 And welcome to CMC markets and joining to join me Michael Houston on Friday the 5th of June and This month's US non-farm payrolls monthly webinar Little couple of couple of housekeeping slides before we get started general disclaimer I'm not allowed to give direct trading advice What I can do is I can tell you to you know I can construct you on the finer points of technical analysis of how to Try and construct the trade setup. What I can't do is tell you where to buy where to sell But I can certainly teach you about the fundamental elements of risk management and making sure that you minimize your losses and Run your profits because basically that's what this game is all about. It's about Keeping your losses low and running your profits and ultimately keeping yourself in the game because not every trade that you make will be a winner You'll have some winners. You'll have some losers and the trick is to make sure that you make more when you win and Keep your losses down to a minimum which is easier said than done believe me I can tell you I've been doing this for 30 years now And I still haven't got it completely figured out and I have my good months and I have my bad months, but certainly Not all of my trades are winners by no stretch of the imagination and anyone who says that They can can they can teach you to how to be a winning trader In the course of about three or four months is a fibber Because it took me six months working on a trading floor at the sharp end. So it's a very steep learning curve But here we are so non-farm payrolls Another set of big numbers expected coming on the back of what was an awful April payrolls number. I mean when we look back at the numbers that came out It's hard to believe that when we actually look at markets now particularly the S&P 500 it's actually higher now than it was This time last month and yet The economic data has been getting gradually worse and worse. So There's a couple of questions that I've been asked Excuse me We've got We've got the S&P 500 up here and we can see that On the 8th of May we were here around about two thousand nine hundred We are well off the lows and yet the data continues to look awful and You know, this is this is the one thing that I as an analyst and the next trader really struggled to come to terms with When I look at the rising unemployment rate when I look at an unemployment rate that could go Well above Financial crisis levels of 10 or 12 years ago and then try and square it with the market rally that we're seeing quite now Things don't add up. What's happening on stock markets? This, you know, there's an absolute chasm on what's happening on Wall Street and what's happening on Main Street with rising unemployment and I think that's where it's very very difficult to try and Separate your emotions from what the actual price action is doing as a technical analyst the market analyst All I care about is what the price action is doing When you've got central banks and you've got governments throwing trillions of dollars euros and sterling At this particular problem That money has to go somewhere and some of it will go into the economy We had the German government announce another hundred and thirty billion euro fiscal stimulus this week It's come on top of the ECB European Central Bank yesterday announcing another six hundred billion euros on top of their existing 750 billion euro Pandemic plan and you've got the Federal Reserve next week With their latest meeting and they're likely to keep their pedal hard to the floor with respect to their own Monetary policy stimulus where they are now starting to buy corporate bonds as well as and give away cheap money to Small and medium-sized businesses that in essence underpinning bank lending for the US economy And when you look at it through that lens what the Fed is essentially doing is They're putting our floor under potential bankruptcies now you will get some But if you take away the threat of bankruptcy from a whole host of organizations like airlines Then stocks have an implied flaw to them and that's what that is really what you're seeing at the moment So If we look at the S&P and we look at the Nikkei and we look at the DAX All three of those indices have broken some very key Technical levels over the course of the past few days if we look at the S&P It's broken the 200 day moving average here Which is quite significant if we zoom that in right here we can see That we've broken conclusively above it on Wednesday the 27th of May We've managed to hold above it on each consecutive day after that which means that now that we're getting progressively higher highs and Higher lows That we are very much in buy-the-dip territory and I've said in previous webinars that I'm very much by the dip I think the downside is limited but while these tops are in You're going to have to be very careful about being short of the market Which means you have to be a little bit conservative when you're looking to go short And now we've broken above it the buying pressure has knocked away all the short positions And now the line of lease resistance is from move back to 3200 and these lows that we saw in early February It's absolutely mind-boggling that we are now back above the levels before the lockdowns that's how far we've come and No matter what you think about the economic conditions The markets don't care. They don't have an emotion about it. So if we look at the S&P Any downside now is likely to be limited to the 200 day moving average and these series of lows Through here. So those lows there around about the 3,000 area So any dips in the S&P are likely to find a little bit of buying interest in and around 3,000 same applies To the Dax and I talked a lot about Dow theory in previous webinars that I've done Where the averages need to confirm each other in terms of a breakout? I look at the Dax I look at the S&P and I look