 Okay, let's kick things off. My name's Jasper Lawler. I'm taking over from Michael Hussin. For those of you who have attended the events before, I'm joined by Colin Zizinski, our chief market analyst in Canada. You should all be seeing this risk warning on the screen. I'm just going to cruise through the next pages of that, and then we can get on with things. Any kind of questions at all throughout, we have a Q&A or a chat box. Feel free to fire them through, and we'll address them as best as possible. So the general thinking here was to cover some of the major indices, namely the American and Canadian indices that would be mostly affected by this U.S. data. But also gold tends to be a big mover around these events, which will be strongly impacting Fed policy. Of course, it moves on Fed minutes and Fed policy statements, but it does tend to move on NFP, because the state of the labor market in the U.S. obviously dictates strongly how the U.S. Fed's progress towards hiking rates is coming along. I thought it would be good just before we kind of get into some of the specific markets, just to look at some of the kind of numbers that preceded this. So just as an FYI, all of you, I'm sure you know, that the last month we saw a bit of a miss in the NFP. It was still about 200K, it was 214K. This month we're looking for 230K. And again, I'm sure most of you are aware, but for those of you who are not, typically what we're looking for is if there is a number that beats expectations, then we're looking at a stronger dollar, a number that misses a weaker dollar. Conversely, if we're trading Euro dollar obviously, a missed number, and we're probably going to see a rally in the Euro number beats expectations, probably expect to see the Euro to sink. Now it's not always as black and white as that. There's a few internals within the number in terms of the participation rate. The big one at the moment is the average earnings, which is also going to be released simultaneously. The expectation there is 0.2% earnings growth in the month, putting it at about 2% over the year. And then so some of the other jobless data that we've seen, the unemployment data that we've seen this month, there's actually been a bit of a tick higher in the jobless claims each week. We did see a number over 300K, which we hadn't seen in a while. It did come down again below 300K this last week. In the ISM data, the employment fell from the month before. The ADP missed expectations. So a slight kind of down tick in the data here. But I think we should caveat that by saying that the data is still showing general strength, just a slight move down on the month prior. So then there is some call for questioning whether this 230K estimate is right, given that that's obviously above the prior month when some of the other indicators are dropping. These other indicators don't have the best track record of predicting the NFP number, so we could be looking at 300K for these numbers can come all over the place, but this is all probabilities. You address me? Yes, Colin, you're back with us. So the numbers that we've had have been particularly, I think the ADP is important. It wasn't the burn burner, but at the same time seven out of the last eight months have been above 200,000. So overall that's pretty good. I think what we might see here is that in November we've been on a pretty good role on U.S. employment and eventually you're going to pause, but if your pause is still holding above 200,000, it's pretty good. I think the most important thing we're looking at here is what does this mean for the Fed and what does this mean for interest rates? So as we head into the numbers, and that'll be how it affects stock markets. If it looks like interest rate increases may come sooner, the stock market's more likely to go down. If it thinks that maybe interest rate increases will get pushed off, then the stock market could go up and reverse for the U.S. dollar, a faster interest rate increase could boost the U.S. dollar and knock down other currencies, knock down gold. But I think the range we're looking at here is probably 200 to 250. But if you're anywhere in that, and I posted my guess on Twitter right down the middle of 225, I think if you hit within that range, it'll probably be a fairly limited reaction. I think if you go outside that range, you might get a fairly big reaction. And just looking, I see you've put up the chart here on the S&P. And we can see at this point here that we can go one of two ways here. Either we can break out and keep on going, or we're putting in a double top. And I think that the data, certainly today should give us a little better indication, particularly as we start heading towards the Fed meeting a little later this month, where we've had some chatter out of people like Vice-Chair Fisher and others, talking a lot about that considerable time guidance. So there is a possibility that they may, at this coming meeting, adjust their expectations for interest rates. So I think this could be a real trend for trading over the next couple of weeks. Absolutely. Colin, do you see any potential divergence in reaction between stocks and the U.S. dollar? Because, you know, say we did see a slight miss as we did last month, still above June 2K perhaps, but maybe not quite hitting the 230, do you see the dollar and stocks reaction differently in that kind of scenario? It is possible. In general speaking, I think that the stocks indices in general have been defying gravity relative