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Okay, hi guys, just testing. Just, yeah, if you're logged in, let me know. There is a chat function. Let me know whether you can hear, see me okay. You got your popcorn ready? Bit of Brexit going on this evening, of course. We're gonna do a bit of a rundown. Not now, I'm just getting the feed up and running just generally, so I'm sure people are going to be coming in and out of the chat. So Sean, Sana, Andy, hello, good to have you with us. I'm sure Saif, Ellen, the others will log in as well, and I know some of you know those guys, so Simeon, nice to have you with us. Hope you're well. So basically what's going to happen here— well, let me, let me quickly transfer my screen. What's going to happen here is I'm going to keep my, um, my feed on essentially for the next 45 minutes. So I'm not going to be speaking continuously. I'll probably have a little chat about, I don't know, just generally what's been going on. And I know not everyone is familiar with amplified. So obviously if there's any questions that you guys have, feel absolutely free to, to ask. Now is a good time, and if I can help answer any questions, and of course I will do. But yeah, I'm going to leave the feed running for the moment. As you can see just on my chart, I was just having a look about the S&P 500 performance, of course. We've seen some further positive gains throughout the session today. I'll just transition my screen over. For anyone who's, who's new to following us, you've got the EURUSD future top left, your cable center. It's obviously going to be the one in focus right here. I'll make bigger when the actual Brexit vote comes out. You've got gold futures here in the top right. You've got the DAX, the NASDAQ, the S&P 500 on the right. And you've got WTI crude futures and the US 10-year, pretty quiet, flat sideways range, down about 1.5 ticks at the moment in the bottom right. So yeah, US equities continuing to perform at this point. So I mean, this is the day's session. It's been quite an incredible, I guess, 48-hour period despite underperformance you have seen in some isolated stock stories, obviously Boeing being one. Company still suffering as a stock price on the back of that tragic incident with another aircraft crash at the weekend, the second of which the same model in 5 months. It's kind of definitely weighed on them. But otherwise, the bigger macro picture continues to be one of, uh, generally, although Durables was good earlier today, inflationary conditions are being relatively benign. Kind of further cementing the fact that Jerome Powell and the Fed, you know, they can remain dovish, and they were right to do so. And the most likely course of action here is a pause of, pause of rates. And so technically speaking, I don't normally leave that side of things to obviously the main man Sam North on the technical side, but if I make this chart just that little bit bigger, that was that trend line of course from the, the kind of triple test that we had and then how that kind of reacted. And almost we've got a bit of fatigue in that run-up that was so strong since the beginning of the year, initiated by really two underlying fundamental drivers: the dovish turn by the Fed and also the progression seemingly on the trade war side. And that's helped get us back up, but, you know, we got to a point now of somewhat exhaustion Interestingly, the big equity funds in the market, what we call the real money, not the speculative side, which would be kind of us guys operating in an intraday or in a proprietary trading sense, that even though the market's been going higher, these kind of real money funds, the money hasn't been following that trend. If anything, there's been outflows. So yeah, that makes a bit of sense while we kind of hit the upper bound of these levels here. As we kind of briefly broke above 2800, but a bit of profit taking, and I think rightly so at that point. At around these, you know, this, this is a sharp gain. I mean, percentage-wise, going from where we were— I mean, let's just take it from the beginning of the year's low so we encapsulate this year— we've had a rally of the best part of 15.5%. I mean, that's the best Jan-Febr performance since 1987. Alone. So now upside, obviously there's some interesting levels coming up. You've got the, uh, the level kind of here that we've got marked up. We've got close to it, so just above it now. So we are trading a multi-month— this is actually a 5-month high we're printing right at the moment in US equities, in case the S&P. And so again, the bigger outlying levels here, kind of looking at that mark, the initial, um, kind of recovery off that sell-off that we had during the first part of October. Coinciding with some of the support points back from the middle of summer last year. If we break— now that we've gotten ourselves back above here, I guess the higher price points, if we can break above that level at $24.25 in the futures, then, you know, certainly does open up prospects of targeting a move a little bit higher up, you know, possibly looking up at here, $28.65. That brings into play quite an interesting area really here You can see how that's acted as resistance multiple times and support the same. And so it would be a big area here to watch, I guess, slightly medium term. A break above that might open up further upside. Obviously, risk events come from the likes of any negative kind of breakdown in China-US talks, but that seemingly has been relatively comfortable at this