The following is a presentation of TFNN The power trading hour with your host David White Call now toll free at 1-877-927-6648 or internationally at<PHONE_NUMBER> now David White Welcome all to another excellent It doesn't really matter where you're at could be anywhere in the world be trying to Sell ice to Eskimos in Alaska or maybe having a mint julep in Kentucky As long as you're here at this time The following takes place between 2 p.m. And 3 p.m. Well after trying to blow the bottom out of this market We're down 18 points on the S&P cash It of course is options expiration not only that it's a quad witching So at 9 35 this morning after or five minutes after all S&P 500 stocks are open options on the futures Expire they set the price at that time But the all the stocks have to open and be open for five minutes But I think they all were this morning So that sets that price and then we go of course and wait till the end of the day, which is all about equity expiration at the close And so a lot of games going on I don't spend a lot of time Yelling about options expiration during quad witching because it is tougher Probably never as tough as this week Just pick a side wait Wait, what three hours and you're probably made a mint or gave it back but my belief is that Kind of volatility is coming to a close. My guess is now that they got Everybody to dive in and I think when I look at the numbers tonight I'm going to see a ton of people That went short this market just in time for it to level off and maybe even go up a little bit all the way to the first of the year but certainly My guess is if you were waiting for the apocalypse Stapping in the market you're gonna have to wait until January Sorry to say I could be wrong, but I think that the action is about perfect Normally what you want to do is see everybody decide to dive in On the hang grenade of going short and I saw so much this morning. They made me believe that Options had been kind of pointing to higher all day Even after the initial move, but you know, could we get 48 points before the end of the day to get to the prediction? I don't think anything this week is beyond the scope of reason, but for me I made a play that I think is Probably the best bet and that is all I need is the market not to go higher Or go lower so two out of three and I went big on our trade today in the path of lease resistance And of course you can always sign up for that on the front page of TFN in and course we've got tiger dollars now you want to be Signing up for those. That's the best way to get any of my newsletters or subscribe to the art of timing the trade charts Also good things Yeah, just it's kind of like they always told me when I grew up in the Midwest if you don't like the weather just wait an hour I Think maybe they even said wait ten minutes, but I think it was wait an hour Maybe two can't remember which one but my guess is that we've set the lows and There is probably not going to be much of a low back in and by the end of the day The shorts will probably want to be screaming uncle again But like I said, you know as long as we continue to just sit here and melt I'm fine. In fact, I suspect As we go into the end of the year The VIX is going to do nothing but melt like ice cream on Georgia asphalt in the middle of July That really melts. You just you have to do that once just so you know But anyway, uh, as I said, uh, looks fairly good to me In thinking that we've got a fairly nice setup to In the season out But everybody probably looking for another home rung can't even say it home run ball Uh, and probably not going to get it. My guess is that we go a deep Deep into uh volatility negative volatility Or lower volatility. I guess it would be the way to say it through next week. Um This is just a way that they set these things up They have huge amounts of money on both sides above 70 uh 4700 and below 4700 So, uh, you know if they push this thing up If it doesn't get it there today, it's going to get there probably through next week, but uh, I'd be you know If I was doing stuff, I'd be selling spreads all through next week and just uh accumulating the uh uh the Decomp in uh premiums uh, or selling uh short, uh, maybe uh The options for volatility, but uh, man I don't want to I didn't say that right. I would be short Volatility not selling the options short. Anyway, uh eight seven seven nine two seven six six four eight And that's it Ah, okay Okay Anything else happened and that's pretty much it. Uh, like I said, um I'd say there's a 95 chance. We closed positive on the day in the s and p Uh, and a fairly good chance that we take a run at 47 before the end of the day Uh, but even if it just goes sideways, I'm gonna I think I'm gonna clean up Uh eight seven seven nine two seven six six four eight Email me at path at tfnn.com and of course you can always put a message in the den if you want to look at something And uh, what do we have there options expiration going into christmas week? It is a tough trade to be short next week. Um, and they got a lot of people, I think on the wrong side of the boat So the general, uh prognosis is to have a slow and steady move higher but uh You know, I'm looking at uh a couple of stocks that have people just shorting the daylights out of them And they may be just flat now But uh, I think they could do next be a good next week just on the short squeeze As volume decreases, uh short interest increases, uh, you've got the uh, the uh Elements of a of a decent short squeeze in the next week that didn't all Just over in a minute. Uh, that maybe takes the entire week to develop Okay, uh, what do we do? Oh don't I have enough time to do that now We'll do a little history. We'll come back got lots of stocks and earnings to take a look at Before you finish up yet another great week of the park Are you grinding in the market? But seeing little to no return or are you a successful trader simply looking to make your job a little easier Learn to take the path of least resistance with David white's powerful trading newsletter David white is an accomplished trader whose deep understanding of technology and the markets Allows him to consistently find and share winning trades support and resistance Define the ranges in which stocks trade by understanding these trading ranges David white is able to find the path of least resistance David white's trading newsletter the path of least resistance is delivered daily Before the markets open to make every trading day an easy win Visit tfnn.com today and subscribe to david white's ultimate trading newsletter For $119 a month and try all of our newsletters risk-free with our 30-day money back guarantee Take the path of least resistance at tfnn educating investors What's separating you from the most successful men and women on wall street? That's right information Having all the information gives us the perspective we need to place the right trades at the right time The test profile scanner is the premier market profile base scanner Powered by its acclaimed test proprietary algorithms This feature rich scanner instantly filters over 2500 plus global financial markets such as stocks ETFs commodities futures and forex This powerful suite of tools leverages instant trade filtering and strategy formulation to show you emerging trades Before they happen for a limited time You can save $100 off your first month by using the promo code upgrade And you still get a 30-day money back guarantee So you have nothing to risk level the playing field with the task profile scanner Which you can find under the services tab at tfnn.com sign up today Sharpening your skills as an investor is like getting better at playing a musical instrument You have to practice sure, but you also need excellent instruction from experts at tfnn You'll get advice and guidance from the authority in technical market analysis And it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv Live every market day from 8 30 a.m. To 4 p.m. Eastern for free Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world From the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts To help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel And become the investor you were born to be tfnn educating investors Call now toll-free at 1<PHONE_NUMBER> internationally at<PHONE_NUMBER> We return as mccarthor did to the We're only off 14 points on the s and p cash now Uh, down still down 327 a little bit bigger hurt Nasdaq up 73 russles even up Uh, 29 up one and three and 1.3 percent the big winner winner chicken dinner of the day And of course, uh, we've got a little history On today in 1903 orburn will were Right make their famous first controlled and sustained flight with a heavier than air powered aircraft Orville made the first uh flight which lasted about 12 seconds Three more flights were made that day both by both brothers, by the way And the most successful being the fourth and final flight which wilbur flew for 59 seconds The work done by the white brothers helped spawn the aviation industry and of course, um I'm gonna sneeze Well, that was some wicked sneeze in there anyway, um Very interesting. Of course, uh, they were bicycle Uh folks back in there and decided to uh, well have some fun But uh, yeah on this day in 1903 aviation got started They all started with something Uh called the Bernoulli principle which we found out much later was untrue But it didn't really matter plane still flew Hey, I rhymed didn't know it Okay, so let's go ahead and start getting to the charts over most of tf and n which is already in progress Uh I wanted to look at Earnings earnings and more earnings and some just with news um Caught a lot of people sleeping uh at the meme store In uh amc Uh and again in a downtrend as I said, you always should need to cover when you can not when you have to and uh This is kind of the rhythm that it takes to uh ride something all the way to the bottom Uh, generally people making a lot of money get a little greedy and they get caught napping. Um Some good news for amc, but you know, are they broke? Yes Are they going to be broke? Yes. Will they be able to use this money to make themselves richer? I mean the executives. Yes Uh, will it ever make any money from now on to eternity? I'd say the uh probabilities about like k martin sears coming out of bankruptcy. No But uh, yeah, weird things have happened Uh other things going on in the market already will go through uh Estee lauder having a bad hair day How'd you like that one? I came up with that I came back and filled this gap higher. It wasn't a lot of volume to that gap But guess what? It's almost a per perfect gap that started on the 26th of november and reoccurred on the 6th of december That is uh, what you got to call a burning bush for a sign at 3 45 Where support comes in it came in at 3 43 and that's it. Um, probably gonna have more