Good afternoon and welcome to CMC Markets and this month's non-farm payrolls webinar. Thanks for joining me. My name is Michael Hueson and I will be taking you through the events of the next 30-35 minutes. Before I get started, let's quickly do a little bit of housekeeping, the obligatory disclaimer on the screen. I'll obviously be taking you through the numbers also showing you where I think the key levels chart points are, what have you. Trying to give you a steer on what the markets are likely to do next. Hopefully minimize your risk and identify potential key turning points in the markets. And ultimately try and make sense of the events of this week because it's certainly been a week where despite the outcome of the US election. And I think it's notable that the outcome that markets most feared a contested outcome has turned out to be precisely the outcome that we're faced with. And yet here we are four or five days later coming off the back of some pretty big declines in US markets. And we pretty much reversed all the declines that we saw of last week. And there's been any number of narratives this week as to why we've rebounded. Some of the narratives have been a little bit laughable. One of which has been that central banks are likely to step in with much more monetary policy activism and we've certainly seen that this week with the Bank of England. With another 150 billion pounds of quantitative easing and the Federal Reserve. Last night Jerome Powell saying that the Fed is likely to step up its easing program as we head into the end of the year and the beginning of next year but none of this is new. They would have done this irrespective of the outcome whether there was a contested outcome whether there was a straightforward outcome. Central banks have generally tended to work hand in glove with their various governments and less of course you're in Europe and then they tend to be the only game in town but that's a completely different story. With respect to this week's market rally, it's been certainly significant and it's certainly been led by the NASDAQ and we can see that. We can see that it's borne out by this really strong rebound in the last few days in the NASDAQ. But what we haven't done and what hasn't happened is we haven't seen it take out of the highs from early October and I think that for me is the key consideration. You can argue that an uncertain outcome or a contested outcome is probably not as bad an option as perhaps you think that it is. If you think that the lack of a blue wave is likely to mean that steps by the Democrats to rein in the tech giants with more business regulation and higher taxes are much less likely. Certainly that is a, you know, that's certainly a very meritable argument. The Democrats policy manifesto certainly had a higher tax and spend component. So the fact that they have missed out on gaining control of the Senate and that's not certain at the moment that's still up in the air. That certainly can be construed as a plus for businesses. But I think what's more important more than anything else is not as much about who becomes the next president as who becomes, you know, who gains control in the Senate. And at the moment, that's not immediately obvious. And I think if the Republicans do maintain control of the Senate, they will act as a break on some of the more how should we say controversial plans that the Democrats might have had with respect to. With respect to their plans for the US economy. So I think from that point of view, the fact that they're going to be very limited in terms of reversing tax cuts and in and increasing the burden of regulation on the tech giants. That obviously can be considered a plus there is another theory that in the absence of an imminent fiscal plan. Due to the political deadlock an easy win for a President Biden would be if he were to remove all tariffs that President Trump implemented on China Chinese and European Union goods and services. Now that could act as a significant boost to the US economy, and maybe the market surprising in the prospect of that. That would certainly account I think for a little bit of some of the weakness that we've seen in the US dollar. So the effect on the dollar with respect to the potential for deadlock is likely to be negative and we've seen that it's been an awful week for the dollar. There will be no fiscal stimulus between now and potentially the end of Q one next year, because ultimately to get some fiscal stimulus, you will need a consensus you will need a consensus on Capitol Hill. But you will also find that if President Biden, if he is elected is able to implement it he won't be able to implement it before the 20th of January next year. Or when the new president gets sworn in.  That doesn't necessarily mean that a President Biden wouldn't drop all those tariffs that President Trump has imposed on China and the European Union and equity markets will look to potentially factor that in. I mean to law by executive order to President Trump so it's equally conceivable that President Biden can sign him out of law by executive order. So, I think that for me helps explain why equity markets have rebounded putting aside President Trump's irrational outpourings about cheating in the, you know, cheating in the vote and what have you. And the fact that they might have swung the vote one way or the other putting aside those concerns. I think the likelihood is that if you have gridlock on Capitol Hill, politicians won't have the ability to do any harm. At the end of the day they won't have any ability to do anything particularly positive either, but generally they tend to have the capacity to do more harm than good potential gridlock generally doesn't stop equity markets from moving higher. That being said, a lack of fiscal stimulus is likely to mean that the upside for equity markets is likely to be difficult to attain in the short term. We've seen a decent rebound we had a poor October for equity markets and if we can see the moves down here in the NASDAQ from mid October, we've pretty much declined into the presidential election and we did something similar in 2016. So 2016 the S&P declined for eight days in a row, and then on the week of the vote it started to rebound exactly the same thing has happened this time. Now obviously in the aftermath of the presidential vote in 2016, we got a big, big rally in US equity markets on the basis that Trump was going to implement a huge number of tax cuts and what have you. And as a result, we saw a big rise in equity markets. That scenario this time around is probably much less likely shall we say so for me there is still significant barriers to overcome to take out the previous highs of the NASDAQ. If we look at the S&P, it's a similar sort of story. Again, what we've done here we have drawn in this trend line here. We struggled to take out this trend line here we poked our head above it a little bit, but we haven't been able to garner the momentum to push us higher. So what does that mean for payrolls? Well, what's the vote this week doesn't change and won't change is the fact that the US labor market is continuing to improve, albeit at a much slower pace than with which it declined because if you look at the February and March payrolls reports combined, we saw 21 million Americans lose their jobs. In the month since then, we've only seen around 10 or 11 Americans get those jobs back. So we still remain some way below the employment levels that we were at the beginning of the year. And I think that for me is the most important thing to take away from this. We've also seen a big decline in the US dollar this week. So as we head into the weekend, we could well see the upside for equity markets constrained somewhat by the fact that we are heading into the weekend. We still got Pennsylvania, Georgia, Nevada, and Arizona to basically report their latest results. And you've obviously got the political concerns of how President Trump is likely to behave in the weeks and months he has left of his presidency because I think the way things are going at the moment, he's going to have to be dragged kicking and screaming out of the White House and that's probably not going to play particularly well on the global stage. I mean the fact that it's not playing well already isn't exactly a positive for the US Constitution or the US in general. That being said, equity markets generally don't tend to mirror the political situation at any given time. You've only got to look at the situation here in the United Kingdom over the course of the past four or five years and the fact that politicians in Westminster have been squabbling like rats in a sack since 2016 between remainers and Brexiteers and yet that hasn't stopped the UK economy. I didn't stop the UK economy from performing fairly well up until including the pandemic. The pandemic thrown a really massive wrench into the global economy and it's not just the UK economy. It's the European economy. It's the global economy in general, but I think one thing these payroll numbers will tell us is that the US economy has proven to be an awful lot more resilient than was thought to have been the case in the middle of the summer and the expiry of that $600 a week unemployment payment that was paid to every US employee. The fact that that's expired and the US economy has continued to add more jobs and consumer spending has continued to look resilient and retail sales have managed to reverse all the losses that we saw in March and April. This is a fairly positive outcome but it doesn't hide the problems facing the US economy and those of you who read my morning report will know that even if we are to see the unemployment rate fall back. If we go to the market calendar, you can see that it here. Even if we are to see the unemployment rate fall back to 7.7%. That probably doesn't reflect a true representation of the US economy. Let's not forget the unemployment rate at the beginning of this year was around about 3.33.4%. So it's still a doubling of the unemployment rate. Furthermore, the fall on the unemployment rate may be being understated by the headline number. Because if you actually look at the participation rate, the labor participation rate, which unfortunately we don't have on our calendar. That has fallen by 2 percentage points from 63.4% at the beginning of the year to 61.4%. Which means that an additional 2% of US workers has just simply dropped out of the unemployment numbers and aren't looking for work. So the actual real unemployment number is likely to be closer to 10% than it is to 7.5% or 7%. And that's something that Jerome Powell, the chairman of the Federal Reserve, pointed out. Not in the meeting last night, but in his previous meeting back in the end of October, beginning of November. So essentially, what these payrolls are going to be telling us is nothing that we don't already know that's not already priced in. But what it may do is give us some short-term trading opportunities. So we've also got the Canadian payrolls data as well. So that's probably going to be important in the context of the CAD. Now, obviously, while I'm prepping and previewing all of these numbers, please feel free to fire questions my way. I'll try and answer them as fully and comprehensively as I can. If you want me to look at a particular market, I'm more than happy to do that as well.  Obviously, what I can't tell you to do is where to buy and where to sell. That just wouldn't do. And I'd probably get into an awful lot of trouble for it, particularly if the trade went a little bit wrong. But let's look at what we're expecting in terms of the numbers. So the non-farm payrolls numbers is anything in around 600,000. It's down from 661,000 on the previous month. If we actually look at the event information here, we can see that there. Look at the drop-down menu and you can actually see what the previous numbers are. And as you can see, this big down move here indicates the big, big drop that we saw in April. So that's a very, very significant drop. And as you can see here, we've seen some beats and some come in short. The white line there is the expectation. Obviously, the blue bit above there is we slightly beat expectations. And look at it as a line like that. Or we can look at it as a bar like that. It's usually quite useful looking at the economic calendar in the context of what the historical data looks like. Similar sort of thing with respect to the unemployment rate as well. So we just go to there, select that, event information gives you the event information there. So obviously, there was a big jump up there. The expectation was for a big, big jump there. We actually came in well short of that. So we're expecting a fall from 7.9 to around about 7.7 or 7.6. Bloomberg have got 7.6, Reuters have got 7.7. Nonetheless, I think the most important number is probably the under-employment number, which is around about 12.8%.  