday. We're about 20 points away from that now, and we're one minute 46 seconds away from payrolls. Let's quickly look at dollar CAD for all our Canadian clients. This is a one-year chart, and we can see that the trend is definitely up on that. Certainly no evidence that we're not going to see Canada get weaker, and certainly I think the expectation is a net loss of 5,000 jobs. Is that right? Yes, and we had a huge increase in candle last month of 74,000 jobs. So a retrenchment the following month after a big month is what usually happens. It's very common. The streets looking at a loss of 5,000, I'm thinking a loss of 20, just in a normal retrenchment correction. So basically you're seeing if that comes in worse than expected, do you think dollar CAD go 115? That certainly could at this point particularly if the US dollar strengthens. To get to 115, we need a positive US payrolls and a negative Canada one. It'll be a double whammy. In essence, and looking at dollar Canada and looking at this particular chart here, now that we've broken about this 50% retracement level from the highs in 2008, 2009, and the lows, the likelihood is over the course of the next few trading sessions, we could well get to 116.70. So any pullbacks towards 112.35 are likely to probably be fairly well bid, I would suggest. So that's a pretty solid trend line coming in there. We are now 15 seconds away from the payrolls numbers. I am going to pull my bloomy over so that you can see all the numbers. This is the number we're particularly interested in here, 235. And obviously the participant, here we go, 6.5% for Canada, 214. Wow, 214. So that's low. That's 10, 8 key upward revision. Yeah, 256, 34.5, 43 is amazing. So that's actually negative. I would say that's mildly dollar negative. We've got US dollar index dropping pretty sharply here on the news, and dollar CAD has gone lower. It's under 114 now. And the unemployment rate is jumping. Okay, so the unemployment rate dropped to 5.8, but the participation rate has gone up to 62.8. So yeah, I mean, basically what I suspected happened is happened. We've had a bit of a rally, a bit of dollar weakness here, and really it's a question of now looking to see whether or not we get that push back into those resistance areas that I was talking about earlier with respect to Euro dollar. So I mean, I would suggest that we could well get a move back to this congestion area here in Euro dollar around about 124.60. It's hard to say. And at the moment, we've got fairly good support yesterday's lows at 123.65. I wouldn't be overly surprised if the dollar struggles to go much higher over the course of the next few hours. Certainly the stock markets are treating it fairly positively. The S&P is up three or four points, 2036. The Dow is higher. The FTSE, again, it's pushing back higher. Let's have a look at the DAX, because this is where the divergence really gets you. Look at this DAX chart here. We've broken these resistance levels all the way up, but look where the 200-day moving averages on the DAX. Look at the negative candle here. It's on the highs and we've pretty much gone down for most of the day. So again, over ball, struggling to get through the 200-day moving average. So for European stocks, there's certainly significant resistance on the upside. Again, here we've got it on the CAC Caron, the France 40, a certain amount of resistance through the 50-day as well as the 200-day, the negative candles, Euro 50. Any time you want, Colin, if you want to jump in. Again, it's similar here on the Euro 50. Certainly, significant amount of resistance up above mere 50 in the 200-day moving averages. So I think when you're looking at the various equity markets, you're looking at the DAX, you're looking at the CAC Caron, you're looking at the Euro 50, you have to basically put your European hat on and set it aside from your US hat. But I would suggest that it's probably going to struggle, US equity markets are probably going to struggle to get much above 2040 on the S&P and 17,000 on the previous highs. I think the previous highs on the DAO. Yeah, I'm looking here at the DAO right now and on the one-minute chart and I'm seeing it got up just below the 17,600 and it's actually started to slip back already. It's back under, it's down to 17,575. So we did get a bit of a spike right on the news and now it's starting to drift back. I suspect what's happened is that the US markets have probably already had priced in any number between 2 and 250, which is what we got. And even if you took out the small upward revision of 8,000, you'd be at 222, which is not that far off from the survey, which is at 235. Yeah, so it was only a small mass, really, not huge. So I think we probably are seeing that this has already been reasonably priced into the market and we're getting a bit of a pullback now as people start to recognize that. And similarly, I'm just looking at the US dollar index. It had spiked up and it's now kind of back to trading slightly below where it was when the news came out. And gold had a big jump up and it's settling back now around 1150. It's