volume today too, but Uh, sometimes you can just look at a chart and it just pops out at you But uh double gaps you want to watch those that's why the art of timing the trade charts Uh identifies them so uniquely i.e with uh Lighter and darker areas depending on whether the gaps up and down, but when they mix together Ah, you got some real stuff there, baby Uh steel case also out with uh Uh with earnings down a little bit Uh, but uh really more than anything just back Uh to kind of a long support area this thing's had for a while Uh, let's go back up here because I like that you got Really a big gap Uh above 10 bucks That goes back to what the 9th 10th 11th. What is that? We're gonna call that the 9th of Yeah 9th of is that my march? Oh, i'm looking at the wrong place again because that's the one i'm looking at right there Uh, yeah the 9th of uh november And november 9th of 2020 Gapped up with a million shares if you're unfamiliar with steel case They're the guys that make a lot of those file cabinets and desks and chairs and stuff When everybody uh decides to to scale down all those uh chairs go home And you buy uh the steel case uh File cabinets at a discount And then of course when you fire back up in order uh start a new office you got to go out and buy new uh File cabinets again and desks and chairs um These guys were always interesting as a company to me because they had they were uh fairly anal about the way that their trucks Their semis looked and before they made a big delivery Each truck has to go to a car wash Well, I guess a truck wash in this case and clean up before it comes into town and be spotless They pay their drivers a little extra To do that kind of want to like uh So like uh, what is it? Another a few other companies like that. Uh, anyway, uh at support Uh, but uh, you know what? Not a lot of people jumping at it, but uh It has a nice range over time Uh to to the united states steel Uh as always michael were bigger than us steel and of course, uh Not much movement in this. I don't think you're gonna have much movement in these and more industrial level stocks um The vaccine industrial complex sees a little bounce here in nova vax Up today, they've actually the last couple of days on decent volume Uh, not kind of quite make the uh, probably 10 million shares from november 29th But uh, hey on a bad hair day gapped up and it held it That can tell you a little bit of something something a f r m Yeah, almost no movement, but again, this is another one Uh, it's sitting right at these gaps Uh, you had a big thrust with volume into it yesterday, but no follow-through today This goes through the gap higher from september 10th with 54 million shares Uh, you had 10 million shares last time you tried on december 6th You had 20 million shares yesterday And it didn't do much today. Just kind of hanging out there But uh, at least in the short term probably found support J and j didn't have good news As part of the vaccine industrial complex, but probably not as big a gap down This thing's still on the north side Three by three displacements moving average Where it found support so don't blow out yet. It's j and j even on and We're back in a Are you having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with Become an apex predator in the trading markets and join the tiger's den trading room only at tfnn.com The tiger's den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas Join the den and surround yourself with the sharpest minds in the trading world Subscribers to the tiger's den are also the first to have their questions answered live on air And can privately chat with our tfnn hosts live during their shows Interact with other tigers and tigers as they share trading ideas news analysis and discuss the market action all trading day Subscribe to the tiger's den risk-free with our 30-day money back guarantee and become part of the tfnn trading community educating investors You could be making money off the stock market And if you're already making money off the stock market You could be making a lot more Check out tfnn and tiger tv and get expert investing advice to give you the power to control your financial future Go to tfnn.com and find the newsletter for you Whether you're into trading gold metals futures currencies or options You'll get advice and analysis to help you seriously get ahead tfnn also features trading services with a 30-day money back guarantee for new subscribers as well as Tfnn's tiger den trading room trading software and educational webinars for all trading levels And make sure you check out tiger tv for free on tfnn.com or tfnn's youtube channel for live financial content From 8 30 a.m. To 4 p.m. Eastern on market days Stop watching on the sidelines while other people get rich and become the investor you were born to be tfnn educating investors Tfnn is excited about our new software charting program the art of timing the trade charts In collaboration with tom o'ryan and using his best-selling book the art of timing the trade your ultimate trading mastery system David white has programmed an outstanding piece of software that will complement any trader's methodology Using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including art lease abc's butterflies and much more the art of timing the trade Charts is designed to help you when scouring the markets for stocks Just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right Now we're offering licenses available at only $79 a month We are so confident that you're going to love this new charting software that will even give you a 30 day Unconditional money back guarantee don't miss out on this incredible new piece of software Get your copy of the art of timing the trade charts today by visiting tfnn.com This segment is brought to you by think or swim for more information Just click the think or swim banner on the front page of tfnn.com As we come back one of the bigger winner winner chicken dinner His bottom line technology z pay nice gap higher to 56 38 uh only second to amc, but we know mean stocks really don't count Uh a huge volume into a 250 000 share high. You already have 8.7 million shares today So uh caught a lot of folks sleeping on that one Uh, okay, what else do I want to go back to the other way? I do Let's go back to earnings And news combination of both Uh Uh Whirlpool See what's going on in that one today Uh Actually got a little more energy on the way up yesterday. You're down today. The volume has not come in But yeah down 2% or so Uh Sam's Let's say m my am said sam Um Even a bounce Any downtrend is fairly good for this company. It's done nothing but sell off But uh a little higher on very light volume today But uh almost 4% so not a bad move today Uh intel Yeah, not much happening here And again, I don't expect a lot of an out of intel for a while It's going to take a bit to get the conference uh confidence back When we look at the facebook, uh or metamucil, whatever you want to call it these days It has held Above the three by three now for seven or eight days out here did not break it the volume's about half So i'm thinking uh a you got in there And we've got some other emails coming in So let's go ahead. Oh, we've got several out here Uh, okay Um Dave, why do you think the dow is down so much today? Do you think it's many rotation back into tech? No, I think it's uh the dow stocks have the tendency Uh to borrow lots of money and they don't like interest rates going higher That's kind of it Even some of the smaller caps may have options than borrowing lots of cash Uh, but a lot of the dow stocks Are all about uh big industrial And uh, that's problematic for those big companies because they have to borrow big money Interest rates going up doesn't do them any good But uh, hey, you can you know, you can if you're smaller you can issue more shares without getting into problems Too many problems. Anyway, no one looks that closely But that's kind of it. Uh, this could uh be a bottom or all in the stocks Six months had full stocks index up so many are down more than 20 percent I think we're getting ready for sector rotation And just a lot of stocks have been outperforming And uh, we've seen some of that sector rotation already, but I think it really ups its game Come the first next year Uh, when ups was private they were crazy about cleaning the trucks work rules leave steps Uh intertruck and even scrubbing the floor of the warehouse. What do you think of merc? Not much Say mrk, right I don't really look much Well, you bounced off the bottom with half the volume. So there was a fairly decent buy signal I just would have liked to seen it come down with a little less energy And you got two big gaps I think generally what you want to see is the third gap out there to sets the low You've got a fairly nice low out here on december 7th a day that will live in infamy But you don't really you you really you get two big gaps About 80 75 percent of the time you're going to get a third big gap So I would wait for that and then when everybody's all despondent about it I think that's the time to jump in on that grenade Uh See what else we have here Uh, to Pete says there's no fear in this market. Look at amc have 20 percent game stop up seven and a half and I didn't look at gme But uh up seven and a half Everybody's talking about thin trading christmas valley in the year. What do you see? I just think we either go sideways or slightly higher There's going to be individual stocks that uh outperform over the next week And they're probably all going to be short covering as we go back Uh, let's see if I looked in anything else facebook Uh snap xp Don't see much in that we'll see If we go to here, okay Okay, uh, let's go back and look at the usual suspects real quick Uh, a lot of people are writing off microsoft Uh, as far as I can tell all they're doing is coming back to this gap higher And probably with lighter volume gapped up on the 27th of october with 53 million shares back into it today with 25 So you're not going to blow that out today Um, you know, do you have to probably go sideways for a couple of days next week? Yeah But uh, you know 20 30 off the top of this thing Is not the end of the world and you really didn't have a lot You know, you had a couple of days with the market that everybody got bearish My guess though is everybody's shorting everything and uh, they're going to have to slowly cover next week Uh Will apple get back up to its highs Um, yeah, I think this is another good setup here where you gapped higher On the seventh a day that will live in infamy 120 million shares higher Is that right 127? Hey, you got 107 already today, but you didn't break it. We'll see what happens, but I think it flattens out here Yeah, I think you get one more By of the apple at 182. Maybe that's where it fails Uh, okay Uh Okay Oracle or cl Um, yeah, I think this did kind of blow off its top here. Um, you gapped up came right back down into it um You know, they had really good earnings But uh a little over Overrun with that lots of volume at the high which suggests Uh with about an 80 probability you're going to retest that high at 106 34 And of course, it's one of the text that was the lagger that came on late But uh from the earnings report A lot of people are buying their stuff We'll be back in a minute Are you in the market for buying or selling real estate in the bay area? Including the surrounding st. 