 Okay, traders, welcome to this week's weekly markets analysis with me, Patrick Munnerley. Before I get going, can you just confirm that you can see the tick me a welcome screen and you can hear me loud and clear if you could type a Y in the chat box, a Y in the chat box if you can hear me and you can see my screen. Good stuff. Okay, let's get going. Before we start today's discussion, as always, we need to pay attention to the risk disclaimer and specifically for today's conversation and presentation, the views expressed by me here today are solely mine and they're not indicative or representative of Tick Mill UK or Tick Mill Europe Limited. So for those that are here for the first time, a brief introduction to myself. After I graduated from university, I joined the city PLC consulting firm and after a couple of years learning ropes, I left with some colleagues and went on to co-found and successfully exit a consulting startup. This took me to about late 2004, I then moved on to explore my passion for markets with some capital to play with and sometime in my hands I started day trading or more appropriately day gambling the S&P and after some early beginners luck, I racked up some pretty solid gains. However, as is often the case, my beginners luck ran out and as the market phase changed, I began to average down into what would be significant losing positions, giving back not just all my gains but ultimately experiencing a six-figure financial hit to my personal capital. To say this was a gut wrenching and sobering experience is an understatement. I really had to stand back and figure out if it was feasible for me to make money from the market. So I decided to get serious about trading and sort out a mentor with an excellent trading track record. Working with my mentor for 18 months to two years, it was a period during which I not just up my technical game researching and developing a strategy that suited my personality, extensively back and forward testing and developing a rigorous risk management approach but most importantly during this period of mentorship I significantly developed my mental game and probably the most important watershed shift I made was from being a highly goal orientated individual focused on financial gains to becoming a purely processed orientated individual. So what does that mean? Well, actually it means I had to stop focusing on what I could make from the markets and start focusing solely on managing my mindset to allow me to consistently execute my trading strategy often times in the face of negative feedback from the markets in the form of losing trades. But once you become process orientated and you have that professional trading mindset and you understand the true nature of trading being a numbers game in which you're simply playing the probabilities, you really lose that emotional investment and that hellish emotional roller coaster of living and dying by the outcomes of individual trades. So I'm no longer concerned with the outcomes of trades or even a bunch of trades. My focus really is on the next hundred trades because I know if I focus on excellence in execution and my mindset, my trading edge will demonstrate itself over an extended series of outcomes. My multi-strategy trading approach has delivered profit blinding returns since 2008. Since 2013, I've also been managing investor capital. Performance days you can see on the screen is for my managed account service. And again, I've managed to deliver annual positive returns. I'm currently responsible for managing a multi-million dollar portfolio. Since 2010, I've also personally mentored over 100 private traders of all experience levels from complete novices to former CME floor traders in developing the technical and mental skills to reap consistent returns from the markets. I've consulted to numerous brokers and trading education brands contributing written content, webinars and live presentation content on a range of topics from market analysis to trading strategy development and execution. In addition to my fund management and private mentoring, I'm also a resident market expert for TIKNO, providing daily market analysis and daily technical analysis in terms of potential trade setups via their TIKNO blog. You can actually register through the blog to receive those updates on a daily basis for both the daily outlook and my chart on the day on the setup that I'm watching, potential technical pattern that's developing in the markets. My other, I guess, passion project is as head of trading and trader education for a leading trading education brand, FXcareerswap.com. We offer development and more importantly, funding to retail trading talent, FXcareerswap. We don't just develop retail traders market and trading strategy knowledge, we work on mindset development through a structured program that culminates in managing the firm's capital at zero personal financial risk on a profit share basis. For those that are interested in learning more about what we do at FXcareerswap, you can see there's a telephone number here on the screen or you can email the guys in London and they'll come back to you as quickly as possible with additional information. So that gives you a flavor of my background and experience. And so let's let's start this week. I want to I want to address really some of the price action we've seen in in the markets specifically over the past few days. It's led, I think, for some to question what's going on and want to get a better understanding. So I'm just going to briefly give you my take on where we're at and what's driving the narrative at the moment. As we've, you know, we've seen a