still up from before the news. And US dollar CAD on the minute chart is well down from where the news was. It's still below the 114, so we're definitely seeing. Certainly the Canadian dollar looks like a big winner this morning on the Canadian job surprise, which was really big. Most people, including me, thought it was going to go the other way. So that's some good news for Canada today. Probably see the TSX move up as well as long as oil and oil steady. So you could see a good move up in Canadian stocks, too. Yeah, and I think actually looking at that chart, dollar CAD probably looks like a bit of a sell with a stop loss above the highs two days ago. Because that looks like if it could form a bearish engulfing candle on the daily. Agreed. And if it takes out the lows that we saw on Tuesday, then I certainly think there's potential for a sharp move lower on this particular one. And if you look at the daily chart, it is starting to get a little bit overbought. That's not to say that we might not get a squeeze all the way back to 114, but a weaker dollar number and a fairly positive Canada number should actually shake out a few dollar longs on the dollar CAD. Yes, it could. I think that the dollar CAD had a pretty good run up and certainly was due for a reversal here, which we're starting to get. Well, let's look at the sentiment indicator on that, Colin. And our top clients, 66% are actually long dollar CAD in terms of position value. And that's up 19% on yesterday, which suggests that the cash value of dollar CAD, they were expecting a positive dollar number and a negative Canada number. They haven't got that. And that could cause a little bit of an unwind in client sentiment in terms of the cash position. Yes, definitely because this is quite a reversal here. You're getting quite a reversal. So the cash value of long positions in terms of dollar CAD has actually gone up 20% over the past 24 hours. And this is real time. And that suggests to me the market is slightly long. Yes, I would agree. In particular, people had been going more long into the news. So I think you're totally right in your assessment. And what's interesting when we look at the dollar CAD chart down here on the stochastics, you have a lower high on the stochastics. And you were holding just below 80. So that's a negative divergence coming in. You did not confirm these new highs up above $114 CAD. So you are starting to see, there we go. Thank you, Michael. We are starting to see it rolling over. And you're right, this looks like a pretty good bearish and golfing pattern here. And you've already taken out the 114 round number. You've taken out this little previous low here. So you can probably see this come back, I think, back towards this Fibonacci level, which is around about 112%. So you guys represent some good downside here on this one. Yes. I'm looking at this level here. I mean, we've got a couple of shadows on those upper candles there, which suggests that there was a little bit of selling interest up there on the initial run up once we've broken above it. So I would suggest that we might see a little bit of buying interest down side around about 113.10. But overall, I think we could well see a drift lower over the course of the next few trading sessions. So it was around about 112.35, a little bit of dollar weakness. And certainly we're seeing the position values now starting to unwind on the dollar CAD when from 67 to 63. So that appears to suggest that we might see that as well. Looking at euro dollar, let's try to go back below 124. Let's look at the, well, I think that says it all really. The position value, 1% long, 99% short. So that is certainly ripe. And this is our top client's client sentiment. So when we look at the client sentiment, I usually like looking at this because these are our most profitable clients over the last three month period. So these clients have been our most profitable clients. They're all short, short euros. So that suggests to me that maybe they've got this one wrong or maybe not wrong, but maybe they'll start to start taking some of that cash position back. And all the cash is pretty much sitting short euros. And that for me makes it very susceptible to a short squeeze back to 124.60, 124.70. We were looking at that earlier. So let's reinforce that by looking at, looking back at the chart that I drew earlier. And let's go and take it all the way out. So you can look at my rationale with respect to this. So we can see that we're very, very overbought, oversold rather, on the weekly stochastic. This is the original move higher from the Draghi Lowe's and the Do Whatever It Takes, 120.40 Lowe's to the highs earlier this year in May at 139.93. We've broken below 124.60, which is a 78.6 Fibonacci retracement level of the entire up move, why 78.6? Because essentially it's a square root of 61.8, I think, or something like that. And this 124.60 level here. So what needs to happen for me, I think, is for the Euro dollar needs to basically stay below these two levels here, or it can squeeze all the gear on the weekly. Let's take it down to the daily so