So in the context of where we are at the moment, that's the economic calendar. It's quite useful in terms of looking for information about an economic data point. Let's have a quick look at the Canadian payroll numbers. And again here, looking for a modest increase of around about 378,000 on the net employment change there. Actually, that's the last one. We're looking for an increase of 100,000. So that's my mistake. They're looking for 100,000 on the Canadian dollar. Let's quickly breeze through some of the key levels on the various indices. FTSE 100, we're still... Those of you who tune into my regular weekly updates will know that I've been tracking this for a while. We've been in this downward channel for quite some time. We came back and tested the bottom of it. We could well conceivably move back to the top. At the moment, we've got a little bit of a tweezer top around about 59.30, 59.40. I think it's unlikely we'll break above that today, irrespective of what the payroll numbers are. If we look at the S&P 500, I'll be surprised if we break above the highs that we saw yesterday. In terms of the Dow, similar sort of story, we can draw a little line through here. And as I've often said, the averages need to confirm each other. So we'll just remove that. We still remain well short of resistance there. I'm being asked about quickly Euro dollar. And very quickly gold, I think, is probably going to go to around about 1973. While above 1930, quickly looking at Euro dollar. We've broken above Euro dollar here. And this suggests to me that we could well head back towards these peaks around about here. But this is a key thing for me. When we're looking at the dollar index, if we look at the dollar index on the CMC dollar index, we've broken to the downside. Now, that suggests to me that we could well see further weakness going forward. But before I do that, let's look at the numbers. Well, that's a big fall on the unemployment rate, 6.9%. Average earnings 4.5, 6.38 on the actual numbers. I'm going to quickly look at the participation rate because that could indicate why we've seen such a big fall in the unemployment rate. So the reaction will be on that probably a big, big bid on the US dollar as a result of a fall in the unemployment rate. And we actually haven't seen that. We've seen a big fall in the unemployment rate. But payrolls have come in slightly better than expected, but not massively so. We're looking at 638,000 and upward revision of 672. Canadian payrolls slightly below expectations. As we can see from there. So it's probably a little bit of a dollar positive, but overall, I don't think it's really going to shift the dial going forward with respect to the overall direction of the dollar that we've seen this week. We'll probably see an upward move in equity markets on the back of that as they try and retest the highs of this week. But overall, I'm not really expecting these numbers to move the dial that much. If we look, for example, at a cable, we still remain very much in an uptrend there. So any dollar strength there is likely to be mitigated. In terms of Euro dollar, we'll go back to that very, very quickly. We probably won't see much of a dip there either. We can see that here. That's about 33,000 on the Canadian numbers. Those numbers keep coming up. So we're finding a little bit of a, we're finding a little bit of resistance up around 119. I would expect that to continue to be the case. What is significant, and I'm sorry I didn't get to show you this before we start it before before the numbers came out. I was talking about the dollar and the overall direction of it. And I'll have a look at Euro sterling in a minute. I'll just quickly write that down so that I don't forget. We also got looking at volatility in S&P. Yes, I think we will continue to get volatility in S&P Malcolm. So I think it's important that you look at playing playing the fringes of the ranges rather than trying to whip in and out on on various sharp moves one way or the other. We are it's still important to remember despite all the volatility that we're seeing is that we're still in a broad range and we have been in a broad range for the past few months. I don't expect that to change in terms of dollar. And I think this is important because what we've seen here is a sharp move lower in the CMC dollar index, something that we haven't seen replicated in the US dollar index or the DXY. Now the reason for that is because in our dollar index, we have a very high Chinese one component and the Chinese one has been has been gaining quite a lot. Now this move in the one suggests we could well see a lot more dollar weakness in emerging market currencies over the course of the next few weeks. This is something that I've talked about a little bit in my week ahead video, which will get released around about 4pm later today. But if we take this double top here, project it lower, I think we're going to see further one gains towards around about six and a half. So further dollar weakness towards 6.5, which would basically be a complete projection of this down move breakout here. We've already see that each rebound in the dollar has found significant selling interest by these upper candles here. So, for me, if we get a pullback to around about 662, 663 and we have to be careful with the one because it's a it's a centrally managed currency. So the overall direction of travel more than anything else that's likely to give us clues as to where it goes next is that over the course of the next couple of three to four weeks. This is a weekly chart I'm looking at. So you have to put this in the context. This is a weekly chart over the next few weeks we could well see further dollar weakness against the one to around about six and a half. And if we look at where it's come from over the course of the past few years, there's still room for it to come quite a bit lower. So the dollar against the one. So that for me suggests over the course of the next few weeks, we're probably going to be susceptible to further dollar weakness going forward, which means Euro dollar is likely to head back towards 119, 120. And that's then going to prompt a little bit of jaw boning from the ECB uncomfortable with the Euro dollar anywhere near that 120 level. It's also going to mean that Euro sterling is likely to head back towards the upside. But we do need to be careful with Euro sterling because obviously we've got EU UK trade talks. Now, if we look at this Euro sterling chart, we can see from here that there is a trend line coming in right around 50 and 100 day moving average. And as well as these levels around about here, which is around about 1980, 90, 120. That's significant amounts of selling interest anywhere near 91, 92. If we do break above here, then obviously it reopens the upside back towards 92 and 93. But at the moment, the clear direction of travel for Euro sterling is very much sell the rally. And that's the way that I would be playing it until such times as we're able to get back above and hold above 91. Basically, you trade what you see. What I'm seeing at the moment is lower highs and lower lows. So until such times as that situation changes, that's your strategy. Irrespective of the politics involved, it's very easy to say sell sterling because of Brexit risk and what have you. But that's what makes it such a challenging currency to trade. And when I used to trade cable all the way back in the day 30 years ago, it was called a widowmaker of a currency because ultimately you had the capacity to wipe you out basically. Hence phrase widowmaker. So you have to have very clear ideas clear very clear risk management strategy when you come to trade sterling. It's not contrary to popular belief and emerging market currency, as some American banks would have you think it is still a very liquid currency. And if you look at the way the cable rate has traded from the lows in May, we still remain very much in an uptrend. But we do need to take out 132 because ultimately there is there does appear to be a significant amount of resistance anywhere near 131 80132. That for me means that very much trade the range but if we come back down to around 128 and a half 129, you've really got to think about buying the dip on cable just based on these trend lines that I've drawn in here. And that's all we're doing we're just drawing in plain simple trend lines trading is made out to be very, very complicated. It's not if you assign yourself rules and rules are very, very important when you look at trying to trade markets. You know, no one trade will always go your way. No one trade. In fact, if you make money on 50% of your trades, you're doing well. The trick is to keep your losses small, but run your profits. And that's I think that's a skill, even of itself. Everyone always likes to run their trades hoping for that extra 10 pips that extra 20 pips so on and so forth. But don't get greedy. You don't people never people always run their losses. They never run their profits. And really you need to learn to run your profits. But also remember to take them. And I think that's the key component when you put a trade on have a clear idea not only of where your stock losses where you take profit is as well because that is equally as important. Anyway, so let's quickly look at Norwegian Kroner because I've been asked about that. Let's look at Euro Noki, which is an absolute delight. But again, that's quite certainly quite interesting. But again, very much a range trade here. So certainly in terms of Euro Noki, decent support in and around 10.8. But again, stuck 1120. If we want to look at dollar Noki, which I'm guessing you do. Is it Euro Noki or do you want me to do dollar Noki? While I'm waiting for an answer for that. You can.  Cathol's question about gold and silver. So gold, again, we broken higher on gold price we broken above 1935 1940 week a dollar or play into the positive narrative there. We broken above this series of highs through here, which is around about 1925 1930. So that suggests to me that we're probably going to see a move up to around about these sorts of peaks in 1975, even a move back to $2,000 an ounce still remain very much a case by the dipping gold wire above this 50 day moving average here, which acted as has acted as support and resistance in equal measure over the course of the past few months. Okay, so just quickly scrolling down to see what other questions I need to look at. Can I look at the Nikkei 225 yes I can quickly look at silver first though, because I did get asked about that. And again we've seen a similar sort of breakup above but the thing with thing with silver here is that there's something that's immediately drawn my eye without even looking at any lines at all. If I look here, because I'll add this. We have got big big barrier at 26. So that suggests to me that we could find a little bit of selling interest anywhere near around this series of lows through here, and this level through here. So, in the short term, I'd say silver is probably going to find it difficult to crack through $26. Furthermore, if we draw a trend line through here that also coincides with that there so bit of a barrier coming in in terms of silver on the upside through around about $26 an ounce. The South African Rand will be showing a bit of strength and the reason for that is obviously a strong gold price, strong commodities price, it is perceived largely as a commodities currency so the gold price does well. Generally the South African Rand will generally do well so from that from that point of view. I would say that's not unexpected but if you do see a little bit of weakness in the in the gold or silver prices. Then obviously that will be reflected in in a slightly weaker round but