pretty chunky pullback yesterday, but we have pulled into we have pulled back and respected technical levels at this point. So a few of the key drivers we want to think about in terms of markets as to whether or not the underlying narrative has changed. We can think about fiscal the fiscal impulse, fiscal policy is really expected to support the economy in 2021, whether we see that one point nine trillion dollar stimulus out of Biden administration or even half that amount in the event it pursues a reconciliation strategy to push through relief. It's also likely that the administration will later try and implement a mega package of infrastructure spending in terms of a much bigger recovery package from a monetary policy perspective remains accommodative. Fed chair Powell struck a dovish tone on Wednesday, which you'd expect asset purchases to continue at the current rate until the economy begins turning a corner and rates going to stay low until the economy has actually turned that corner with respect to covid and vaccinations. The news on vaccinations has on the whole been positive. In the US, Americans are now expected to receive vaccinations far sooner than they had imagined just a month ago, leading to an argument of potentially a quicker recovery than previous forecasts. Supply chain of vaccinations should also improve over time. Bolstering the vaccination narrative on a global scale. In terms of other demand factors, it's noteworthy that the term structure of crude futures remains backwarded amid the downside seen in equities, while this may be in part due to the supported supply side factors, crude complex has been very sensitive to demand side developments around covid and the fact that we remain in backwardation for now is still a positive for these markets from an earnings perspective. Fundamentally, core earnings have also been holding up very well and as companies experience the recovery from a positioning perspective. J.P. Morgan notes that the US US household investment in in the US equity markets remains at historically high levels, although this is not the case in Europe, but positioning across risky assets with a longer term timeframe is really quite low. And so given the market volatility and tail risk potential, J.P. Morgan expects positioning from the retail space to increase. So what are the potential risks that we're currently facing? Well, Goldman Sachs identify three factors. Firstly, as the economies reopen, the consumer might be more cautious despite these wider vaccinations. Secondly, virus mutations significantly increased the bar for herd immunity over time. And thirdly, the evolution of vaccine resistant virus strains that would require a new vaccine and another round of vaccination. There is also a confidence risk. This week's narrative has been really driven by hedge funds that have been forced to liquidate shorts in supported by recent retail activism. So I'm guessing you've all heard about the GameStop scenario AMC and Nokia, for example. And by extension, what this means is that fund managers also need to liquidate profitable long positions to maintain value at risk ratios. Even though these names are not in themselves, systemically significant, this dynamic of selling is knocking confidence and in some institutional market participants, as it's clearly stoked a bit of volatility as we saw yesterday. So bottom line, I guess, is back to the downside move. None of the reasons cited for selling have yet provided any signal that can shape the broader narrative as identified by the investment banks such as Morgan and Goldman Sachs. And like I say, from a technical perspective, the although the sell off was pretty vicious yesterday, we have simply traded back into the monthly pivot and monthly projected range support at this thirty seven hundred level. Now, we could see a bit more pressure into the weekend here as as liquidation may may step up into month. Then we've got month end tomorrow and city note now. But because of the the last few days in terms of volatility, that their month end signal now is a mild dollar buy signal, which has flipped from a dollar sell signal. And specifically in the risky effects pairs, the Aussie and the Kiwin will look at those charts in a minute. So if we do extend in terms of a bit of downside here, what I'd be watching very carefully is this thirty six fifty level because that would be a third test of the primary trend line from last year's low. So whilst we hold above that level, it's really not going to be prudent to get overly bearish. So what we can do, what we can see is a bit more corrective action and we'll look on the the intraday time frames in a minute. But keep this level in mind. It's also the weekly S3. So thirty six fifty is going to be pivotal. Certainly, if we've got a close back through thirty five seventy, which was the breakout point from last year, thirty five eighty, sorry, then that that could send a few alarm bells ringing and we might see a bit more bit more downsides. But ultimately, if we do if we do start to to move to the downside, the logical. Objective for that would be the yearly pivot back down to thirty two thirty. But for now, it's really not it's not proven, like I say, to get overly bearish because at the moment the trend is intact. And what we're seeing at the moment is simply a pullback in that trend. So we've got some key levels to keep in mind and you might just want to make a note of those because if you start to see closes below those levels, then this then we could see a shift in terms of market mood. Equally with NASDAQ, we've got another key level with the I mean, the NASDAQ hasn't