point. So despite economic data being a little bit weak overall, if it's weak and it shifts the Fed's needle to becoming more dovish, well then ultimately that's going to be supportive for equities at that point. So yeah, interesting moves today, certainly in the US stock market for sure. But obviously Brexit is the main the main thing we're looking at. That's going to be the main fanfare for this evening. So we're going to get into that in a bit more detail shortly. But in the meantime, any questions possibly that you have, market-related or Amplifi-related, then absolutely be my guest. Fire away. Now is the better time than ever. So anything I can do to help, just let me know. Hopefully, for any of those who do follow us, as you can see, we've got kind of a new framework to the feed. So I hope you like it. I hope it feels a little bit more polished and professional. But yeah, any questions, let me know in that chat. I can keep an eye on it for the time being. Osei, Osei Stubbs, how are you? Where Stubbs? Saf wants to say hello. Jose! Where is he? Do I see him? Stunner! We're thinking about you on days like these, to be honest. We should really fly him out. Fly him out for the Brexit, 28th March. So for anyone who doesn't know, Jose Stubbs, who's in the chat room at the moment, he did our course back in 2015. And Ose is akin to Amplify family, very much so in that sense. Came all the way over from Philly via Florida. So yeah, Ose, good to have you with us, like it always is. Yeah, WTI crude futures just pushing up to session highs. So, Woman with Hairstyle, I like your, I like your name. Let's have a look, what levels have we got on the upside? So yeah, definitely 58, big level. I mean, just not only, you know, a couple of different reasons you got previous tests and rejections that could have resistance from previous price action recent weeks, overlaying that with the handle, the figure at 58 in the futures, and the R2. So hence a little bit of further added push through on this, this move higher. Now if you go back on a longer time frame, I mean, this is looking at crude futures, you can see how key that level is. So yeah, I mean, I I guess it depends if you're trading WTI crude, what your timeframe is for that trade would define then how you're probably going to manage it. You can see here the reason why the break of 58 technically has helped accelerate some of that move, even though there's been a directional kind of longer-term bias to move higher. You can see that the market was in kind of an area of consolidation in about $2.50 range for the best part of 3 weeks, but a break of that today. Obviously we did have all infantry numbers as well earlier on in the session, definitely helping to just break out of this. And where do we go from here? Well, again, you've got to be looking at a fairly longer time frame chart. Uh, probably initial targets, again, depending on your time horizon. If you are in a medium-term position, then you know, technically there's not a lot up there until you start getting to the 59 handle. 0.5 then brings in that kind of area here, which would be the kind of late November '17 mark. So maybe coming out of some of the position there if you were taking it higher, then the kind of March '18 lows, which basically correspond with 60. The interesting thing is then when you start marking up these levels, the recent break here is at 58. We're looking at quite clear targets at 59. We're also looking at the target of 60. You can see how when the market was in freefall, when we had this 45% correction from October to the end of last year, that how the market really kind of takes, you know, a real reference point in those fast money moves for those, those handles. So yeah, if it was intraday, I guess you've got to think about timing. The traditional previous NYMEX pit hours would be a 7 PM close London time, so you've got about 25 minutes. Typically, if you put a volume study on these charts, you'll see the volume obviously spikes up in the futures market at the— what used to be the NYMEX pit open hours at 2 PM London. So what you'll see is if you were in that long and an intraday environment I'd probably be looking to come out of that position, um, soon, because the likelihood is you're not going to get another 60-cent pop up to the 59 handle ahead of 7. I would, I would suggest if you're in a medium-term position, I think this is quite a good break higher. I think now you've got a platform at that 58, and I think you'd probably want to sit in it looking for targeting of 59. And if you're feeling more, more bullish about it, then the than the 60 mark. I think from a— the reason why equities are rallying, this idea that the Fed are going to hold off and be a little bit more dovish, that's going to help propel and at least stabilize market sensitivity. And equities would appreciate, oil will appreciate, because it mitigates this growing negativity about a negative global growth story. So that's going to help. A positive US-China trade situation is gonna help as well for that directional from a fundamental point of view. And then you've got that 58 break, which technically is, is quite nice. So yeah, I hope that helps for a bit of a view on oil. In terms of Dennis, in terms of the amendments, we're gonna run through that in about 10 minutes. So I'll leave Brexit for now and we'll talk about the pound in a second. Yeah, I mean, definitely, Jose, to add to the discussion there about oil, let's not forget the fact that, you know, if the Fed are gonna be