at the Nikkei in the round They generally tend to mirror each other quite nicely and the Dax is the same case in point here since we broke above this 11,560 area we've gone pretty much one way we've gone massively higher We've broken the 200 day moving average and we look set to head back to 13,000 But again, it's very much by the dips. This is this is the this is the You know, this is the area the era that we're in now and you can look at the slow stochastic and you can say yes It's overbought it is overbought most definitely But it's not a sign that you can sell it because this can remain overbought for a lot longer Then you can stay short because if we look we went over bought here Right, we went about right there and we've continued to go higher. So just because something goes over bought It is not a signal Not a signal you to go short You have to follow what the price action is doing first and foremost. We broken higher broken up to 200 day moving average We've also done that on the Nikkei 2 2 5 It's the same story right here Similar sort of thing and again, we're overbought but it you know, it doesn't matter It's what the price is doing not what the indicators are doing because these are just lagging indicators these here This is the key indicator here. This price action here tells us that we've got decent support around about 22,400 on the Nikkei or above the 200 day moving average while we're above it The mecca, you know the mindset if you like and trading is a mindset You're either in by the by the dip or sell the rally or You're you have no position at all You don't have a view you wait for the market to come to a level that you're happy to buy or whether you're happy To sell if the markets not at either of those levels you stay out of it. It's a it's a very clear cut Decision-making process by when you feel comfortable Sell when you feel comfortable But if it's not in those comfort zones of where you're happy to buy and sell you do nothing Because if you trade because you're bored you will lose money You'll make a bad trade and you will eventually end up losing money. So You know, it is very very much about the discipline of what You see as the best scenario for you And it's very very difficult discipline to learn because your emotions get caught up in that But that's why having levels to get in and out of and adopting a rationale For a trade setup is the best way to go. You have to try and take the emotion out of it Very very difficult thing to do, but it's necessary nonetheless and that is why I employ rules To any trade that I put on. So if this trade right here, for example, is Here, well, let's look at the footsie 100 because I got asked about that So I'll quickly look at that now And here again with the footsie 100 This is the only major index that actually hasn't got anywhere close to its 200 day moving average It's lagged significantly behind and one of the reasons for that is simply because it was one of the major indexes that's been caught up In terms of the worst performers in the sell-off. We had the oil companies. We had the banks They all got clobbered and the footsie 100 is very heavily wasted in oil Banks so it's lagging behind We've broken above the 50% retracement level at 6200 but I still think there's potential for us to go higher and retest 6580 so Again, we're back towards the levels we were before lockdown So it's fairly it's fairly notable that all of the major indices have moved fairly much in lockstep with each other The thing that we've got about the footsie is that it has lagged a little bit in terms of the retracement from the highs that we've seen in January To the current levels as is now because we're short of the 61.8 But we're running into this gap here and gaps generally tend to get filled and the bottom of that gap is 6000 Around about 6400 so we started to fill that gap and it's likely to act as a little bit of a lid But overall I still expect the footsie To head back to around about 6580 assuming that this ratty that's currently in place Continues to pan out So certainly looking at this candle here We can certainly get a slip back down to around about 6000 6040 but overall the trend is your friend and that's one of the One of the key things I always try and think of when I'm looking at a daily chart or a weekly chart or an early chart Or however long my time period is So that's the footsie 100 I've done the the S&P 500 before the numbers come out. Does anyone want me to cover a particular market for them? If you do just basically send me a question and I will do that because what I'm going to do now It's going to look at euro dollar as euro dollar has had an absolute Storming performance over the course of the past eight days the best run of gains since 2011 Which begs the question can it continue to do so? My view on this is that we're very much in a range on euro dollar And we're starting to reach the top end of this recent range. We're heading in to The weekend which suggests that in the short term I probably short euros of these sorts of levels with a stop loss above the highs of the day and look for a move back to The mid 1 12s 1 12 and a half there are there abouts so we could see a little bit of a dollar rebound particularly if these non-farm payrolls numbers come in slightly better than expected we've got five minute countdown at the moment on the actual numbers and I think in terms of the actual numbers It really doesn't matter how bad or how good they are Because the perception of the market at the moment is that we saw the peak in April Anything after that is likely to be an improvement. So on the ADP payrolls number earlier this week We were expecting a 9 million number Minus 9 million we got more than minus 2.7. That was much better than expected. I think a large part of that Was down to the fact that all of those people who've been furloughed In March started to