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It can seem impossible to keep up with all the information David white's investment newsletter the technology insider is designed to give you all the information You need to understand the technology that shapes today's markets and tomorrow's future David white has made his living staying on the cutting edge of technology His weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices target prices and stops to set for each trade Dave delivers his weekly newsletters every friday with updates throughout the week You can get the technology insider at tfnn.com for only 37 dollars and 50 cents Sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer Try it risk-free today with our 30 day money back guarantee tfnn educating investors Are china a shares hot or not? If you trade china a shares now may be time to take a closer look trade chu or chad Directions daily csi 300 china a share bull and bear etf's china a shares in either direction Visit direction investments.com today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing The prospectus and summary prospectus contain this and other information about direction shares to obtain prospectus or summary prospectus Please contact direction shares at eight six six four seven six seven five two three The prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk Including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four-side fund services LLC Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com then hit watch tiger tv That's tfnn.com then hit watch tiger tv Mimi wants to know about a a alcoa um Well You got to think that aluminum is going to be a good business going forward um I think it's better than the steel business And of course everybody kind of move into aluminum make the cars lighter Uh some other stuff like that, uh, not a bad business to be in but Right now this thing's just in a big trading range from about 43 to 57 So if you're along it, um I put my hands, uh, I'd sit on my hands and let it ride But uh, my guess is you're probably gonna see some kind of top out at 57 57 Which is the previous high of october 18th Uh to see and see centine It's up again. No sign that this thing wants to falter um as broken Really any trend line onto the downside or come close My guess though is a lot of these stocks that have done this are going to go sideways until the first of the year Um, don't see any reason unless this breaks a nine-day moving average or three by three to sell it Wait until we see what happens, uh the first of the year But uh, yeah nice move in centine um But again, um, you know, at this point you're hoping for a good beginning the next year Um, I'm suspecting a lot of stocks that don't have high short interest are probably just getting those sideways next week Okay Got that one Uh In f lx go back to the usual suspects Uh, this is back down to the support level Where it gapped back up on september 22nd It did so on four million shares came down and got into that candle today with two million shares so far So let's say we get two and a half or 2.75 million shares Going to be a fairly decent test of the low, but uh, we've been talking about this um tough stuff Going forward and that is uh people moving around from different streaming services And uh second they'll uh second the kind of could say it secondly Uh the cost of production for a lot of their products are going up and that's hurting them also So they're out of a gross story. I don't see them falling below 580 here in the next couple of weeks, but I don't think that they're Due for 700 anytime soon Uh going back up to the highs um But uh, that's just me things are the winds are at least at the moment against them Uh Oh, I got a song going through my head. It just will not quit. Here we go to that one Oh, yes, I did see the article on the alpacas um I used to make fun on the show over the years Uh because back in the 90s Uh, there was a ad that would run after midnight about alpaca the huggable investments And of course, there was a change what it last year a year before Uh to the tax codes now Uh, I think it's called the small family Agriculture deal or something But uh, yeah, uh, alpacas are the biggest tax dodge in the world again As I said the huggable investment, but yeah, I saw that Uh to to what else do we have here? Okay, so we looked at that one we looked at a few others just go back here um Question about work day from sam. I am Uh, yeah, you know these a lot of these are just coming back to this their support levels Uh, you have a nice day uh today Uh work day could drift back to 260 It wouldn't be the end of the world either, but uh I My guess is between now and the beginning of the year. This thing is probably Found below starting on monday morning Uh, we looked at oracle, uh question about lanar How about housing? With higher interest rates Um, certainly problematic, but guess what? Uh, if you're in the builder business all those houses that got mowed down last week Are at least some at some level gonna have to be rebuilt And if they can't build new houses, they'll build uh In existing lots and rebuild houses So I wouldn't get too excited about the demise of these companies. They'll be building houses somewhere Whether it's to new owners or just rebuilding The huge swath that got demolished Um, and of course, uh, the problem that we had that we talked about over the last week is insurance companies having to sell Um, when we talked about the dow earlier Guess what insurance companies buy they don't buy apple for the most part small positions They don't buy microsoft. They buy old stodgy companies that uh, if you heard that that Uh, Warren Buffett had bought it Like a candy company or some other weird thing that just plowed plods along that makes 5% a year That's the kind of companies that insurance companies buy in the market Maybe one of the reasons why you see the dow and some of those other Kind of companies selling a little bit because guess what that is the Target audience for selling, uh of big insurance companies They want lower volatility a long-term gain as they invest your Your uh premiums And uh, hope to make all the money in fact really insurance companies are nothing more than other people's money They you give them money. They promise Probably won't pay you back someday if you have a loss In the meantime, they're going to make sure and invest that money and try to make as much money as they can Uh, mu on monday. I like mu Um, I haven't watched it the last couple of days The thing really looked to me like it could take off. You didn't get much of retrace today but uh Business does not get any better for the ball bearing company of the semi-conductors. You got to have memory You got to have it for everything. It doesn't matter what it is. They're the memory company Um intel does well with memory. Uh, the second biggest memory manufacturer most people do not know that Uh, because they're kind of quiet about it. But uh micron is the big daddy when it comes to, uh, high margin Uh memory Uh, but samsung's kind of up there too. They're just not really tradable. So I'd love this. Um, I don't have any problem I would have a lot of problems holding in some companies. Um It's a risk But I kind of like uh micron And holding to be back Sharpening your skills as an investor is like getting better at playing a musical instrument You have to practice sure, but you also need excellent instruction from experts at tfnn You'll get advice and guidance from the authority and technical market analysis And it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv Live every market day from 8 30 a.m. To 4 p.m. Eastern for free Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world From the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts To help you make the right moves with your money Watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities Subscribe to the opening call newsletter at tfnn.com The opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave The chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices Get the opening call newsletter by basal chapman in your inbox every day First time subscribers also get a 30 day money back guarantee If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors Are you looking for a secured investment which pays you on a monthly basis? 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You can call<PHONE_NUMBER> That's<PHONE_NUMBER> Catch Tom O'Brien professional trader and educator founder of tfnn also a special guest on cnbc Tom will bisect and dissect the markets the Tom O'Brien show next on tfnn And No It's uh the friends of mr. Cairo By john anderson and van jellus Uh a little known song, but i think it's a masterpiece Runs like 20 minutes 877 not we can't do that now you're no way you're gonna make it We only have two minutes left and of course, so we'll take a quick look at the indexes off 25 Is that right? Yeah, a little bit more off 28 Uh as we come into the close, I thought maybe we'd have a little bit more gusto to the upside but hey Uh What else do we want to look at here before the end of the day? We looked at MU question from James who asks why do I think? MU does well and that is all the stuff that I read about from What is it? Oh from taiwan all the semiconductor stuff? They're all doing well taiwan semi all those guys reporting good numbers now in the taiwan In the taiwanese corporate market they have to report every month So you get a fairly decent read on what kind of business they're doing He had kind of a slam down yesterday in taiwan semi connector, but literally this thing's just going sideways Back to The eighth of of november, so you've got a whole month that just going sideways Numbers are good. Um, I guess the big risk Why I don't mind taking it on monday is you always have the looming uh, chinese takeover taiwan But uh, not gonna happen Well it wraps up another week See you here monday same bat channel same bat time remember to sell or cover when you can I will


