in the last class we have discussed the design equation the general design equation for gas solid non catalytic reactors if you are focusing on solid phase because solid phase we take it as a macro fluid so the general design expression design equation for macro fluid is 1 minus x bar B equal to 0 to tau 1 minus x B single particle ET dt this is the general expression so now depending on your reactor whether it is following mixed flow or whether it is following plug flow this ET we have to substitute and this 1 minus x B has to be written in terms of in terms terms of time and then we have to integrate so for ideal contacting we have mixed flow and plug flow first let us take plug flow for ideal contacting design expression for plug flow design equation for plug flow will be 1 minus x bar B 0 to tau this 1 minus x B single particle we will write SP single particle now onwards into ET dt is direct delta function T T minus T bar P dt where ET equal to delta T minus T bar P that is for plug flow this is equation number 1 if I start giving numbers this is equation number 3 so now in this equation we have 2 terms 1 minus x B for single particle and then the exit as distribution function equation because it is plug flow we know clearly so we have written that now depending on what is controlling whether film is controlling or ash diffusion is controlling or reaction is controlling corresponding equations we have to substitute here and then we have to integrate that and we know integration with direct delta function I think you had some examples which I have given you sometime back in reactor theory so with that help how the direct delta function can be used for integration and all that so with that help you can get the equations so now this is mathematics but logically what do we expect if I have plug flow I have single size particle may be all are uniformly 1 centimeter particles right and I have plug flow right so this equation will it give the design expression as single particle equations like for example single particle equation you know for film control what is the equation for single particle you should remember that yeah T by tau equal to x B now I will substitute that instead of T by tau there that is x B equal to T by tau there T by tau equal to x B so 1 minus x B we have to put here so 1 minus T by tau so what do you get yeah so for all plug flow the single particle expressions directly will be used for the design but only difference is what is the difference between that single particle equation and plug flow equation what is the difference Renitha not able to follow at all you are there in the last class or yeah I am talking about single particle single particle film control you have an equation 1 minus x B equal to 1 minus T by tau okay single particle T by tau so when I use the same thing some equation here and then integrate this equation what do I get you said that the same equation must come but same same okay it will be T bar equal to tau see again this equation gives me the relationship between x bar and yeah 1 minus T P bar by tau so that T is simply replaced by T bar okay that is all so that is why for all the for example reaction control you can take but only slightly difficult thing is even though it is same I mean integration wise it is same thing only you will get and as diffusion you have two terms and then you have to separate x B separately right x B alone because you have T by tau equal to 1 minus 3 into 1 minus x B to the power of 2 B 3 and the slightly complicated equation is there but instead of the even then we have to substitute for single particle and then integrate but the lesson what you learnt is here now is for as far as plug flow is concerned the same equations for single particle equations are also useful for the design of plug flow reactor is it logical or not logical it is logical you have a single particle and you have the relation between x B and T so this particle when he is kept inside the plug flow reactor depending on its time which we prescribe okay may be 10 minutes 20 minutes like that the same relationship is valid but the difference is that T is replaced by T bar P where T bar P is T bar P is yeah average average residence time which is also defined as T bar P equal to W by F W is hold up kgs and this is mass flow rate kg per hour or kg per second whatever that is what is T bar P for tau bar P also I mean sorry for T bar M also same equation W by F okay good so now this is one that means all single particle equations are simply valid for valid for plug flow okay good so now that will come later I think that is okay you can make a note of that somewhere okay all single particle equations can be directly used to calculate T bar P if X bar is given and X bar if T bar P is yeah what did I say T bar P if T bar P is given X bar you calculate or X bar is given T bar P you calculate okay good so now for mixed flow for ideal contacting again if I have for for mixed flow for mixed flow of particles right you know what is ET for mixed flow of particles good so I think yeah okay let me say that for mixed flow of particles you have again 1 minus X bar B equal to 0 to tau 1 minus X B single particle S P ET DT now ET is here is E power minus T by T bar M by T bar M DT this is the equation which you have to use good okay I think when you separate again we will take mixed flow and plug flow these are the general expressions and we do not have any other reactor if you are not considering a non-ideal reactor if you are considering non-ideal reactor then ET has equations for different non-ideal parameters right if I have a moving bed where the bed is the particles are slow like blast furnace the particles are slowly coming down but they are not coming down so smoothly some particle may be staying a little bit up above one then some particle may slide more so on the whole you may have slightly a diffusive region that is what what we call yeah dispersion okay I think I have told you last time my example in Tirupati Q right so that is what is the dispersion axial dispersion so the people will be pushing you forward and the people front also pushing you backward so you will be moving yeah back and forth but that movement region may be maximum one meter okay or may be two meters right so like that only restricted region you just move so similarly here when the particles are simply sliding down some particles may go faster some particles may all are uniform size particles we are talking here okay yeah so then even if they are not uniform particles the same dispersion should be happen very limited region some particle may go like this and go up go up come down come down go up like that it may happen that is what is the diffusive region for that we already have an equation for ET that equation you have to substitute here again for plug flow means yeah here this is ideal plug flow if I have dispersive plug flow then there is also called dispersive plug flow generally okay DPF people call okay so there also you have to substitute the corresponding ET equation and if I have a fluidized bed with dead space and by pass we have an equation right so that equation can be used here for finding out the relationship between conversion and t bar m tau is fixed tau you get from kinetics right tau you get from kinetics this is this comes automatically when you are putting the integration limits and tau is known apriary to you which tau is that for example it may be tau for 3 controls or 2 controls or each individual step control that information you have that is why we said first we should know kinetics and then contacting and of course before that you should know what is input right so all that 3 will give you the output output again so many times I am repeating the output again can be in the form of given conversion what is the residence time what is the volume okay residence time is related with volume this is kg and you know flow rate this W if you know the bulk density then you can also calculate what is the volume of the reactor so at the end finally it is the volume of the reactor but you should know conversion or otherwise if you already have a reactor where volume is already known to you then you can calculate conversion that is all all the time these are the 2 design parameters which you should