even tested the monthly pivot yet. The monthly pivot comes in at twelve twelve thousand six hundred and eighty six. And then we've got that trend line also coming in at that level, twelve thousand six hundred and sixty six. So that's going to be the key level for the NASDAQ. And certainly bullish reversal patterns from there to my mind would offer an opportunity to get in on the long side, targeting the ascending trend line resistance significantly higher. We've also got the similar story here with the S&P. So if we can if this if we do get bullish reversal patterns from this trend line and certainly I'll be looking on the long side and thinking about four thousand as the next logical upside objective and then potentially on to four thousand two hundred, which is a target for the year ahead. So those are just some key levels in terms of these broader indexes. I know as trade is you can be bombarded by news and certainly the sentiment on some of these these news channels, CNBC specifically can be quite sensational at times. And it's it's useful to just step back and look at the actual technical levels and see what they're see what they're actually saying. And at the moment, like I say, the trend is still currently intact. So we've let's jump into the the charts and look at some structures and see where we are from a price action perspective and see if we can identify some potential trading zones, some potential trading action areas of interest. So dollar index, we look like we're going to make a test here of the projected weekly range resistance, ninety eighty nine and we've got projected daily range resistance, ninety one. So if we get a push up into this area today, watch watch for bearish reversal patterns on the four hour time frame here because we have still got divergence with respect to with respect to our momentum study, our psych indicator down here. So any move into this zone could actually be the catalyst for another leg to the downside. I've been looking for a test of this eighty nine eighty area. So watch how we trade in this zone. If we take this level out, if we take this area out on a closing basis, then we want to think in terms of the upside objective. And what we're always looking for initially here is an equal leg versus this structure here, which would actually put us up into this ninety one, ninety one sixty area. So that would be the monthly are three. Don't think we're going to be seeing it today, but we've also got the daily are three up there. So the weekly are three. So we'll see how we see it. See how it responds on a test into this ninety one area. We get through there on a close. Then the next upside objective is going to be ninety one sixty to ninety one seventy. And certainly I paid very close attention to price action at that level, because that would ultimately complete a equidistant swing. And certainly we can anticipate some profit taking at a minimum there and potentially the next leg of downside in the dollar index. And just to refresh from a weekly perspective, if we go to DXY. I'm looking for a test of eighty seven forty two, which is the equal leg. Let's just scroll out here on the weekly chart. And that's my current downside objective for this for this leg in terms of the dollar index. So the two key areas to watch in terms of potential reversal zones. In terms of the bond market, the ten year ten year notes here. Interesting to see how we trade at this resistance zone. Looks like we're going to test there into this one thirty seven twenty two area. This could set up the next leg of downside in terms of in terms of bonds. So keep an eye on that for the nice descending trend line and see if we if when we get into this area, we've got we've got some nice divergence developing and that could set up another leg of downside there. In terms of the euro dollar, the euro broke broke its trend line support, the interim trend line support. And what I'm now looking for is a move down ultimately to test here weekly and daily range support one twenty fifty is the is the objective here. And see how we respond there. That will broadly coincide with the dollar testing. It's testing its. Ninety one level. So I want to see how we respond there because if we hold here, then I'd be actually be looking for potential long positions in the euro certainly to get back up into the mid range, the moment we're trading a range here between one twenty three fifty and one twenty fifty. So we'll see how we trade if we get down into this area to to do something on the long side, targeting move back into initially into into the mid range. Sterling. Watching I have been watching this trend line support. It looked earlier on, it looks a bit it looked bullish. Obviously, this candle closes the this four hour candle close at two p.m. But we're we look like we're rolling over a little bit here now. If we take out the trend line, then what I'd be looking for is a move down to test weekly range supports at one thirty five thirty eight. And then maybe we get a bit of a corrected pullback. But at that juncture, what I'd be looking for is this primary trend line to get tested at one thirty four fifty. Certainly, I've become very interested to see how we respond at that area. Bullish reversal patterns there would were long positions. Again, initially told to move back into the middle of this range that we've been trading in here so far in twenty twenty one. We can look at one thirty four fifty and one thirty seven fifty. So back into the midpoint of the range with bullish reversal patterns at that area. But equally, if we hold, we could get a bullish reversal into the four hour close here, then