Trump threatens Europe with new tariffs

Okay, very good morning. It is the 9th of April, Tuesday. Hope you are well. Um, quick overview of what we're going to cover. Actually, some trade updates this time, not between US and China, but between the US and Europe is being targeted, and that will probably go some way to explain a little bit of the underperformance in European equity indices this morning. We do have an update actually from Larry Kudlow on the, the Chinese-US talks, so I'll go through that. And then of course, inevitable, got to talk about Brexit. Theresa May looking to meet with her major European counterparts today, so she sees Angela Merkel, the German Chancellor, first thing this morning, and then she kind of skips over to Paris to meet with Macron later. Two obviously very pivotal players in Europe ahead of the EU Council summit tomorrow. So let's just have a quick review of the charts overall and what we're looking at here. And as you can see, just to refresh your memory, we've got the DAX in the center left. It's just where my, my mouse is at the moment. And you can see it's underperformed a little bit, down through the S1 already. Um, US indices also marginally lower. I guess the one thing to say here is we just make the S&P chart a little bigger. Definitely 2900 is, is the level that's going to be for the next coming days, I think, the one to watch. And I actually do think it will hold at least probably for the best part of today's session. My thinking for that is not because today is particularly busy session. In fact, it's pretty much the opposite when it comes to potential fundamental factors that can move this particular market. What I'm thinking is that, you know, you've got the ECB coming up later in the week, you've got the FOMC minutes happening tomorrow. I do actually think that those minutes could be quite interesting overall, just given how surprisingly dovish they were when we had that announcement from the Fed on the 20th of March. So I think for the moment you've got earnings season around the corner— JPMorgan, Wells Fargo kicking things off on Friday. I just think that given that really strong move higher we've had in the US equity market, it makes sense, I think, for a little bit of profit taking. And again, like we've been discussing before, consolidation really at around these elevated levels. So if I just get the rectangle box here, this is the kind of area that I'd suggest maybe we might consolidate at least until Wednesday night. When we get the FOMC, and potentially that, if it yields any surprises, could be the next catalyst for a push in either direction. So I'm looking at really 84.25 to the 2900 handle as defining that upper and lower bound of price activity. Uh, interested— interesting to see though, uh, looking on the 30-minute kind of candlesticks here, how well that, that level's responded this far. So yeah, pretty much what I've got marked up here on these two levels is the range that I'm referring to if you're looking on the shorter time frame. Um, European though, equities are underperforming. Let me jump straight to the main story then that's really grabbing much of the attention, and this is because you've got trade talks coming up. So this week, just so you're aware, and of course perfectly timed by Donald Trump as ever, EU are meeting with, or having some discussions this week with China about trade talks, and EU are having trade discussions with Canada this week. US ones are coming up, but of course Donald Trump is aware of conversations going on with these other countries, so he's kind of jumped the gun and he's in saying that actually he's gonna threaten new EU tariffs on motorcycles, helicopters, cheese and wine. And this actually equates to, I think it's around $11 billion worth of imports. Yeah, so proposing tariffs on some $11 billion in imports from the European Union in response to harm the US says is being caused by the bloc's subsidies to Boeing company rival Airbus. So if you remember, in the, in terms of the major manufacturers that produce Nearly all of the major planes in the commercial space, they're either Boeing or they're Airbus, which I believe forms part of the EADS group. But the point being is that, that being a very kind of staple French company, it is subject then to quite substantial subsidies from the government, which is highly beneficial for that company. And Trump is basically saying, unless you remove those and block this then unfair competitive advantage you're giving to this company against our competing firm Boeing, then basically I'm gonna slap a large tariff on the back of a number of these goods. So this is the latest kind of gambit from Trump, pretty aggressive on the European side. So being factored in a little bit this morning, the euro and the currency market's not really too fazed, but obviously the direct impact would be on the the corporates in terms of in mainland Europe, Germany included. And so you've got a little bit of risk-off trade. DAX lower, Bund edging up from its negative trade overnight, and it has moved back into positive territory in Bund futures and trades just above pivot. So that's one of the, the major stories. Not a massive market mover, but certainly something to be aware of. Uh, everyone's so kind of concentrated on this US-China issue. There's a whole other spectrum of trade wars to be mindful of going forward. On the China side, Kudlow has said the US-China deal is closer, more