Hello, everyone. Welcome to the OpenShift Data Foundation Office Hour, and I'm really pleased to have a special guest today. Hopefully, he'll become a regular. Daniel Parks, he is a new member of the Open Data Foundation team. Is that correct? Yeah, that's correct. Hi, Michelle. Thanks for inviting me. So, yes, I have been in Red Hat, I think, almost five years now. I have done quite a lot of work in professional services, and just recently, as you mentioned, I changed role known to the hybrid platform BU and doing storage related stuff. Fantastic. Okay, so talk to me about what we are going to discuss today. Yeah, so because the release of ODF, no, OpenShift Data Foundation is getting really close, the release of the new version that is 4.10. Maybe if you think it's a good idea, we could just comment through some of the new cool features that are coming out with that release, and then once we go through them without going too much into detail, then we can jump into multi-cloud gateway, just a brief introduction to it, because it has already been covered, I think, in other shows with detail, but just a brief context of multi-cloud gateway, and then we can share a little bit one of the really nice features that is new in ODF 4.10 for multi-cloud gateway. Very nice. Okay, so what's new? What's new in ODF? Yeah, so in ODF, I think that in the next days, no, we are going to have the release available, general available. I think that what I would recommend, if people are interested, is once we are GA and the product has been released, I would recommend them to go into the Redcat official documentation page and go to the release notes, and there they will see all the new features in detail, not because there's a lot of cool stuff available, but I have just noted down some of the ones that I think that are more interesting, at least the ones that for me seemed more interesting, so we can just briefly go through them. So for me, my favorite one is related to data resiliency, and this is with regional DR, no, regional disaster recovery. I know that Annette has been in the show before, I think, and you have already spoken about regional DR, but this is really a synchronous replication between two sites, so we have to open shift and ODF clusters deployed in different sites, and we are able to replicate the data, the persistent volumes between both of the clusters. This is asynchronous replication, we have to take an account, and also I wanted just to mention that you need ACM, so the Advanced Cluster Manager is needed for the regional DR, in the sense that because we are doing application disaster recovery, we need to have like failover and failback, and we need someone outside of the application to manage this kind of thing, not failing over, failing back, and also doing the configuration of the synchronization between the persistent volumes that we are working with, so that's why ACM is included or is needed for regional DR. Another quick mention, at the moment, we're able to do block disaster recovery synchronization, I hope in the near future, we will also be able to do a shared file system with CFFS. And that uses OADP, so it's ACM, the OADP operator doing asynchronous regional, and regional is, forgive me, I can't quite, regional is fairly far apart, correct? Yes, that's the cool thing, because it's a synchronous replication, we are able to do it in a one, so latency is not an issue. When we have to worry about latency is when we are going into the other solution that we have that will come in the future, that is metro DR, where we are doing synchronous replication between the volumes, no there latency is a thing that we have to take in account, but the great thing about regional DR is a synchronous replication, so we can be far apart, our sites can be far apart, and it will still be able to replicate and work with without any issues. Okay, so in the new version, asynchronous regional is fully supported by Red Hat, it's part of the product, it's no longer tech preview, we've graduated from tech preview, awesome. Yes, yes, that's the thing, I think that in the first release, so the first day that ODF comes out in Forten is going to still be tech preview, but in a maintenance release, very soon it's going to go to GA, so it's just a question of time that we have it in Forten available for everyone to use. Nice, all right, maybe we'll redo a show then, that might be that much work, because it's a big topic and a lot of people need it, so it might be worth going through one more time and seeing what it looks like, awesome. Okay, so what else is new? Yeah, so we also have, this is interesting for people that have already deployed, or they're going to deploy OpenShift and ODF on AWS, we have increased the support that we have for different backing stores, so when you want to deploy ODF, you have to use certain PDs, and you're doing dynamic provisioning, you have to use for the backing store, let's say a storage class that you have on OCP, so we have included in the available backing store that we can use for deploying ODF, we have included GP3 and GP2 CSI drivers, and the really cool thing with GP3 is that this is our EBS volumes in AWS, and the cool thing is that GP3 is really cheaper, in almost all cases, it's going to be cheaper to consume, so it's going to reduce your volume build, no, in AWS, and at the same time it's going to offer you a fixed bandwidth and also IOPS is relevant of the size of the volume, because if you remember when we were using GP2, or when you use GP2 EBS volumes, you get certain performance dependent on the size of the volume that you're provisioning, so the bigger the volume, the best performance that you get. Yeah, okay, okay, I got it backwards. All right, so wait question, if you're, so you make that decision, the backing store is done when you install, right? You can't, you don't change that later, or can you? Like, so if I'm a customer and I have this on AWS now with, I have ODF 4.9, if I wanted to change my backing