Well, good afternoon, ladies and gentlemen. You're all very welcome. It falls to me to share this session, which enables us to hear from a man who is both a friend, but also a very prominent UN representative for the interests of developing countries in the largest sense, but now with a very strong focus on the issues relating to oceans and the sustainable development and conservation of oceans. I'd like to ask Sarah McGrath of the Department of Foreign Affairs and Trade to come up and say a few words of introduction, Sarah. Good afternoon, and delighted to be here at the first of the 2019 Development Matters series, which the department does in cooperation with our friends and colleagues here in the IIEA. It gives me great pleasure this afternoon to warmly welcome and introduce His Excellency Peter Thompson, the United Nations Secretary Jeb, I'll try that again. The United Nations Secretary General Special Envoy for the Ocean. You must have very long cards, Peter, do you? And I'd like to express my sincere thanks to the IIEA for the invitation to make his introduction. From one islander to another, it is a privilege to introduce a man who's been instrumental in giving a voice to the world's largest natural resource and standing up for the countries and communities that rely so heavily on healthy oceans. After his position as permanent representative to the UN, His Excellency Thompson undertook his presidency of the General Assembly at the United Nations. And during this time, he, together with David, who modestly perhaps forbids from saying it himself, was a driving force behind the implementation of SDG-14 to conserve and sustainably use the oceans, seas, and marine resources for sustainable development, drawing greater international attention to oceans, climate change, and sustainable development. He has also been instrumental in elevating the issue of oceans and climate change in the context of sustainable development, in particular through key initiatives such as the First United Nations Oceans Conference in June 2017. Such was the support garnered for this initiative. There's a plan to hold a Second United Nations Oceans Conference proposed for 2020. It's no surprise then that in 2017, Peter Thompson was appointed as the UN Secretary-General's first special envoy for the oceans. I think we can all agree that we can't imagine a more fitting person for such a role. As a persistent champion of our natural environment, I'm sure that I share everyone's enthusiasm to learn more about Peter's ambition to deliver on the sustainable development agenda through the protection of our oceans. I want to say a few words about the shared value of our oceans and the role they play in sustainable development, and how that is, I hope it goes without saying, essential to Ireland, our people, and the countries with whom we work. We're acutely aware of the relationship between our oceans and climate change. Marine life and ecosystems are often the unsung heroes in the fight against climate change and the protection of a healthy planet. Our oceans provide 50% of the oxygen we breathe while also contributing to more regular and predictable weather patterns. Yet we face an unfortunate irony that this invaluable natural resource is being eroded as a result of damaging human activities, in particular climate change, plastic pollution, and overfishing all illustrate what can sometimes seem like a lack of respect for our oceans and the vulnerability of them to unsustainable activities. But if you'll excuse the pond, it does seem that the tide is turning. And to quote Peter Thompson himself, the global consciousness is rallying around the need for humanity to transform its relationship with the ocean. Ireland stands ready to help make that transformation happen. Ireland is committed to the full realisation of Agenda 2030 and the Paris Agreement on Climate Change, and as we plan to up the ante on our implementation of action at home and abroad. Ireland's currently supporting a number of initiatives that contribute to the protection of our oceans and increasing the support for small-scale fishers and fishing communities. Inclusive marine fisheries governance and protection of marine biodiversity have been key areas of support. Much of our geographic focus has been on least-developed countries and small island-developing states, which have the most to lose when it comes to ocean damage. At home, we support the growing body of expertise that informs on how to best protect our oceans. And I know we have a number of colleagues from the Marine Institute and other academic institutions who do really crucial work in that regard with us today. I should also mention that Ireland's new policy on international development, which is due to be launched this week, will reflect the growing concern related to climate change and sustainable blue economy. It will set a pathway to safeguard our oceans, both through enhanced climate action and through more dedicated support on oceans, marine biodiversity and sustainable fishing. We plan to work more closely with regions such as the Caribbean and the Pacific, where we will intensify our support for vulnerable islands to address their most pressing concerns surrounding climate change and oceans. In particular, we will identify how we can support community-based adaptation and resilience to limit the severity of climate change impacts. This new policy will build on existing initiatives and efforts that we have started in the last few years. And I would like to mention, in particular, just last year, in 2018, Ireland provided one million in support to the Caribbean Catastrophe Risk Insurance Facility, which provides insurance payouts to Caribbean countries in the aftermath of natural disasters. The facility has proven to be a core lifeline to post-disaster small island economies, helping them to maintain continuity of governance and basic services and financing immediate recovery and relief efforts. And I couldn't possibly, I think, leave out the Pacific, given who our guest of honour is. So I should also mention that Ireland has provided funding to the Secretariat for Pacific Regional Environmental Program, a regional body in the Pacific, which has been essential to building capacity and technical support for Pacific islands. And through our collaboration with them, 14 small island country delegates from places like Samoa, Fiji, and Kiribati were enabled to participate in the UN Climate Change Negotiations in 2018, effectively sitting at a table where key decisions were made in relation to climate action. And that's in keeping, I think, with something that everyone here will understand from a whole range of areas, which is support for the concept of nothing about us without us, which we have to live abroad as well as at home. We're in the process of looking at options to support the Pacific islands through the Asian Development Bank, and we're also doing further scoping on specific tailored support for the protection of oceans and looking, as I say, at our, how we can work with small islands in the Pacific and Caribbean on building on our collective knowledge, sharing our capacities and enhancing resilience to changing ocean patterns. We want to identify shared lessons and harness solutions that can be multiplied across countries and regions. And on that note, because I think I've already been a bit longer than I promised Owen and Jill, I'll hand over it to his Ex-NC Peter Thompson. Peter. Thank you. Thank you very much for those kind words. First, I'll answer the question, which is probably in most of your minds, is how come this guy is Fijian? He's as white as any Irishman. I'm a fifth generation Fijian. I've been in the Fiji government service most of my life and my parents did and sort of my grandparents and my first ancestor, my great-great-grandfather was a Scotsman who was a master mariner. And I mentioned that because my family arrived through him because he died, they traded out of Fiji in his vessel for a while, but then he died there. And he arrived in the age of sail. And I think this is really important because life was okay for them. They sailed out from, he was from, as I say, our broth in Scotland and made his way out there as did the whole of Australasia in terms of the European settlement by sail. And yet here we are today really struggling to figure out how we're gonna get our global shipping fleet down to 50% of its GHG emissions by 2050 as the IMOs agreed we should. And of course, when you look at the indigenous people of the Pacific Islands, pretty much every island in that vast ocean, and you have to fly over it to understand how vast it is, including New Zealand and Hawaii, was settled by Polynesians and Melanesians and Micronesians who were traveling around back and forward in ocean-going canoes. So, you know, humanity can get by with a lot of these things at which we today think are absolutely essential and not really, and I want to say more about that later. But first I want to thank the Institute for inviting me to come and address you all and thank you all for coming and listening to the words I have to say. Somebody, I better keep an eye on the time and do this when I've accepted, extended my time because you can never shut an ambassador up as David knows, you know, at the United Nations. So somebody, you know, ring a bell or something when I've got three minutes to wind things up. But I want to thank the Institute and I want to thank you all for spending time with us this afternoon on what I regard, obviously, as one of the existential matters for humanity now and the times in which we live, climate and ocean and biodiversity being the big three without getting that right, we're not going to survive. I want to in particular thank Jill and David Donahue. For those of you that do not know, they were real stars in the UN firmament during the time that I was across. I was there for seven years and David and Jill came across and really set the place alight with David in particular, chairing the negotiations, co-chairing the negotiations which resulted in the 2030 Sustainable Development Agenda and that is no small feat to get all those countries to agree to that agenda and that agenda is basically with the Paris Climate Agreement our plan for survival on this planet. So it was no small feat. So thank you, Ireland, for sending us David and Jill. Since I'm in the land of Yates, my favorite part, I'm gonna read you a poem and I do this occasionally because I do love this poem. It's by Naruda who got the Nobel Prize as a Chilean Pacific man like me and it's called The Sea. I need The Sea because it teaches me. I don't know if I learn music or awareness. If it's a single wave or it's vast existence or only it's harsh voice or a shining suggestion of fishes and ships. The fact is that until I fall asleep, in some magnetic way, I move in the University of the waves. That's just the first verse, the second and third are pretty good so read it if you've got time. The Sea by Pablo Naruda. What did The Sea teach me? I'm sure like all of you knocking around in rock pools around Dublin Bay, it taught you a lot when you were a kid. In Fiji, we learned to swim pretty much as soon as we learned to walk and of course when you've got your first mask on and you saw what was there on the coral reef right in front of your home, there's a million types of life just teeming there.  