dovish and so on, don't forget the dollar's got to reprice in the new, the new norm of monetary policy from the Federal Reserve. And if that's a Fed pause, not a too rate hike that they've been signaling, then essentially dollar's got to, got to back off to a certain degree. So the dollar index today is trading down 0.2%, and that certainly helps as well for that directional play. Yeah, VIX, the volatility index, is low, helping equities. Yeah, it's kind of, you know, the chicken or the egg kind of situation. Um, obviously all of those macro risks that I had talked about, you know, if you think about it, let's go back to equities for a sec. Well, this oil chart tells the same story as the equity chart. You had a massive sell-off in Q4 of last year, and this was instigated by the fear of policy tightening and concerns about global growth conditions as quite a few economic data metrics globally started to slow, and the trade war was escalating at the time. But if you remove those factors, or at least they start looking more positive, well then ultimately the VIX is going to start to die down as a byproduct of that, and we kind of move back into this kind of uniform slow progression higher in the equity market, possibly. Yeah, any other questions? Again, we'll get into the amendments and Brexit in about 5-10 minutes' time, so I'll save that for the moment. Yeah, but anything else? Anyone else is watching or I can help? Okay, Kango Kid, um, what do I think about the S&P 500? Um, what up? Look, we'll go back to that discussion because we were looking at the SPUs earlier. But yeah, let's look at it from, from two different ways of which you could— sorry, let me just get my chart centered correctly. There's two different ways we could look at this. So if I put the S&P here, so this is that broader look at the S&P 500 that we were saying. We were saying medium term, that 2865 could be a good target. I mean, honestly, if I was in an intraday position at this point, then I would probably be looking at that 24.25, um, that kind of area. I mean, you can see how the market hasn't really extended yet on some of these gains. If we start drawing out, I think we found a bit of natural resistance at these levels. So yeah, if you were in that long position, and let's say, man, you managed to get in a little bit lower down, possibly on the the movement around the R1, for example. I don't think that's a bad place to book profit and exit the trade of where we are at the moment, to be honest. And then Kango Kid, if you think if the volume is gone, if the volume is starting to dissipate, then all the more reason that probably you want to, you want to stop that trade then at that point. The one thing a couple of you guys are mentioning, Boeing— well, look, this is, this is the Dow on a minute profile. Now, a minute profile profile is not something I'd recommend that people would trade on, but certainly a minute profile does give you a bit of a narrative towards news when it breaks. And recently we've just had US President come out and he said that the US is grounding flights by Boeing's 737 MAX 8s. So that following, of course, what we were just talking about in the beginning of the session. So that's certainly a scene that Dow just flip a little lower. And certainly then, if you were in that intraday position here in the S&P, I would, I would book profit at this level, would be my, my recommendation. Because at that point, if the Dow's under pressure, obviously the, the constituents and composition of that index is different to the S&P, but just gives you a reason with the other indices paring back a little bit, um, you know, good opportunity to close it out, to maximize it at probably the top of the, the move that you're going to see today. As I said, if you look at the S&P on a, the level, I mean, you've kind of hit it, as you can see from those previous highs we had right at the beginning of the month, uh, the kind of repeat test that we had back on the 3rd reopening of trade for that week and on the 4th as well. But yeah, Dow, a little bit of pressure obviously on the back of that, that headline. An overall Dow up Just 100 now. Uh, S&P's up about 24.5. Okay, just, just while I've got you guys online. I know obviously there's quite a few of you that I'm familiar with, that I may have encountered before having done some of the Amplify training, or you've been trading, you've met me before. But for the other guys who maybe are just following this on the YouTube channel, there are different ways and means you can utilize us, I guess, as a resource. One of those is the Amplify Twitter channel. So here every morning I'll post basically about 5 or 6 of the most market-moving influential stories every day. Very useful obviously for, you know, a lot of people. My specific role is basically geared around providing our traders with a fundamental macroeconomic overview of markets. For anyone who's new to markets, that typically is an area that's quite served. It's an area of which is absolutely pivotal to any institutional kind of strategy. You know, any hedge fund is not just trading technicals. They have a very strong overall view on the market in that respect. So, well, hold on, I just saw a little blip in the market. Could be a headline instigated. Let me see what's, what's come out. Yeah, that's Trump. Trump coming out just saying he's in no rush for a China-US trade deal. So immediate downside in equities. You can just see there, look at the NASDAQ, instant response there to the Trump comments. So