store, is it, I assume that would be a fresh install, or can I, is there an upgrade? I assume there is not really an upgrade, Catherine. Yeah, there is, there's something that we have to test, I haven't, I haven't tried this, but the thing is that AWS is offering, I'm not sure how it works, I think that may be something that they do in the background, but they're offering moving from GP2 to GP3 transparently without downtime, but on the AWS side, so from from our side, I think that we have to test if on a running cluster, as you mentioned, you're already using GP2, and you want to migrate to GP3, if you can do that transparent migration on the AWS side, and that would be great, but that's something that I think that we need to test from our side and see what, what AWS is doing, but initially, it seems possible, at least from what AWS is mentioning. Fantastic, I mean, it'd be worth trying out, maybe that'll be an interesting show, notice I'm coming up with ideas for new shows. Okay, so is there more that you were happy to see in ODF, or what else is new? Is that all you want, let me know. Yeah, we, I just wanted to, I will share my screen just a moment, and I can show you, let me just share the window, and we can share this window. Okay, so let me, yeah, so. I'm gonna make you a small, hang on a second, there we go. Okay. Yeah, there are a couple of things that I wanted to mention, just so we have the UI, and we can see it here, is that, as I mentioned, no, the storage class now when we are deploying ODF, so we have deployed our, or installed our operator, and we're going to create our, our storage system, we can now select GP3, no. And the other thing that I wanted to mention very quickly here is that we have also now this little box in the UI when we're doing deployments to taint nodes, no. So really what this means is, if I want to have dedicated worker nodes to ODF, I want to make sure that no other resources run on my ODF worker nodes, no. Before we could do that with CLI, and you had to do a couple of steps, now it's completely very easy to do, you just select the taint nodes, and with that you're making sure that no other application is going to run on your dedicated worker nodes. Now that is also quite a nice feature to make it easier for everyone to configure the taint nodes that we have. Perfect. Nice. Okay, so are we, are we talking about one product that I know a little bit, just a little bit about it? Multi-Cloud Gateway or? Yes, yes, that's right. So just to go through very briefly about this new feature, no, we have Multi-Cloud Gateway as you already know, it's like a Swiss knife in the sense that all the kind of crazy stuff that you can do with Multi-Cloud Gateway that is really great, no, what you can do with data, we are adding a new feature in ODF 410 by which we, that is called, no, like namespace on top of, on top of find system. So we are again working with bucket namespace that now we can explain a little bit where that is, but what we are making possible with this new feature is that if you have like a legacy application that is working with a shared file system, it's working with files, folders in the traditional way, and then we have like a cloud native application that we want to start using our S3 endpoint with the S3 API, we are now able using this new feature to through the S3 endpoint, a Multi-Cloud Gateway, we're able to access the data set, the legacy data set, and we're also able to write new folders and write new files, download, upload, no, so it's really easy sharing between like legacy applications and this new cloud ready applications, we could say that we want to use the S3 API, no, so that's really the new feature that is going to be available that is quite, quite cool. Fantastic. Okay, so is that, so when you say available it will be in tech preview in this version? I think that, I think there's GA, yeah, it's going to be, it's going to be GA, so it's going to be supported and we're going to be able to use it out of the box. That's fantastic. Okay, and I didn't, I didn't realize that, so do we, any chance you have a demo of that right now? Yeah, yes, yes, we can take, we can take a look at the demo. I just wanted to briefly mention in two or three minutes a little bit, or maybe you can help me with this because I know that you have covered this before but just so people have a small difference between the data buckets, no, that we have, or the different types of bucket that we have in Multi-Cloud Gateway that we could say that we have data buckets or object buckets like we wanted to call them and also namespaced buckets, no, and I just wanted to make that difference in, to have a little bit of context, no, in the sense that for the developer kind of experience, we have like a very consistent experience, he's always seeing this virtual bucket accessed through the F3 endpoint, but in the, in the, in the backend, no, we have many different options that, depending on our use case, no, that we can, that we can configure. One of these is like data buckets where we are going through the F3 endpoint and we are really, we want to take care of our data, no, we really want to have our data safe, our critical data, and then we are getting out of the box with data buckets like security, no, with encryption, address, and on transit. We're also getting data enhancement in the sense that we are getting deduplication, and we're also getting compression of the data, no, so that's all of cool stuff that we get with our data buckets out of the box, no, but the only thing, go ahead, go ahead. Data buckets are where you can choose if you want to do mirroring or spread and you have tiers, that was like the first thing that MCG is that, okay, just making sure I have my terminology straight, okay, all right, sorry, go ahead, okay, that's correct, so on one side you're getting all of these cool features out of the box and on the backend, as you said, you are doing whatever kind of policy you want to apply to the different