we can actually see it. Needs to get back through that low there and that high there to squeeze higher. So I think we could well get a move back to 124.60 as long as we don't go below yesterday's lows at 123.65. Is there anything else that you guys would like Colin and myself to look at and run our eyes over in terms of markets to cover? Otherwise, Colin, is there anything you want to look at? Could you just bring up the Canada 60, please, Michael? Canada 60, I can indeed. Just close that down and that's that. I'll take a moment and talk about that. So we had a pretty steep sell-off here in the Canada 60. It has not come back as much as the U.S. Indices. There is some room for catch-up. A lot of the reason that Canada has been down, it's been getting dragged by the big sell-off and the oil price and the big sell-off in gold because the Canada is more heavily weighted in materials and energy. So today we've got the crude oil prices holding steady about $78.50 and gold is up $9.00 an ounce to $11.53. So we could see some interest in the miners and energy may continue to rebound. Overall, the Canada jobs number was fairly positive. So I think here you've got some resistance in it around $8.50. If you clear that, you could take a run at the 200-day moving average on that trend line. Michael has marked in closer to $8.70. And if you look, it's in a channel, $8.30 to $8.50, that also measures to $8.70. Now when we're traders and analysts, one thing we're always looking for is where do you see a cluster of indicators coming together and where you do that stocks tend to, or markets can tend to get drawn towards those kind of numbers. So I've just rattled off three, a measured move, a moving average, an old trend line, and all pointing towards one. So if you break the $8.50, your level of confidence is fairly reasonable that you could see something like that with your downside being a tad above $8.30 where you've been finding support recently. I've been asked about Canada Yen. So what I'm going to do is I'm just going to call that up and we can look at that. So bear with us, ladies and gentlemen. It always helps if I actually type it in correctly. Canada Yen. There we go. Let's close that. I mean, basically you're looking at overall Yen. I mean, to be quite honest, I mean, now that looks absolutely ridiculous. Oh, look at this. This is interesting. This is very interesting. That's rated the top of the channel. Big channel. So we've taken out the 2013 highs. See if we can go back any further. All right. Let's do Fibonacci Retracements. 161.8 of that is, wow, that's a choppy old currency, you know. 183.40. So let's just get rid of them because we're way through them now. And let's do 78.6. And let's put an oscillator on it. Not that it matters that much. It will probably be well overbought anyway. So it's not really going to give us too many clues, but nonetheless, I think what we're seeing here is I think there's certainly potential for us to break towards the 103.40 area if we sustain the break above the high that we saw in 2013, and it certainly does look to be the case. Have you got a different take on that, Colin? No, that looks pretty reasonable. That's a nice channel break out there. And even when we look on this channel at the 2013 high, that was a more of, this is a monthly, okay. So this is within the shadow rather than on a monthly chart. So when you're well above the body, actually you've already broken it, probably when you cleared 100. So here if we look at this one back at 2013, you're already probably peaking above it if you look at the actual bodies, and you're holding here. Your body of today's candle is above yesterday's candle, a peak. So that's actually quite encouraging. That's suggesting a real break out, and there's no reason you couldn't retest that. That 10340, there's looking pretty enticing at this point in time. Certainly looking at any sort of pullbacks on that, you're going to find a fair degree of support around about $99.80, simply because it was the highs, it was the previous highs from the weeks in September. Two weeks in September. So we broke in the September highs. The initial break higher last in October. Now we've consolidated above that. And that pretty much ties in with what we were talking about with respect to $1 yen. If we look at $1 yen, I think if you look at $1 yen, that will give you some fairly significant clues with respect to that particular chart. I'm going to go back to the monthly chart again. Look at the initial move from 124.12, 124.15 in 2007, and the all-time lows are 75.60. We've broken through the 2008 highs there at 110.70. That was a significant break. We've also broken through 12.60, which was those peaks in September, sorry, in October, right there. And now we're well above that. So if I now drill that right down, the likelihood is given how we've moved higher, apart from one negative day there. Any pullbacks in $1 yen are likely to find support around about 12.60. But overall, given the direction of travel with respect to monetary policy in Japan and the U.S., we're really looking at 120 in the