come back into the labor force in April So the the number that we're expecting for non-farms Could could well be much better than minus 8 million I mean, it's a big jump from minus 20.5 to minus 8 But nonetheless if it comes in at minus 6 or minus 7 or minus 10 or minus 12 It really doesn't matter that much the face of the matter is it's not going to be as bad as the April number the average earnings numbers they don't matter and the reason they don't matter is because the reason They jumped very sharply Last month was because a lawful lot of the jobs that were lost were very low paid jobs So that meant that the average earnings rise lost All of the average earnings average lost a lot of the low paid jobs which put the actual number much much higher So I would expect as furloughed workers come back to the workforce that number won't go up It should go down the Fed won't be worried about that unless it continues to go higher So you're a dollar I'll be surprised if we go much higher than we have so far this week Quickly looking at gold Gold is a little bit of a worry. It looks to me as if we could be starting to Create a little bit of a head and shoulders here left shoulder right shoulder Their head there if we break below the 50-day moving average and below 1690 then I think we there's a good chance we could head back down to around about 1640 I think in the short term It's but we could get a rebound today Complete this right shoulder before heading back down. We do appear to be running out of steam I certainly don't expect it to come crushing off But it does appear to be consolidating at these sorts of levels if we do go below 1690 then we could go lower while we're above it We could squeeze back to around about 1720 1730 Dale 30 is probably going to be a similar sort of story As the S&P were above the 200 day moving average I would expect that to continue it has lagged a little bit behind the S&P And it certainly and it's a lagged an awful lot more behind the NAS that because the NAS that has made a new all-time hike so In terms of the actual numbers I still expect stock markets to try and push higher now because we're coming into a weekend You might see a little bit of a profit-taking As we head into the weekend because look at this on a weekly chart 1 2 3 those are some really solid gains Which means that Which means we could see some a little bit of profit-taking heading into the weekend, but overall Overall, I think that we're still very much in a buy the dip mode for stock markets Quickly looking at dollar CAD because we've got the Canadian jobs report as well So a quick look at the Canadian dollar that is right on the 200 day moving average So it'll be very interesting to see where that market closes today because if we fall below the 200 day moving average Then we could see dollar CAD head back towards 132 over the course of the next couple of weeks Particularly if the dollar continues to remain weak in the short to medium term but again here there could be an element of a Little bit of what I would call dollar profit-taking the dollars taken an absolute caning Over the past two weeks. We can see that on our CMC dollar index chart if I quickly show you that That's what the dollar index looks like over the past three weeks Could see a little bit of pairing of positions as we head into the weekend But overall I'm still very much a case of We could see a little bit of profit-taking I think the euro dollar could potentially find a little bit of a top above 114 in the short to medium term These numbers could send us back to 114, but overall I think the dollar move is looking a little bit stretched For the moment. So the numbers about to come out. You can see what we're expecting here This is the important number this one right here and the unemployment rate right here I'm going to close that average earnings number and just keep these three numbers here and in the in the meantime I will keep quiet and wait for the numbers to hit Two and a half million. Well, see so Wow, that is that's a plus goodness gracious me That is an incredible number that cannot be right. I'm just going to double check that number It's going to check that number They're bear with me and the revision for April is 20.68 million minus Okay, I'm just checking my Bloomberg. So they rose two and a half million pounds Two and a half million pounds half million people for grief That's an absolute So that's definitely I think the market's trying to make sense of that. I mean that should be a fairly dollar positive number 6.7 on the average earnings that's furloughed workers coming back in which means the On the average earnings number is coming down as I said that it would do And again a positive positive number on on the on the Canada number as well If we look at euro dollar, I think the likelihood is here We're going to see euro dollar pushed lower on the back of these numbers. I certainly don't see any reason whatsoever To see those numbers is in any way negative for stock markets because now what you've got is in a workforce that's coming back to the market running into a wall of fiscal stimulus and Monetary stimulus which net net should be positive for stocks It's going to be negative as a dog. It's going to be positive for the dollar as well So for me, I think you're a dollar is going to come lower quite a little bit May find a little bit of support or around about 1270-1280 but dolly-yen's probably going to head back towards around about 109 50 1010 But overall that's dollar positive and yes, what the market is telling us We are going to go for a trip now to the upside in the US dollar on the back of those numbers completely Missed market expectations across the board The economists have couldn't have been more wrong US US workers coming back into the workforce driving the average earnings levels back down which again is a positive for Federal reserve