teleconferences are on tap. This comes after there's been meetings in Beijing 2 weeks ago, then Washington last week, and both sides are said, reportedly said to be in continuous touch at the moment to try and get this deal over the line. Um, what they're trying to ascertain at the moment is the definitive agreements around the text regarding technology transfers, IP protection, non-tariff measures, services, agriculture, trade enforcement, you know, just getting all of these done. And then potentially in 4 to 6 weeks' time having like a a symbolic summit where basically Trump will invite Xi Jinping to his, to his golf course, of course, uh, to just kind of ink the deal. So that's where this is heading at the moment. So things still looking relatively positive. Um, this has been one of the factors amongst others that's helped elevate this US equity market to these levels, to near the full recovery of that Q4 sell-off. But I would say the status quo as it stands, as we discussed just now with this article, I think that is largely priced in now. I don't think there's much more upside than you're going to get on this, not unless you see the deal signed quicker than 4 to 6 weeks, basically. So yeah, definitely something to, um, keep an eye on going forward. And, uh, back relatively though priced in for the moment. All right, the other thing that we're looking out for here is crude, and obviously we spent much of this time yesterday talking about Libya, of course, which gave us that extra little catalyst to fire us up to the, uh, this last little pop when the US came in. So really, the Libya situation, it almost as the US waited for this, and then it kind of pushed to the upside. To give you an idea about numbers, again, Libya's been pumping. Um, if I just move my chart over to the transitions, this was when the Libya— US came in and reacting to the Libya story. This is a twofold effect with the market here because not only, um, is this elevated by news, but the news almost acts as the, as the catalyst then to snap through some more significant technical levels. And crude has been working excellently when it breaks a key level to run almost immediately to the next level, whether or not that's within range of 20, 30 cents or a dollar or more. It typically then just opens up almost a trapdoor, if you like, to the next clearest defined level. And yesterday we were looking at the fact that if we could really break through that, that 6359s, which was the summer '18 low, you can see here, and that, uh, 61.8% fib retracement of that overall Q4 move, then the next logical target would be the 6444. And you can see absolutely working, uh, you know, as a, as a strong target, that being then the next August low. And then above there, 65 handle would be the next one. So we managed to eke out a high, I think yesterday, just a couple of cents short of that. Where we are at the moment though, we're now— we're trading, you know, 64.5. So I would say unless there is a new— as I said on Monday, we need a new potential supply shock, and that came from Libya, and that's what's bumped us up through the next couple of resistance levels here to get us up again. We probably need further developments on that side, to be honest, because if we start looking at this market again, like what I said with the S&P, I do feel like a lot of this is becoming priced in now to some extent. Not unless we hear of something new. Now, one thing I did hear earlier was that Iranian President Rouhani came out just about half an hour ago when I came in, and I caught the news that he said if the US pressure continues, Iran will produce more advanced centrifuges. Centrifuges, of course, are used to power nuclear facilities. This is something of which goes back to then many years ago when the US was sanctioning heavily Iran. So yeah, things like that need to— you need a couple more of those types of news headlines. Iran saying that isn't particularly new, as weird as it sounds. Iran producing centrifuges to power nuclear facilities is actually not new information. I guess we'd need a more concrete development on that front, but certainly there seems to be enough geopolitical tension, certainly in the Middle East, where definitely it wouldn't take much to create that kind of breach of 65, and then a breach of 65 I think starts putting us, you know, north of 66, up to 68, 86 I'd be targeting, which is up and around that rectangle there. Um, looking on the bottom though, another technical indicator obviously that will draw some attention— I've got the RSI put onto my chart here down at the bottom, and you can see here now we're pushing an 82 in the RSI. I was having a look back, when was the last time we were up at this high? And you can see you've got to go back to the peak that we had at that initial, um, what would have been a multi-year high at the time, going into early 2018 when the RSI peaked at 87. At the moment, when we got to the October high, which was the 4-year high, the RSI was trading just around where it is the moment. So we are potentially coming to a point of which some could suggest we're getting a little overbought now. Nonetheless, the graphic out of Bloomberg— I don't think this is particularly new, we did discuss this yesterday— but hedge funds are still relatively bullish. They've been adding to their long positions. We've been seeing this for consecutive weeks. I guess what's going to be interested is going forward forward monitoring this number