know either this if it is conversion is known volume if volume is known conversion you have to find out good yeah so this is the equation which we have to use and now we will take one by one like for example first let us take plug flow for details for plug flow if you have the each individual step controlling yeah and there are assumptions also here I have plug flow but you are nice student so normally you do not ask any doubts know yeah all the assumptions what we made for kinetics also should be used here like for example spherical particle okay and to start with constant size okay and also there is another assumption where you have lots of reactant gas around the particles okay that means the entire bed even though the moving bed is completely moving from top to the bottom okay this gas composition is so much inside that there is no depletion of gas for the reaction to take place you able to follow me yeah I mean imagine that you have a batch system you put all the particles there and then you are feeding with CA0 and CA0 concentration is not changing outside concentration I am talking but once the particle starts going through the film concentration drop may be there controlling or not controlling then afterwards you will have again concentration drop in the pores again you have to take whether it is controlling or not controlling but in reality generally they may be there and then reaction may be smaller slower or faster so all these steps are there but in the environment of the reactor you will not have any depletion of that means uniform gas composition throughout the reactor otherwise what will happen imagination just imagination abhula otherwise what will happen yeah your CAG is not CAG throughout okay just imagine that I have a very lengthy reactor and then the concentration somewhere at the bottom you have less okay or if I am sending counter current it will be more of course okay counter current it will be more and then slowly when the gas is going up you will have less concentration of gas and when you are coming down that means the particles will see first the low concentrated gas at the top correct no your counter current so particles are coming from the top so the particles will first see the gas with low concentration and the particles at the bottom they will see more concentration of yeah of gas so that is why I have to take that variation also into account that design is slightly complicated mathematically but conceptually it is fine and you know one thumb rule as in industry what they do is okay I will take the arithmetic average let us say here five moles and on the top may be three moles okay decreasing counter current so then I will take so this is I said how much four plus so seven five plus three eight so four is average so your CAG is four okay so of course all kinds of thumb rules are used in industry because their idea is not to understand and then not to solve the problem you know mathematically but they are understanding their aim is to run the plant somehow so that is why even before chemical engineering was there excellent chemical engineering factories for that okay but only thing what we are doing now is that okay when you are operating that are you able to understand what is going on in the plant otherwise even without understanding also we will produce many things okay simple example is are you not producing every day curd and are you not eating curd every day particularly now I mean South Indians North Indians may not use every day okay yeah then do you know how it is actually produced do you know the scientific basis for curd production there is a lot of biochemical engineering there lot of biochemical engineering okay so that is why temperature should be maintained if it is very hot the you know you put the earlier previous days you may not know but you ask your mother so she will put the earlier days curd or buttermilk and she will not pour for one liter of milk she will not pour 10 liters of buttermilk very small that is all she simply touches that is all one drop and after six seven hours beautiful and again in the winter it may take more time in summer it may take less time if it is too hot too much summer you may not get any curd because microorganisms die because they also need air condition like us I mean correct temperature like us okay so that is why that is why I think you know all these things are possible but I think without learning anything about curd we are happily eating so like that I think without knowing anything people have been producing the chemicals but only when you have the knowledge you know how to handle it that is why I give another example always that you know a mechanic driving a car and people like us driving a car is totally different his confidence is totally different I mean most of us we do not know except steering where it is and where is the brake and where is the other you know clutch and accelerator that is why sometimes even we get confused for clutch for brake brake for clutch and also accelerator these two is okay at least but if you confused with the brake and accelerator instead of stopping your accelerating so gone accidents but mechanic will not do that because experience knowledge experience knowledge so you will happily stop I think even without touching the steering also he will run the car so that is the confidence so after doing this chemical engineering degree when you go to industry you will be in that driver seat if something happens you should be able to tell that okay this distillation column is not well because of this reason okay our reactor temperature is falling so I think conversion will be less so this is not correct I again increase the temperature so that is the kind of thing okay so that is the reason why we are trying to discuss all these things which one the average in use side right this average is very easy you know it is automatic average why we are going for average is to make mathematically simple so that everybody can understand if you understand the physical phenomena you know where to simplify okay yeah if you know understand but without understanding also people are able to simplify things because that is experience through experience may be 5 moles and 3 moles or 4 moles there is not much difference for them as far as conversion is concerned why because always you have factor of safety in industry okay so instead of getting 90 percent exactly even if you get 85 percent it is okay for that is the reason why but nowadays that is not correct in chemical industry okay still bulk industry is no problem but very that what you have been telling you know that a pharmaceuticals and there is a name for that specialty chemicals specialty chemicals you cannot 90 percent means if you get 90 percent it will be economically viable otherwise if you get only 85 percent then you have to again purify that to 90 percent then it may that may be another big process for purification itself okay so the cost will further increase so that is why nowadays chemical industry also is is going deeper and deeper into what is called the product design product design we did not have till now it is only mechanical engineers we had product design all the time okay but I think chemical engineering now also started thinking not now I think even 10 15 years back they started thinking what is the product design so that means if you want a particular type of soap okay so I will ask may be by market survey I will collect the information okay now 10 million people wanted only this kind of particular soap you know like nowadays you see the advertisements you know okay I think Google I don't know you are get advertisement for soaps or soaps so now what is that called soap is not soap it is only milk or something you know what is that that white dough yes correct yeah dough soap yeah dough soap yeah I think you know it is not soap it is milk and then on bucket will be pouring milk there okay so then if it is really milk then where do we go and buy we have milk in the house you can use that you can happily use that so those are very those people are very very quality conscious oh my god my daughter also I mean purchases so many things I think you know in her bathroom so many not 1 2 3 4 5 6 7 10 and I don't know what are the 10 I will only