What's it teaching us today? It's teaching us a very different lesson. Apart from anything that reef that I was describing of my home in Suva is now bleached and does not have a very hopeful future really if the warming trends are continuing and also the polluting trends that we've got. So that reef has gone but there are other more important lessons which is that the ocean is acidifying and that's gonna make it very hard for life in the ocean and as carbon dioxide dissolves into the ocean those of you who are not chemists like me you'd understand that as the water becomes more acidic it makes it harder and harder for calcium carbonate based life such as shellfish and vertebrates like us to form and so life is becoming more and more difficult as the acidity rates increase and they are increasing 30% since pre-industrial times but they're increasing and accelerating rates every time we measure it seems to be a worse situation. So that of course is also very bad for corals which are being heavily affected by that. Then we've got the fact that the ocean is warming again and trends which seem to increase every time we take a new measurement. More than 93% of the atmosphere is heating due to greenhouse gas effects has been absorbed by the ocean and that as I say is happening in an accelerating rate and what do we see? We see melting glaciers, melting ice sheets, we see the ocean temperature rising and what does that do? Of course there's only one ocean that's all one big bathtub and the level of the ocean goes up as a result of all those factors and that of course is very bad news for a lot of countries. Three of our neighbors in the South Civic, public of Marshall Islands, public Kirpas and Tuvalu are all projected to not be able to sustain human society by the end of this century which is tragic when you think that there's thousands of years of human culture, own languages and all the rest will just be obliterated when that happens and that's happening in various other parts of the world and while it's tragic for those countries think about what that sea level rise means for the river deltas of the area of the planet placed like Bangladesh, Mekong Delta, great food baskets with many, many millions of people living there, land which will be underwater with the rising sea levels and it's anybody's guess how high those are gonna go. At the moment we're saying I'll meet her by the end of the century but it could be a lot more. You also got to when you, and this affects Ireland when you think about warming oceans with effects on the currents of the ocean and I remember reading 20 or 30 years ago about the fact that the Gulf Stream made one day fail as a result of the warming of the ocean and I thought of the time science fiction but already we're noticing that the weakening of the Gulf Stream and there's something obviously that Norway and others are having a very close look at. We've got deoxygenation happening at a frightening scale. We've got dead zones proliferating in the ocean. We've got as you know, eutrophication placed like Florida with the algal blooms and the West Indies tourist industry under huge strain because of the effect of the Sargassum weed which is just coming in like it's never done before in history in great football fields of this dense seaweed which is toxic once it starts rotting on your beach and of course there's no place for a tourist to be paying big hotel rates for like they were before and I've stayed on these beaches and you just, you cannot continue with that and that is being put down to ocean warming but also from excess fertilizer coming off the South American continent and causing these blooms of the Sargassum seaweed. So things are changing out there and it's not good. Meanwhile of course I'm doing a lot of work with the World Bank at the moment on how to fund sewage schemes and this seems like pretty prosaic stuff but the fact is I could give you a list tomorrow of a thousand towns just in my region that need sewage schemes because they're currently pumping raw sewage into coastal ecosystems which are destroying again the coral reefs but also the complex marine ecosystems and lagoons and that's happening throughout the developing world so again work that we need to do. Then for talking pollution I don't need to speak to you about plastic pollution the whole world knows about that now but even the people who depend on the fish are killing them by discarding their fishing gear discarding fish and gear, ghost gear as it's called is a huge problem throughout the world and I believe here on the Irish coast as well. So all of these things of course are man-made because climate change is anthropogenic and all of us have got skin in the game. You know I mentioned pollution one thing that a lot of people don't consider is underwater noise and how difficult that is for the marine ecosystems that are out there. Ships noise, sure. You know 90% of our trade is carried by ships so all those ships going by what are they doing to the marine ecosystems underneath the ships and that's only just now being understood and IMO has been quite responsible about that as well in terms of trying to quiet ships so that we do less damage because the scientific proof is now showing that marine ecosystems are being badly affected by this. We always knew that naval sonar was also very damaging it was responsible for beaching whales and that sort of thing but perhaps the one that is less well understood and is probably the most damaging of all of these seismic air guns that the oil and gas industry is using which scientific studies are now showing are causing immense damage deforming the zooplankton or just outright killing zooplankton on which so much of the ocean's ecosystem depends. So again, man management, trust the science and let's get good governance in place for underwater noise. On fisheries, again Ireland has a, I think a prominent role to play.  The fisheries side of things is not in good shape. We've set up these RFMOs around the world some of which are doing a great job, others are not. We have measures that it can improve things but we have to take them. I refer in particular to the FAO Port State's measures agreement which basically is designed to stop illegal fish being landed around the world. Now, there is $23 billion worth of illegal fish landed in our ports every year. $23 billion, all of us have been receivers of stolen goods at some stage in our life eating fish and chips or whatever. Now that can be beaten by the Port State's measures agreement because that basically provides that any country that signs up to it and I'm happy to say that Fiji and Ireland have that we inspect the prevalence of the fish that's landed in our ports. One of the things we're driving for now is to get everybody signed up on that by next year. Why next year? SDG 14.4 in illegal fishing matures next year. So if we're gonna be faithful to the sustainable development goals which David and others put together we've got to end that illegal fishing and I'm gonna be meeting with the Ministry of Foreign Affairs here in Dublin this afternoon to talk about the Cork Ocean Summit which is coming up in June this year. And one of the things I'm wanting to really stress to the Irish government is that this gathering in Cork could be an excellent opportunity to really ram home the point that we've only got a year to see 14.4 respected the way we all agreed it will. I end illegal fishing and the best way we're doing that as I say is get everybody to sign up for the PSMA. Another good one would be the fisheries subsidies. That again is a SDG 14, I think 14.6 that matures next year. That says that we're supposed to end harmful fisheries subsidies. At the moment we're subsidizing to the tune of I think it's around 20 billion dollars industrial fishing fleets to go out there and catch diminishing fish stocks. Where is the sanity in that? We're giving subs, it's like paying your burglar to come and rob your house. You're giving subsidies to supposedly nice fisher folk but 80% of those subsidies are going to big industrial fishing fleets that are going out and pillaging the coastlines of whole continents, Africa in particular. So in those harmful fisheries subsidies and we will see that fleet diminish somewhat and we'll also help artisanal fishers because they'll no longer be having those subsidized industrial fleets coming and raping their fisheries in. So that's fisheries. That's all about man management really. Everything that I've described there. There is nothing where nature is the cause of all this. It's us that's putting it on nature. As I said, we've got a plan and that plan has been agreed to by all of us through painstaking agreement, the Paris Climate Agreement you all know about and the Sustainable Development Goals which I referred to earlier were not something arrived at lightly. These were many years of negotiations night after night until we arrived at this plan of 17 Sustainable Development Goals, one of which as you know is SDG 14, the ocean goal. And faithfully implemented that plan by 2030 I absolutely believe as a grandfather that by 2030 faithfully implemented the Paris Climate Agreement and the Sustainable Development Goals will not have delivered the utopia which we'd love to see for our grandchildren but it will have turned the corner that oil tanker which as you know when you give the order for it to turn it's gonna take a long, long time to turn around but by 2030 faithfully implemented our plan will see us turning that corner. We will have to live with the effects of everything we've been doing since the Industrial Revolution for at least another 100 years and things are gonna continue to get worse but we will have turned the corner and we'll be heading to a better place by 2030 if this plan is faithfully implemented. So SDG 14 kind of reference was made in the introduction to the 2017 UN Ocean Conference. That was a game changer. I think it was the first time that we really got all the governments of the world together with the best of our science, the best of our NGOs, the best of our civil society, private sector. Everybody was welcome there and came into New York for that week. And that was the game changer in terms of awareness. After that anybody who said the ocean doesn't have problems that there is this decline in the ocean's health going on. Anybody who did not accept that was either in denial or was just apathetic. And so the work since then, having created that awareness is to find the solutions. And that's what we're all about at the moment. And I'm happy to say that I'm in a different country, two countries usually every week and everywhere I go, there are people working on solutions, be it governments or civil society or science. Everybody's in our private sector, trying to find the solutions. And when I set off on this special envoy journey, I said to Secretary General Guterres, you know, there is no civil bullets here, any of these problems. And he said he understood that. And I said, you know, let's agree that our policy here is that, yes, we're pursuing SDG 14, that's my role, but let a thousand flowers bloom, you know. Wherever anybody's got good ideas, let's back them. And a lot of them are gonna fail, but who cares?  