yeah, if you put profit at that level in the S&P, that would have been a good spot. Coming under some pressure, push back to R2 now. So yeah, this is, you know, we were just talking about the whole reason why equity markets have remained in bullish mood has been because key narrative being the China trade developments. But if he's now coming out and saying the opposite, that's a bit of an issue. So yeah, equities, little move there on the back of that, quite quickly reversed though. He hasn't tweeted it. So presumably he's giving a speech live at the moment. I'll keep you updated. Yeah, it's interesting with Trump not in a rush to make a deal with China on trade. What was interesting is that if you remember last week and the first couple of days of this week, China have been having their Party Congress meetings, which if you remember, Trump became relatively passive in the negotiation in the lead-up to that. That's the main, really important political event in China. And we were saying before how it would be interesting to see when that party policy meeting is finished What then happens to the trade deal? Was Trump just managing this in order to facilitate a smooth passage through Congress on the Chinese side, as to not cause any undue complication? Um, now that that's coming to an end, you know, now he goes back to the tactic of hardballing the negotiation, getting a little bit of further traction now in the market. Spot gold also now a bit of delayed effect there. Gold now starting to pick up. We just broken the previous day's high, so session highs now for gold as equities come under a little bit of pressure. The 10-year unresponsive, but the dollar index is coming back down to retest session lows at the moment. So rather than a flight to quality traditional move, what you're starting to see is a little bit of, you know, trade war is ultimately bad for, for the US. And that certainly helps gold from that risk perspective, but the dollar inverse relationship as well. So yeah, quite an interesting headline for sure. Trump, you know, this is what Xi, the Chinese president, has been so incredibly fearful of. It's been talked about a lot because Trump's been trying to get him over to Florida to ink the deal. But this is exactly what the Chinese have officials have said they were worried about. Trump says one thing one day and then he flips it on its head, and the markets have got to reprice that new normality. If the dollar does keep weakening, I'd keep an eye on EUR/USD here, coming up to its R1. It's an area of resistance throughout the session, hasn't really managed to punch above that over the last several hours. If we did, might open up a little bit of upside. Uh, if we break that R1, I'd probably be looking then up towards, uh, initial targets at 28.5, um, that kind of area here. So the previous highs before the move lower, uh, granted this was the ECB sell-off that we had with that dovish surprise. So yeah, that— these three areas here would obviously coincide with an area of around there if we were to break higher. The intraday highs, we're just coming up to it now in the euro, so keep an eye on that. A break of the R1 could open up another 10-pip extension on that move if you were managing that trade. That's the area I'd probably be looking at. All right, markets are moving on Trump. He's still speaking at the moment, so So I'd say keep an ear out. I'll continue to watch it, but let's quickly just do a quick wrap of what we're looking for with Brexit. So making, making this as simple as possible, there's a couple of different things that are going to be happening. So effectively, there's, there's 3 things that we need to be aware of here. Point 1, is the government's motion. Now this is one where the lawmakers in Parliament will vote to decline approval of leaving the EU on the 29th of March without a deal and a framework of the future relationship. So this is what the government's putting forward. So this is a vote to decline approval of leaving the EU without a deal. So we're expecting this to be a yes, the government then would be forced— or MPs are forced into the fact that you're going to have to either take Theresa May's deal at that point. Makes it more favorable, palatable at that point. Now, that's not the only motion though that's being heard. One of the amendments— and the way that this is going to work is that from 7:00 PM you're gonna get a Amendments A and Amendments F. So I'm going to explain those two first because then later at 7:45 to 8:30 we get the government's motion. So the first two amendments that we're going to have, and the only two we're going to be looking at tonight, the first of which is something called the, the Spellman-Dromey Amendment, and basically If I flip over to here, the Spellman Amendment Conservative member put down an amendment deleting all of May's text and replacing it with a much plainer rejection of leaving without a deal. So this is basically exactly the same as the government's, however removing only, or removing any reference to the default position of a no-deal Brexit. So this would open up, it's kind kind of like a slightly, uh, a way of opening up an opportunity for Parliament to take back some control over then the no-deal situation. Now what has come out is Spellman will not even be supporting her own amendment, and sources have suggested this afternoon that the government has been looking to pull it as they fear having to sack Tory Party members should they defy the government whip on the vote of the