to the forex markets. We saw back in the summer, we had a huge rally in the U.S. dollar and it eventually caught up to stocks in October. And this week we've seen the U.S. dollar start to lift off again and we haven't really seen the same kind of rollover in indices yet. The only one we've seen it in was the DAX, which you noted we're noting on Twitter and both of us were talking about yesterday with the bearish engulfing and the key reversal that we had. Now it's trying to make that back, but still that was a pretty major technical turn yesterday and I know the ECB is trying to prop things up with talk of next month, but we've heard that kind of talk before. They've been talking since January. That's all they do is talk, yeah. Yeah, even I saw this morning there's the repayments for next week are $14 billion, so how much assets are they going to buy to offset that? Well, exactly. Should we have a look? So I pulled up the S&P there. That's pushing right into the highs. I can also have a look at the Dow, but I'm going to also make sure I bring up the Canadian index just because it's so exciting. Yeah, so let's talk about that for a couple of minutes. When these numbers come out at the same time, obviously we've got that direct comparison there. Here's the U.S. 30. We can say that we're already in terms of sort of futures markets and the prices that we trade off at CMC already kind of pushing into new all-time highs going into this. So it looks like a bit of confidence that the number is going to be okay, would you say, Conn? Yes, I think people are still thinking that the economy is going to remain in this sweet spot where the economy is growing fast enough that it's great for corporate earnings, but not so fast that it forces the Fed's hands to act earlier than they would want to act earlier or more aggressively. Exactly, yeah, because that's the consideration here is that stocks kind of want this Goldilocks scenario, don't they, where the rate hike is still kind of being put off, but we've got a kind of steadily growing economy, but then you look at the U.S. dollar, actually that should theoretically be trading higher as a rate hike comes closer. So you sort of feel like if we did see a big jump in average hourly earnings, maybe breaking out of that 250 mark that you mentioned, you would imagine that perhaps the U.S. dollar would react more strongly to that than stocks. Maybe stocks would be outside of their comfort zone there. Suddenly, the acceleration has taken place a bit too much. So potentially two different types of trades going on here with stocks and the U.S. dollar. Absolutely, and on top of that, as a general thing and one thing we want to watch for with the hourly earnings is that inflation's been coming down most places, especially with the falling price of oil and other commodities, but U.S. and Canadian inflation has held up to date. It hasn't worked its way through into the consumer prices, which leads to you to think of either one of two things. Either it hasn't happened yet, or inflation pressures are already building in Canada and the United States, and it could get masked a little bit by the decline in energy prices in Europe and other places we've been seeing that, yes, there's no question inflation has come down. It's holding up kind of stubbornly high here in North America, so we want to keep an eye on that as well. Since we've got just got a couple of minutes, I wanted to talk briefly about Canada. The Labor Force Survey is out this morning. My guess for that was a 10,000 increase. The street is looking for zero. It was a 43,000 increase. It was split pretty decently, evenly 26,000 full-time, 16,000 part-time. Canada's had a couple of good months in a row, so normally after you have that kind of a month, 43 for Canada, we usually multiply by 10 for the United States, so that would be like a 430K print for non-farm payrolls, which would be spectacular. Canada's come off a couple of really good months here, and so it's time for some sort of a retrenchment. I actually thought we'd get it last month and went negative, so this time I'm a little more optimistic because overall the economic data for Canada has been pretty good for the last month, and even comments out of the Bank of Canada talking about the economy. It looks like Canada is finally starting to benefit from the improvement in the U.S. Canada always lags a bit, but it looks like the growing U.S. economy is starting to spill over the border, which is a good thing, and that the Bank of Canada statement earlier this week, they talked about increasing exports, which is also a good thing. That can be a combination of the improving U.S. economy and the drop in the loony, so that would be that. So I think that overall you'll probably see the employment not fall off quite as much as the street is thinking. So yeah, we are seeing a bit of a fall off today in the old Canada 60. You think maybe that's getting a bit overdone, but obviously it's going to be strongly impacted by these numbers if we get a strong upside. I should note one thing about the Canada 60, Jasper, is Canada 60 is one of the only indices we trade that's actually on exchange hours. It's not 24. So that's actually still from yesterday's close. Gotcha. That doesn't have a factor in the overnight trading. So what we're seeing that big drop off of the last three days is more from the collapse in energy stocks because the oil price has been coming down. Yeah, absolutely. So for Canada employment, you're more