because they will be worried about Inflation so the fact that you've got more people coming back to the workforce is net net positive and you've also got the fact that The only the only the only the only thing that I would add to that is obviously the unrest in US cities could Slow down that process When we come to the numbers next month and as you said as I said we we're seeing a push to the downside in your dollar I said we might find a little few buyers around about 1270 1280. We've fallen a little bit short of that But ultimately I think as we look ahead Over the course of the next couple of hours It's unlikely that we'll see euro dollar head back towards the highs that we've seen thus far Does anyone have any questions on that Christ? Someone's just said to me amazing numbers crisis is over Well, that's what the markets are pricing. That is what the markets are pricing the pricing of v-shaped recovery And I don't think anyone and I think anyone expected a positive number I certainly didn't and that just shows you how noisy these numbers are going to be going forward Which means that for me it's less about the numbers and what about governments and Central banks are doing and you've already got the Trump administration talking about another one trillion dollar fiscal stimulus Next month as a reaction to the unrest that's currently rippling across the US So that gives you an indication of where we are on the fiscal side and the monetary policy side We're very much In risk on mode and really then it's just a question of how the currencies react Well, you've seen how the currencies have reacted have reacted and for me, you know, that's that's a real surprise From a US point of view, that's a very positive number and until I actually have Unable to dissect the numbers in much more detail my immediate reaction based on that price action is to start taking profits on my euro dollar long positions and Take a little bit of profit also on any other dollar short positions as well because We could well find that the dollars found a little bit of a base in the short term and We could well see a little bit of a rebound as we head into the weekend So I'm being asked about what impact that will have on dollar CAD Well, unfortunately, they tend to net each other out because we've also got a positive number on the CAD as well So let me just close that down and close that down and let's have a look at dollar CAD Now I would have expected to have seen a bit of a rebound on dollar CAD But we're not seeing that We're seeing very much dollar week US dollar weakness kind of a strength So I think the perception perhaps there is that the Canadian numbers are certainly much better On a one-to-one basis and they were for the US And I think if you look at what was expected last month for the Canadian payrolls numbers They were expecting if we look at this number here, which is on the screen where it says minus I'm going to move this around so you can see which one I'm talking to you We were expecting in April a number of minus four million Now we in the event it came in at minus two million Again, we're expecting a number of minus five hundred and we came in plus two eight nine So penny for penny or cent for cent Canada hasn't been impacted anywhere near as badly as the US because on both occasions Expectations were much better than the actual The actual number was much better than expectations which net net was a candidate of positive So I think in essence that should mean depending on where we finish today Mind you because we're trading technicals here if we can close today On dollar CAD below the 200 day moving average, and I think there's a decent chance We could see further Canadian strength and further dollar weakness What we also have to price in with respect to the dollar CAD is the oil price. You can't You can't separate the two Because CAD is very much a petrol currency. It's very much driven by what oil prices do now Obviously OPEC plus is having a meeting in the next 24 or 48 hours and oil prices Are higher so a higher oil price should drive Dollar CAD lower or the Canadian dollar higher and if you're if your base case is Concerns about Weak demand these jobs numbers are positive for oil prices Very much positive for oil prices So I would suggest that now we've broken above $32 and 80 or 33 And those of you have been regular viewers of my week ahead videos, which I do every Friday will know that I Said that once we broke above this level this series of highs through here in crude oil And you can go back and watch them on YouTube if you don't believe me because it's very easy to fact check me I'm not going to fib on one webinar when I know that you guys can go and check on another one From the week before once we got back above here where resistance Then becomes support. The likelihood is we're probably going to head back to $45 a barrel and maybe even the 200 day moving average over the course of the next few sessions and again here We are overbought but again here you trade the break and You trade in the direction of the break a lot of bearish calls on oil over the course of the past few months That would suggest that we're going to see higher oil prices And because markets will start forward looking and thinking all those demand expectations for oil Maybe we need to start revising them up and that will mean there'll be more demand for oil And and as a result the dollar will weaken and certainly if we look at the payrolls numbers There you go That's what they did in the post in in the aftermath of payrolls report. We've jumped quite sharply And I think if the data continues to move in that direction the market will become much more forward-looking as we move forward Okay Gold let's go back to gold because that number should have sent gold lower and it has So what does that mean? Well? That's probably likely if confirmed to send gold