in the days, week to come, as to when— now we're at nearly a 65 handle— do they remain bullish and do they continue to add to this position? Or is this— that could be quite telling, I think, as to whether or not this move is getting to a degree of being exhausted, uh, in that respect. All right, got to jump over then to Brexit. Let's, let's give you a roundup of what exactly is going on First of all, you had the UK Lords hearing and vote in regards to the Yvette Cooper bill that was passed by the lower house last Wednesday about this change to the no-deal status. So let me just get you up to speed of exactly what's been happening. The House of Lords and MPs in the Commons on Monday passed the final stages of the bill requiring the PM May to consult consult Parliament on the length of any new Brexit delay and seeking to prevent the UK leaving the EU without a deal on Friday. The bill, now an Act of Parliament, approved by the House of Commons last week. What this means then is that it reduces the possibility of an accidental no-deal Brexit, as was— some were fearing could happen by this Friday, of course. Under Ms. Cooper's bill, Mrs. May will be obliged to seek a Brexit delay and to consult MPs on her proposed extension to Article 50, but she will not have to return to the Commons if EU leaders decide on a different length of extension to Mrs. May's plan. Under the terms of the amendment approved by peers, she can accept the leaders' offer. So, according quite a point there to understand. This latest article though, to the side of me here, is what Bloomberg are running. And let me get you again up to— completely up to date of what's been going on. So Theresa May on Monday night, so last night, has infuriated conservative Eurosceptics as basically she's paved the way for Britain to take part in the European parliamentary elections and reopen talks with Labour's Jeremy Corbyn on a compromise Brexit deal. Now, this was always going to happen. I mean, it was inevitable in a sense that to get an extension— remember what we had always said for many weeks about April 12th— you're going to have to give notice that you're going to take part in those elections. So again, this is really just politics at play. The Eurosceptics throwing their toys out of the pram, of course, because this is exactly not what they're going to want to do ahead of local May elections happening in the UK when they're going to have to confront their constituency. Now, a couple of finite points here to be aware of. The reason why they're upset is in an email sent out last night to Conservative candidate lists, and it basically said— I mean, just imagine if you were a British you got this in your inbox and it said, quote, "Due to the current situation, we will be contesting the European elections on May 23rd. Please put forward your candidates." I mean, you'd be pretty fuming if you received that as a text message, if you were that way inclined. The party then later issued a statement though, the Conservative Party, saying that although Mrs. May placed an order, as we just heard, on Monday night to allow the elections to take place, place, she still hoped to ratify a Brexit deal before polling day next month, allowing her to cancel the elections at short notice. So this is again the caveats, of course, which is in order to secure the extension, she needs to say we're going to take part. However, she hopes then to strike a deal within the next 4 weeks, which means they can cancel then the European Parliament parliamentary elections happening here to put forward those MPs. So this is the way it works. So actually, you know, although the Brexiteers— it's kind of one step closer— there's still not a slam dunk that that actually is going to happen. Now, a few other things here of what exactly is happening. Obviously, May and Corbyn are somewhat at loggerheads still, so still to be watched on Twitter for any updates there. However, May is pretty much not going to be concentrating on Corbyn for the moment. She's going to have to leave that to the rest of her team because she's going to be meeting Merkel this morning and Macron this afternoon, ahead of then probably coming back to London to meet with the developments with Corbyn, to then go back to Brussels tomorrow. So she's certainly clocking up her air miles at the moment. The key point here then is that the PM and what she's been suggesting is still favoring something more like a customs arrangement rather than a customs union, according to people familiar with the situation. On that basis, it suggests that Labour might have obviously trouble agreeing to such terms. Corbyn was quoted yesterday as repeating, as saying, that Mrs. May has not yet moved off her red lines. What they want obviously is something more customs union union with the EU in alignment with the single market, uh, with full dynamic alignment of workers' rights, environmental protection, and consumer standards. So yeah, still some way to go before cutting a deal. And with that being said, this then is what we're looking at. So this is a decision tree. You've seen many of these, and I'll continue to post them because every day they're being updated. So here, let me quickly talk you through just to add to what I've been saying. So, request further extension as short as possible— well, that's the intention at least as Theresa May's current plan. Europe have come back and said something more akin to 9 to 12 months, which basically would