likely to see it in the dollar rather than in the stocks because, oh, the other problem with Canadian stock indices this week is it's bank earnings week and banks are about 25% of the index and they've all missed. So I have to say there's a couple of other factors in stocks that are not related to employment this week. Gotcha, yeah. So a bit of pressure in the Canadian index just coming from oil prices and the banks there. So maybe this can be an offsetting feature, some strong employment numbers. We've got some losses. Did you write it might be good for a bounce? And I noticed on the chart on the index chart you were getting a little bit of a positive divergence on the RSI. So it is possible we may be seeing some of this get washed out. And yes, if we got a good employment number, could maybe finally help to shore it up a little bit. So it looks like we're about a minute away, are we? So I'll pull up the old Bloomberg on the screen. Go ahead, Jasper. There we are. And so we'll wait and see what emerges. This is going to be the key one. I always look at the revision as well because that impacts the headline number. And we'll see if we get anything there. I think we might get a little bit of an upward revision. Yeah, if that revision from last month could actually put us past the expectations from last month, then actually we can't even call that a miss anymore. And the trend is still well on its way higher. Here we go. There we go. 321. Wow. Look at that. That's huge. And 30K upward revision. Fantastic. And Canada, OK, we did the 10K decrease I thought we'd get last month. So US, this is huge, huge number. That's well in excess. Let's see how stocks are reacting to that. Wait into new highs. New highs in the way we go. With that 18K waiting for us in the Dow. Stuttering a bit. Maybe this, maybe some worry creeping into the stock markets while the Euro's pushing right down to the lows that it made. This whole big move higher after Draghi just getting completely wiped out now. Yeah, no question about it. That should have a big impact on the US dollar. Look at gold. Gold's plummeting outside of this. Well, it's definitely seemingly breaking down. Definitely breaking down. So we've definitely, and we've seen the RSI rolling back under 50 on your chart, actually that's rolling under 40. Yeah, so we're looking at definitely a strengthening of the US dollar. That is a huge, huge number. No question about it. So what did I do with some of this other? So how are we looking at the rest of it here? Revised higher from, look at that, about 243. Maybe, yeah, so it's generally good because I think the expectation was what, 233 or something last month? So now we're at 243. So we're high there, 321. How are we doing on the earnings front? Earnings, 2.1% in line. So again, it looks as though inflation pressures are basically holding up in North America. So that's important because it keeps the pressure on the Fed, if you've got increasing employment and rising inflation puts the pressure on the Fed to act sooner. So you'll probably see even more calls from the hawks to move up the timetable. Now a couple of them, this is the last month before the rotation again. But still you'll probably hear increasing calls from the Fed hawks to move up the timetable. Going crazy on this one. Spectacular. He's been coming out saying that even they should start selling off some of the assets that have been purchased even before they hike rates. Do you think that's in any way likely? Well, they've been tossing that around for a while. I think they want to do at least one rate hike first and see how it goes. But they can certainly start by, even if they don't sell stuff just by not reinvesting interest or not rolling over on maturity and just kind of letting it run off passively. We'll maybe see that a little later in the next year. But who knows, maybe they'll move that up first rather than the interest rate takes. It's a good question. Yeah, it's a way, throwing off the market. Well, gold's extending its move down there. Yeah, definitely getting some sustained strength how the indices look in. What are you a lot trading out there? Any kind of questions for us? Feel free to throw them through to the chat area. Yeah, Euro's still holding the low but you sort of tend to feel like that's not going to last too long. Look at that, Dolly Yen, 121. You know, I'm looking here at the Dow and I've guarded on the one-minute chart, Jasper. Yeah. And you're actually getting a bit of reversal here. We had a bit of a spike and now it's actually coming down. People are actually selling a little bit into the news. The street might be starting to think, gee, maybe the Fed will have to move things up. Yeah, I'll look at that, yeah. I think we're actually lower than we started. We are. Yeah. And dollar index is up huge. So the dollar's up against everything. Look at that, 121 on dollar yen. So dollar absolutely loving it. Stocks, not so much. And a bit of that, yeah, then look at that, the S&P. If we put that down to a short-term chart. Yeah, I mean that's a false breakout as we currently stand. You know, if this closed it as is, that's not too... That's a key reversal, all-time high and if you had a lower close. We'll be keeping an eye on that through the day, certainly, especially after we had a bearish key reversal in the DAX yesterday. Yeah. See if we get one in the Dow today. So that would be a double whammy for indices. And something I've been watching for a while as we've moved into