back down here So this move here from 1765 to around around about 1700 is around about $60. So if we close below the 50-day moving average on gold Then I think there's a good chance we could head back to 1640 1630 because those numbers are unambiguously good, you know, there's no two ways about it They've blown away expectations. Everyone was expecting a negative number to get a positive number as the best positive number ever Coming off the back of the worst negative number ever There's never been a plus two and a half million on non-farm payrolls We've seen records at either end of the spectrum in the space of four weeks For us payrolls that will be the headline That'll be the headline when they they write the They write the stories later today US non-farm payrolls posts record two and a half million added back into the workforce the unemployment rates at 13.3% Not 19.8. It's come down The unemployment rate has come down Okay, sorry. I'm getting a little bit carried away I'll calm down a bit Any other questions ladies and gentlemen, let's have a quick look at the the Aussie dollar on the back of that I mean that Aussie dollar breakout is quite something This trend line has been there. I've had this on this chart for a long time a long time That's what I call a V shaped recovery in the Aussie and this is the next peak. It's around about Just above where we are now 70 70 cents There's a big top there. It's the December highs so Keep an eye on the December highs in the Aussie dollar you could find a little bit of resistance there Simply because it's a previous high Okay Though again, it's a matter of extremes Anything else ladies and gents? I'm at your disposal for questions Please throw them my way. I got I haven't answered your question about the South African Rand, have I? If we look at that shot there We're in a little bit of no man's land when it comes to the ran and I think if you're looking at the round relative to gold then it's very very difficult to Obviously, there's no reason for it to strengthen, but it is at the moment. We're getting a little bit of We've had a little bit of a bounce back on this five-minute chart, but overall I wouldn't expect the overall direction that we've been in Over the course of the past few sessions to to be any different. We're very much in a downtrend With 17 17 round here is probably a decent resistance It's not a market that I look at an awful lot and from the technicals It's not really giving me a big steer one way or the other And if it doesn't give me a steer one way or the other Then I don't really have a strong view on it one way or the other Can we expect us retail? To regain to gain following this data. Absolutely Absolutely, you can if you think if we think that the downturn Is going to be much less severe Then all of those stocks that have been beaten down Will get a decent Will get a decent rebound. So when when when the s&p and the dow open Later and you know, and they're already looking to open quite significantly higher You'll see a big jump in airlines. You'll see a big jump In Retail, you'll see a big jump in hotel hotels and leisure and cinemas as well AMC entertainment companies like that Obviously the big big caveat and I really do I can't stress this enough will be secondary wave of coronavirus infections But it's the summer. So I don't expect that to happen significantly Um until the autumn when the weather gets a little bit colder That's always going to be the worry The worry will be as lockdowns are eased Um and people start to go back to work That the infection rates will start to go back up now that might not be such a Such a big problem in the summer because people tend to go outdoors and be outdoors more But as the weather gets a little bit colder in the winter And we haven't been able to drive the infection rate down To a level low enough that it can't multiply exponentially Then you could get a second wave when flu season hits In the autumn and I think that's the big worry at the moment In terms of the v-shaped recovery scenario because v-shaped recoveries are all well and good But it's not necessarily a v-shaped because you could have a bit of a recovery for three to six months And then you could get a second wave in the early part Latter part of this year or the early part of next year And I think that's something that we do need to be cognizant of going forward Um so the the bottom line is yes, we can expect stocks to rally further Um the NASDAQ has already hit a new all-time high The s and p is likely to continue to push higher Towards those highs that we saw back in february Um those numbers that we've seen today Um only add fuel to that because they're coming The numbers are coming into a wall of money A wall of money from the fed the ECB The bank of japan Um you've got a fed meeting next week where they could discuss the possibility of yield curve control whereby they control the um They control the shape of the yield curve so that it's got a nice slope on it Um stocks in europe as well. Yes, absolutely. Um stocks in europe are probably um cheaper than they are in the us So in terms of value They are much better value the only concern that we have about european stocks Was the fact there wasn't the political will To deliver a significant fiscal stimulus on the part of governments that political will Now appears to be there you've got germany initiating Another 130 billion euros of fiscal stimulus this week on top of The measures that they introduced just over a few weeks ago And you've got other european governments doing the same thing and then of course you've got european central bank um basically Embarking on its own pandemic emergency purchase program The only concern I have is obviously the german constitutional court decision which Um the ECB has to comply by um In august so that's the only cloud on The horizon obviously there's brexit which