at the moment emerging market currencies are looking fairly solid against the dollar. On the basis that I outlined before with respect to the Chinese currency. We've seen a breakdown in the Chinese currency. If the one continues to gain, then that's likely to have a positive effect on other emerging market currencies as well. Okay, so no worries at all. So on the golden silver, South African Rand. Let's have a quick look at that now. There we go. And it's interesting to see that the South African Rand looks fairly similar in terms of the breakout that we saw on our own dollar index in that it's broken to the downside. We can see that there. Broken below 1607. And as such, we could see further gains in the round further losses in the dollar while we're below this level here, which I've outlined. Which I've outlined with with this horizontal support and resistance line here. So dollar weakness tends to is the prevailing trend here. And at the moment, until such times that we get evidence that that that that trend is likely to reverse. It's likely to be a trend that's likely to continue to play out over the course of the rest of the rest of this year, I would suggest, particularly if if the US election does go to the courts, which is looking increasingly likely. And President Trump continues to basically throw his toys out of his pram. Nikkei 225. You wanted to ask me about Nikkei 225. That's hit its highest levels this year, earlier today. And that would suggest to me that there's potential for that to go quite a bit higher. It's completely broken away from the likes of the Dax and pretty much everything else. We can see that actually on this monthly chart this weekly chart here. Let's have a look at the big barrier on that because I'm going to surmise that if we break this out, we can see that there's a big, big barrier coming into play on the decks in and around where we are right now. So the highs that we saw in 2018, October 24,474, currently 100, 100 points below that. So we are in some fairly key territory with a Nikkei 225. So I'll be keeping a close eye on that but I would be wary about getting aggressively long on that particularly given the fact that we are where we currently are because generally I tend to look at the Nikkei 225. The Nikkei 225, the S&P and the Dax in the realm in terms of thinking about Dow theory. And it makes little sense to me for the Nikkei to be going higher if the yen is strengthening. And looking at Dole yen as has been the case over the course of the past few days. We've been looking towards the downside on Dole yen and a stronger yen generally isn't good for Japanese stocks. Strong currencies generally aren't particularly good for exporting current exporting countries. The fact that we're continuing to trend lower on Dole yen makes me cautious that if we head towards 100, which of the moment looks as if could happen if the dollar continues to weaken that could act as a break on Dole yen on the Nikkei 225. So you really do need to bear that in mind when you're looking at the Nikkei. This is a risk that a stronger yen will limit the upside on that particularly at a time when you say, for example, look at the Dax, which, while it has recovered back above the 200 day moving average, still remains very much in the range that it's been in since May, June. What was interesting now about the Dax was that we broke below the 200 day moving average. And at the end of October I suggested it might find support around about 11,360 if you look at the chart forum on the spread that platform. I said that there's potential for retest of the 11,360 area, which also happened to be these peaks here in April. This is another example of resistance reversing its role, reversing its role in becoming a support. It was also a Fibonacci retracement level of the entire up move from the lows in February, March to the highs that we saw in September. So there was a double reason to buy the Dax on the 11,360. So now, any dips are likely to find support in and around this 12,100 area through here and the 200 day moving average. But in the short term, we're finding a little bit of resistance. If I point the cursor at this, you can see the high around about the 12,600 level. So with respect to the NASDAQ 100, the NASDAQ 100 is running into a little bit of a barrier in and around these highs through here. And it's interesting when you look at it in terms of a mirror on the S&P, we're seeing a similar salt pattern play out. So we could revisit the highs on the NASDAQ, but I'm not immediately convinced that we have the momentum to do it. So with respect to the NASDAQ 100, I think if we're to see further gains on that, we really need to see much more evidence of a fiscal boost as opposed to just the Fed being continuing to be permanently accommodated going forward. So the big barrier for me on the NASDAQ is let's try and draw this line in through here. So we're pretty much on the cusp of that line there, which also coincides with that line there. So we've got two US indices which are approaching some key resistance levels on both the S&P and the NASDAQ. So I would be very cautious about being aggressively long heading into the weekend, given the rally that we've seen thus far. And obviously the geopolitics that play and the fact that the presidency is still as yet undecided, shall we say. So hopefully that answers your question. Looking at natural gas. Yes, I was going to talk about Euronarchy and Dolanarchy. Yep, absolutely. I'm being asked about natural gas. Let me see if I can find that. Yep, that's down there. Quickly pull that up. Let's just quickly make the, let's make the text a little bit bigger so you guys can see it because it doesn't look particularly clear. So let's just make the font slightly bigger. Here we go. That's looking a little bit toppy. Let's have a look at that. We've got a bearish engulfing day on the daily there. If we look at the weekly chart. Similarly here. So looking overall. If we draw in a nice little trend line through here. We need to look at these previous peaks through here. We could we'll see a retest of 260. If we break below 260, then we could we'll see a move back towards this trend line through here, but there are beginnings in natural gas. There are the beginnings of a little bit of a reversal on a break below 260 on the on the downside. So natural gas looks as if it is topped out in the short term. We could rebound off this rally back to around about 270 280. But overall the pricing pattern suggests that there's potential for a little bit of a reversal going forward. But we need to be a little bit careful about that. Hopefully that answers your question on natural gas.  And dollar knocking. Okay, let's have a quick look at dollar knocking. Yeah, so basically with your own knocky, we're pretty much in a range on that you've got fairly decent support in and around 1080. So 1080 1120 pretty much covers it. If I if I then change that to usd and okay. Like so, fairly easy thing to do looks a little bit toppy on the 200 day moving average on dollar knocking. But again, it's similar, it's fairly similar. It's a fairly similar thing to euro dollar. You've got fairly decent support in and around these lows in October. So if you get a significant push through there, let me just draw the line in for you. So you got decent decent support in and around 915 916. And we just turn those active pointers off because it's starting to get a little bit irritating. So if you get a significant break below 916 or this area through here, then you could we'll see a break back lower. And I suppose a lot an awful lot of that will will depend on the weakness of the dollar or thereof. And of course, what the oil price is doing, the oil price looks a little bit choppy shall we say yes it's still trading near $40 a barrel. But if it if it starts to fall back quite significantly then that could that could weaken the Norwegian Krona. But overall we're pretty much in a range trade on dollar knocking in euro knocking so hopefully that answers your question on that copper. Let's have a look at copper because we've got Chinese trade numbers this weekend. And certainly what we've seen in copper over the course of the past few days suggest to me that demand out of China has started to pick up quite significantly, certainly in the context of its import data which saw a big rebound in in September and could we'll see a continuation in October. I don't think we're going to see as big a rebound in October as we did in September. But certainly there are there is evidence that the Chinese economy is starting to pick itself up off the floor after the after the flatlining that we've seen in the in the summer months. Certainly we're in an uptrend for copper. So we remain very much a case of by the dip. But there is also an element of a weaker dollar in that trade as well in the same way that we've got stronger gold price stronger silver price. We've seen stronger precious metals prices. I think a function of some of the gains in raw materials has been a weaker dollar which has helped to drive that as well. So we do need to take into account the strength of the dollar but there's good resistance at 320 in copper. So there's certainly potential for us to move higher there. But we've still got this series of highs all the way back here in 2018 that can contend with as well. It does seem rather counter intuitive for copper to be strong at a time when the global economy is still battling the covid crisis and I think that's probably about the first time I've mentioned it in this webinar. And the UK economy is going to be pretty much closed for the next month or so. As is Germany, as is France, and there's a big risk and this is something that we really haven't talked about is the US cases of covid gone over 100,000 a day. So there is a possibility we could get shut downs in the US economy as well at the moment equity markets look fairly strong. That's all to be expected with those numbers that we've seen. But overall I would still expect the footsie to be top at around about 5940. And for US markets to find it difficult to edge back above the highs that we've seen thus far ahead of the weekend. So hopefully I've pretty much covered everything that I needed to cover. I'm hoping that I haven't forgotten any of your questions, ladies and gentlemen, please feel free to let me know if I've forgotten you, I'm just scrolling them down now, just to make sure that I haven't missed any. I don't think that I have. But I'm hoping that you found this webinar instructive. And in the absence of any further questions. I'm hoping that, you know, this, this, this will do and you will have a very nice weekend and hope you get some rest because I don't know about you but I'm looking forward to the weekend it's been a long week with all the macro that's been going on. But if that's it for the time being. I think we can pretty much wrap up this webinar for November. Please feel free to send some feedback about the webinar hopefully you found it, found it useful. I've got any feedback in terms of the content I'd love to hear it, because ultimately the purpose of these webinars is for your, is for your, you know, it's for your education more than anything else. I'm hoping that I'm able to give you some form of insights into the way the markets react the way that they do. But ultimately, it's all about looking for levels, making trading decisions based on those levels. Now for my weekly video that should be published on the YouTube channel at the end of today. I pretty much going to be pretty much covered there what I've covered here. But that goes out every, every week on a Friday at around about 4pm, where I preview the week ahead and we've got a whole host of stuff coming up next week. UK third quarter GDP UK unemployment German ZEW. We've got China trade at the weekend. We've got earnings from the likes of person and JD with a spoon ITV, as well as room Cisco symptoms Palantir and Disney. So plenty to get our teeth into next week. Otherwise, I'd like to thank you all for listening. And have a nice weekend. And I'll speak to you all for next week's, not next month's non farm payrolls webinar. If not, tune into my weekly YouTube video, which can be found on youtube.com forward slash CMC markets PLC. Thanks very much. Have a great weekend, everybody.