December is we're actually into this. This first half of December is five to six weeks after the end of QE3. And after QE1 and QE2, that was a really bad time for a liquidity crunch. But what's propping us up on the other side is that December is usually a great month for stocks. So I've been watching to see how this battle is out and we may continue to see this battle out over the next couple of weeks. Yeah. Do you see those two factors just sort of equalizing each other and maybe we'll just go in sideways into year-end? So far. Yeah. So far that's been the case. But I think now this puts a lot more attention to the Fed meeting that's coming up a little later this month before the holidays. They'll be the last big, big central bank meeting for 2014. And heading into this morning, I was thinking it'd be fairly uneventful, but things may change. Yeah. Not so much as it turns out. Yeah. You were talking about the Fed's inflation expectations before. Do you see that? How do you see that weighing up against the, we've got this strong labor market and the Fed have, they've been a bit different to the European central banks as you kind of referenced where in Europe we've been kind of saying, oh, these low oil prices, I mean that just affects that. That changes everything. And obviously in the U.K. we've been blaming the slowdown in Europe. Europe have the slowdown, so inflation coming down, but in the U.S. they've got the lower oil prices as well, and the same in Canada, but they're sort of saying it's just a temporary phenomenon and actually they're expecting the target to get hit in the not too distant future. So we've got that inflation outlook plus this total strengthening in the labor market seemingly happening. Are they going to bring in the timeframe, do you think, for the rate hike? Maybe a little bit. Most people were looking at them doing something to say mid-year around June. This could bring it up or at least move up their guidance with the possibility of seeing March. I still don't see them moving something that much faster than that. But then it's interesting too, because then what does the Bank of England do? Because my feeling is being that the Fed and the Bank of England would both go probably in tandem late June, early July, especially since the Bank of England probably doesn't want to do anything before the election. So this could change the timetable. On the U.S., I don't think it'll change the timetable in the U.K. Yeah, interesting. So then that being the case, then we're looking at the pound here. We've got this low at 156. We're heading into that right now. This possibly does shake up the timing of the two prospective rate hikes. Bank of England not looking any time closer to the election. We're probably looking at at least June. But the Fed potentially soon, we may be even saying March. So that's downward pressure for the pounds. There's a distinct threat of this 156 getting lost now. Yeah, and now the Dow's taken off again, and it's up over, it's up spiked up to $17,950. This $18,000 is getting awfully close. Yeah, I guess that's, I mean a lot of people have got to have that $18,000 in mind. They're not going to liquidate until they see it. I think you're right. The big round number and indices get drawn to that sort of thing. I remember the big drive to a few years back to the $50 on silver, or you've seen other ones where you just kind of get drawn to these numbers. So I think that's probably the case here with the Dow as well. Interesting little technical note. We've got the high that we made over here on the 21st of November. It was an all-time high at some point. We've failed to break through it, got through it, and it's kind of smashed lower in early trading yesterday just because of the whole ECB situation. But it's just interesting to note these technical features that we've literally bounced off there almost to the point. So anyone who had their bids in down close to that all-time high are doing well at the moment. How are we doing over there? How's the CAD looking? It's pretty off the dollar CAD. Yeah, it's not actually broken the highs yet. Maybe just do you get a feeling that this trade is getting a little bit overdone? I think so. I don't think that people are going to take the 10k drop as a big deal because of the fact that Canada is coming off two really good months and usually they have a retrenchment after that. And I'm just looking here at the full-time, part-time split. So full-time for Canada was a 5,000 increase. Part-time for Canada was a 16,000 drop, which basically offset the 16,000 gain from the previous month. So basically when you're looking at it, it's a small drop after two big gains and it was pretty much all part-time. So that's not enough really to push the breakout on dollar CAD. Even though it looks like it wants to, it'll probably take another run at it, but unless the US dollar goes completely bonkers, that double top may still hold. And I think if it does break, it'll be the US forcing the issue rather than the Canadian side. Yeah. Yeah, pretty well, you know, it's definitely got the potential there with that plus 300k number. When was the last time we toured a plus 300k? If that seems like it's... Ah, let me bring her up. Hold on a second. I'll look it up here in Bloomberg. Just give me one second. We'll be turning into a 200k water for quite a few months. The last 300,000. January 31st, 2012. There we go. There we go. Better part of three years. I had to go to the three-year table on