Never goes away and that's there bubbling away in the background, but certainly in terms of the overall picture It's a lot more positive in terms of The worst is behind us And really it's now a question of How quickly Can we recover some jobs won't come back? I mean, I think I think there is I think I think that we we do have to resign ourselves to that Sad statistic that some jobs will not come back and Um as a result you will find that the unemployment rate probably in three months time will still be an awful lot higher And it was at the beginning of the year Um, I think there was an expectation that the us unemployment rate will be at 10 by the end of this year Which I thought was optimistic when I was Looking at the forecasts That were they were they were putting out for today It doesn't look so optimistic now Because the swing on that has been absolutely extraordinary absolutely extraordinary, you know I was pretty much speechless when that number came out and you could probably tell Had time to absorb it A little bit now Um, but nonetheless, I mean those numbers uh You know, absolutely You know, they're staggeringly good when you consider what was expected. The big question is What will the main payrolls numbers look like when they're released? Sorry, the june payrolls numbers look like when they're released in july And I think that will be the asset test, but certainly the worst is behind us Now it's really a question of How quickly economic activity can resume in an era of social distancing because things won't return to normal completely So there'll always be a little bit of a break But certainly in terms of where we are now and where we were 24 hours ago We're certainly in a much better place and certainly those numbers Don't reflect what the jobless claims are telling us and that's why I'm still struggling to come to terms with it The weekly jobless claims is showing 40 million You know people are to work with continuing claims of around about 21 million And yet we've got a net gain in non-farm payrolls So people are still spooked by flying. Yeah, I mean absolutely. I am I'm not going to get on a plane anytime soon. You know, um You're in a cabin of 200 people And where the air is recycled Now you could be fine. You could be fine But I think you're gonna it's going to have to take an awful lot to convince me to get on a plane Not because I'm worried about going anywhere It's because I'm worried about getting back And any potential quarantines that might be put in place while you're away You know, and I think that's the thing you have to think about. It's not about The physical act of getting on a plane It's the physical you go there You go to wherever it is you're going what you're going to find there And will you be able to get back? You know, I still remember all those pictures of people stranded Um as the covid crisis started rippling across our screens in february march I'm staying in hotels and quarantining in hotels. So I think you know, there's an awful lot of human behavior That needs to forget the events of the last three or four months And that's only going to happen Say a year from now When people will start to feel a lot more comfortable about moving around getting on planes Getting on a train Getting on a crowded bus getting on a crowded tube train You're going to have people are going to have to modify their behavior to become more confident because governments put the fear of god into them And that's not something you know, stay at home control the virus do this do that and now suddenly you're letting people out and It's very true. It's very easy to shut an economy down It's a lot harder to start it back up again Because an economy is made up of human beings with same emotions Hope greed fear and everything else and they have to regain their consumer confidence So I will be looking closely at consumer confidence numbers to gauge whether or not that confidence is returning And people are confident that they feel That they can spend money and it's very difficult if you're wired that you may not have the job in three to six months time because There's still feeling the effects of this pandemic and we'll be doing so for the rest of this year Yeah, absolutely There may well be a second and third outbreak of this kovat 19 and this is the thing that you know concerns me not so much now in the summer months It's about in the autumn When the weather gets colder I think in the summer because more people go outside there's less risk of it transmitting But as more people Start to stay indoors more and then you've got obviously hot tubes and trains and everything else And people start to mingle more the risk of infection goes up and that's always the worry So while i'm you know while I look at these numbers and think yeah, this is bullish for stocks In the short to medium term the tail risk the tail risk is always a second wave That's not going to happen in the next two or three months. You may see infection rates move about a bit But unless you completely eradicate the infection rate by the autumn Then you run the risk of a second wave or even a third wave And there's no vaccine. Absolutely. I mean, there's no vaccine for the common cold And then the common cold is a corona virus It's a mild corona virus, but it's a corona virus This one is slightly more aggressive And as a result you may find that it mutates which means That you may not find an effective vaccine for it I think the best we can hope for is a treatment as opposed to a vaccine If you get a treatment for it Then it's probably not so bad, but I doubt that you'll get a vaccine for it Um, okay, so let's see. What else have we got in terms of questions? We've got asked about the layouts Um, is it possible to copy the layout you've got there I mean these layouts I constructed myself if you go to the word where it says watch lists This is something that I