take us to the end of the year. To give you exact definition of what's being discussed, the talk of a longer extension could be to the end of 2019 or But importantly, and remember, this is what EU's Tusk, the EU president, said last week, that it could be included a break clause if Britain approved a deal. So for me, that's a pretty good deal. If I was Britain, I'd take that. But who am I to say anything? So going back to the chart, you request a further extension as short notice, talks with Jeremy Corbyn continue. Now, can they reach a compromise? Compromise? Yes or no? And, and this is where the divide initially of the tree comes. Can they meet compromise? Yes. When the PM takes the new deal and extension request to EU leaders, which is tomorrow, she will then present that. The EU either agrees, and if they do, the government tries to implement its new deal. We roll on from April 12th for the predefined area agreed for the extension. If So they can't agree with Corbyn. Can they agree a new compromise deal? No. Well, then MPs will need to vote on a range of options. Government to stand by the deal if agreed by MPs. She goes back to the summit. If they disagree and the EU refuses, don't forget we could have a no-deal Brexit still on Friday. Because even though we've ratified this as an Act of Parliament now, Europe could turn around and go, Nope, we don't care, we're not having it, no deal. Or of course you could go down the route of cancel Brexit. So if you think about it, I still think no deal, no deal prospect in my mind, given the current state that we're 4 days away from it, I still think is incredibly small. I, I would put it as small as sub-5%. I'd go, if I'm gonna put my neck out, I'd I'd say 2%. That's how little I think that the risk is of a no deal and how much I think politicians are just playing a game of brinksmanship. Canceling Brexit, I think, is very low probability as well, albeit higher than, I'd say, actually a no deal. And actually then, that leaves us with one option. Well, guess what? You're gonna have to take the deal, I'm afraid. Because that's the situation as it stands, whether you're a Brexiteer or not. So I still remain by the view that that is going to happen. There will probably be in the next day or two some movement, I think, on the back of the Corbyn compromise, and then for the summit. It is all going to be last minute, hence is the nature of Brexit. If that does occur, I mean, cable I'm going to leave cable for Sam to have a look at, uh, but what I'm saying is that in a— on a daily continuation chart here, I'm looking for a bit of relief as then we get closer towards this extension coming in. Obviously, the longer the extension is, I do think that the more potent the potential relief rally could be. Upside targets I'd say I'd be looking at initially would would be somewhere akin then to that 133.50 level. So good 2 points above where the current price is at the moment, and that trend line just holding still for the moment in time. That being said, I did see a very interesting tweet because everything we're talking about is the function of the reality and probability of what exactly will be the end compromise for Brexit. Now that is very different probably for what the public are going to are gonna enjoy or dislike, because there was a new ComRes poll commissioned by Telegraph last night, and I just thought it was an absolute clear-cut reflection of, I think, national sentiment about this whole situation. So this is removed now from markets, talking about the general public, and basically this was the outcome: revoke Article 50 and remain, 40%. Have a second referendum, in/out, 39%. Leave without a deal, 38%. Second referendum between remain, either remain or take Theresa May's deal, 38%. Point being is the public is as divided as Parliament is. It's pretty much a complete same situation as the first point of the 23rd of June of 2016. Nothing's changed. If we were to have this again, it's exactly down the middle. That's the point, you know, and hence it's such a divisive issue. So yeah, either way, the point I was making in a tweet last night when I said this, there is going to be a significant portion of this country unhappy, but that is the fact of the matter. Whether we end up having a soft Brexit or a hard Brexit, i.e., a no deal, someone's not going to like it, and that's just the status quo, I'm afraid. All right, calendar-wise for today, let me just quickly shift it over so you guys can have a look. It is particularly quiet. Um, with that being said, probably a couple things I am looking out for is any further developments potentially on Libya. We heard yesterday that Haftar and his kind of coup, if you like, on the government was getting closer to Tripoli. And I think that they had attacked one of the main airports at the time. That does need to be monitored. Any of those who do trade energy, if you go on my Twitter account and scroll back to yesterday, I did post these crib sheets, which basically is everything you need to know about Libya. Um, every detail around their current production values, the output capacity of different oil sites and facilities, and also the detailed assessment of the infrastructure and key areas of which you would need to watch. So if you are an energy trader, um, I take these opportunities, if you like, when it comes to Libya. If you're a new trader, this is a word of advice, if you're trading things like energy. Take these opportunities