Bloomberg and I had to go right to the end of it. Wow, that's just huge. Yeah. Well, the quickest number in basically two years. Last time we saw the 300k. Well, I mean, a lot of people have been saying that given the amount of stimulus that the US economy has received through the Fed, obviously this has been a record run, I think, in terms of number of months in a row in which we've seen job creation in the US. But nonetheless, given this amount of stimulus, a truly kind of strong economy, a lot of people are saying that is 200k actually, is that actually good? You know, back at the height of the boom, you'd see 300, 400, 500k jobs created, which still is not quite seeing that. What do you think, Colin, just a slow, slow liftoff or just the economy's not going to be able to handle it once the Fed starts hiking rates? Yeah, I think we're still in just a steady liftoff. And I think that people recognize that the Fed is going to have to raise interest rates eventually. You can't stay at .25 forever. Yeah. And I suspect that most people are figuring, and even if you look at the Fed signals that a year from now, there'll probably be a one or one and a quarter, which is not out of line with other banks. And Canada's been sitting at 1% for the last four years. So, you know, to move your interest, and of course, the idea of the neutral interest rate being interest rates equal to inflation and everybody's gunning for 2%, and you're at a quarter of a percent, you're going to go up eventually. And I think most people would, nobody's going to really get too excited unless if they went up to 1%, even into the ones. I mean, that's not going to break the economy. And I'm not convinced anyway. I think most businesses should be able to operate just fine at those kind of levels of interest rates. They're still historically very low. Yeah. Looking at the Euro dollar here, we just passed down into making a lower number past the Draghi press conference low. I mean, it's just interesting that this disparity between Europe and the US doesn't exactly seem to be closing. It's widening, if anything. I mean, there's European unemployment, the example of Italy seeing the record high unemployment. Germany admittedly is always a bit of a standout performer within Europe, but still, you compare that with these kinds of numbers in the US. It doesn't seem like there's really a fundamental reason why the Euro can hold up against the dollar with more stimulus, potentially on the way from the ECB. They're really heading in opposite directions at this point. Yeah, exactly. Okay. Well, we're getting close to quarter two. Do we want to perhaps take a, see if there's any more questions out there? Yes. Do any of you have any questions out there before we wrap up? I'm not seeing any of my end. Do you have the thing in front of you? Yeah, I'm not seeing anything. Oh, someone's just asking about the DAX. Okay. So let's bring that up. Yeah. So we're seeing the DAX is... I'll start with just the longer term. But we're seeing, you can see on this daily chart that we've already kind of eclipsed the body of that engulfing candlestick that we were referencing. So, see, European markets seem to be following the US higher on this one. Yeah, it's interesting. We've pretty much completely filled in that sell-off from yesterday. Let's see if we're able to bust through it or not. It will be interesting to see. A certain amount, to me, it seems as though this is getting propped up from the talk about the ECB more stimulus, but of course, the reason you're talking about ramping up stimulus is because the economy is not doing so well. So at which point, which ends up taking the, in the short term, maybe the liquidity winds open in the longer term, then it still hits earnings? Yeah. Of course, if the euro keeps crashing, that helps German economy as well. They're a big exporter. Just quickly before we wind up, Colin, there was one Fed statement in which they, or Fed minutes it was, when they actually referenced the US dollar being a problem. And so, given the divergence that we were just talking about, do you think the Fed are going to bring up the strong dollar as a problem again, given that it does seem to be a bit of a race to the bottom in the rest of the world, you know, Japan and Europe, namely. But here's the Fed going in the opposite direction. Notice US dollar, is that going to start hurting corporations? Is that going to be an issue? It's a possibility, and I think that's something we've got to watch for in the next earnings season. As the US dollar keeps climbing, at what point does that hit US earnings? For two reasons. First of all, you've got anybody who's a US who's an exporter or has huge operations worldwide. So if they're an exporter, it makes their goods more expensive in other countries, which makes it more difficult for them to sell. If they're a global company, then their overseas earnings get translated back to the US at lower rates, and even, so that's problematic for them as well. So we'll be watching that as we go into the, that could be the big story for the next quarterly earnings season. I think, I thought we'd get it a little bit in the last quarter, but I guess it was, by the time the impact probably hadn't been felt yet, I think you'll see it felt full on in this quarter. So next earnings season, I think that'll have a big impact on what happens. Yeah, yeah, I think you could be right. We just had a question here about the FTSE 100, obviously we call it the UK 100. This