backend stores that you have, no, so for example, you can do, as you mentioned, mirroring between on-premises and on-cloud, no, for example, the only thing that I wanted to mention there is that because we are doing encryption, we're doing all of these things to do the data enhancement, we have to access this data through the S3 endpoint, no, so we have to go through the multi-cloud gateway endpoint to be able to access that object, no, so if we want to share this data set with, let's say, groups or people that are working in other teams that don't have access to this S3 endpoint, they're not going to be able to work with this data, no, because we have to access it through our multi-cloud gateway object, no, that's where namespace buckets come into play, no, that with namespace buckets, we are really working in plain text mode, no, so they're really good for sharing our data sets between different teams and different endpoints or, for example, endpoints from different cloud providers, no, so with namespace buckets, we are really working with data federation in the sense that we can have a virtual bucket presented to our developers that is an aggregation of many different cloud resources or resources on premises, no, but there's really no data movement, no, it's not like in the data buckets that you have mirroring and your moving data, here it's just we are creating an aggregated view for a certain developer and we are making sure that he has access to read all the data that he needs because we can read from different sources and then we can write to one of the data sources, no, so we also have use cases like lazy migration that we can work with, no, so it's really a cool feature, the namespace buckets and introducing what we have just been speaking about, this new feature, this is called namespace buckets on top of file system, no, so we are able to configure namespace bucket and consume a shared file, a legacy shared file system, no, that is what I'm going to show you just in a moment. Okay, so while you're saying that, just to be clear, so you have some external legacy file system, you're not changing it, you're not moving it, you can't do anything about it, but you've got applications running inside of OpenShift and you want to be able to just like make this experience for your developers very consistent, right, rather than saying, oh, we've got a amount, you're just saying, no, here's your S3 endpoint, here's the bucket you need and you're off and running and this is, so the, and that comes through on the namespace side because it is, it is a, it's data federation really, right, okay, all right, so, so hopefully you've got a demo. Yeah, let me try and, and see how it goes, let me share my screen again, I will share the entire screen and I will move. So can you see, you ready? Okay, I'm sharing, all right, go ahead, yeah, can you see this? Okay, is this size of font more or less? Okay. Yeah, it's pretty small. Let me make it a little bit bigger, like that, it's a little bit better. I think that's better, yeah. Okay, so first as an introduction, I have like an OCP cluster, let's just check the, okay, so now I see nothing, oh wait, there it is, never mind, no, it's just delay, I see it at the top, go ahead, thank you. Okay, yeah, maybe it's going a little bit slow and also we have an OCP cluster deployed and we also have ODF on top, no, so we can do a self cluster just to check that we have an ODF deployed, maybe we can also check our Nuva ports now that are running, so really we have an OCP, an ODF deployed, OCP is deployed with version 4.10.5 and ODF with version 4.10, no, in a depth preview because we are not GA and what I wanted to show you here is that we are going to work in this demo, no, it's a very simple demo, but what we have is an application that is a legacy application that has a persistent volume, so let me just get the project and we can just check what it's running, so I can show you, so let me clear my screen, so we have this legacy application with a port, very simple application that is writing JSON files to a shared file system with CFFS, no, that is part of ODF and it also has a PV persistent volume claim that is using with CFFS, no, that we have it here, it's our CFFS PV legacy and what I want to do right now is just go into this legacy application and just go into the shell a moment so I can show you the file system, no, we do it with the FFH here, we can see our CFFS file system and that it is mounted at the data path, no, so we can go into data, we do an ls here, we have a folder application and inside that folder is where the application is leaving all the data that is created, no, this is just registries in JSON files that the application is created in our legacy application, so now, okay, this is fine, we have this running, our application is creating new registries but let's say that we want to onboard a new application that is more cloud focused and we want to use S3 API, no, to consume this dataset that is being generated is still in a legacy application that let's say that we can migrate right now, no, so that's when namespace file system buckets come into place and the steps that we have to follow, no, to get this work in his face, first we need to create a namespace store, no, so let me space store, I'm just going to get it here so I don't have to spend all the time typing off from the history and let me walk you through through this command, make a little bit bigger, yeah, thank you and walk you through this command so really here what we are doing is we are creating a namespace store, so this is related to namespace buckets as we mentioned, we are doing a create and then we are specifying the type, know that the type is going to be namespace file system that we're going to use, then we're giving it a name that is legacy namespace, that's the name of the namespace store once it's created and then we're also setting the pvc target, no, so this pvc target is actually the pvc that we are using in our