Okay so guys today what we're doing is we're doing Assassin's Creed Nexus VR. Huge thanks to Ubisoft for sponsoring this video. I do like the VR. I'm the fan of the VR. I've done a lot of VR stuff over the years. Look ahead and fully extend your arms. Standing mode calibrated. Yo this is crazy. Ah hello there. Thanks for taking our call. I'm Sean and this is Rebecca. Where are your brotherhood contacts for this off? What's the job? Straight to the point. I like that. Our intelligence indicates Epstergo is developing a new profiling technology that goes way beyond anything seen before. Over the years they've collected and archived the memories of countless individuals, politicians, generals, even normal people like you and me. I don't think I'd call you normal Sean. Very funny but the point is imagine if your own memories could be analyzed. Understand how you think. To learn about your values and beliefs and to know what to show or tell you online or in person. To slowly replace those beliefs with a set of new ones. Templar beliefs. So where do I can be? The executive in charge of this initiative, Dominica Wilt, needs someone with your skills to finish the project.  But more on that later. For now, we'll piggyback on your connection. So we'll be there when you need us. You'll have to switch over from our network to our stagos. Then you're off to your first meeting with a new boss. What have we here? Our friend is one step ahead of us. That will sever their connection to our virtual space when they connect to Epstergo and Dominica and let us listen in on their conversations safely. Oh, it's 3D. Oh my gosh, dude, this is sick. Dude, this is so sick. Isn't this cool? Ah, you must be the hacker. I'm Dominica Wilt. You'll report to me. I can governments, multinationals. Whatever you want, I can get it. That's why I hired you. But this job is different. Ezio Auditore di Firenze, an Italian noble and master assassin. Sounds like quite a character. He was. Oh, here he is. Ezio was friends with Leonardo da Vinci and Machiavelli and a sworn enemy of the Borges. He touched many lives at the end of the 15th century, and his blade ended more than a few. Count me in. Not so fast. The Animus is unlike anything you've ever experienced before, so we need to get you acclimated to its use. Welcome to the Animus orientation protocol. I will guide you through the basics of using the Animus. Your avatar is now active. Hold LGRG to ground lightings. Ah, objects will generate noise when thrown. But can I hit things? Oh, you can. Wait, this is sick, chat. Once again, my path leads back to Venice. Alas, I must deny my friends here the pleasure of my company. I have a sword to retrieve, and a lesson to teach. No one steals from an Auditore and leaves to boast about it. Okay, so I'm Ezio Auditore. Hello. Hello. Open the door. I opened it with this thing, dude. I opened it with a cane. Frick. You must make your way through the library without being detected. If you're spotted, you'll desynchronize and will restart from your last checkpoint in this memory. A waste of time. You can distract guards in a number of ways. For example, you can divert their attention by throwing objects to make noise. I better be careful here. I'm trying to knock it out. Does that work? Okay. You are now going to learn how to assassinate a target.  Let's go. While holding the trigger button to draw your hidden blade. I'm not supposed to be here. This is awkward. Try again. And this time do so without being detected. Now initiating the Animus Combat Protocol. Loading standard enemy profile. Block the incoming strikes by holding your weapon to intercept them. Got you. Let's see what you're made of. Strike insufficient to cause damage. Now block a sequence of strikes. Blocking enemy attacks can create opportunities for you to strike. Block the following attack sequence to continue. Blocking a series of enemy attacks opens up windows to strike. Use these chances to slash an enemy. Execution rated acceptable. Now perform the maneuver in real time. Okay, ready? I'm ready. Give it to me. A well placed attack will stun an enemy. This will allow you to strike and cause increased damage. Oh! Performance rated acceptable. Now eliminate this enemy. This combat protocol. Back to God. Can I throw this? Maybe I can't even throw my grip strength through the roof, dude. That chat. Remember, you can get this on them even in the pro. Did you imagine I was destroying your live, dude? There. Synchronize where you see that Animus node inviting you to interact with it. This is the sync view. It displays important details about the memory you're exploring. You should always sync when searching memories for the first time. When in sync view, you will often see secondary activities the assassin performed in their time. You do not have to do them yourself, but they can improve the quality of your synchronization in the Animus. Every memory has them. Sinking reveals them so you can pursue them or not, as you wish. Stand to your arms and jump. Leave a faith. Greatest assassin ever. Hey, buddy. You know, he's good. Oh my God. He's good. Guys, fellas. Hey, buddy. Hey, hey, chief. I need help. No, he's good. Yo. Yeah, it's just a lazy worker sleeping on the job, guys. Don't worry. Sorry. I almost did it. They're here to help, no? Oh, they seem to do it. True. True. That's what that guy back there was doing. Beginning calibration. Gold constructs challenge your navigation skills. Grab the construct to begin. The worker just laying it out. Now pass through the gates within the time limit to complete the challenge. Dude, what a blast, man. What a blast. Oh, that was so good, man. Again, guys, if you guys want to check out Assassin Creed, Assassin's Creed Nexus VR, you guys can do that on your MetaQuest 3s or MetaQuest 2 or Pro even. Assassin's Creed Nexus VR. It's pretty freaking good. Huge thanks to Ubisoft for sponsoring today's video. Use the link in the bio and keep watching because I'll be doing more of everything, right? You guys know I'll do more of everything, but I'll be definitely doing more VR content as well. Dude, I feel like I need to take a shower after that. I'm buying it. It looks so good. It's super good. Yeah, it's super good.


While this API was intended for service workers, it is actually exposed on the window, so it can be accessed from anywhere in your scripts. The entry point is caches. You are responsible for implementing how your script, your service worker, handles updates to the cache. All updates to items in the cache must be explicitly requested. Items will not expire and must be deleted. You are also responsible for periodically purging cache entries. Each browser has a hard limit on the amount of cache storage that a given origin can use. The browser does its best to manage disk space, but it may delete the cache storage for an origin. The browser will generally delete all of the data for an origin or none of the data for an origin. Make sure to version caches by name and use the caches only from the version of the script that they can safely operate on. We'll outline a few common patterns for caching resources. We'll look at caching files on install, on user interaction, and on network response. We can cache sites' static resources in the install event in the service worker, and we can cache the HTML, CSS, JavaScript, any static files that make up the application shell in the install event of the service worker. It's important to note that while the install event is happening, any previous version of your service worker is still running and serving pages. So the things you do here mustn't disrupt that. Event.wait until takes a promise to define the length and success of the install. If the promise rejects, the installation is considered a failure, and this service worker will be abandoned. If an older version is running, it'll be left intact. Caches open, and cache add all return promises. If any of the resources fail to fetch, the cache add all call rejects. There are plenty of ways to do this, but in this example, we iterate over the list of keys from the cache and then delete any caches that don't match the current cache name. If you're making your app offline first, this is how you'll handle the majority of requests. Other patterns will be exceptions based on the incoming request. If the resource exists in the cache, this code will return it from there. Otherwise, it will send the request onto the network. We can intercept the request in the service worker, cache a clone of the response, and send the response itself to the page. This approach works best for resources that frequently update, such as a user's inbox or article contents. This is also useful for non-essential content, such as avatars, but care is needed. If a request doesn't match anything in the cache, get it from the network, send it to the page, and add it to the cache at the same time. If you do this for a range of URLs, such as avatars, you'll need to be careful you don't bloat the storage of your origin. If the user needs to reclaim disk space, you don't want to be the prime candidate. Make sure you get rid of items in the cache you don't need anymore. Now, to allow for efficient memory usage, you can only read a response request body once. In the code above, .clone is used to create additional copies that can be read separately. When the user clicks on an element in our page, we can add the element to the cache. If the whole site can't be taken offline, you may allow the user to select the content they want available offline, for example, a video on something like YouTube, an article on Wikipedia, or a particular gallery on Flickr. Give the user a read later or save for offline button. When it's clicked, fetch what you need from the network and put it in the cache. The Caches API is available from pages as well as service workers, meaning you don't need to involve the service worker to add things to the cache. We create a cache with a name corresponding to the specific article. Then we fetch the article and add it to the cache. Let's look at some different ways to serve files from the cache. There are several approaches. Cache falling back to network, network falling back to cache, cache then network, and generic fallback. The request is intercepted by the service worker. We look for a match in the cache. And if that fails, we send the request to the network. We return the response. If you're making your app offline first, this is how you'll handle the majority of requests. Other patterns will be exceptions based on the incoming request. If the resource exists in the cache, this code will return it from there. Otherwise, it will send the request on to the network. The request is intercepted by the service worker. We send the request to the network. And if that fails, we look for a match in the cache. We return the response. In the above code, we first send the request to the network using fetch. And only if it fails do we look for a response in the cache. This is a good approach for resources that update frequently that are not part of the version of the site, for example, articles, avatars, social media timelines, game leaderboards, and so on. Handling network requests this way means the online users get the most up-to-date content, but offline users get an older cached version. However, this method does have flaws. If the user has an intermittent or slow connection, they'll have to wait for the network to fail before they get content from the cache. This can take an extremely long time and is a frustrating user experience. The approach we show here is called cache then network. And this is a better solution. Requests are sent from the page simultaneously to the code in the main JavaScript, not the service worker. This is a good approach for resources that update frequently that are not part of the version of the site, for example, avatars, social media timelines, and game leaderboards. Like we say, this approach will get content on screen as fast as possible, but still display up-to-date content once it arrives. This requires the page to make two requests, one to the cache and one to the network. The idea is to show the cached data first, then update the page when and if the network data arrives. In the above code, we are sending a request to the network, and in the next part, the code is looking for the resource in the cache. The cache will most likely respond first, and if the network data has not already been received, we update the page with the data in the response. The code for this is shown next. When the network responds, we update the page again with the latest information. Now, sometimes you can just replace the current data when new data arrives, for example, the game leaderboard again, but that can be disruptive with larger pieces of content. This code looks for slash data.json in the cache. This will most likely respond before the request to the network and update the page if the network hasn't already responded. If the network responds after the cache, it updates the page again. If getting the response from the cache fails, it tries the network again as a last attempt. If the request is not found in both the cache and on the network, respond with a pre-cached custom offline page. If you fail to serve something from the cache and or network, you may want to provide a generic fallback. This technique is ideal for secondary imagery, such as avatars, failed post requests, unavailable while offline pages, and so on. In practice, you'd have many different fallbacks, depending on URL and headers. For example, a fallback silhouette image for avatars. The item you fall back to is likely to be an install dependency, for example, cached on the install event of the service worker. Once a new service worker has been installed and a previous version isn't being used, the new one activates, and you get an activate event. Now, because the old version is out of the way, it's a good time to delete unused caches. During activation, other events, such as fetch, are put into a queue, so a long activation could actually potentially block page loads. Keep your activation as lean as possible. Only use it for things you couldn't do while the old version was active. It's important to remember that caches are shared across the whole origin. There are loads of resources available where you can learn more. You can access these from the materials that accompany this video. So now it's your turn. Go to the lab for this video, and in there you'll be able to practice caching the application shell, intercepting network requests, and lots more.