next three months. So go on. Oh, sorry, Mike. I just wanted to add also corroborating on that. You could view this breakout in the last week or so as a flag pattern, so that those two big up candles being the first part of the flag, the one-day consolidation as the midway point of the flag, and now we're into the second half of the flag pattern. And if you look at it that way, then you do measure up to pretty close to 119, 120. So again, we have a number of indicators coming together to suggest the level that could be reached in due course. No, we don't go straight up and straight down, but that's probably where it may trend towards. No, I think what we've got to do first and foremost is take out $1.15.60. We tried to take out that high there, and we did make a marginal new high on that. If we look at the high there, it's $1.15.51. We've made a marginal new high at $1.15.56. So you're looking at $1.14.60 is the lower. I think if you're going to be looking at Dolly Yen, and you're going to get a pullback for the uptrend to remain intact, we've got to really stay above $1.14.20.30. Otherwise, we could get a bit of a pullback to around about $1.12.60. But overall, I'm not sure we've got the traction quite yet to go through $1.15.60. We could well next week. Euro sliding, that's a very good... Yeah, it is sliding, you're right. Euro's sliding back. Lead Ministers said anything else, is there? So Euro's slipping back towards $1.15. So we've taken out... We've taken out yesterday's lows. So we certainly didn't get back above $1.24.60. So ended up wearing that. That didn't last very long, did it? So that doesn't bode well. So definitely got that one wrong. So yeah, certainly, you know, if we get a rebound, then... I mean, overall, I still think it's going to $1.20. It's really how we get there, and I'm not comfortable selling it down here. I've been asked about, what do I think about the last talk of Mario Draghi? Is it possible that QE is ongoing? You know, I'm still of the opinion that the ECB can't do quantitative easing, sovereign-bomb buying. Just don't see how it can. The political hurdles for it, I think still remain very, very high. I still think it's very politically difficult for them to do. They can talk about it, and they can jawbone the Euro lower, but I don't think they can go in shock and awe and basically buy sovereign bonds. I think that's just going to be a step too far. So I am still stubbornly of the opinion that the ECB will not do foreblown QE, and they certainly won't do it next... they certainly won't do it next month, as BMP Parabar are saying. So as I say, for me, I still think that there's potential for a short squeeze in Euro-dollar, and I haven't changed my mind about that. It's really just a question of whether or not we get a push down to rules around about $123, $123, $122.80 first. But overall, Euro may be sliding, but I'm certainly not comfortable selling it down here. Anyone want to ask anything else before we wrap this up, because it's now 10-2, and unless anyone's got anything else they want to add, Colin and I will wrap this up. Just quickly check to make sure that no one else has asked anything. No, no, no, no, no. Any more questions? Being asked about, Italy 40. Do you want the short answer or the long answer on that? The Italian market, I am not particularly optimistic about that. Again, it's similar to the other European markets. While it's below its long-term moving averages, it's going to be significant resistance below 20,000. I'm still looking to sell the rallies on that market. There's still an awful lot of what I would call bad news that I don't think has been priced in there. So the banks aren't sorted out. Looking at this aggregation of resistance through here, I would certainly be reluctant to be overly long of Italian stocks below 19,800. Even if you did manage to get a bounce, there's another cluster of resistance levels right in around 20,000 between the 50-day moving average, the round number, previous highs and lows. If you get any kind of a rally, you're running into some pretty significant headwinds on that one. All right. Okay, so that's the Italy chart. All right, ladies and gents, I'd like to thank you for your company this month. We'll be doing this at the same time, same place next month. Colin and I also host a monthly webinar on Thursday. I think it's the 13th of November. So please feel free to sign up for that. It's something that you can find the link for that on the education section of our website. Basically, we chat about chart setups, the most recent data of the week or the day, and where we think the markets are going next. It's a long similar line of this non-farm payrolls number. The only difference is, of course, that we are not talking around a particular number or a particular data point. We're just talking in general terms about the markets. So thank you very much for coming along, ladies and gents. And hopefully we'll talk to you on the 13th of November. If not, we'll talk to you the first week in December. Absolutely. Have a great day trading, everyone. Cheers, guys. Thank you.