look for shampoo because I have to wash sometimes you know so I have to see 10 times you know all these bodies which is shampoo so this is shampoo with the color removal shampoo with more color and shampoo with hair shampoo without hair all kinds of things are there I think you know this really funny but they are making a lot of money I say yeah she purchases this much and then say it is 500 rupees yeah I think those people they have to be very very quality conscious so the process parameters should be very thoroughly controlled so that is why that averaging all that will not happen there but bulk chemicals like you know producing millions of tons of sulphuric acid okay plus or minus 10% does not matter for us so like that even sulphuric acid or hydrochloric acid nitric acid all bulk chemicals so that is why this you know the product design again is a very engineering very interesting course in chemical engineering I wanted to introduce but I don't have time now I think this hustler there is a book product design chemical product design it is a wonderful book and I think someone who knows all chemical engineering only must teach that it is not that specialized now we are told you know specializations so for car left back backside tire only I know or wheel I know I don't know anything else that kind of people cannot teach that you should have the entire picture of chemical engineering and then teach product design it is simple problems again so what he has discussed you know for example ammonia how do you make a quality ammonia whatever you require so if I if I want 99.99% ammonia what do you do okay so bulk industries we never bothered about the quality it is only quantity but now it is quality and also quantity because on this planet people are just coming now I think now it is 1 billion when did you see yesterday may be by this time the class is over may be another 1 million 2 millions also would have been added to the planet okay but death is not that much because of again chemical engineering okay because we have so many pharmaceuticals and so many medicines so if he is about to die also you give him an injection keep him another one day two days like that you know so that is why if death and birth if both are equal it is steady state nothing will happen to the planet all of us would have not been here if that is true okay good let us take now plug flow and then write those equations okay the assumption why all these started because of the one assumption that uniform composition of gas throughout the reactor okay otherwise when I have okay let me draw that because I think most of the time I am drawing in the air yeah if this is solid coming solid going out this is gas if there is change in gas concentration initially I may not here I may have here CA naught somewhere this may be CAF final gas concentration okay so solids are of course here have X B equal to 0 here I have some X B so when the particles are slowly moving assuming that we have plug flow as I told you already this particle will see a concentration of CAF almost CAF whereas this concentrate this particle will see a concentration of CA naught okay so but this particle has already been converted to certain value that depends on your design what is the flow rate and how high use your reactor that depends on that so that is why at every point I have my CAG changing in your equations so in every equation for single particle you have CAG that CAG is continuously changing with so that has to be integrated throughout that also has to be taken into the equation then integrate throughout from this point to this point if it is X B equal to 0 X B equal to some X B one or whatever okay right so that is the reason why we are not taking right now that complicated phenomena it is only just you know conceptually only you can understand but the rest is mathematics okay so for simplicity we are now saying that throughout I have CA naught or CAG so that every particle is exposed to the same environment so then it is only I have to concentrate on solids I do not have to worry about gas that is correct okay solids so that is why what we are doing now okay for plug flow you have again the assumptions I am telling plug flow constant size spherical particles only we are talking okay constant size and uniform CAG throughout throughout the reaction yeah and here what we are discussing now is sinking core model is valid in all these models sinking core model okay so under these conditions I have given you those equations yeah for film you please tell me for film is film controlling that is what is the meaning so 1 minus X B equal to 1 minus T bar by T bar P correct no yeah and for reaction control what you will have for reaction control you have to remember that exam is coming next week okay reaction then we will write diffusion because diffusion is slightly complicated 1 minus X B equal to 1 minus T bar by tau whole qubit is there now you see the equation whole qubit right yeah and for the other one you cannot write so easily you can only write in terms of T bar by tau equal to T bar P by tau equal to 1 minus X B and all that so you have to solve that okay so for diffusion I will just write here now T bar P by T bar P by tau equal to someone can tell that 1 minus 3 2 by 3 plus 2 into 1 minus X B so this is the equation yeah in fact now if you have a reactor which is already operating that means you know T bar P okay then you have to calculate X B means it is cubic equation for it okay but the other one is easy if you want to find out T bar P for 90% conversion very easy okay substitute here 90% conversion and then you can calculate what is T bar P so this assumption we have plug flow of solids constant size uniform composition and uniform size particles also all particle constant size doesn't mean that uniform particles I have only one size particle constant size means I think that is understood okay good so this is about plug flow for single particles that means constant size particles yeah yeah good I think I thought of I ask you when I was about to write but I think I now forgotten but anyway yeah you tell me I think does that matter for plug flow even if I put X bar P or X B both are same why will particle will spend exactly same time that is why even with this average or single particle it is same but if you are still feeling comfortable you can write that okay nothing wrong even if you don't write also but that you cannot write for mixed flow because every particle will have different conversion there what you see is real average okay good so this is one aspect now yeah if two steps are controlling then you have to write that T by tau equal to all that thing you know in terms of X B one minus X B yeah if three controlling same but solve for X B yeah one minus X B and then substitute here analytically it may not be possible so that is why you have to go sometimes graphical integration or you know numerical integration or so okay good I think the procedure is same but easy for us to remember these equations so that is why we are writing this good okay so now other thing is next thing what to tell is for plug flow I have constant size particle only particle is not changing with reaction the overall size but I have mixture of particles not single size what do you do under those conditions so I have plug flow of solids mixture of particles mixture of particles uniform gas uniform gas composition mixture of particles but constant size again you know even if the mixture of particles if I take 1 mm particles 1 mm 5 mm 10 mm three size are there but 1 mm will remain as 1 mm till reaction is completed 10 mm 10 mm 5 mm 5 mm I think that constant size is maintained but now I have instead of one size one size 1 mm 1 mm 1 mm 1 mm I have 1 mm 5 mm 10 mm mixture of particles okay so what do you do under these conditions we have to simply average the contribution of each particle fraction okay I am sending continuously let us say 100 kgs per hour out of this 100 kgs per hour may be 30 kgs are 1 mm particles another 30 may be 5 mm particles and another 40% is you know 10 mm particles okay so now I know the fraction 30% 30% 40% okay so now we have to average weighted average of this particular contributions okay from each size so that is what what we do okay good under those conditions