when these stories flare up to really swat up and get an over-broader view understanding of these countries, because ultimately civil tensions in Libya will come back. You know, when Gaddafi died in what, 2011, it peaked. It will come back in the future, and it'll be someone else. It'll be Nigeria, it'll be a different country. This is how you accumulate that knowledge of a slightly deeper level, which definitely gives you much more conviction for understanding the news for sure, and it will improve your fundamental kind of view on, on markets. The best thing I like doing with this type of situation, as we did yesterday, was look at maps. Look at maps of these oil countries and start to understand the infrastructure, and it will give you a much better awareness then of the key areas to be sensitive to for any developments on the news front. So yeah, anything out of Libya, anything out of Merkel and Macron on the Brexit side— to be honest, I don't think Merkel's a conversation you really need to pay too much attention to. She's pretty warm to the fact of getting a decent Brexit deal for Britain. It's Macron that really is quite key. He's been probably the most hawkish of the European politicians on having specific conditions attached to any agreement that gets done. Yeah, and other than that, I think trade war risk, that kind of flare-up and deterioration of the talks, I think is limited at this point. So potentially more 2900 acting as the range high could be the way forward, given the fact that we've got the FOMC minutes tomorrow, which I think will be a relatively interesting and big important event. So maybe people might sit on the sidelines waiting for that. So to materialize. Okay, that's it for me. Let me hand you over to Sam, and I'll wish you a good day ahead. Thanks very much, guys.

Thanks, and good morning everyone. Hope you all had a good evening. Start with the currencies, just have a quick look how we're currently trading the euro, which broke out of a bit of a range yesterday, as did a number of the dollar pairs. Aussie dollar looking pretty similar in that sort of push above last week's highs, retested it early hours, uh, this morning slash overnight, and you can see we found pretty good support on that. Um, I just wonder if we've just started to find a bit of a bottom here on the euro. However, it— listen, it wouldn't be too surprising if we did, you know, albeit, uh, not necessarily today, start to drift back lower again. And, and each time we do that, probably worth having a bit of a trend line on. If we take it back to not too long ago, similar sort of pattern here going back to the beginning of March where we were drifting, we were drifting, you had the FOMC pushed higher and then we drifted all the way back down. So I don't think for one minute just yet the euro is, uh, is in the clear Uh, but we are above this range, so important level, line in the sand to keep an eye on that, that low from overnight, which was the high going back. And you can see from yesterday where, where Ant has it marked up on, on the chart, really important level to be aware of. And we are just coming back down to that. The dollar index just starting to pick up a touch, and the pound has some interesting levels just a bit above where we're trading. But that dollar strength that's just coming into the market, just holding that progress a bit. The, the trend line that we did break through, uh, late last week, you can see really well respected, uh, as support initially before breaking through on Friday in a bit of a choppy way. Of course, non-farm payrolls influencing that a touch. However, that will come in if we sort of continued the progress higher. Probably a similar time to the high that we had on Friday. Also the lows of the 3rd in, in play there. So looks like it coming around 131.60-odd in the futures, maybe a bit higher on the, the high of Friday, but an area to, to be aware of nonetheless. That dollar strength just bringing pound down a touch, and the low that we had this morning, also the highs of yesterday. So a couple of these dollar pairs have got really interesting potential areas to support that. If you do feel any sort of dollar strength is going to come back into the market, this would be an area to look to, to wait for it to break, to get short. So if that was to go and the euro was to break lower, then, then sure, these markets can of course drift down that range that we talked about in the euro breaking. Well, here you can see it in the Aussie breaking through over, uh, overnight, early hours, around sort of 4 AM UK time. And we've already come back to test it, really strong level. So anyone that was, was up trading in the early times would have been a good opportunity to have got in long there on what was a really solid level of resistance previously. Gone up to the high, um, that we made— I want to say, what's the date here— on the 26th, took that out. So really good opportunity there if we were to start to drift a bit lower. I mean, the previous high of the day is only a couple of ticks below, but I think from a safety point of view, you probably do want that, that low to go as well. And then you might start seeing a few of these dollar pairs really start to drift lower. But for now, a bit of weakness, um, and any, any strength, I'd be waiting for these support levels to go. Uh, the yen, you can see, had a little bit of a push higher this morning, uh, as well. Happened early hours, you