is my little short-term picture. You know, just, we're coming off of, you know, we're basically within this sideways range. We can see that the top is the 6, 7, 7, 5, with the bottom down at about 6, 6, 40. And we have this declining trend line, good example here of some kind of technical confidence and support lining up. The reason I've got this green line in here is just that was a kind of breakout area that you can see on this, the daily chart where it broke through that day's high and it's kind of, you know, it's what you see in markets when you see a, this is more of a sideways market, but potentially moving into an uptrend. And when you see an uptrend, that's what you get, a high, a move back, testing the previous high, you know, if it's a strong market, then it holds that high and moves higher. And so the question that we had is, you know, why isn't the FTSE breaking through into new all-time highs, the way the German DAX just did yesterday and the way the Dow has, well, the S&P has, what, 54 times this year or something, but not a single instance from the FTSE. It's, you know, there's different theories. A lot of it has to do with commodities. You know, we've got a strong kind of waiting towards oil and gold and sort of mining stocks in the FTSE 100. So it's not even necessarily a UK store. It's almost a sort of a waiting of the index story where, you know, the kind of, that's not been where the play has been of late. You know, it's been the kind of tech stocks have really been the ones driving the growth in the US and we just don't really have those equivalents over here. The UK 100 only has two tech stocks in there. I think you're absolutely right, Jasper, because we see the same thing with the Canadian market. Canada and the UK are similar in that, in Australia, in that they're more heavily weighted in banks, well, in banks, energy and mining, right? So with, and in the UK, I think that there's a certain extent to that as well, perhaps not to the extremes that Canada and Australia have, but certainly the UK is heading more in that direction than in the US, which is more heavily weighted in tech and in financials and consumer products. It's a very different, they are very different in terms of their composition. No question about it. Yeah, yeah. But, you know, they do sort of, you know, a very rough rule of thumb is that, you know, whatever did well the previous year is not the one that's going to do so well this year. So it's interesting with tech. I mean, in 2013 it was one of the top performing sectors. It's been up there again in 2013, 2014. So next year is that one to see a sort of a change around in which, you know, which sector does the best if its financials can improve. Maybe that would be the cause of the FTSE and the Canadian indices breaking out. Anything's possible, especially since I've been looking at things like, for example, there's been a lot of, some of the big tech names missed on earnings this quarter and there was a big takedown in Apple a couple of days ago. So there's cracks in tech. The whole thing hasn't fallen apart yet, but we're seeing cracks here, there and everywhere. It was interesting that that move. What do you make of that Colin? Just, you know, not to kind of push things out a bit over time here, but just it was interesting on Monday we saw that 7% crash down in intraday on Apple. We saw a complete reversal in silver and gold. There's definitely sort of something going on there, some sort of rotation. What do you make of that? Was that a sea change on Monday? I think what we're seeing certainly is that we've had, at least for the short term, a lot of markets have gotten really overextended and when we do get those kind of things overextended then you're set up for those kind of correction days. I think the ones we had were perhaps more violent than we've seen in a long time. No question about it, but at this point I still think there are more corrections and then sea change turns, but it remains to be seen. I think what you're looking at is those are the kind of, the bull market sell-off and the bear market rally is what we saw so far. There's something like the 10 biggest gains, single-day gains in the Dow have been, the majority have been in bear markets and the majority of the 10 biggest single-day losses in the Dow have been in bull markets. These kind of snap reversals. Yeah. Okay. Well, if there are any more questions, I guess we'll wind it up there. I hope you all did well in the trading. If you had trades going in this market, definitely some volatility going on. So thank you all for attending and I guess we'll see you at the same time next month. It could well be Michael on that occasion. It will certainly be Colin, I'm sure. If indeed, so it's actually not the first week in January, is it? It's going to be the second week in January. Second. It's going to be the 9th of January. We'll be the next non-firm payrolls. And also don't forget that next week, Jasper and I will be holding the monthly analyst debates webinar. Jasper will be filling in for Michael on that. We'll be back discussing a number of trends in the markets and I think by that point we'll be previewing the Fed meeting as well. So this will be, it looks like it's going to be the first half of December should be a pretty active time for trading so I have no doubt we'll have even more to talk about then. Okay, well thanks a lot Colin. Talk to you later my friend. Thanks everyone for attending. Thanks Jasper. Thanks everyone.