government's motion. So we are expecting that amendment to fail, and we're expecting the government's motion to pass, just to be clear. Now, the other amendment we're looking for— and I know this gets quite complicated, so I'm trying to keep it as simple as possible— is something called, um, the Malthouse Amendment. Now, what this is is proposes the government to take steps to minimise no-deal disruptions. Now what this basically looks like is this. This is the Malthouse Compromise, and it basically sets out the process of a managed no-deal— tariffs, extension timelines, citizens' rights, and so on. Now this is something that's been backed by the likes of the ERG, for example, but this too, this one is expected to, to fail. It's less likely to pass. This bridge about dealing with a managed no deal, we've not quite got to at this point. Now this leads then to the idea of if then the two amendments A and F fail and the government's motion goes through, well, let's deal with then the mechanism of what happens next. What happens next is is we have another vote same time tomorrow, and this is about the extension of Article 50. Now, it remains unclear at this point how long the extension would be, and there's critical questions there about how do Britain justify and convince the EU of that delay? For what reason? Now, Article 50 being delayed basically comes with 3 scenarios. Scenario 1 is a technical extension for us to prepare for a no deal. Number 2 is complete ratification of a deal, i.e., now we've got further to the deadline and a formal risk of a no deal could still be there. Do we now take Theresa May's deal and the legislative requirements to go through Parliament also require a short multi-month extension? Or does the UK decide to hold a general election or a second referendum? The latter less likely, but the latter the most pound positive if that was to be the overall kind of outcome. So a couple of different things here. The government's vote again is to decline approval of leaving the EU without a deal and a framework of future relationship. So we are expecting that to be supported. This vote would not change anything unless a subsequent decision was taken, such as extending Article 50 process tomorrow. If they cannot decide to do that, Britain still has a no-deal Brexit, which is the most undesirable outcome. From an economic impact and from a market reaction negative point of view. The only thing is, with an extension— and the final point— do not forget that all EU 27 states need to unanimously agree to that extension. And that extension, of course, needs to come with clarity from Britain over what the reason is. So yeah, quite a few things things to interpret, I know. I was looking here, let me just flip over to the charts. This here is the pound, so this is the journey of, of cable over the last 2 days. You've come in different sequences. This was Theresa May traveling to Salzburg. She managed, manages to get a a small concession about the wording on Northern Irish backstop. Things look positive, we gap up and we trade positive in the overnight session. However, everything then was down to Geoffrey Cox, the Attorney General. Did he give his legal backing and recommendation that actually this is enough to satisfy him? And he said basically no. The market then repriced and took back the entire gain that was seen on the build-up of maybe May getting a deal through right at the end. So then we price back, and then today, well, the one thing that this means though is when the market is down at these lower bound levels, well, ultimately, you know, if a no-deal does get averted, which is looking more and more likely, I think the bookies have got an actual material cliff edge no deal happening is absolutely minimal, then the market's got to recover because ultimately these things are pound positive. Just looking on the pound in a minute chart, seeing a little bit of volatility at the moment. Let me just get this pound into view. So this is quite typical, a little bit of a function of, uh, obviously as we go into 7 o'clock no one really wants to have orders in the market. So if I had a ladder visible, I could show you the depth, market depth, the liquidity. Very quiet time of day. No one wants to be in a position of risk over an announcement, even if it does seem relatively binary, that this should be largely a non-event. So even with that said, the market's likely to see quite big whipsaw price action when this does come out. So again, looking for the, the amendments A and F. The Spellman one is A, the Malthouse one is F. The latter one's probably lesser important. If the Malthouse one went through, I think that could be a slight negative. If the Spellman one goes through, I think that's a slight positive. Well, actually, I think that is a a positive. If the government's motion goes through, I think that's a positive but slightly lesser degree than the Spellman one, if that makes sense. Um, don't forget though to put into context the market's pre-positioning. We have rallied already a decent amount, about almost 2 points in the last 12 hours. So if this all goes as expected it might remain in a relative range from where we were, just up to 32 handle, up to around that R1, which was the previous night's high or morning's high. All right, I'll come off the mic. Let's listen in. It doesn't look like they've begun as yet. This could be a bit of a slow burner, but we should hopefully get the amendment answers coming up shortly. Okay, Amendment A is being heard now. Okay, so