Yesterday, range trade if you were that way inclined. We've already, I guess, had that first test of yesterday's high, which is also the high that we had back on the 3rd. So be keeping an eye on that. If it was to come up again, would you really want to be going there for the 3rd time in, in 24 hours? Probably not. A bit of an extension through that, then you're looking suddenly at the highs that we have back on the 3rd. I do still think this market has got a bit more more room to go to the downside. You can see if we go back to the 25th of last month, we had this drifted down. However, like a few of those dollar pairs, just starting to bottom out a touch. But of course, this market, the correlation with equities is probably gonna come true. And 2900, well, I guess we got there on the futures, literally to the tick, at 1 AM this morning. Um, and look, we'll go quickly, longer term chart, just to show you how significant all of these key levels have been. And, and the way this has worked, you've got— if we go back, and this is the December level, yeah, 12th of December, really key point. Then you had the 200-day moving average around here, first retest of the December, uh, highs. Uh, then you've got the 8th of October low. Every time the decent reaction, and then it's almost on the third or, uh, sort of second test that it then gets that breakthrough. So 2900 It's a key level, absolutely, that people will look at. Good place for people to take profit. It is that round number, psychological level people be looking at. It might be that we drift lower and you are in eyeing 2865 for that place to get in for a final push up to the all-time highs. Um, risk-reward is good, you don't need a massive stop on it. I think for now you've got to favor that upside, whether that be today or not. Well, let's have a look where a potential place to get in It really does feel like 2017 again, that every dip is an opportunity to buy. Um, yesterday we had a bearish open, uh, on the cash open. The low that we had around midday on the 5th, great area support. NASDAQ was pretty much identical from what I remember, um, although I guess it did go through it a bit. But you've got some support that we had lower down on the 5th as well for these markets that then did, uh, push on. Uh, S&P in the afternoon, I think, would be obviously the, the better time to trade it. We have to develop this mini range, uh, from the, the high that we had early hours in Asia, uh, trading, and then this low around the S1 though, just a bit below. Decent support from yesterday for that final push into, into the close. I think would be an area to keep an eye on, S1 and that low coming in on the futures, the low at 2887.75 would definitely be somewhere I'd be eyeing up. Any push above 2896, just be careful because you had the, the previous low at 97, uh, that I think would be more important. So really you've got to get a break above that. If we do 2900, break of that, there'll be a few stops, uh, above there I'm sure as well. Having a quick look over at gold, which 1300, but now back above, you know, it's— yeah, still an important level whether you're trading on the spot or the futures, but it has been, you know, chopped through a fair few times. Even though having broken above it yesterday, we did remain— so I'd still have it as a bit of a line in the sand. If, if you want to get short, it might be that by the time the euro, the pound, the Aussie are back below their overnight supports or breaks of those ranges, gold is also below 1,300. In, in what was a relatively quiet day yesterday, gold and oil were the main movers. However, you can see gold pretty much undid a lot of the hard work, uh, to, to get to that high. Just looking at the lows over the last 24 and a bit hours, you can see they are getting higher. The trend line is not amazing— well, it's not too bad, to be honest. I would definitely have that on a break of that, then you might get that run down to 1,300. So it would be something I'd be, be eyeing up. Having a look at oil before we look at quickly European equities, which have been under a touch of pressure this morning. Where are we going to get to it in oil in a market that seems just like the S&P is the only way has been up recently? Uh, key I think to, to have it marked up— where is it— around pretty much now on that daily continuation for oil. Anywhere around 65 is going to be important. You've got the previous lows going back to June and August last year and where we broke down in, uh, early November. So a bit of a short-term top potential, potential for that, along with the S&P at 2,900 and that correlation working so well. And in turn, yesterday the Canadian dollar had such a good day, you can see being dragged higher by oil prices. If we just have a a look at this, you can see really pushing on to the top end of that range, helped by a bit of dollar weakness as well. Just to finish off with the DAX, you can see had broken lower this morning only to snap back really in the sort of the last 10 minutes upon, upon that open, breaking through. And now we're now back up to almost the sort of closing high that we had overnight. So key level to keep an eye on there to just above that, the pivot and the round number, the 12,000, couple important points that I would have marked up on the chart. Any questions, as usual, please do let me know. I'll be on the mic throughout the day. If I don't catch you all, I hope you'll have a great trading day ahead.