I want to start by saying I have an irrational love for two institutions. One of them is Parliament, especially the Westminster Parliament for what it could be. And the other is SOAS. And I love SOAS because it has everything I really adore. It has masses of politics. It has people, really exciting people from all over the world. It has connections to parts of the world that I love dearly, including Africa, Asia and Latin America.  She was Secretary of State for International Development. She was UN Under Secretary General for Humanitarian Affairs and she's known across the world. So she embodies SOAS and who could be more appropriate to launch our new global research network on parliaments and people than Valerie Amos, who I welcome up here to make some remarks. I gather this isn't that one isn't working so I might as well move it out of the way. Emma, thank you very much. It's a bit of parliament as a bit sort of quirky, eccentric and weird. So I'm slightly taken aback that you think that's what I'm like. And even more weirdly that you think that SOAS is like that. But I absolutely take the point that you make about both of them being very interesting institutions. So a huge thank you to Emma and also to Ruth. Ruth, where are you if you run away? And to Ruth because the partnership with the Hansard Society in terms of today's conference is really important. And I'm very pleased to be here to try to bring together the elements of why this work is important for SOAS and why it's important for parliament. So I'm going to say a few words as Emma mentioned because I think it is important that we formally launch the global research network for parliaments and people. And then there'll be an opportunity I found out to my horror for a Q&A with me. I thought I was going to be on a panel. So keep the questions easy please. And there will be a panel after this session at quarter to three. Thank you. So just a few words about the project which is designed to create opportunities for scholars in particularly fragile states to undertake research on democracy, public engagement and women's political participation. And the aim is to link researchers and arts organisations interested in deepening democracy by supporting their research and advocacy of those three themes. Representation, exclusion and reimagining politics. And I'm very sorry that I wasn't here this morning because I gathered that there were some great presentations from Ethiopia, Bangladesh and Myanmar. Now it's work which as I said at the beginning very much resonates with the approach that we take at SOAS. We really pride ourselves on taking alternative perspectives. On being a school that is rich in the history, the heritage, the scholarship of the regions in which we specialise but in ensuring that those perspectives are very much at the forefront of our thinking. So we like to think that we are turning the world upside down, that we are challenging conventional orthodoxy, that we are really at the heart of the decolonisation agenda in the way that we work and that we do that through our understanding of distinct and diverse languages and the cultures of the societies in which we work and study and where the collaborations and partnerships that we have in those countries are absolutely crucial. We are very, very aware that without innovative partnerships we can't work with colleagues to make political institutions more accountable or indeed figure out what more meaningful engagement between political leaders and society might look like and that's a question I think not just for politically fragile societies but increasingly for mature democracies as well. The Arts and Humanities Research Council is supporting the network, encouraging those partnerships across social sciences, arts and humanities disciplines but also between scholars and creative industries. Here in the UK we are very, very conscious of the importance of this and the AHRC has really been leading the way in terms of trying to create that space to enable that engagement across social sciences, arts and humanities because much of the conversation about deepening the engagement on research in the UK has been around science and engineering and what we have been seeking to say is that innovation has to include social sciences, arts and humanities in its thinking. I've spent a lot of time in my political career directly involved in aspects of British political life so I have first hand experience of what I think is the importance of representative democracy and the challenge of staying true to your values given the compromises required particularly when one is in government. It's a bit more straightforward I think in opposition but it's not necessarily easy and there have been many recent challenges in the United Kingdom in other countries across the European Union, in the United States and elsewhere in terms of the role of conventional political parties especially as we have seen the rise of social media, different forms of communication and the way that they have been used either to attack or defend parliamentary democracy. The most important recent example in the United Kingdom of course is around the debate that we had in advance of the referendum with respect to leaving the European Union but the aspects of the debate that became a critical part of the engagement of the British public around that issue has spiralled into a whole host of separate issues that people care about at the top of that agenda, the issue of migration, rights of refugees, the issue of free movement for example but also associated issues to do with human rights, the role of the European Court, the role of Parliament, a whole host of issues that have sparked debates which I think are essential to our understanding of our democracy but also critical to our engagement with democratic institutions going forward. It's a hugely contested space in the United Kingdom at the moment. There are issues around Parliament versus the people, perceptions of that around the role of the media. We had one newspaper famously calling our judges the enemies of the people when they voted that Parliament needed to have a say with respect to Britain leaving the European Union. There are issues around the role of the House of Lords and the fact that the House of Lords is not elected and the balance that exists in our democracy between Parliament, the Executive and the Supreme Court. We've had some really critical conversations I think in the last few years. I mean they have really become more intense in the last few months seeking to explain what is happening in Western democracies particularly in Europe and the United States. There's a common theme that runs across them all that right across the political, social class and race spectrum in the West Citizens have lost faith, trust and belief in our democratic institutions. Now I think that the seeds of that were planted a long time ago but that it was the 2008 global financial crash that turned this into an existential crisis for social democracy in the West. Why do I think that? I think that because the mainstream political business and academic establishment collectively in my view bought into a fallacy, believed that boom and bust was beaten forever and that the case for a post cold war, liberal, social, democratic, globalised free market consensus had been won. So those of you who are really working to establish these democratic processes in your countries please learn the lessons from the things that we took for granted. We assumed that because there was a kind of feeling that there was a centrist and centrist in the sense of centre left and centre right view of the world that had been bought into by the countries which were seen as victorious after the Second World War that this had been consolidated through national and international institutions and it wasn't true. And that consensus delivered the things that citizens were looking for so for example a lessening of poverty across the world for example but what sufficient attention wasn't paid to was the ways in which societies that became more plural more diverse also began to engage in challenges around national identity for example. That issue of national identity and who we are for example in relation to the United Kingdom I think has become very, very prevalent and that notion of Britishness and who we are I think has been at the centre of our debate not just around Brexit but also around how we see ourselves as a nation going forward. So there are some key lessons to learn I think from some of the mistakes that we have made in terms of what we have taken for granted in the way that our democracy has developed. I think we forgot that politics is ultimately about individuals, families and communities. We took the public for granted. We told people about the benefits of globalisation and didn't prepare them for or help to mitigate the risks. So as societies develop the political institutions, the parliaments, the politicians, the civil society organisations need to help people to understand that change and not just to understand the change in a positive way but to face up to the challenges that those changes bring. Today we are facing an unprecedented set of global challenges, threats and unsolved crises. I think across the world we are struggling to make sense of conflict, mass migration, refugee flows, inequality, environmental degradation, climate change, threats to civil liberties, religious fundamentalism. The list goes on and on. In the midst of all of this, the changes that we are seeing politically in terms of I think the growth of different sorts of democratic processes in countries which are fragile and where it's really important to consolidate those changes but also challenges to those democratic processes in more mature democracies is something that both sides need to learn from. I'm particularly concerned about the way that there is now a kind of oppositionist view emerging about facts, fake news and who engages in the debate and how and how we take on board the challenges and the issues that people care about. If we learn anything from the major political shake-ups that we've seen recently, I think that there is one very important thing that we have to learn which is the importance of seeing what the world looks like from a perspective that is unlike our own. There have been endless analyses of the reasons behind the election, for example, of President Trump, the breakthrough of the far-right in Europe, the vote, as I've mentioned, already to leave the European Union. What is crucial I think about all of those is that they highlight the major fisions and differences which exist in societies and which have been, as it were, highlighted by these changes rather than managed through strong leadership. So there are big questions, I think, which have been raised about how do we therefore ensure that everyone has a voice? How can we bring those debates and discussions into parliamentary discussions and also into the discussions and debates that governments have? Now a key part of the decolonisation agenda, including at SOAS, has been around how we decolonise our curriculum. But added to that, I think, is the importance of looking at how we decolonise research. How do we ensure that we put in place and work within a partnership and collaborative framework that ensures that national scholars have the resources, have the capacity to engage on an equal footing with researchers from the west? This network is all about achieving that. I'm extremely proud that SOAS is a key part of that. For us, that part of turning the world upside down is about ensuring that the power with respect to research, analysis, in-depth scholarship and understanding actually rests with the scholars from those countries themselves. And that through that