if you're watching Parliament TV at the moment and obviously this is completely new to you, so the Speaker Anthony Cheung basically has cleared the lobby, which means now they all go out into the lobby. And basically it's like a system where they walk through like an arch-shaped corridor, and basically then there's electronic tagging of who votes for what. It's a pretty quick process, doesn't normally require too long, but they basically have to leave the Commons building, walk down— depending on what side of the corridor they go down, it's basically giving their vote. And then they come back in, the vote is announced. So it shouldn't be just a few minutes. Yeah, one of the guys, uh, Jasmin, is it worth placing a trading cable now? I would say no, it's not worth placing a trade now. Again, this is one of those situations where what you'll see is the market will start jumping quite a bit. This is because of a lack of orders in the market for the complete opposite reason you've just said. If you are understanding there's going to be a big bout of potential market volatility, then you need to be aware of when to, when to not be in the market. Just wait for the result, then look to take action accordingly is the best advice. Okay, just, just while we're waiting for some of the, the kind of sterling-related Brexit news to come out, um, the Squawk was just saying there's a, a buy-side imbalance of over $3 billion. They were saying it's a source— I would take that with a bit of a pinch of salt. Basically, a buy-side imbalance is an order imbalance in a situation resulting from an excess of buy or sell orders for a specific security on a trading exchange. In short, typically this doesn't really come into play until right at the end of the Wall Street session. So normally London time between 8 and 9. But if there's a £3 billion buy side imbalance, that basically means there's a whole bunch of orders from a buy side to be executed before market close. That should be a big bullish signal if that is true. However, my experience tells me that £3 billion is massive, and I find that incredibly hard to believe. The Squawk said they're going to look into it to try and validate it from other sources to check its authenticity. So keep your ears out on the, on the Squawk if that's the case. At the moment, US equities have bounced a little bit. You can see in these center charts the NASDAQ and the, the S&P. So again, the earlier weakness— Donald Trump has come out, he's basically said he's in no rush for a Chinese US deal, and he's also grounded all of those Boeing aircraft, the 737 MAX 8s, that were involved in that Ethiopian Airlines crash at the weekend. So a bit of a recovery from that move. Let's see if there's any more details that come out on the, the order imbalance. Okay, just while we await the results of the amendments, I've just seen a new story. This just came out in the last 2 minutes on the FT, and it's talking about some cabinet members have penciled in— they've been very nice, it's my birthday, March 26th— as a new Commons showdown. So basically the meaningful vote which failed last night, which failed by the record-size government standing back in the 15th of January, she could bring back again for a third time. And that being, what, 3 days before the 29th, which is obviously at this point the end of Article 50. Now the reason for this is, is that that they're looking to revive talks, that the deal, Theresa May's deal, could still survive. And remember, EU have said the deal that they brokered with us back on Monday, that's the last deal you're gonna get. The only thing that can change here is obviously we are stepping closer to the cliff edge, and is that enough then that actually upon assessment She's gone from what, a 230 defeat to 149 defeat. Can she narrow that gap by then enough people going, wow, a no deal is actually going to happen here. We need to back the plan of the Prime Minister at this point, even if it's not exactly what it is that we wanted. At the risk of a no deal one side, or the risk of a no Brexit second referendum, Parliament takes control Trolls and the Remainers have it. And so does she get more kind of Brexit supporters to back her deal? Through lack of alternate choice, that is. Yeah, just going back to that FT article, this is a right tagged at the end. Um, senior Eurosceptics say if the choice crystallized between accepting Mays deal, accepting Brexit might not happen at all, then many of the 75 Tories who voted against the government last night would back the agreement. This is what I mean. Politicians will be politicians to the point of where, you know, they come right to the cliff edge. As I said, it's just traditional politic— political tactics. Okay, they're all come back into the Commons now, so we'll get the results coming up shortly for Amendment A. Yeah, just getting Bloomberg sources now saying Theresa May is said to plan to seek Brexit extension of about 2 months. So a little bit already now front-running sources about what she's going to do tomorrow. Granted that the motion passes, and now the detail is going to be on what exactly extension is. So a little bit of upside in the pound, fairly moderate though at this point. But if she's talking about that sort of stuff, well, you've got to think that the motion is going to pass from the overall government side. So this would be a net positive, I'd say, in that sense. Keep an eye on R1, that's the area there, the previous high. Let me remove this. I'd probably be looking, if we do start