what we can write the equation is mean value of I will write the this is more realistic condition so mean value mean value for for the fraction of b unconverted unconverted this is the one equal to fraction of reactant fraction of reactant b unconverted in a particle size of ri the ri may be 1 mm or I may be 5 mm 10 mm this is the one okay so I have another term here fraction of feed which is in fraction of feed which is of size ri and finally you have to all sizes summation that okay so numbers I have forgotten so this is 4 5 6 7 okay so this can be 8 so if I write this sigma of ri equal to 0 to r m where f is the total flow rate of course sometimes this will be more than 1 sometimes it will come so that is why that limitation must be given there so this is equation number 8 I hope you understood now this x bar of ri is this is the conversion which you got for 1 mm particle okay or 5 mm particle or 10 mm particle and this one is f of ri is the flow rate of 1 mm particles I told you we have 100 kgs per hour so 30% of that means 30 kgs per hour of 1 mm particles 30 kgs per hour of 5 mm particles 40 kgs per hour of 10 mm particles so that is what the meaning okay so that is the equation that means you do not have to use any new equation you have to only just take the weighted average of all these contributions right so otherwise the same equations are useful if it is reaction control or if it is film control or if it is diffusion control same equations are useful good okay so to more realistically manipulate this equation we can write this lower limit as 1 minus x bar p sigma of rm that is maximum size and actually I do not have to take the contributions from this particular size or less than that size into 1 minus x b of ri okay I do not know whether you understood this or not this is 9 this is 10 so what is the meaning of that t bar tau you know is a plug flow reactor then imagine that you know we have our beautiful plug flow reactor is conveyor belt right so you put on this conveyor belt 1 mm particles 5 mm particles 10 mm particles okay good and for 1 mm particles tau is 3 minutes okay and t bar p is 5 minutes not able to follow because for each small the particle individual particle you have tau tau is the total time required for that particle to completely get converted so 1 mm particle just as an example is getting converted in 3 minutes and 5 mm particles may be getting in converted in 6 minutes and 10 mm particles are getting converted in may be 12 minutes okay 3 6 12 minutes okay just giving some values but your residence time that you provided for plug flow in plug flow is 3 minutes sorry 5 minutes okay then what will happen to the contribution of 1 mm particles completely converted so what will happen 1 mm is x b of that that is what is the meaning of that so take only those particles which are above your t bar p that is all okay so you can take that into account and then only try to design that is the meaning of this particular equation good so I think the examples we will do it later but the next one is the mixed flow reactor mixed flow reactor also exactly the same thing we do what is that what are the equations for 1 minus yeah here okay reyneeta this x bar b is okay yeah in fact if I put this x bar b I have to put there double yeah so that is why we remove x bar b here that is your convention okay if you are comfortable with x bar b where still I will average sir no problem because every particle is giving okay conversion 1990 1990 1990 90 90 90 90 90 90 divide by 1000 is again 90 only okay not 90 divided by 1000 corresponding ones yeah so then if you still feel that no no no I will just put again only that bar it is okay when you put bar here you have to put double bar here that average again you are taking here okay so that is why we will remove here okay for single particle but when you to talk about mixed flow reactor definitely you will have one bar here and definitely you will have double bar there two, okay. So mixed flow also what we do is mixed flow is not this simple mixed flow is very very complicated again what is conceptually happening I have the mixed flow like fluidized bed and continuously mixed flow we have, okay that is the distributor this is the gas we have the solid particles to start with uniform first then we have the bubbles and all that here bubble breaking small bubble, okay. So solids continuously coming gas continuously going, okay yeah so when particles are continuously coming and continuously going some particles may come in a very short time because of mixing we know that very well so even at a time 0 plus you will have some particles coming out so in that there is no concentration almost and those particles which are staying over time 100 percent conversion all that average only I see at the outlet as conversion. So that is why there because of the residence time distribution you have to take that inter count and derive the equation that we will do in the next class.


The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Toll free at 1-877-927-6648 or internationally at<PHONE_NUMBER>. Now, Larry Pezzavento. All right, looking good, Billy Ray feeling good, Lewis. Well, I'll give you early happy new year to everyone. Oh dear, my alert's going off already. I want to talk about the Apple to start off with. Just give me a second. I need to turn this off here because we're getting really close to the old British pound. Number, just give me a second here and I'll be right with you. I think that'll do it. I hope it will anyway. Maybe not. Oh dear, bear with me one second, boys and girls. I hit the wrong button. Yeah, I did. Just a second. Give me one second. True or okay. I posted the chart here of Apple. This is the long-term weekly chart. The reason why folks, you know, we start talking about that trade of the year or at least early last week. And then they, I said, if I had to do one, that would be it. And then one thing led to another. I got some emails saying, well, if you feel that strongly about it, why don't you do it? So I said, well, I'm going to call it a trade, but it's not the trade of the year. Folks, this is the chart of Apple. No one in their right mind would sell Apple here at $2.91 and a half, which we decided to sell it at with a stop at $2.99. And the reason for it, folks, is that it's a double ABCD pattern. It's at a 1.618 expansion and it's a weekly chart. These numbers, although they are not perfect, they work a lot of the time. That's the whole thing. It's all about probability and it's all about risk control. If you look very closely to back in December of 2000, excuse me, in August of last year, of 2018, August of 2018, we were setting in a 1.618 expansion and it was at $230 a share. And not much happened differently over the next six months, but it dropped $100 a share down to 240. Now we have an ABCD up at the 1.618. Dan Hoover is one of the best traders in Chicago. He runs Lin Financial. He writes a letter once in a while. He usually does a year-end thing and he writes an interesting thing today. And this is not about Apple, but it says when everybody's thinking the same thing, there's nobody thinking. Now, I don't know anything about thinking. That's at least of my hard jobs. I look at little bar charts and that's what I try to look at. Apple's stock has everything going for it that could possibly be... They have more cash than God and she's not even shopping this Christmas. They have free advertising. They have a great product line. They're the number one stock in the world. They're the most expensive stock in the world. Everybody owns the stock. Everybody loves the stock. Of all the analysts on the street, there's not even one that has a cautionary note about Apple.  It's $8. Because I think something's going to happen and I don't know if it's going to happen or not, but if it does, and if it does, it's going to pay off pretty good. That's all I know is the risk reward on this is pretty good. So that's all I'm saying. Of those, I've done 14 trades of the year. This is the last one. And so this is the 15th and you never lost any money on any of those 14 trades. Sometimes you didn't make any money, but some of them were home runs, but that's neither here nor there. Okay, look, here's what's going on really important right now, folks. Let's just give it to you from the audience as I see it right now. Here is the British pound. We were just talking about it making new highs. The Euro has already made the 61% retracement last night at 120.09. That was it. To the tick by the boom, to the exact tick. To the tick by the boom, by the boom. Whether that means anything, I don't know.  