cross-fertilisation with scholars from, for example, the United Kingdom, that we can have a richer and more nuanced understanding of the challenges that we face in terms of securing democracy. So thank you very much. I'm delighted that we've been able to launch the network today. And I look forward to engaging in Q&A with all of you. Thank you very much. And Emma's promised if we run out of things that she's going to ask questions. So please, the floor is open. Now, there's someone at the back. And if you don't mind saying who you are. Hello. I'm an independent researcher. Thank you very much, Baroness Amos, for that very clear and eloquent talk. I have a question in regards to SOAS's stance on decolonisation. And I mean this with the utmost of respect for yourself and Parliament and SOAS. I was wondering to what extent SOAS's campaign to decolonise academia has led to somewhat of a demonisation of Britishness and really British nationalism and pride in British history. And really whether we need to re-educate society as to what the dangers of globalisation are and provide a better understanding of that given that Britain has always been a global empire and both of us wouldn't be here without it. I think there are two different points there which is about decolonisation in British history and then a different point which is around globalisation. No, I don't think that the SOAS campaign actually demonises British history at all. So the decolonisation campaign is something which SOAS students have campaigned on for a long time. We now have a joint agenda between our students and the school in terms of a vision, in terms of decolonisation and what we're seeking to do as a school. We think that we have a long way to go despite the fact that we are at the forefront of this. Certain parts of the media have sought to make fun of this in the sense of screaming headlines that said we no longer wanted if you were doing philosophy to look at Kant and so on and so forth, which is completely nonsensical. What we're saying is that the reservoir of engagement and scholarship and knowledge doesn't just rest with scholars who have worked historically in the West, that actually that there is a reservoir of scholarship across the world which we need to tap into. Linked to that, I think that there is an issue about how we properly interpret British history and what it means. So I grew up in a country, Guyana, in South America, which was a British colony, became independent in 1966. If you spoke to my parents, they are no longer with us, but they grew up learning about British history. They didn't grow up learning anything about Africa, the slave to Rahid, what that meant. It was about Britain. They learned about Britain. They knew more about Britain than they knew about any other place in the world. So I do think that there is something about those of us who have grown up through those periods of colonialism, post-empire in our countries, and what that means for the way that we understand the world. So there is something that we have to challenge there which relates to the broader agenda of decolonising our minds. Which brings me to your third point about re-educating society on the dangers of globalisation. I think it's about the challenges of globalisation. I think for a long time, the way politically we talked about globalisation was purely in terms of its benefits. We didn't talk sufficiently about the challenges. If you look at the way, I come back to being parochial for a moment, about the impact that that has had on parts of the United Kingdom, the big divide that we see between, as it were, London and the rest of the country. Huge parts of the country where which no longer has industry or employment. Yes, you do have to help people to understand the impact that it's going to have. Politically, you have to find a way of giving people hope. That's not a task for science. That's a task for the society as a whole. Particularly, it's a leadership role that our politicians have to play. I think everybody's in that post-lunch, had too much sandwiches. Shall I do something which people always do to politicians and ask you from the opposite direction? Are we going far enough? With the decolonising particularly of research, which I suppose is my passion? No, I think we're still at a very early step. We're taking baby steps, which everybody lords as if we've taken a giant step for mankind. I think this network is crucial. I think that the engagement that SOAS and other universities, the scholars here want to have across national boundaries, across regional boundaries is really, really important. I don't think we can take our eye off the ball for a second. I think it's very important that we demonstrate the huge success of these partnerships. We're going to have to continue to push for money. I think we will have to work very hard to make sure that our colleagues from the global south, for example, are seen as principal researchers on major collaborative projects. No, I don't think that we have yet gone far enough. I'd like to hear from all of you. Do you think we've gone far enough? Please, speak to me. Do you think we've gone far enough? Yes or no? No? Could you say a bit more about why? A mic is coming to you while you think. I think quite fundamentally because we're still always asking, even when we're asking for the voices of local researchers, we're asking for them to put that voice into the special box that we call research, which we create, which is not necessarily the same thing. Which actually leads me to what I wanted to ask you as well, because you've given a very good description of the crisis in our democracy here. I'm looking at this particular project of SOAS and Hansard, and providing opportunities for local researchers to understand the participatory democracy in two countries with incredible challenges, actually, in terms of that. It does seem like we are at a big paradigm shift, or whatever you want to call it, in terms of political participation, and models and understandings of globalisation, and yet those countries that we're talking about, and I'm sure Ethiopia will be the same as it is for Myanmar, are actually being pushed into an understanding of a modern country, which is at least in the 1980s or possibly the 1990s, 20 years out of date, because those are the models that are still being pushed, that neoliberal, WTO dominated, which creates the very inequalities that are causing chaos in advanced very, very long-seated democracies. It would be very interesting to just consider how this particular project might have as a overall goal or overall understanding some way of creating an equal conversation between those challenges, the challenges that we face as a longer-standing democracy, and challenges of, or certainly in Myanmar, what is potentially, possibly, but may not be an emerging democracy. So I'd say three things, and it doesn't just relate to the project, because I think we have to recognise that there are things that the project can deliver, and that there are wider things that we have to work across societies and across international organisations to deliver. So the first thing I would say is that there's been far too much emphasis in my view on a kind of narrow view of democracies being about elections, as opposed to being about a whole set of institutions that need to be created, nurtured, grown in a country. So rule of law is important, freedom of participation is important, the ability to have civil society organisations, a whole range of things are crucial. So it's not just about elections, and I think it's very important to push back against that very narrow perception of that. The second thing in terms of models being out of date, there's an opportunity here, as it were, leapfrog, to look at the mistakes which have been made in the past, to recognise that some of that is about context and place. I do think the world is different now, and in some ways more challenging because of what we are seeing with the turning inwards in various parts of the world, but at the same time, we are more connected than ever before, and there is a greater understanding of our interconnectedness than ever before. So I think there's something to build on there. And then the third thing I would say is the opportunities for the creation of not just partnerships and collaborations, but the opportunity to work across different sorts of organisations in different kinds of countries to push for change at the global level, I think that opportunity exists today, and we need to build on that. So on the one hand, we need to protect multilateralism in my view, but we have to push for a different kind of multilateralism. We have institutions that are way out of date and don't actually reflect the way the world is now. One of the things that concerns me about the current debate is that it's turning into talking more and more about the sovereignty of individual nations rather than looking at the interconnectedness and importance of multilateralism in supporting the development of democracy in different parts of the world. We have time for one more, yes? But I can't see anyone burning to ask me a question. That's fine. As long as people haven't gone to sleep. You could argue in the UK that the politician who made the most difference to the Brexit vote was a match in an MP. So big money, elite power structures have also jumped the stage in democracy. I wonder whether trying to build up democratic institutions isn't directly on the scene. He's fighting the last battle. Yes. I think to a certain extent that's true. It becomes about accountability, I think. There are lots of aspects to it, but there are two aspects that I would point to. You'll point about billionaires and others speaking directly to people. It's not just that. It's also that they are having an influence across the world. Some view this as positive and some view it as not so positive. In terms of how they're choosing to spend their money philanthropically.  So there is an influence on the broader development debate that we need to be aware of. But I think that the second element of it, the bit that is crucially linked to this issue of political participation, democracy, greater engagement and everything else, is about accountability. And how do you create accountability mechanisms moving forward as you have this direct engagement because President Trump will say that he's accountable to the people who voted for him and that he is speaking to them directly through Twitter. That's what he would say. And to a certain extent he is. So it's a huge challenge. And I think the whole decline in the membership of traditional political parties is just one element of that. So it's really forcing a rethink. But the fact that it's forcing a rethink in countries like ours is an opportunity, I think, in countries that are fragile in terms of their political processes to think about this differently. And I think the big question in mature democracies that we're confronting is how do you turn social activism into a political movement into something that is much more a structured political process? We're very far behind, I think, in our thinking of that. And I think that countries can leapfrog us in the way that they think about it. Emma? Could I thank you very, very much? Yes, you can, but thank you. Thank you for your work. It makes a huge difference to have support at the very top of SOAS for this decolonising research in the shorthand. The supporting national scholars, which is something which has become really, really important the whole of SOAS, though it's not just this project. But thank you also for reminding us of the unbelievable complexity of the political environment we're dealing with, because that's good for us. And could we show our appreciation to you, sir? Thank you.