to move higher, that area there. And then I'd be, you know, that the previous resistance point, and then the spike higher that we had previously after that could be, could be targets. Then you've got the handle at 133, comes in just above that spike higher that we had from the other night. Yeah, so starting to see a bit of upside going through the pound, obviously just snapping through those levels that we were looking at, that R1 1 in that previous high. So again, from a numbers point of view, Spellman Amendment A, in 312 to 308 vote, the amendment calls for the government to rule out no-deal Brexit. Just know the rallies in cable over here, um, being modest, and it might be because of this Yeah, just to add my kind of view on what's happened, I think the market has responded fairly positively to that because as far as what I was reading in the build-up, that was not expected to have gone through. The next amendment, F, is underway. So obviously the, the MPs now leaving the main floor and they're going to go back to the corridors now to vote on the Malthouse F. But yeah, the reason why I think the market's moved here is that this wasn't expected to go through. This does, as we were discussing in the initial build-up It basically is the same as the government's motion, however it deletes all of May's text, replacing it with much plainer rejection of leaving without a deal. So in essence, it gives Parliament a little bit of option here about the potential stuff that could be done in order to avert the no deal. As far as I'm aware, this doesn't mean that no deal is completely off the table at this point. Um, but it's a surprise because it was thought then that this would fail, but the government's one will go through. That's not to say that the government's one will still pass. In terms of the market reaction here, you saw the pound initially blipped up when that went through. However, the pound's now come back down. Now what you need to be quite clear of here is that now you've got, you know, this is a fast money execution on a piece of breaking news because you do not want to sit in a long position when the results come in for the Malthouse Amendment F because if that gets accepted, well then that pound's going to flip and reverse and quite aggressively stop you out that position. So this is about just profiting on —on that quick little fast money move, and hence you get a bit of a pullback. Okay, so we still got a bit of time. Um, you're going to get another amendment, the Malthouse one. Again, just to be clear, this proposes the government to take steps to minimize no-deal disruptions by publishing basically a series of different points of information. Yes, so Jasmin, as you probably heard, although this is a non-binding vote, it could be quite difficult for me to ignore it. Jasmine, I was just going to say, I don't know if you heard, but, um, we have an internal squawk box, which is a group of analysts we have that provide audio commentary for us and our traders. And they were just talking about the lots of journalists talking about the fact that this does not remove a no deal being a possibility. Obviously much more updates to come. It's very technical about the legal side of things, it doesn't detract from the point that in the end, if certain mechanisms don't happen, a no deal could still happen on March 29th, effectively. Jeff, thanks for the kind comment. Will is actually here this evening, so if I get a chance, I'll get him to quickly jump on screen. But Jeff, great to hear that 10 years on, you're still able to get involved with Amplify. I hope this new live format is beneficial. We are going to do— we're going to cover the FOMC on the 20th of March live, just like this as well. So hopefully you'll be able to join that. But Jeff, yeah, great to hear that things are going well. If you're ever in the city, we've actually moved from Canary Wharf, actually based just around the corner of the Bank of England. So if you're in town, whenever that is, always feel free, if it's during the week, to stop by. Love to, to catch up. In order to just make a little bit of sense at least of what's been going on here, Laura Kuenssberg is probably putting it in easiest layman terms. The main vote is now whether the UK can ever leave the EU without a deal because of the earlier Spellman vote, which was a surprise. Government is now said to be trying to force its own MPs to vote against its own motion. Which is obviously again not what was expected. This is now because of the Spellman one has passed. It means that Tory ministers did not get their free vote out of which they'd agonized over. And remember, only the government, uh, only promised that they would give a vote on extension tomorrow if plan to rule out no deal was passed. So yeah, it is not straightforward. Forward, I'm afraid. But yeah, just waiting for this final one and then we'll wrap things up. Simeon, I hear what you're saying actually. It's one of those things, right? It's kind of like Donald Trump. He knows the deadlines, say, for the trade war and the 1st of March tariffs, pushes it right up to the limit hoping that something then materializes. And fair play to him. He's actually come out the right side of that more often than not. I think politicians, doesn't matter if it's Trump or if it's UK, they're all of the same disposition in that sense. The obvious thing here is we are dealing with a large economic consequence if nothing does get sorted. As we said, technically we could still have a no deal. And as you