then I could look at long positions for a move up into the one thirty eight fifty target zone. So we'll have to see how we close there in terms of in terms of sterling. Dolly Yen pushing, looking for a test of monthly range resistance and daily range resistance here one four forty five is the area I've been watching. I think we can see a pullback then. But ultimately, whilst we hold one or three thirty now, we do have an equal legs upside objective at one or five thirteen. But I think we'll we'll have to see how we trade at this one or four fifty one or four forty area first. I think that's going to be an area that we can see a bit of a battle and the potential for pullback to one or three eighty would be logical from there. Ozzie testing projected descending trend line support here. What we've got also, if we look in terms of ABC, we've exceeded the initial downside objective there at seventy six twenty two. Now, if we if we don't find support at this daily range support, then I'd look for a move down into the WTS three seventy five thirty seventy five fifty expect expect to pop from there. So if we do trade here and don't get the reversal from this area, then I'd be looking for that for this area to provide some support and watch a bullish reversal patterns get us back up to retest these prior range loads here. Sixty seventy six fifty would be the objective from a bullish reversal at seventy five fifty area Kiwi. Similar story here. I think we get a little bit more potential for a little bit more weakness in the Kiwi. We have an equal legs target, which is down at the seventy twenty seven level. So any support that we find in and around just below the seventy one handle, I think could be corrective. And what I would anticipate is we kind of replicate the price action that we saw in this initial leg down. So we got the move from the loads which we've got here. Then we saw some corrective move and the next leg lower. So that's what I'd be looking for to develop here in terms of the Kiwi. And ultimately, I'm looking for a test of seventy twenty seven on the downside. Dollar CAD, I'm looking for it to test into the one twenty nine area. And I think we can which we were sitting right at the equal length objective here versus this swing. So one twenty eight eighty one. We saw a bit of profit taking. I had a short position running in that this morning. But what I've been looking for is certainly resistance into one twenty nine as an opportunity to see this pull back. And certainly we can anticipate a retest of one twenty eight from there. We'll buy a step back in maybe if they do, then we'll be looking for one twenty nine fifty. However, if we don't get if we don't find sufficient demand there, then we could be back into back into one twenty seven in in quite a quick clip. So pay attention to how we respond to this one twenty nine. Bearish reversal patterns certainly are a are a short shorting opportunity for at least a one twenty eight test. Dollar Swiss, I think we well, the story here is basically we have this inverse head and shoulder scenario that's been developing for a while now in the dollar Swiss. Let me just draw that in for you guys. So we've got a left shoulder here, got our head and then we've got a right shoulder over here that's been in the hopper for quite a while now. And a potential here is for this to to break higher. And and ultimately if we can, if this pattern does play out, I'm looking for a test up towards nineteen fifty in the in the Swiss. Pay attention to how we trade here, though, at this eighty nine thirty eighty eighty nine forty era because we've got daily range resistance and weekly range resistance that could prompt another leg of downside before we before we get this move, but if we can get a close above that area, then certainly these nineteen fifty area starts to start to look attractive on the upside. Sterling Yan, two areas of interest for me here. I'm watching any pullback into the one forty one eighty four area, bullish reversal patterns, long positions to target the top side of this potential ending diagonal pattern, looking for a one forty three thirty, one forty three fifty, watch for bearish reversal patterns there, especially if we can get this momentum divergence remains intact. So on new highs, a failure to to take out these prior swing points in terms of the momentum psych indicator would set up a potential short position from one forty three thirty, one forty three fifty. I can certainly look at one forty one to the downsides in terms of Sterling Yan, Euro Yan continues to consolidate here. Whilst we hold this trend line support, I think we can trade higher and certainly we've seen one twenty six ninety potentially back into the highs here at one twenty seven forty failure. If we take out one twenty five fifty, however, then we need to think in terms of equal lengths to the downside in terms of the Euro Yan and we could actually be trading back to one twenty four. So pay attention if if we do breach the this this area one twenty three fifties any pullback then into this trend line would actually be an opportunity to get in on the short side, like I said, looking for that one twenty three tests then and we'd have to reassess from there. So this trend line would be pivotal, certainly this one twenty three fifties the main battleground for the Euro Yan. Ozzy Yan pulled back. I'm looking for equal lengths here, seventy nine tests, see how we respond there. That could set up the next leg of upside in the Ozzy Yan, certainly bullish reversal patterns here. I'd be looking to do something on the long side at a minimum we can expect to move back