And I think you can see that happening now. A lot of failures, but a fantastic amount of energy and ideas being put now into solutions. How are we tracking? As I said, four of the 10 targets of SDG 14 mature next year. One of those, I'm very confident that we will get there, which is 10% of the ocean to be covered by marine protected areas by 2020. Back in 2017, we're about 5.7, we're currently at about 7.5, and UNAP assures me that we'll get to 10% by next year. So that's a good one, and as was mentioned, I think downstairs over lunch, the movement really is towards 30% of the ocean being covered by marine protected areas. And where I expect that to happen is at the convention on biodiversity, the COP, which will be held in Beijing at the end of next year. So there will be an ongoing conversation from the Secretary-General's climate summit this September through to the Ocean Conference, which is gonna be held in Lisbon in 2020, and I'll tell you a little bit about that, through to this Beijing Conference of Biodiversity. That conversation about 30% of the ocean being in marine protected areas by 2030 will, I'll make sure that that conversation goes through and is brought into being in Beijing. Why is that important for all three of those conferences? If you take something like coral, it's the climate which is gonna be the demise of coral. We don't get things right. The Ocean Conference is the assessment of where we've got to on coral, and then the Biodiversity COP with 30% protection being the aim there, obviously one of the big solutions. A second one which matures next year, target matures next year is the illegal fishing one which I referred to, and the plan there is to get that PSM agreement signed up by everybody. Then there'll be nowhere for illegal fish to be landed. The third one is the ending harmful fisheries subsidies which I referred to, and we're working with WTO there to try and get that done by next year. And the fourth one is, and I always get a mental blank, but I can always remember three fisheries, what's the other one, MPA, it'll come to me in a sec. But we're proceeding pretty well on track, I would say on most of them. And one of the reasons that is so is that at the first Ocean Conference there were about 1400 voluntary commitments made, now 1500 voluntary commitments. And they have been progressing and we've been working with everybody who made a voluntary commitment. What we did was we divided them up into nine families which roughly makes sense under SDG 14. There's one on marine science, there's one on coral and mangroves, there's another one on fisheries, there's nine of them all together. And they're all headed up by international figures who have led them through very successfully through to the conference next year where we will have our moment of honesty as to how we're actually performing in terms of the implementation of SDG 14. So that big moment which I refer to is gonna be in Lisbon, second to the 6th of June next year. There is currently a mandating resolution being worked through the General Assembly of the United Nations. I expect that to be through by middle of next month at the latest. From that point onwards we are gonna be focusing everybody's attention towards Lisbon. I just wanted to underline how important that conference is for us all because we're used to the sort of drama of the climate change conferences. But an Ocean Conference only comes along rarely, this is the only second time it's ever happened. You read about Ocean Summits all the time and as I mentioned there's one, there's a summit happening in Cork in June and so on. But there's only one time that everybody, like every nation and all of their science and civil society and everybody else comes together. That's when you have a UN Ocean Conference. Why? Because you have to get the General Assembly of the United Nations to pass a resolution to say we're gonna have this conference. That means everybody in Russia and America included. Which is not the case with every other summit that you ever read about. It's always sort of groups of various people. Usually it's a sea of white faces like this that I'm addressing. But happily we had, as Dave and I were discussing last night, very successful conference in Africa in Nairobi last November where 10,000 Africans turned up for the Sustainable Blue Ocean Occultions. Anyway, there's only one that everybody is united at and where we can make decisions and make assessments as to the state of the ocean and that's at a UN Ocean Conference and that's happening next June. So I look forward to being there with you. One of the things that's gonna be presented at that conference is a report that a high level panel on sustainable ocean economy is putting together now. That panel is 12 Heads of Government and I have the honor of sitting on it as well. It's led by the Prime Minister of Norway. It has people like Prime Minister of Japan, President of Mexico, President of Chile, President of Indonesia. There's a very carefully selected geographical grouping of Heads of Government who are guiding the work of that and then an international panel of some 20 world experts who are writing the report on how to get the balance between protection and production right in a sustainable ocean economy and that report will be presented. It'll be one of the main presentations at the opening of the UN Ocean Conference next year. So we're placing a lot of weight on that report. A couple of items I'd like to just mention before I close and they're controversial and I understand this is Chatham House rules, isn't it? Sort of, sort of. Okay, well they're both rather controversial. One is deep sea mining which I'm sure you're all aware that we're approaching the era of deep sea mining, maybe. It's happened twice before but everybody's very serious about it this time. I used to be president of the International Sea Bed Authority actually on two occasions and I was one of the ones who was pushing for the mining code to get done and the reason for that was of good governance. I mean if you have an UN class, we have an International Sea Bed Authority which is supposed to be the authority of everything that's down there outside of EEZs and we had not put the mining code in place. In other words we did not have law for what? Certain companies, Lockheed Martin and others wanted to do which was to go down and extract the minerals. So my big thing was under good governance you've got to get the laws in place. So the good news there I suppose is that the mining code is almost completed. It'll probably be ready by next year. The worry for a lot of people is that once you've got the mining code in place those that have had their exploration contracts because we've been giving out exploration contracts for 10 years or more will quickly apply for mining licenses which will then be, can be available now we've got our mining code or by then we'll have a mining code. So there's some very powerful forces. Under those applications what happens is that a company let's say Lockheed Martin for example has to be sponsored by a sponsoring state and they are by, while John Cameron was Prime Minister the UK did an arrangement with Lockheed where they are the sponsoring state for Lockheed's exploration contracts and will presumably be for their mining contracts. China has got a whole bunch of exploration contracts there, Japan, Korea, Belgium is really at the forefront and all these people have got the technology being developed at the same time to be doing this seabed mining. Now coincidentally the United Nations in December 2017 passed by consensus in other words, all of us agreed that we would have a decade for a United Nations decade for marine science for sustainable development, it's called. And the idea there is that we catch up on this big blankness in our knowledge about what's actually down there. How does the deep sea marine ecosystem work? How does it interact with the water column as a whole? What would be the effect, if you're talking seabed mining of digging up the seabed which has been that way for millions and millions of years and we now know there's a lot of life down there and living in extreme conditions without oxygen or light or anything like that. So different kinds of life on this planet. What would be the implications of us digging all that up and then finding 10 years in that, oh actually we've created an ecological disaster here, pity we didn't know about that. Wouldn't there be a logic in waiting as I believe the European Parliament has called for actually in a resolution last year that we have a moratorium and that we let the decade run its course and find out the answers to these questions before going down and doing any mining. It could be that the decade says, hey actually, let's say polymetallic nodules.  That may be the conclusion, the decade. But until we've had the decade, we don't really know the answer to that question. So unfortunately I got caught on camera saying that in Davos, so I suppose I can say it again here because as an envoy, I'm not really supposed to be. Could I just just remove the Q&A now? Very good, I've got one more controversial one which I'll hide then. I was gonna talk about geoengineering but I can bury that one. And look, I'll just finish by saying, I'm really looking forward to the discussion this afternoon with the Ministry of Foreign Affairs because I do think that that quark summit can be very, very influential on our assessments next year in Lisbon on how we're doing on getting the fisheries industry around the world to be more responsible on such things as overfishing. So yeah, with that, I will close and go to Q&A but all this sounds so pessimistic and my wife gives me a hard time since I get back home saying, can't you offer a bit more hope? But I do believe that, as I say, we have a plan and what we've got to do is just be hard-nosed and do the necessary over the next 10 years to make sure that plan comes to its fruition and we put our relationship with the ocean back into the one of respect and balance which our forefathers and foremothers, if that's the right word, had back in those days of sale when I first. Thank you so much.