Bill Meridian will try to be our guest today at 9.30, and I have another special guest right after the first of the year right from the old foundation from the study of cycles. Mr. Moki is in retirement, but he's going to come on and chat with us about cycles, which will be a lot of fun to listen to him and that'll be very interesting. Something else is really big happening in the markets, folks. Here is a hourly chart of the U.S. Treasury Bond. Now look at this, folks. We are down almost two handles from Friday's close. That's a $2,000 move overnight. Well, in a day and a half. This is not good, folks, for Treasury Bonds. Excuse me one second. They have been trying to feed us Treasury Bonds as filet mignon and they taste more like tripe. These are not acting very bullish, folks. The rate has risen to 1.9% now in the Treasury Bond. Remember, 4% was normal for many, many years. I don't know anything about this, but Bill Meridian is going to talk to us about that problem in China.  He really is, so I hope you stay with us and listen to what he has to say and hopefully we'll have him on because sometimes there's some technical difficulties here and there, but that is either here or there. The main things this week as we come into the new year and a lot of times currencies make some pretty significant swings during the new year and stuff like that, so we want to pay attention to that, especially since that year we hit 120.09. That means that the dollar index is making a double bottom down there that we talked about before. We had a little bit of a rally then the pullback making new lows. That's why it's so very, very important because if it doesn't turn from here, that means the U.S. dollar is going to continue down, where we are now, folks. We're down to point D again. Let me just get this up here so you can see it. We're down here at 96 and change because we've made a new low, all right? That's what we should have did and is that low is being made now here at 96.20? The euro is making the exact 61% retracement to the tick at 1.209. Folks, that market is a trillion dollar market. I mean that dwarfs the bond market, it dwarfs any market. But it's a very big market. So it's hitting that number, so we got to respect that number because that's what we look at here. We look at numbers and ratios and that's what we're watching. Another question asked, what is the probability of this Apple trade working? I don't know what the probability is. All I know is the risk involved in it. Most of the trades let's just give it a 50-50 chance. All right, folks, if you've got a 50-50 chance of winning something but it's going to pay you four times what that coin toss is, isn't that a pretty good deal? That's what I'm trying to do is when I'm looking at that. Now let's get back with the rest of the program that we usually do. Let's take a look here at the DAX Daily here. Let's get this up here so we'll be able to see it here and we'll be able to take a look at it. All right, someone else asked me to do this. I don't particularly want to but I'm going to. This is why I teach, folks. This is from my friend over in Italy. I've been trading for over 20 years now. He said some nice things about me, but the most important thing is he started learning back in 2002 and he's still going, going strong and doing well. So the key to this is just don't stick with it. You're going to make it if you stick with it. That's the whole key. So please remember that. That's the key to this. Stick with it and you'll make it. Thank you for your time, this was the Facebook page of the long haul flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve doll and Tom O'Brien just hosted the best way to use the Taz profile scanner to profit. 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Check out the new tfnn.com now and experience all the upgrades. tfnn.com, educating investors. We're back, folks, and we have Victor from New Jersey on the line. Victor, are you there? Yeah, you're doing it. I put the Fibonacci retracement on. 0.618 brings Apple down to 230-244. Is that your first price objective? There's some gaps. So, like, what's your objective if you're going to go out with this? Well, the first objective, that would be very good when 232, if it goes from 290 to 232, that's 60 points. That's pretty good. But I would be watching the 382 retracement, which takes down to about 275. That's the first one. If we get there very quickly, Victor, that will tell us that something is, you know, that's going to correct. There's nothing, but it might not be anything wrong with the stock, but it's just going to correct. 275 is the first. That's why people sell right now. Oh, I have. You could pick anything you want that could happen. Maybe a key executive's leave, you know, China disallows them. Anything could happen. Who knows? I don't know. I'm just looking at the charts, and it may or may not work. What about BP? I'm looking to buy BP to stock, because it pays a really good dividend. Should I wait, or does oil look like a good buy right here? BP Amaco pays like a 6% dividend. I'm really not involved in that, Victor, so I can't help you very much. I'd be really careful now, because people are searching for higher yields, and yields are going to be going higher and not lower. So as long as you get really good quality stuff, triple A. Would you touch oil? Yes, I know that. I understand that, but I don't follow it, but I'm not bullish oil here. I think oil is going to have trouble here at $62 a barrel. I'm trying to beat what I should do. That's my two cents worth. Or a short apple. Apples weigh overboard on an R, and I start, too. Yeah, just a little bit overbought. If you short apple, you have to put a stop at $299. And you could be there today, I don't know. But that's all I'm looking at. That's all I can tell you. Today's the first day it's not up pre-market, which is very suspicious. You know what I mean? Yeah, all right. Have a great day, and have a good new year. Victor, believe it or not, people said, am I responsible for it being lower or today? Believe me, I can trust you, I'm not. So happy new year to you, my friend. No, no, your numbers are good. Maybe you hit the money this time, and you can retire. All right, take care. I want once in a while. You bet. Okay, folks, we'll keep looking. Looking out. I had another thing that I wanted to, I showed you the DAX. I wanted to show you the footsie on the daily because we've completed a really beautiful pattern here if you'll be able to see. Hold on one second. And we're having a question from someone about the crude volatility in excess, something to do with the price of crude. Well, it has to do with the volatility of crude, but I don't know what the rest of it is. Here's the footsie. You'll notice that we made a double top here in the footsie, a perfect ABCD. I mean, exactly perfect. I don't know. Folks, the main reason why I didn't do trade of the year is because of the millions of questions. Where's it going to go? How much should I risk in my portfolio? Folks, I don't know those things. I really don't. All I do is look at the patterns, and I try to give a rough assessment of what I think is going to be. When I see something that's very clear, then that's what I try to do. And, you know, believe me, the whole key to this business, folks, the whole key to this is the best loser wins. The best loser wins. In other words, a guy that loses the least is probably going to win. So that's what you really want to try to do is to do something like that. I wanted to show you something here. This is a very, very long term. It goes back a year in the Euro. Just give me one second to get it up here. I just want to show you what somebody does just to give you a 10-4. This is the Euro. You'll see these trend lines. These are what they call valid trend line breaks. And you can see that it gets you on the right side of the market. This is some of the things that they use in instant. But the