into this 80 area into the mid range. Euro Ozzy, we've we've exceeded the equal legs we've we've traded through weekly and daily range resistance. So any pullbacks at this stage have to think in terms of being corrected and look for another leg higher. I'd be looking for a test now of the psychological one sixty level in terms of the Euro Ozzy. So any pullback here, bullish reversal patterns from support in around this one fifty eight are a decent opportunity on the long side, like I say, and target moved to one sixty. Euro Sterling continues in this contracting potential ending diagonal pattern. But what I anticipate versus the weekly target that I've got at the eighty six level, any any upside at this stage, I think is corrective. And I'm looking for for lows, lower prices in terms of the Euro Sterling. Sterling Kiwi is an interesting one. I'm keeping an eye on this. We have a potential pretty significant inverse head and shoulders scenario developing. So any pullbacks now that find support into into this one eighty nine area, certainly bullish reversal patterns will be interesting on the long side. Equally, if we can take out the monthly range resistance here at one ninety three, then we could look at shallower pullbacks into one ninety as a buy zone for higher prices in terms of the sterling Kiwi. So I'm going to keep an eye on on if we can get a close. We've got equal lengths of objectives here. Ninety two fifty, ninety two sixty is a symmetry swing versus the last big corrective move we see we've seen in sterling Kiwi. So like I say, we can get a close through one ninety three. I think we can get more constructive on the sterling Kiwi and pullbacks to be bought for for higher prices. Dolly one has tested equal leg and monthly range resistance, daily range resistance at night. And we've started this week and we've seen the pullback. Now we have to see is the trend going to continue to the downside or can we put in some sort of base here versus that weekly targets or sorry, that weekly chart that we have been tracking. Seeing right on that big weekly trend line support and we have we have certainly seen some profit taking at a minimum and potential reversal signs developing in the WAN, but really to to start getting very positive, we need to get a move up through six fifty five. And then what we can be thinking about in terms of inverse head and shoulder scenario for to trade much higher in terms of the WAN. So whilst we hold below this six fifty one area, then we can still see some further consolidation to the downside. S&Ps talked about this earlier. So we've got an interim trend channel, monthly range resistance, range support that we're holding, but that key level to watch as we as we train through the the next few sessions is is going to be is going to be that six thirty six fifty area. So pay attention to that zone, which comes in down at the the weekly S3 as well, we've got there. So one of if we do start to roll over here and we see some extended selling, watch how we trade that thirty six fifty bullish reversal patterns that certainly you could there's a there'll be a bounce opportunity there back into I would anticipate this thirty seven eighty area, because this if we if we get in here and buy seven and a minimum you can expect a three wave correction to my mind from this area and potentially we can we can start another leg to the upside. Dow Jones, similar story. We've got the target here at just below thirty thousand, watch for bullish reversal patterns there. Could be that this is the first leg down and we get a three wave correction, another leg down in terms of the Dow, but certainly pay attention to this zone. There's just below the first thousand area, bullish reversal patterns I think are good for a trade, at least back up into the thirty thousand six hundred level. DAX testing testing, it's equal leg equal leg's objective and finding some pretty strong bids at the moment. We've also got the weekly S3 there, projective range support, daily range support. So we want to pay attention to this. If we can get if we go on to the hourly chart and start to take a look and see, doesn't look impulsive yet, we'll see an impulsive pattern develop. And then there could be the opportunity to buy a pullback in terms of the DAX as the correction could be complete. So we keep an eye on price action in the DAX. Nikkei also testing its equal leg support at the moment, attracting some some support, but we'll need to see a close back through twenty eight thousand five hundred really to get constructive on the Nikkei. We could be headed to test monthly range support down to twenty seven thousand. And these prior highs here will be the logical next leg to the downside. FTSE. Holding monthly range support and I'm trying to find trying to find its legs here, but it looks under pressure at the moment. And if we take out the six thousand four hundred and thirty area, then I'm looking for the one six well extension down to six thousand three hundred twenty seven and see how we respond there. Certainly what you can anticipate from from that zone would be a three wave corrected move and then get us back up into this sixty six thirty one area. And then we'd have to reassess. Gold. Very, very choppy trading at the moment in gold versus this 1831 low, if it holds, never nineteen or three equal legs target there. In terms of gold. So we'll have to see if they can hold 1831 and we can get back up into this zone before the next leg to the downside in terms of gold. Not not terribly attractive training conditions at the moment in gold. Similar story with silver. Choppy, very, very choppy trading and not