Welcome again to one of the different experiment that we are going to perform using real components. The experiment is based on the verification of K V L. Now what is K V L? You all know that K V L is Kirchhoff's voltage loop, which is very much resemble with the voltage division loop. What has Kirchhoff's told about K V L? He said that, K V L states that The total voltage is the algebraic sum of the various voltage drop taking place across the loop. Now, when I say across the loop, let me explain it with using the circuit. You are seeing in this circuit, this is a circuit used for KVL. Now, this is a circuit having a source, three resistance in series. So, KVL says that this total voltage will be equal to the voltage drop across each of these resistances. So, we can calculate this total voltage using a multimeter as a voltmeter connecting it across the source. Similarly, we can use another multimeter as a voltmeter and connecting it across the resistor. Same way R2 connecting it across the resistor, we are using one more voltmeter. And similarly for R3, we are using one more voltmeter to connect across Rthian, calculate the voltage. So, in this way we can calculate the total voltage as well as the individual voltage drop across the three resistances. So, we have implemented this circuit on the breadboard, connected all these things together and I am just now going to show you the different values. I guess you are very much familiar with the orientation of the breadboard. So, I am not going to show you how you are going to connect the components. So, let us come from this circuit to the real circuit. So, I am closing this one and now coming back to the real circuit, do not look this side, this is just come to this before this yellow line. This is the circuit of this KVL. We have a voltage source of this, you can see. This is the dual power supply. Here I have used one of the section of the dual power supply and giving a voltage of 12 volt. So, you are all familiar with dual power supply. So, I am using one section giving a 12 volt. These two are connected with the circuit. So, I was showing you the source in the circuit that is this source, 12 volt. Now, forget about this. 12 source is there coming back in the circuit. In this circuit that is connected to 12 volt, this is the first register, this is the second register and this is the third register. We have all three register connected in series. Now, I am going to use one different multimeter as a voltmeter. Now, how to use multimeter as a voltmeter? You just have to keep this knob in this range. When you say this range, this is the range to start from 200 millivolts, 2 volts, 20 volts, 200 volts, 600 volts. But you can see this is Vm. So, this will give you a DC voltage. When you are calculating DC voltages, you always keep your knob in this range. Now, as I am kept my range of this multimeter in this, so this became a voltmeter. In the voltmeter, now this is connected to the source. Source means what you actually supply. From here, you are supplying 12 volt and here in the voltmeter, as this is a multimeter being used as a voltmeter, is showing 11.96. There is a small voltage drop because of this all wires we are using. So, wires have resistance. I already explained, so this thing shows a voltage drop because resistance, across a resistance, when a current flows, there is a voltage drop. The same concept we are going to use in this circuit. So, there are different resistances R1, R2, R3. Let us see what is a voltage drop across R1. I am taking this red one and this black one and connecting it across the resistor. You can see on the multimeters some value are appearing. Focus on that, it is 1.49, right? Yeah, it is 1.49, right? So, 1.49 is the voltage drop across the R1. So, let me take a page and explain in the page about the circuit. The same circuit is here. The circuit voltage source R1, R2, R3 and I am connecting different terminals to show that this are calculating the voltage drops. So, I am saying this V will be equal to the individual voltage drop that is V1 plus V2 plus V3. And how this V1 comes? Obviously, the current in this circuit is the same. Current is same, but voltage at every point is different. So, as the current is same, I am saying this first V1 voltage that is across the R1 will be equal to current into, you all know Ohm's law is very V equal to IR. So, V is equal to I into R. I is the total current, R1 is the resistance of that particular component. Similarly, V2 is I into R2, V3 is I into R3. So, we got this expression from this KVL, applying KVL in this loop. This is called a loop and in this loop the current is I. So, first I calculated how much was the voltage if you remember that was in across R1 was 1.49 volts. So, I am writing down that. I am again adding up it with the second voltage I am calculating using it, multimeter is connecting across the second resistor. I am getting around 3.55 you can see in the emitter. It is showing 3.55. So, I am writing down there for the second one V2 3.55 volt. That will be added up with the voltage drop across the third resistor. So, this is the third resistor. I am using the multimeter to connect it across the third resistor and to see the voltage drop. And you can see in the multimeter the voltage drop showing a 6.80. So, I am writing that 6.80 here volts. And I sum up all. When I sum up all this is how much 1.49 I can show it to be 1.5. This is 3.5. So, 1.5 across 3.5 this become 5 volts. And this is 6.8. So, it is approximately is becoming 11.7 something, 7.5 anything I am getting an approximation I am not taking the exact one. So, this is coming 11.75 volts. So, you are getting what your V was equal to how much V was equal to 11.96 volts which is equal to 11.75 volts. Again, why this small drop is there? This we call denoted by approximation sign this. This is the approximation sign I will draw it with a sine wave. This is the approximation sign that 11.96 is approximately equal to 11.75. This proves your KVL which of voltage load that the total applied voltage will be equal to this sum of the voltage drop across the various resistances connected in series. So, this is how 11.96 in the input that was getting in the input was equal to the sum of various drops across the output. So, this is how we prove our KVL. So, if you want to calculate theoretically what is V1 I will show you in the page V1 that is this V1. This across this V1 will be equal to the total voltage V you have applied into the resistance in which you are searching a voltage drop that is R1 divided by the total resistances that is R1 plus R2 plus R3. So, I am writing R1 plus R2 plus R3. This is how we are going to get the theoretical value. This V1 is equal to total voltage into R1 by R1 plus R2 plus R3. So, this is a theoretical value you may be getting some value. I am not calculating this is your job to do it. So, after calculating this value you will see that this V1 when you are calculating practical I am writing here let me show you. This was theoretically calculate I know you calculated. When I calculate V1 practically I found V1 to be around 1.49 volts. So, this theoretical value which you will be getting and this practical value will vary a little bit because theoretically we do not consider the resistance of the connecting wires. So, connecting wires do have resistances. So, theoretically we do not consider that but practically the current consider it. So, when you consider it practically there is a voltage drop across those wires also. So, that is the reason why the difference between the theoretical value and practical value comes. So, this is how we prove our KVL. I hope you liked the video. Thank you for watching it.


Welcome. My name is Christian, and together with my colleague Lutz, I will talk about how we solve compliance by adopting a linker D2 and what we had to do for day two operations at Finlib Connect. This talk is organized around the idea of the challenges we faced and how we solved them. So here's the first challenge. The challenge involved how to encrypt all traffic between applications in our cluster in no time and with zero developer overhead. To understand why we had this particular challenge of doing it with no time and zero developer overhead, it's probably important to understand where it all started. It all started in 2018 when Lutz and me, together with some other friends of ours, joined the company, Finlib Connect, to rebuild the present internal cloud platform. The platform that was there before was rather traditional, open-stack-based, and ran at capacity, so it had to be rebuilt, it had to be modernized, these kind of things. The new platform was meant to be based completely on Kubernetes, all containerized. It was supposed to be a private cloud that ran on bare metal in our own data centers. So on the right side, you see roughly the setup. It's one large logical production cluster spanning three data centers in Frankfurt. The specifics of this and why it had to be is probably subject of a different talk, but in short, Finlib Connect holds a payment institutional license, so we are from the financial services industry, and hence have to fulfill requirements that are pretty strict regarding security and compliance, and as you may have guessed, especially towards the encryption of traffic between services that run in our cluster. To make it worse, this whole project faced several challenges, including a very tight timeline of only five to six months to implement the solution. We had some time to plan it beforehand. We had a cloud team of around about five people. Some were only able to join a bit later, so it was, we started with two people, and in the end, we ended up with being six people. And the new platform before going live had to pass compliance checks from customers and regulators alike. And last, but not least, the development teams in the company had to do a lot of things and wrap their heads around a lot of new concepts as we were together with implementing the new platform, also making the transition to a fully cloud native setup that involved like some services that had to be rewritten, changes of databases, introduction of Helm charts, these kind of things. So that were the challenges that we faced in implementing this whole solution. Now, when it came to the particular bit for this talk, the Road to Service Mesh and the challenge of encrypting all of the traffic in the cluster, we basically needed this before the go live. And we sat down and discussing this matter, looking at what we already had in the infrastructure in the current application landscape. And so option A was, as some services did it already, to build it into each service, a full MTLS encryption between the services. We discussed this, read up a bit about it, and then quickly realized this is a no go as the threat from having to maintain all these different implementations in different languages, and us all just being humans, and by that, actually making potential errors in the implementation was too high a risk from that perspective. Also the time perspective simply didn't permit it. So option A was off the table quickly. Secondly, we came up with the idea to use HA proxy or engine X as a reverse proxy configured for MTLS based on an internal PKI. And basically the minute we put this on the table and thought about it for another minute, we realized that probably somebody on the internet had already done this and probably even better than what we could achieve potentially in the left time. So that left that was option C. And without really knowing it, we were looking for the service mesh landscape on the internet. Doing so back in 2018 quickly brought up Istio as it had hit version 1.0 in July 2018. Looking at the webpage of Istio quickly showed a very rich feature toolkit that was quite compelling to us, including MTLS. And it also appeared to be