reason why I'm bringing this to your attention, folks, is I want you to look at the blue line there on the far right where last night we were trading at 1-19-12. The high today was 1-20-09, I believe. That was the exact 61% retracement. We're now 20 pips below that level. Now, does that mean that's going to be a high? All I know is a high for early this morning. So that's really what I'm watching here. So pay a close attention. We had a really strong day on Friday. But remember, Friday was a... This is holiday week. So you're still going to be getting a lot of holiday stuff going on. That won't end until next week. Then things will be back to normal as we come into next week's trading. So this is why it's so key here in the Euro and also in the British pound. They're all doing the same thing. And that's what we're trying to do. Yes, Tucker, that's what I'm trying to do. I'm just trying to give you opportunities to see the patterns that we're looking for. I only get you for 46 minutes a day. So we'll see. Yes, the grains are acting a little better. They're hanging in there pretty good, whether it's related to anything going on to that China stuff or not. I have no clue. I really don't. I really don't. The main things to me, looking at the market today and listening to what Bill's going to be talking to us about hopefully here in the next segment, it's going to be very, very interesting to see. And he will be with us. I just chatted with him. So we'll be in great shape here to take a look at it. So anyway, those are just a few of the things, but the bonds being so weak is one thing. And number two is the fact that the Euro and the pound have hit those exact numbers. And that to me means a great deal from a technical perspective. So that's the main thing. All right, let's keep moving on here. Let's take a look here at the old, get back to the old cryptocurrencies for a second. Let's get this up here. This is the chart, the shorter term chart of going over the last six months of Bitcoin. And as you can see that number, we made 6400 folks. That 6400 number was a major daily, long term daily, going back quite a bit. And it was also a 382 on an arithmetic chart. So logarithmic chart. So a very, very important date to see what it's going. I'll get these raspy frogs out of my throat here in the next couple of days. I won't be with you guys on Thursday, but I will be with you on Friday. And we'll see how the new year comes out. I've got some things that we're planning. I think it'll be really interesting to look at as we go through some of these things. But the grains are looking a little bit better. I think we were with some really, really key points here. Let's take a look at the corn here, because corn has a really, really nice little bullish pattern here. If you take a look at it, this is the March corn. We're over in the March now. And you can see how we've been at this really, really tight trading range here for the last eight days. And we closed the upper end of it.  It really does, because you came down. You almost made a double bottom at 90%. And now you've popped up and it's starting to move. And it's moving. This isn't the time of the year that you usually get seasonal strength because it's the holiday season and it's also hedging. They're bringing in the crops. And a lot of these guys are going to have a hard time storing it because there's so much corn out there, but the market's still moving higher. And the technical part of it tells you that that means that you're probably going to go up in corn. That's what it looks like. Your risk here is extremely small. You've been in the 5-cent trading range for nine trading days. My gosh, you don't have to be a rocket scientist. You have to be a rocket scientist to figure that out. If it goes below the end of that range, there's more selling. If it goes above the range, there's more buying. That's really the only thing you have to ask is, look at that. You don't have to listen to all the news and stuff. So whether that means anything or not, I don't know. But we're going to have Bill Meridian on at the break here. So pay attention. He's got some really blockbuster stuff, in my opinion.<PHONE_NUMBER>. This will be a chart or videos or both the key markets that he is watching during the day. This will be up to the date active trading information that will help you in your daily trading. In Larry's first week alone, he sent out 25 charts, six videos and a full report to his subscribers in just one week. 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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 guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Chart 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. Okay, we're back, folks, and we're talking with Bill Meridian in Cycles Research out of Austria. Bill, how are you doing? And happy New Year to you, my friend. Oh, pretty good. But I'm in my home in New Jersey in the middle of a rainstorm. Oh, you sound... Your voice... We must go to the same voice coach. I had a sore throat for a couple weeks. Listen, Bill, I don't want to keep you very long because I know your voice is a little off, but bye. When I saw what you were getting ready to show us today, I was really excited. Bill, why don't you tell us... Let's just start with the Cycles schedule here, and you can just continue with that. How's that? Sure, whatever you want to do. Well, I think this is not... By the way, this is new, this voice, just since I woke up 30 minutes ago. So I think we're in a real change here. My guess is the market is topping and will be lower by the end of January, and it is not going to be as robust a year as last year. The Cycles schedule... Well, first, the 21-day cycle expires on January 10th. That's the Sun Mercury conjunction in Capricorn. And it is not... The market doesn't necessarily drop after that point. It rises 84, 85% of the time up into that date from three weeks before. So that will be gone in the 10th. And the end of the month period, the end of the month strength, runs from about December 15th to January 11th. That peaks out, obviously, on the 11th. Then the weekly cycle, which we'll look at, will top on the 10th, and the monthly cycle tops on the 13th. Now, the 12-year cycle is in a down phase. That means Jupiter is in Capricorn. That declines into February. That one I don't mention very much, because it's 12 years longer. It doesn't give a signal that often. It's actually a bit longer, which is Mars. The sign is actually topped back in October. But the solar cycle is much more powerful than that. So the solar cycle will be kicking out here. And more important than anything, 2020 is the year ending in a zero. And such years have the most bearish returns. So let's go down one slide. And that is... That's an actual graphic projected on this year. You'll see that the effect is exact on the 10th and the market tops a few days later. So that's about the 13th. So that is the Dewey effect. It's a sun-conjunct Mercury and Capricorn discovered by Ed Dewey. So if we go one more... Now you see the weekly and the monthly cycles. The weekly on the top hitting a peak around the 10th and the monthly on the bottom hitting a peak on the 13th. So for the second half of the month, they'll both be declining. Now let's go... These are the most important cycles. Let's go to the next group. Now the one-year cycle you see at the top, that's obviously the annual cycle in any year. The four-year cycle is the election year cycle. And right now we're in the election year, which is the second strongest cycle of the four years in the election cycle. But look at the green cycle, which is the 10-year. You'll notice it's a downward year. Years ending in zero are the weakest annual pattern for some strange reason. Just look back at 1980, 1990, 2000. So that plus the two cycles we just looked at is enough to get me bearish. And then at the bottom you see at the blue line is the addition of the one four in the 10-year cycle. So we had, as you remember the last time you had me on the show, I pointed out this 21-day influence of sun-conjunct Mercury and Capricorn. And we've had that and we had a number of bullish influences and they're all peeking out here between the 10th and the 13th and then these bearish ones take over. And to give you some