say, I hear what you're saying about They keep kicking the can, but that road is gonna run out at some point, you would think. The one thing I would say is, you know, we've just been commenting, this is very complicated at the moment. I mean, actually, if it wasn't for the Brexit journalists Anthony Cheung's tweeting, it would be way more difficult. But if it is confusing, I would say probably not then a situation that you should trade, because your probabilities of success are diminished if you really can't make sense of the fundamental developments, is my personal view. You are literally trading price action, which can be done but it lowers your probability, I would say. Okay, results due to come out shortly. Okay, just to, um, just to wrap things up then. So again, just to be crystal clear, so 321 versus 278 Parliament votes to reject no deal by a majority of 43. A lot of people though, a lot of the market kind of Brexit commentators just talking about what an absolute mess this is at the moment. The UK will leave the EU without a deal unless something else is agreed. Yeah, so May's obviously talking her own book here talking about the fact that you're gonna crash out of the EU unless you have a deal. That deal being her deal, of course. The point being here is that, I mean, overall it's a fairly contained reaction through this whole process. So, Swoak was saying there's a couple people murmuring that this is keeping the pressure on Theresa May, having seen her meaningful vote fail twice. Now she's getting some government kind of cabinet resignations on the back of the fact that the— what's happened with the Spellman vote, and they weren't allowed a free vote with the whips involved. So yeah, pretty messy overall, I'd say. No real one sustained trade here. Like I said, don't forget the pre-positioning in the market we were already up substantially through the session because of the fact that these things— definitely the government's one— was expected to pass. So yeah, gonna leave it at that, and I'll just wrap up a few final things. So just Coming on to a different subject then, just to wrap things up for the evening. I know you guys probably want to have your dinner and, and so on, but if we— this is the Amplify website. So on here you've got a drop-down box where you can choose your options. So you've got the training program, the summer internship if you're a student, financial education— this is more for institutions, but If you click on the professional trading one, there's one thing here that might be applicable for some of you guys in the chat that's still watching. So I just wait for this to load up. But if you scroll down, you can access basically the Amplify Weekly strategy. So if you just punch your email in this bottom part here, Sam and I, the chap you see with me in the morning briefing who's kind of our technical-based oriented trader. He joins me on the morning briefings, this being the one from this morning, and we write a report every Monday that we issue giving our macro fundamental and our technical view for the week ahead. So yeah, you can get that weekly strategy to your inbox here every Monday. Just need to type your email in here and hit the subscribe button. If you did have any interest in, in the course courses that we do as part of our training. Got some case studies here of previous people who have attended the course. You've also got then more information about each individual course, so like the Career Program, for example. If you just click on that, it will open up a kind of subpage and you can get more information about what that entails and so on. But, There's quite a few guys I know in the chat that have done Amplify training before. I always say the best people to speak to are the people who've done it. They will give you the best honest appraisal of what they thought and what they've got out of it. So yeah, just a final thing. We obviously, if you go on our YouTube channel, I know a lot of you, the fact that you're online right now, you probably probably already do this anyway, but if you don't, then if you click subscribe, then click notifications, and then every time we upload a video or we go live, you'll get an alert on your phone, and then you can watch us and take part in the discussion. So as you'll see here, the live stream we're doing right now is up here. The morning briefings are in this category down here. Also, as well as a point of note, every Sunday I, I do a live broadcast from home just going through my preparation of a look ahead. Definitely playing on my strengths, which is the fundamental kind of macroanalysis. So if that's useful, I normally do that on a Sunday as a live session as well. And then if you do use Twitter, feel free to follow me on Twitter. I'm relatively active. So for example, talking about Brexit this morning, I'll share kind of some of the slides that I was with some of the guys here internally. I tweet kind of infographics about stuff. Obviously a lot of it's related to Brexit at the moment, but yeah, feel free to add me and hopefully I can be of use from an opinion analysis point of view as well. Alright, other than that, that's it. So everyone who's joined us, thank you very much. I wish you a good evening, and I'll see you for the briefing again tomorrow morning. Oh, there's Donald Trump in the background. Is that Donald Trump in the background? Who's this guy? It's getting late. I think they've been drinking on the trading floor, so that's them, not me, I should say. Okay guys, good night.