already been implemented by a good number of organizations which also spoke for the project. So we went ahead and installed Istio into our cluster. This worked, it was not as simple as we might have thought in the beginning, but it required furthermore it required to provide a specific configuration for each service. And that was something where when we looked at what it actually meant, we thought, okay, this is a bit too tough for developers that already had to do a lot of things. So we had to sustain the learning curve for everybody and also make it somewhat doable. So we decided, okay, this is not going to work. Sadly, we can't use the solution. And that's when we looked further and found another project called Conduit. It was supposed to be a super lightweight and quite simple to install service mesh. And we tried it and indeed it just worked. Sadly, we quickly discovered it did not yet support MTLS. So we were kind of back to the beginning. And at this point in time, we said, okay, we need to talk to some people in the community as this is usually what works best and especially in the awesome cloud native community. So we joined the Slack channel of the Conduit team and quickly discovered an excellent community with excellent support for every question you had. And especially that MTLS was promised to be one of the next items on the roadmap. So that combined, we said, okay, let's take our bet on the Conduit project to eventually deliver this in time. The timeframe looked good from our perspective. So we went on with our other business, like adding new databases, bringing up the Kubernetes cluster, testing things, et cetera. And in the meanwhile, eventually, Conduit was rebranded to LinkerD2 as it was in fact the new implementation of the LinkerD team coming from a LinkerD1. And also in Q1 2019, all the MTLS was added as an experimental feature to Conduit. So we could already experiment with it and found it to be working quite nicely for our use case. So as we closed in on our Go Live, which was scheduled for April the 7th, which was a Sunday, we did some further testing and we rolled out our first production environment on the cluster as a test, seeing how it would perform, et cetera. And we found sadly that the LinkerD control plane had a resource request shortage for our use case with the amount of pots this particular environment had. So we found that this was not configurable by ourselves as the option simply was not available in the LinkerD a tool chain. And so we moved out and reached out to Boyant, the company behind LinkerD and asked them about some help and we have to be really grateful that they very, very quickly pushed out a new version and published that on Saturday that we updated, which also went very smooth. And so finally we were able to Go Live as planned on April the 7th with this new version that had fixed this resource shortage shortly after our Go Live, then also MTLS turned into a general available state with LinkerD 2.3 on April the 16th. So long story short, after this intense five to six month period, LinkerD 2 basically helped us to solve this large challenge of implementing a full auto MTLS between all services in the cluster without actually having to involve the development teams. There was one minor thing where they had to set some configurations for a particular service, but that was just to tweak and tune something. So that was really a great success in that end. So we went on migrating our customer environments onto the cluster. And here it's probably important to mention that our cluster is a multi-tenant setup where a tenant is an internal team or business unit. So we are not offering this externally, it's all in the same trust zone if you want, but we have to separate these environments. So the first thing that at scaling up, we found was the question, how to scale LinkerD to 5,000 pots? Is this actually an issue or does this just work? And we can conclude that for the most part, it just works. Naturally, you have to increase and set some resource requests and limits appropriately, which we did. So this is our current configuration, running a LinkerD 2.9 with almost 5,000 pots. That works just nicely, except for one thing and that is the, that bugged us lately and that is the promissuous setup that comes with LinkerD. As you can see on the right, it's quite heavy on both CPU and memory. And also it only has a retention period of six hours. So basically these values became a challenge in the fact that we wanted to make use of these metrics naturally and we did, but it was only always limited and it was always a bit hard to work with those values. So we ended up in taking our tenancy concept and the fact that we had some work to do here to turn this into a proper monitoring solution that I'm going to explain now. It's based around the idea to slice and dice the LinkerD metrics alongside our tenant deployments. For that to understand, the first thing we did is to disable the LinkerD Prometheus. You can by now also do this just in the helm chart when deploying LinkerD. So LinkerD itself has no Prometheus. And then our tenancy system works like that. Each tenant has a dash system namespace here in the middle and then the respective workload namespaces belonging to that particular tenant. And as we follow basically a concept of eating our own dog food in the cloud team, also the cloud staff is implemented as a tenant. And as you can see here below the Affinity Cloud System namespace contains a Prometheus deployment that scrapes the LinkerD control plane metrics together with all the other Kubernetes and infrastructure metrics and then offloads them to Athanas deployment for long-term metric storage. And we also of course use the Prometheus then for alerting based on these metrics. The tenant system namespace on the other hand has an additional Prometheus with a one-day retention time also only used for alerting and also Athanas sidecar for offloading. And it scrapes all of the LinkerD proxy metric endpoints from the tenant's workload namespaces by that reducing the overall amount of metrics in each Prometheus for each tenant. And optionally these teams are able to federate with a Prometheus proxy which only exposes some selected LinkerD control plane and also general Kubernetes control plane metrics to the tenants if they are interested by that also further reducing the required amount of metrics and resources per Prometheus per tenant. So with this relatively complex system we are now able to sustain a proper monitoring setup and also to automatically deliver the monitoring dashboarding and basically the four golden signals that LinkerD as a service mesh provides out of the box to each tenant and thus to each team and each service right out of the box when they deploy their service onto our cluster. And with that I conclude the first part of the talk and hand it over to Lutz who is going to talk about the ops challenge part two. Thank you, Christian. As Christian told you, LinkerD has automatic TLS out of the box but that involves setting up quite a number of certificates that have to provide certain characteristics and we had some problems in achieving those. What is great about the setup is that you get it all automatically when you install LinkerD either by the CLI command, LinkerD install or by deploying the appropriate help chart, the certificates and their private keys are stored as Kubernetes secrets and the actual certificates for the LinkerD proxies 5,000 in our case are rotated every 24 hours. And even though I'll show you in a moment how this evolved from an early state, it still works in the current version 2.10 completely automatically out of the box. If you don't do scary stuff and hard stuff like we do you don't have to mess around with the automation that we had to. It helps us support our strict GitOps because we run a Helm update for every component in complex cluster for every commit to our Git pipeline that results in about 50 to 30 Helm update runs on a given day. And as Christian said, we run large multi-tenant clusters that we also run for a long time, meaning that certificates will become invalid eventually and we choose not to take the easy path with setting the validity to multiple years, but rather rotate them in less time, ideally, than the one year validity period. But there are certain small details that make us hard on us because one, the Helm update is not really idempotent, every single Helm update run will create a new set of certificates and private keys for each of the webhooks. And because they are self-signed, you cannot rotate them in a stable manner. Stable manner being that you create a new set of, a new pair of private key and certificate, distribute the root certificate to every possible client. And once all the certificates in a chain are updated, you then remove the old root certificate. And because this Helm creates a new self-signed certificate for each of the webhook, you cannot do proper injection with tools like the cert manager for the webhook certificates. This does work or did work in version two, seven already and was properly documented for the identity chain, but not for the webhooks. In LinkedIn, you have to separate or distinguish between two basic groups of certificates. One's the actual control plane that generates the proxy certificates for the automatic MTLS between all the pods and your applications. And the other is the initially four today, only three webhooks and API services that pose the Kubernetes API integration. So we set out to work with the LinkerD project to allow for a better integration with cert manager as well as being able to rotate all these for respectively five chains automatically in a stable manner. Let us quickly revisit how certificates were managed in version two dot seven. So it's easier to understand the changes that we helped introduce. First, you either use the Linker DCLI tool or the Helm chart to set up automatically the trust anchors. One is actually called the trust anchor, which then is used to sign the identity issuer certificate which forms the top part of the control plane, TLS search chain and the others other self sign certificates for the webhooks and API services that you see listed here. And these in turn are used by the identity issuer component of the control plane to issue and automatically rotate the certificates for each of the proxies. And the changes we introduced started initially with improving the compatibility with cert manager. Some of these were small things like improving or changing formats of certain Kubernetes secrets and others were the support for a separate CI cert for the webhooks as well as allowing tools external to the Helm chart to set the certificates within Kubernetes secrets. So that external tools could then access them for rotation. Now you create, if you choose to do this automatically with cert manager, you create two trust anchors, one for the control plane chain and one for the webhooks which are then used by the cert manager to generate the intermediate certificates which then still is used by the identity issuer to create the proxy certificates. And in Finlip Connect, we go one step further using a not yet released as open source vault operator that pulls secrets from Hashikov vault into our cluster because we believe in not granting or not making certain secrets and credentials visible to any human being. Thus, we have automated this last step as well to create the trust anchors within the cluster. And that basically allows us to do a full sweep of automation for the whole certificate management. With that, I would conclude and thank you for your attention. Yeah, thanks for your attention. You can find us on Twitter, here are our handles. And of course, we're also on the link at the Slack and the Kubernetes Slack. And we're looking forward to any questions you might have in the comments.