particularly favorable conditions. Crude. Looking for crude. What I'm paying most attention to increase this projected ascending trend line support fifty one sixty area. Any move into here and bullish reversal patterns, I would certainly be looking on the long side in terms of crude. I'm not ultimately looking for a test of sixty dollars in terms of crude. So let's see how we trade here. But any test of this trend line, I think is going to be worth paying attention to in terms of crude oil. Copper. Dr. Copper, testing its support area, monthly range support and an equal legs. But now we've got to pay attention. If we can recover here and it looks like we're going to try and try and make a stand, pay attention to this descending trend line at three sixty two bearish reversal patterns there, I think could offer a decent shorting opportunity to ultimately test this major ascending trend line support from the from the from the lows there at three thirty five. That could be very interesting then for a longer term by opportunity in terms of copper. Last but not least, everybody's favorite Bitcoin. So we held the equal legs target to the tick at twenty eight thousand seven hundreds. What I'd be looking for now is we've really seen this. We obviously came straight back into the mid range and we've seen a pullback. If we can hold this these lows, then what I look for is a breach of the thirty four thousand seven hundred area that that could then give the next leg of upside in terms of Bitcoin. Ultimately looking for a test of this mid forty four thousand area. But if we take out the twenty eight seven hundred, then next up, I think there's going to be trend line support down to twenty three thousand in terms of in terms of Bitcoin. So that gives you a flavor of what it is. I'm looking at where I see potential opportunities coming, paying very close attention to how the dollar index and the S&P trade at these pivotal levels now and it's going to define, I think, the next phase of of action for us in terms of these markets. So some key levels I've highlighted there. Pay attention to those, mark them up on your charts. And if you, as per your training strategy, if you get a signal, then the best of luck to you. So are there any questions with respect to any charts that I haven't covered? That anyone like me to take a look at? Messer, how are you doing? Hi, Patrick, I'm good. How are you? Yeah, very good. Thanks, Patrick. I got a question about this game stop situation. So for my very basic understanding is hedge fund. Shorted it and then people on Reddit started buying the stock. And that's why it put the hedge fund in a bit of trouble. Is that correct? It's a little bit more complex than that because it's to do with options flow. And it's to do with options flow that is basically forcing the options providers or refer to as market makers to have to cover their exposure in the underlying market. So these guys or these this crowd on Reddit or this big retail crowd have basically been buying out of money call options. So strike prices above the current price of the market. And in some instances, at way out of the money. But because of the sheer volume going into these options, it's it's made it's meaning that the market makers have to cover themselves in the underlying market. And in doing so, they're they're elevating the price. And at the same time, you have some big institutional players who are short these short these short game stop and having to cover because they can't risk blowing up their their funds on a single bet. OK, so so sorry. So when they're covering their basically what they're doing is they're having to cover their short positions by liquidating profitable long positions, because when you cover your short, it's it's it's a cash transaction. So at that point, they're having to sell their long positions, which is causing the market volatility we're seeing. And then they're using those profits to cover the the their short books. OK, OK, so it's not as simple as if they weren't short, they would they could have put in a stop loss and that would have like prevented them to go in to losing this much money. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. These guys aren't these guys. When they when they borrow, they're borrowing shares, they're not this isn't as easy as putting a stop in place. OK, this is institutional trading whereby they're actually borrowing shares in the market. So they paid, you know, they they'll pay a price of X, and that would be in potentially hundreds of millions or even billions. And so that's a fixed price and that and then their profits or losses fluctuate depending upon the share price. But if you're short, the problem with the short position is, you know, there is no stop on the upside. So prices just can continue to rise and you've got to think to yourself at which point you're prepared or which point are you potentially insolvent. Do you see what I mean? Because when you cover your short position, you have to have the money to execute transaction. Yeah, yeah, your losses are on paper initially, but that paper loss becomes becomes a financial loss when you have to cover your positions. I see. I see. Yeah. We're not we're not dealing with 100. Good question though. Thanks for that. Thank you. Any other questions? If you don't have a question and ending the chat box is just as useful so I know we're all on the same page and we've covered and we've covered everything for this week. Okay guys, if there aren't any other questions, I'm going to wrap this one up here and we will reconvene at the same time next week. Thanks very much and I hope this helps.