Welcome folks. This is Tom O'Brien of TFNN. We have five days a week. We go seven hours a day. We go 24 hours a day in the internet at TFNN.com. Always remember folks, whatever you think about, you bring about whatever you focus on grows. Hope everyone's having a great day. Safe day to TGIF folks. Let's make it a great one. Be impeccable with your word. Express your love. Impeccability of the word can be measured by a level of self-love. If you love this self, you'll express that love in your interactions with others and that action will produce a like reaction. That's a beauty. Market-wise, let's take a look at it out here. We have the Dow Industries down 41 Nasdaq off 18. S&P's down five and a half. Gold. Gold contract up at the buck 90 trading at 2,051 an ounce. We have Silver up 19 cents, $23.38 an ounce, late-sweet crew about buck 50. $73.70 a barrel, notes and bonds. The 10-year note right now trading down nine ticks at 111.22. The 30-year off 29 ticks at 121.30 and the 10-year right now is back at 4% folks. We got down to 3.794. Right now you're at 4.044 and King dollar. King dollar's up two ticks right now. 102.426. Euros at 109. Yens 144, British pounds 127 to one US dollar. Our phone number is<PHONE_NUMBER>. Give us a call folks. One note's going on in your world and the world of the S&Ps, let's take a look at them. We're going to go right into the futures market here because what you have here is that this market wants to test the low of this morning when we got that spike down. So what you're looking at is this. You get the spike down, which is 47.02. We went all the way up to 47.60. 58 handles, right? Now you can see how this shook out. First you've grown up with light volume. Then 10 o'clock the ISM number comes out. They liked it. 10.30. Another number come out. They liked it. And then you can see what's happening here. You're talking about a full hour that's trying to get the higher price. If you're looking, if you're watching Tiger TV, you're going to see it on the bottom, your volume just totally drops off, okay? Can't bang them up. What are you going to do? You're going to bang them down. Okay, so that's exactly what they do. Then what ended up happening is, you know, you did this counter trend bounce. Now the thing that's intriguing from where we are right now, this did a perfect 618. So this is where it gets really wild, meaning that from the low to the high, we did a 618 on the way down. Now if you only use the Fibonacci sequence, it's like, okay, well, that could be a good place to buy. My buy take is that no wouldn't be today. And this is why. Because when we take a look at this, there she is. When you see that volume characteristic down there, the first low was established out there with 23,000 contracts. The next low had 39,000. It's 23,39. So that 39 was looking to break that swing point. So that's telling me, now you're going to build costs for a bit and coming into this close, you're going to go all the way down and close at the lows. And what does happen, folks, okay, is that normally the market in general, if you get down three or four days in a row and you come into a Friday, it's really hard to turn around. Let's put it that way. Particularly when the S&Ps were already up 20 points, they came back down. So we'll see how this shakes out. And why? Okay, because guess what? It's a choppy market, man. It's not the end of the world. If we go over, let me show you this because the market's bullish, but it's going to be a nice pull back first. We take a look at the note and bond market. And it's all about notes and bonds and interest rate structure and the dollar. And what you can see here is that you're coming right into the December 13th, which is a huge sign of strength, took out a B point, took it out with volume, and you're coming into that area with quite a bit of volume. Now, we did 2.3 on the way up, and then we did 3.1. Today, we got 2.2. So this is where it gets dicey, man. You do have volume on the way down, but it's still lighter volume than the strength that you see. If I go to the gold market, you're going to see the exact same thing. Now, gold is showing its strength because when I show you this, you're going to see the same type of setup. We'll put this on, and now it's only flat. It's been going sideways, right? But when you see the setup, here's the setup. The setup is the same day of strength. And the difference is on the gold market, we got the 2030 today. You did 205,000 contracts, but you're coming into 231,000 contracts. Oh, is that right? Yeah, that's right. 231,000. So the bottom line is that you're still coming into that area. You're coming in with lighter volume, and then if we go to the dollar, we take a look at the dollar, what you have inside the dollar, the dollar got all the way up to 103, 101, and the .382 is the 103, 283. So number one, I expect that what you're going to see here is that the dollar can go test this area again, but the dollar wants lower price. That being said, though, what you'll see here coming into the close, excuse me, folks, is that I expect the dollar will creep up again. As that creeps up, the S&Ps will creep lower. Bottom line is that you'll get into this low. The thing that's going to be intriguing if I'm right in the context of how it comes into it, the real question is, will there be an acceleration of volume coming into the low? And if we go with the E-minis again, because the E-minis just went, now this is where it gets really cool because you got to look at both sides of it, meaning on the way up and on the way down, and we'll be able to do this right now. You see this bounce right here? Now we only get down a buck. See the anemic volume on that? And that's, you have only four minutes into it right now. This bar is going to be really important because you're going to match this bar here with the bar from 10 minutes, from 20 minutes ago. That's how this shakes out. Stay right there, folks. Turn right back.


What's the mentality with this offensive line just since all the shuffling has been happening? Just continue to grow on some of the good things we did against the Texans, especially in that run game.  Obviously, you want to win, but how much fun was it to get to play a whole game after as much time as you put in working and working and not really getting that opportunity? Of course. You know, it's fun to get out there and show what you can do a little bit. Like you said, though, would have loved to come away with a win, and that didn't happen. But you know, you're always having fun when you're out there. Did you feel more comfortable as the game went on, or did you feel pretty settled right from the start? Yeah.  But, you know, there was never really any moments where I didn't know what to do or couldn't get the guys on the right page.  But as far as, you know, I'd be in things and getting out there and getting calls out. Everything was fine. And the soreness level yesterday on the scale of one to ten? Scale of one to ten. I don't know. Maybe a five, six. With a lot of the guys, like I mentioned, injured on this slide, including Ben Jones, who's been a leader.  For sure. You know, this is my sixth year working in the NFL, so I've seen how things are ran around here, especially being Ben's backup for a while now. So, you know, I was expected to, you know, run some early morning meetings, stuff like that, that he does, and kind of just stepped in there and he showed me how to do it. Great. So it's been pretty smooth stepping into that role. When you're doing the same thing over and over again, and the longer you are in your career, the more times you've done that same thing.  Everybody always has something to learn. You talk about preparing every day like you're starting. You've had a long time and not gotten a lot of meaningful steps. How fun was it to get out there and play a game and do all that for a team? Yeah, absolutely. It was a blessing. My family was here. My wife, my son, were here to watch me play.    I mean, you're certainly not a rookie, but were you nervous at all? Were you at the employer?  And I've done that for six years. And I think if you're willing to do that and fight the good fight and go to, you know, the full time doing that, I think you give yourself a really good chance to be successful. But have you ever lost patience along the way and started to ask yourself, is this worth it? Oh, I mean, yeah, it's, like I said, it's a tough and unforgiving sport. And I think that the more you stay and prepare like that, the better shot you got to capitalize on an opportunity when it arises, regardless of the circumstances. People often say that there can be a huge jump from game one to game two in a season, considering the old line, sort of game one for you guys all together next week. Did you make a big jump Thursday nights or by week, 18th? Yeah, we're preparing and ready to go out there and fight, and that's what we're going to do. Yeah, we're just taking it one day at a time.  Coach Rabel said the message this week is say less, do more. What does that mean to you guys? It's pretty self-explanatory. I mean, there's really not much that needs to be said. There's just more action needs to be done. And that's what we intend to do. Last week was really the first game for this unit on the offensive line. You think you can make a big jump between now, Thursday night, or between now and week 18? I don't ever make any big jumps. I think we can clean up just the mental stuff in the game. We make big jumps this point in the season. I think we just clean up the things mentally that we can, media, there's a group. How important is that to get you guys clicking on all cylinders up front? Definitely it's most important for us. Like everything starts to align up front. So definitely with a short week, we'll definitely be on it and make sure we got those details in hand. What's the kind of message in here this week, a short week, and knowing that you want to break this five games get up? Definitely that is the message. Like I said, it's cleaning up those small details. That's the biggest that we can make within this short amount of time that we have right now, just focus in on those small details. How do you guys feel like after that first game with these new parts together that you guys did? And Corey Levin kind of saying, I kind of stepping up as a leader too, being behind better these years? Yeah, I said guys handled it well. Like I said, Roos got in there and had a hip of a game. Levin had a great job as well. Like I said, we all have a few players here there, but for most part, guys handled it well. And I think we did a pretty good job as a group. I just need to continue and clean up those small things that we did and do so well and whatever stuff. Asking some of the guys about the Dallas Pass Rush, what do you see when you see those here?  I mean, we still got to go out there and do our job, no matter who it is. So that's how we're expecting to play our keys and do what we have to do. Mike Parsons, the guy that you have to know where he is at all times? Definitely. You always got to keep an eye on him. He can be anywhere. So you got to count for him when they replay. You mentioned there's a lot of talented pass rushers in this league, but is there something about him that sets him apart from what you've seen? Mike, every week you're playing somebody really good and he's definitely in the league. One in the league, obviously, he's the leading candidate for defensive MP, so definitely somewhere to count for, for sure.