that I showed A young lady called Allison earlier About how to construct a watch list. It's a fairly straightforward process I've constructed these watch lists over the course of the last three or four or five years So there's quite a lot But nonetheless, they're very easy to construct So you go watch list create new watch list You give the watch list a name Just by typing it in there. So we'll call it test one We'll just test even And then do that So that's there and then you go to products And go to the library and the library It lists all the products in the asset classes there And so you go to crypto And that loads all the cryptos And you go to commodities that lists all the commodities If you know the name of the asset that you want So if you want to choose a stock for example, like Boeing you type in Boeing Searches for it. There it is. And then just click drag drop And then it goes in like that and that's that's the way you construct your watch list Now another thing you can do with respect to these watch lists is you can also You can you can also dictate How to display the columns as well So you can in this case all I've done is I've just left the change and the sell or the buy in there as well Which means that you can You can keep it as cluttered or as uncluttered as you want it to be so Example with with this one here We can have a classic table Or for example, if you want to display it as a rolling ticker along the bottom You can do that You can do that with this this one here I just scrolled. I can't see the bottom of it. Unfortunately If I wanted to To do it as a quote panel You do it like that Do it like that Do it like that you can you can display these In any any sort of format that you want. It's very easy for you to Basically change the format of them In a manner that allows you to uh, or said it is a price ticker along the bottom there And then get rid of it like so Any other questions? Let me see. Let me see. Let me see Yeah, the review of the week goes out each friday It's usually goes live on the website. Let me just show you where you'll find it It's not live yet. I recorded it this morning before the payrolls numbers. So go to insights And this basically displays all our commentary and what have you and then you've got the carousel down here failing that You can find it On youtube our youtube channel Which is here And it will be under expert views from the city And it's already there It's not live at the moment. Well, you know, it is live, but it's um can't be firm, but it's there Um 32 minutes if you've got time at the weekend. It is a bit of it is a bit long-winded. I do tend to go on a bit I usually start talking in and forget about the time. It's usually supposed to be about 15 minutes, but If there's a lot to talk about then I'll talk about it And as I say that goes out every friday so So that was last friday's one there where I talked about the payrolls numbers the ecb rate meeting and what have you and This is this is the one that I did this morning If you want to listen to that feel free right um good question the little ticket for Where I found non-farm payrolls you access that By virtue of the market calendar So you go to the market calendar Which can be found under news and analysis, which is up here so if you got that the news and analysis market calendar And then when you guys when you see non-farm payrolls, I've got a little bell there So you select that and you set it as a recurring alert So that when the non-farm payrolls is 15 minutes away It'll warn you that it's 15 minutes away and it will general generate a little ticket That pops up just before the economic announcement And you can do that for any economic announcement that you want Because it's basically displayed here. So if you want to do it for next week And go to June we can do that right now Yeah, come on So this is next week's economic data. We've got all June Now the 8th of June So as I say, it's fairly light But let's say for example, I wanted to set an alert for Let's say industrial output for Germany Then I simply go to where it says alert click the drop down I need to set a single alert Or a recurring alert And you can do that for any economic data point that's displayed here. So for example, if I wanted to set an alert for The uk gdp numbers which are out on friday here These are expected to be particularly nasty I'll go recurring alert So that when I come out 7 a.m On friday morning because everyone gets up that early And I've got my platform open. It'll warn me that the numbers are due to come out On that particular day. So that's the market calendar in answer to your questions I'm undervalued european banks industrials in europe industrials in europe probably will gain Banks i'm not so sure simply because they still haven't dealt with the underlying problem in the banking system in europe Of non-performing loans. So I think there's a chance while we could see some decent gains there They could underperform And that's the one you know in amongst all this optimism that we're seeing Um about stimulus plans and what have you They still haven't dealt with the thorny issue of banking union In europe and that is likely to hold any meaningful recovery back Um when it comes to european banks Okay Any other questions? Okay, all right. Well, I will be I have I have recorded this so Um, if you want to listen back to it Feel free to do so it will be on the youtube channel in about a couple of hours after compliance have run their After compliance have run their bd years across it and eyes Um, otherwise, um, I'd like to thank you all for um tuning in Today ladies and gentlemen And wish you all a very pleasant weekend and Probably speak to you all same time same place next month where hopefully We'll see some more surprises from the latest payrolls report. Thanks very much for tuning in and have a great weekend. Thank you very much