idea of years ending in zero, we go down one more. Now this is the annual histogram from 1885. It is all years ending in zero by month. And this is the expected return. In other words, the probability of the market will be up multiplied by the percentage up or down. And as you can see, the first five months of the year have a negative return, or five of the first six months have a negative return. The only month that is historically shown a positive return is March. And in fact, only one, two, three, four, five of the months show a positive return. So again, that's the expected return for each month. In other words, if the market is up 40% of the time for a 0.1% loss, then you would get 0.4 on the left axis. So essentially, I don't see, and let's just go down one more. Here are some facts about January. In an election year, the DJI has risen in January 45.5% of the time for zero return. Any year ending in zero, the DJI has risen in January in only 38.5% of all cases for an average loss of 1.4%. And in the six election years, that have also occurred in years ending in zero, which is what this will be, the DJI has risen in two years out of six for an average return of 0.8%, minus 0.8%. So if we look at the election year, if we look at the decennial pattern, if we combine the two, we get a negative return for the month of January. So as we know, if we look at the decennial dates approach, the market should somehow reflect what we're seeing. In other words, a bullish sentiment would be, the one thing that is very definitely not bearish here is momentum. Momentum is great. The markets are at new highs. The advanced decline line is at new highs. But in the background here, and let me, I have, when I'm in the States, I have CNBC on every day or Bloomberg, they usually at least have one doom and gloom guide. They haven't had a day bulb and washed away in the last month. And so the first item on page nine, for most of the year, I've been pointing out that hedge funds were under-exposed to stocks. Historically, that has led to high returns. Remember when I was on earlier in the year, I was saying, you know, at June 30th, they were up 6% or 8%. They had just left out. They had not participated in the stock rally. So now their exposure has risen to the highest level in years, a rutch to catch up to the market is the side of the top. You can also see this if you go to the RIDEX family of mutual funds, as everyone knows, they have long funds and they have inverse funds. If you divide one by the other, that ratio of assets in bullish versus bearish funds is near all-time highs. While the percentage of cash held in the money market fund just hit an all-time low over the last 25 years. And against this backdrop, you have AA, it's American Association of Individual Investors. Their sentiment remains very optimistic. I think it's 42% bullish. And the recent cycle, the NA, AIM, that's Investment Managers, reveals they are heavily exposed to stocks with a high degree of confidence. I could have filled up another two pages, Larry, with the premiums people are paying on call options and other items. But, you know, somebody just paid $120,000 for a banana taped to a wall as a work of art. And Babe Ruth Spatt just sold... I saw that in the news. Yeah, Babe Ruth Spatt sold for an outrageous amount. I went to Thanksgiving dinner and I sat with two art experts at the table with other people. And two of them were saying, we've never seen such high prices paid for mediocre art. In other words, the high-priced art has zoomed so much, it's let, you know, the poor millionaires and the poor billionaires now have to buy the crummy art because the expensive art is so high. Yeah, wow. It's amazing. We'll take a little break here and we'll have you back for another segment. Will that be okay there? Okay, folks, Bill Meridian cycles research. We'll be right back after we pay a few bills. If you're in the CD market and looking for a secure investment, the Tiger First Mortgage Program may work for you. 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If you're a trader in the market looking for exposure to gold or gold mining equities, then now is a perfect time to sign up for Tom O'Brien's Gold Report. The summer is over. Gold is trading back above $1,500 and the 10-year treasury is hovering at around 1.5%. Tom O'Brien has been writing his weekly gold report for almost 18 years. You'll find out how the gold market trades and how gold mining equities react. New subscribers get a 30-day money-back guarantee so you have nothing to lose. Every Monday morning, Tom publishes his weekly gold report with coverage of gold, silver, bonds, the XAU, HUI, GDX, the dollar, as well as more than 30 different mining equities. As of September 3rd, Gold Report subscribers have five active open positions with an average unrealized profit of almost 38% for each position. For yourself, the types of profitable trades that are recommended within the Gold Report, sign up today by visiting TFNN.com. 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Bill, the people in Wall Street must be listening to your show today here because the stocks have just broken about 100 points in the Dow. Here's the chart of the notes, I guess. Is that the one you'd like to cover next? Yeah, I didn't even notice that change in my back to the TV. Well, I just wanted to finish that story. I was at that dinner and the price of mediocre art is soaring because the point I'm trying to make is the Fed has stuffed so much money into the system that everybody has enough money to buy anything. And here, I live outside of Princeton, New Jersey, and I bought this place in 2012, so I decided just to look around to see what's happening. And one of these units, the type that I'm sitting in just sold for three and a half times what I paid for it in 2012. Oh, my goodness. 3.5 times what I paid just 7.5 years ago. And I have a friend who develops real estate in New York, New Jersey. He said he's in Philadelphia because that's where it's most reasonable. And he made bids on three buildings.  The people will not come down in price, which tells you what? It tells you that people who are holding real estate are expecting it to go higher. And if you take contrary opinion and apply that, now the real estate cycle, which is not part of this, maybe I'll do that next time, does not peak until about 2022, 2023, which tells us if stocks are going down, then maybe that money is going to find its way into real estate. So I don't think real estate holders have much to worry about. But when I was in New York, and I walk around my old neighborhood, NYU Greenwich Village, and there was so much empty retail store space, it's really unbelievable. And at one corner on Bleaker Street, all four corner stores are vacant. And in fact, there have been articles about a retail space glut crisis. I think they called it in the newspaper. And in fact, a friend of mine just bought a building for 2.1 million and put our new art studio in Bushwick, Brooklyn, pushing out further. Now Bushwick is starting to become like Greenwich Village. It's starting to have high-end venues. And in fact, they have one, there's a place just to give you an idea of how much money is floating around if you have it. They have Dwayne Park, which is at Bleaker Street in the Bowery. A reservation on a Saturday night, booked up a couple weeks in advance, is $150 per person. It's a French-style burlesque club. You have burlesque, and you get a very nice dinner. And we started talking to one of the dancers, and she said, well, there's another venue on Bushwick I'm doing. And that's dancers, singers, acrobats. The cheapest ticket is $150. The elite ticket is $450 with unlimited champagne. And meanwhile, on the other end of the spectrum, there's plenty of empty retail stores based in Manhattan, only a subway right away. How's that for a contrast? So if you want to go down one to Bonds. Sure. You got it. We're ready. So here's the bond market projection. And look, it peaked right on the cell signal back in November, and that is the monthly note. So this is why I turned in my report. I turned bearish for the month of December, and I'm remaining bearish, because the new letter will go out in the next day or two. And let's now look at the monthly bond histogram, and you