Ladies and gentlemen, would you please remain standing for the Plain of the National Anthem and remain standing through the invocation?  We gather in our grief to honor brave men, to pray for the repose of their souls, and to invoke your blessing on their family's blood in the future of America. May we redeem that investment by our own devotion. Our task today is simple and sad, to remember to pay tribute to those we loved. For some of us here today, our love is the unquenchable, unforgettable love of a wife or child for a fallen father, but mother or father for a fallen son. For others of us, this love, while more distant, is still anguished and grieving. Ours is a love for a fallen countryman who died so that we, a free people, might live and this great nation endure. Even as we hear these words, we understand again their inadequacy. We appreciate a new Lincoln's humble wisdom at Gettysburg. When brave men die, it is their deeds, not our words, that are remembered. It is their sacrifice, not our brief recollection, that offers everlasting testimony to their love for others and their love for us. But we are human, and today we know such great heartache. So we come to this place to seek the simple assurance of each other and the hope of finding a higher meaning, a greater purpose. So we ask, why did this happen? Why to them? Could anything be worth such a sacrifice? And these fallen, whom we knew and loved but rarely thought of as great men or legends, can we now truly say they are heroes? And even if we can, would we not rather have them back? Ordinary men again, perhaps, but still ours, ours to hold and to keep. The answers are hard. Hard because memory forces some of us to remember other faraway places, which Americans had never heard of until their sons and brothers and fathers and friends fell there. Each Memorial Day, and especially with the news of the past week, my own mind has turned many times to the great war of 46 years ago. Few of us who live through it can ever forget those opening months of conflict when our nation and our fighting men were so sorely tested. In later years in the South Pacific campaign, American sailors would speak often of the bravery of the Marines they put on the beaches to fight and die.  It was the Marines who stood in awe and in silent tribute to the men of the United States Navy, hopelessly outnumbered and outgunned. A small group of U.S. ships had taken on a powerful enemy fleet, and though five medals of honor were won and the enemy was turned back and Guadalcanal was saved, the price was so high and the burden so heavy. Nine ships and hundreds of young lives, and none of us who were alive then can forget the special burden of grief born by Mr. and Mrs. Thomas Sullivan of Waterloo, Iowa. They would remember for the ever the autumn afternoon they learned that their sons, George, Francis, Joseph, Madison, and Albert, the five Sullivan's, as we knew them then, would not be coming home. But while our sorrow was great in those days, I cannot help but tell you this morning that in some ways it was easier to bear then because it was easier to understand why we were there and why we were fighting. The burden of our own time is so different. When young Americans like those of the USS Stark die and far off seas, we learn again how right President Kennedy was when he spoke with the sacrifices asked by a hard and bitter peace and our own long twilight struggle. Even at moments like these then we must address directly the reason the USS Stark and her men were there in the Persian Gulf. You are entitled to know the importance of the role that their valor played in keeping our world safe for peace and freedom. There's a reason why, since 1949, American ships have patrolled the Gulf. Every American president since World War II has understood the strategic importance of this region. It is a region that is at crossroads for three continents and the starting place for the oil that is the lifeblood of much of the world economy, especially those of our allies in Europe. Even more important, this is a region critical to avoiding larger conflict in the tinderbox that is the Middle East. And our role there is essential to building the conditions for peace in that troubled, dangerous part of the world.  Peace is at stake here and so too is our own nation's security and our freedom. We're a hostile power ever to dominate this strategic region and its resources. It would become a choke point for freedom, that of our allies and our own. And that's why we maintain a naval presence there. Our aim is to prevent, not to provoke, wider conflict. To save the many lives that further conflict would cost us. The fallen sailors of the U.S.S. Stark understood their obligations. They knew the importance of their job. So too, I believe that most Americans today know the price of freedom in this uneasy world. They know that to retreat or withdraw would only repeat the improvident mistakes of the past and hand vinyl victory to those who seek war, who make war, who know it would only invite further aggression and tragedy. So it's a simple truth we reaffirm here today. Young Americans of the U.S.S. Stark gave up their lives so that the terrible moments of the past would not be repeated, so that wider war and greater conflict could be avoided, so that thousands and perhaps millions of others might be spared the final sacrifice these men so willingly made. So we ask again, were they heroes? Heroes are not supermen, Herman Wolk once reminded us, they're good men and embodied by the cast of destiny the virtue of a whole people in a great hour. And writing of the thousands of such heroes in our nation, men and women who wear our country's uniform in this troubled piece of ours, he asked us never to forget, to reassure them that their hard, long training is needed, that love of country is noble, that self-sacrifice is rewarding, that to be ready to fight for freedom fills a man with a sense of worth like nothing else. And he said, if America is still the great beacon in dense gloom, the promise to hundreds of millions of the oppressed that liberty exists, that it is the shining future that they can throw off their tyrants and learn freedom and cease learning war, then we still need heroes to stand guard in the night. The men of the USS Stark stood guard in the night. One of our ambassadors paid them this tribute. They were tough, they were brave, they were great, they were great. And those that died did embody the best of us. Yes, they were ordinary men who did extraordinary things. Yes, they were heroes. And because they were heroes, let us not forget this, that for all the lovely spring and summer days we will never share with them again. For every thanksgiving and Christmas that will seem empty without them, there will be other moments too, moments when we see the light of discovery in young eyes. Eyes that see for the first time the world around them and know the sweep of history and wonder, why is there such a place as America? And how is it that such a precious gift is mine? And we can answer them. We can answer them by telling them of this day and those that we come to honor here. And it's then we'll see understanding in those young eyes. It is then they will know the same gratitude and pride that we share today. The gratitude and pride Americans feel always for those who suffer and die, so that the precious gift of America might always be ours. The men of the USS Stark have protected us. They have done their duty. Now let us do ours. Senior Chief Gary Kleinfelter showed us how yesterday. He had volunteered to work at the coordinating center here for the families when he received word that his own son, Seaman Brian Kleinfelter, previously listed as missing in action, was among the confirmed dead. I need to keep working, he said. He stayed at his post. He carried on. Well, so too we must carry on. We must stay at our post. We must keep faith with their sacrifice. In our great hour, we must answer as did they, the call of history. It's a summons that as a nation or a people, we did not seek, but it is a call we cannot shirk or refuse. A call to wage war against war, to stand for freedom until freedom can stand alone, to live for liberty until liberty is the blessing and birthright of every man, woman, and child on this earth. And let us remember a final duty, to understand that these men made themselves immortal by dying for something immortal. That theirs is the best to be asked of any life, a sharing of the human heart, a sharing in the infinite. In giving themselves for others, they made themselves special, not just to us, but to their God. Greater love than this has no man than to lay down his life for his friends. And because God is love, we know he was there with them when they died, and that he is with them still. We know they live again, not just in our hearts, but in his arms, and we know they've gone before to prepare a way for us. So today we remember them in sorrow and in love. We say goodbye, and as we submit to the will of him who made us, we pray together the words of Scripture, Lord, now let thy servants go in peace, thy word has been fulfilled. May I point out again, so many of you have known long months of separation from your loved ones, from those young men. You were separated by distance, by miles of land and ocean. Now you are separated again, not just by territorial limits, but because they have stepped through that door that God has promised all of us. They do live now in a world where there is no sorrow, no pain, and they await us, and we shall all be together again. God bless you. Ladies and gentlemen, you are invited to stand and join in the singing of the Navy Hill. Almighty God, we bow to pray for the USS Stark family, the whole family, the men with the ship, the men lying in hospital beds, the men with thee, and the people here, the men and women here with us. We pray, dear God, that they can know, that they can know how much we all hurt because they hurt, and help them to know, dear God, of the prayers that we've prayed and still pray and the tears that we've shed and still shed for them Help them, Heavenly Father, to feel how deeply you and we care about each one, and so we pray this benediction to the God of life and peace, of healing and hope to abide with each member, each member of the Stark family today and forevermore. Amen.


You need a financial advisor with the freedom to focus on your specific needs. Whatever your goals, Reeve Potter can create a game plan tailored to you. Call Reeve at 432-0777 at Pikeville, Kentucky to learn more. Regional agricultural company App Harvest is currently facing difficult times ahead as they continue to grow amid a less than ideal third quarter. In its November 7th filing, App Harvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million with an accumulated deficit of $270 million. The company has cumulatively spent at least $641 million for operations and fixed assets since 2018, according to public filings. While the situation may look dangerous for the fledgling agricultural company, App Harvest has expressed that these numbers aren't portraying the whole story and that after going public, App Harvest remained in a hyper growth mode making major investments into assets that hold long-term value. According to App Harvest, the filing regarding the financial status of the company is based on a formula that doesn't take into account potential financing options that App Harvest is actively working on, such as the sale leaseback of their Berea Farm that could provide significant cash for ongoing operations. Along with the sale leaseback of App Harvest's Berea location, App Harvest will also be opening an additional location in Richmond, Kentucky. As for the overall future of App Harvest, only time will tell if this strategy will pay off. Reporting for Mountain Top News, I'm Jamison Killen.