see you're in the weakest part of the cycle. In fact, January is usually up, but the dynamic cycle points down. And there's no help from the seasonal cycle. You can see March is the most bearish month. So between here and the end of March, I think I would not be wanting to buy bonds. I would lighten up on my holdings of our institutional fund manager. And let's take a look at gold. And as we can see, gold is going into its best seasonality. These figures are from 1969, by the 1969 to the present. So it's 51 years. You'll see January and February are the weakest, the strongest months, and then the seasonality peaks out. So now let's overlay on this dynamic cycles. And here we go. The weekly cycle on top, bottoms January 4th, and the monthly cycle on the bottom, bottoms January 8th or so, but gold is already rising. So gold looks pretty bullish. And if you want an objective on it, we go to the next slide, which is a slide featured before. If you just count that you'd make a projection from the formation from which gold broke out, I get $1,650. So I think we'll be there by February. Well, it's certainly moving pretty fast these last week, for sure. That's started in the right direction. You've been bullish on that for quite some time also. And if we can go down one more. Here's what I said before. I couldn't remember. The bat that Babe Ruth used to hit is 500. Her home one was auctioned off two weeks ago in Southern California for more than $1 million. And then I mentioned the banana tape to the wall. I could give you a bunch of examples from the world of art, but that's just one. And other reasons not to be cheerful here. There's a mountain of debt in China, the Great Wall of Debt. This is from Bloomberg. And it shows China borrows face mounting debt maturing in 2020. And that's the debt that's maturing. Now let's go to the next slide. And this is Chinese Bond defaults at a high in 2018 projected to also be quite high in 2019. And Pluto in the horoscope for China is going over Jupiter five times. The last two times are September and October of 2020. And that is exactly when the panic cycle, which is not part of this presentation. I've shown it before. That's exactly when it peaks. So I think one of the fundamentals that they will point to it is you and I know Larry, when the market goes up or down, they reach for either the defect of bullish news trying to inform listeners why the market is up or down. I think problems in China with the Chinese economy contracting will be number one. Number two, I think sometime in before February is out, you're going to read of problems in Saudi Arabia. A lot of people there are upset with the new king. The young guy is very liberal and a lot of the older folks don't like that. And then in June, I think the Hong Kong crisis is going to boil over again, but this time I think China is going to become much more heavy-handed and repressive and probably a lot of arrests. And that's another item that the news will like. And in the second half of the year, I think by the fourth quarter, India and Pakistan will be fighting over Kashmir again. And outside of that, I see lots of help-wanted signs and everybody in the building trade here in northern New Jersey and New York especially in New York, they're doing a lot of renovations. Everybody's got too much work. So I can't say that the economy is very weak in certain areas and some new innovations. My friend had dinner with a guy who's going around buying vacant shopping centers and he's converting them into transportation points for Amazon. So in other words, there are storage facilities and shopping facilities for Amazon. They become vacant, of course, due to Amazon. So that's one of the new trends I've developed. Sure. Hey, thanks for joining us, my friend. I posted your information on how they can reach you and everything. One question, do you have any thoughts on Bitcoin? No, I don't. Sorry. Okay, thank you. Happy New Year to you. Happy New Year to you. Sorry, buddy. Make God bless. You bet. Bye-bye. Many and folks, cycles research will be right back. Timer Digest also ranks me as the number one market timer for gold as well. The fact is, markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do. Sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of tfn.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great information and an extraordinary set of tools as well as provide great market calls too. Sign up today. If you haven't checked out the newsletters page of tfn.com what are you waiting for? All of the tfn newsletters are informative, up-to-date, affordable, and must have for every trader looking to gain a competitive informational edge in today's markets. Tfn newsletters cover every aspect of the markets to offer you the very latest in market news. Plus, new subscribers get to test drive our newsletters risk-free for 30 days. From all aspects of the markets including stocks, bonds, metals, commodities, and tech there's a newsletter to fit your needs exclusively from tfn. Stay informed each day you trade and get that competitive edge that will help you stay ahead of the game. Visit our newsletters page by going to tfn.com and click the newsletters button under the top of the page. tfn.com Educating investors. Since 1984, Basel Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion. While originally hand-drawing charts from the late 1970s into the 1980s Basel noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply. Later, Basel found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls. Thus was born the Chapman Wave sequence. Using the Chapman Wave methodology along with other indicators Basel Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter. Right now you can get a two-week free trial to the opening call Basel's daily trading newsletter by visiting the front page of tfn.com. Cancel at any time during that trial and pay absolutely nothing. Get your two-week free trial to Basel's newsletter of the opening call today by visiting tfn.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 tfn.com. Okay, we're back, folks, and I wanted to thank Bill Marrindian again for being on. It's always a joy talking to him, but it has been bullish both stocks and bonds. The switch is very, very important, and that's cool. I think we were glad to have him on whether he's going to be right or not. I really don't know, so we'll just have to wait and see. We'll see what's happening with these markets here. We've got Apple down a little bit, so if you did that Apple trade, what you could do, folks, if you wanted to really play it close to the vest, put your stop at break even if you'd like. And we'll see what happens with this puppy and we'll go from there. I think some of the things that Bill talked about about those bonds is really important because of what we're seeing in our market. Folks, they've been feeding this stuff. They call it caviar, but it's not what it is. It's fish eggs, and I'll tell you because these negative interest rate thing is going to, history books are going to be looking at that and say they said what? What's that two cents worth? Whether that's going to be the key or not? Someone's asked me to comment about the British pound that I was talking about just a little while ago, and I was just doing some research that we've been doing with John Jamison. You know that big number we had up there was the big 786 number at that 135.10. The number was 134.65. It broke 500 points. It's now rallied back to 131.42. That is whether it's going to be a good one or not. We have to wait and see, but that's neither here to there. Let's keep a close eye on that one. Also remember the Euro's got some really strong resistance up here. It's trading right back at that 618 again right now. It pops above it. It means that US dollar is probably going to go lower. Tomorrow we'll have the regular show. I don't know if there are hours in the market or not. I want to wish everybody a happy new year. There's not going to be here tomorrow. I will be traveling on Thursday. I'll see you guys on Friday. We'll have another great show then. I'm hoping to have Richard Mogheon right after the first of the year. He's in retirement, but he's going to come out and chat with us a little bit. Live every day in an attitude of gratitude and may God bless.