legacy application, no, so we have to specify to which legacy share file system we want to access, no, and then finally we are specifying our file system back here, no, that in this case is ffs but we could for example have an nfs back here, no, that we wanted to access, so that's great, wow, actually that's really useful, like I can, I'm impressed, okay, so let's see it in action, okay, so you created your backing store, your namespace store, excuse me, your namespace store, okay, yeah, first step namespace store, it's great, let's do a quick check just to see if it's in ready state, know that everything went well, okay, notice I just want people watching to notice that you're using the Nuba CLI to do this, you're talking directly to mcg upstream, which is Nuba, this is the CLI for it, okay, as opposed to OC, like just so they know, there you go, yeah, why is it in rejected state, let's have a look, awesome, things are good when things go wrong, come on, yeah, we need a little bit of, so let's see, maybe sometimes it goes into rejected state and when it does, it goes through the operator again, it puts it in the phase ready, but we can just do a quick thing that just in case, let's delete it, okay, and if not we can take a look at actually what is going on the logs, but let's do this quickly and just give it another shoot here, we have everything ready here, yeah, and this is the namespace, so let's give it another go, the thing is that it's saying here that it's in phase ready, but then once it goes through and analyzes it, maybe there's something going on, okay, let's do a list again, let's get in rejected by, I'm not sure why, let's go into the, let's take a look and see if we can find what is the issue, if we take a look at the ports and we go into ROOP, okay, and we can take a look at what's going on in the core, this throws out a lot of information, maybe we have to use another, another window, but there's actually nothing red here that is saying why this PB is getting rejected or no such key, but no that's not the, the main issue that we are seeing, okay, let's also take a look at, let's clear the screen, let's just do, I think here that we're going to leave this window with the log and we are going to just get the new one and we can try and see what's going on, okay, so here we have the logs, it's the namespace store, it's deleted without any issues, nothing is coming out here, no bug is in the written state, okay, and let's get it, let's create it again, create pbcname, backend, everything is fine here, and let's see if we get any clues of what's going on or if we get any error connection. Do you care about this, there was something rather went by delete, no such key, something, but, yeah, here, no, then, yeah, what is that, the specified key does not exist, hosted agents, yeah, but this seems to be related to the default namespace back, not to the default Nova backend store that is using that, we are going through another one, but yeah, it seems that it's not leaving any logs here, so I'm not quite sure what's going on, let's do nls just a moment again, we have it here, no, Nova, namespace store, and nls, sorry list, it says ready, now, yeah, this is what I have seen sometimes that it has to go through the reconciliation of the actual operator to get this into ready state, so that has happened to me a couple of times, and it's just a case of waiting like a minute, and it will get into ready state, so maybe we weren't really waiting enough, okay, so that's good, so we have our namespace store ready, and then the next step that we need to do is create an account, so we need to create an account, so we have, let's say that we are, this is a new account, okay, okay, yeah, we're creating a new account, and again, walking through this new account, what we are doing is creating a new account as we have here, then we are allowing the user to create buckets, this is optional, but let's say that is important to note, there's not that if we are allowing the user to create buckets, and those buckets are going to be translated into folders in the namespace that we have created, so once we go into our legacy application, the buckets that have been created from the S3 endpoint that we're using, we are going to seal them as a normal folder on our shared file system, not just to take an account, then we also are setting the default resource, that this is the legacy namespace that we have just created, the namespace store that we have created, we are setting it here, okay, new bucket path, with new bucket path, what we are saying is, okay, we are allowing this user to create buckets, and at what point in the file system, in the shared file system tree, do you want to create the new buckets? So we're going to give it the root of our file system. So if you had, if you were, sorry, if you, if you were creating a new user and it was a team or something like that, and you wanted to give this account, you could have prefix it with something slash group one slash group two and keep it all organized. Okay, okay, that's amazing. Yes, we are going to see now once we have everything working and we can go to the legacy file system, we can create a bucket and we'll see what it will look like once we are there. The next two flags that we have here are, we are telling that this account is going to be dedicated to this new feature, no, no, to the namespace file system, so we have to set both of them to true. And then finally, an important part that we have here is the user ID and the group ID. So if you take a look at the UID that is this huge number, the recommendation would be to set the UID, the user ID to match or the user ID that you have on your shared file system. So if we go back to our legacy application, that is where we are now, you can see that the user ID for all of our JSON files that we want to work with with our data set are using this user ID, that's why in this command, I am setting exactly the same one. So what that gives us is that when I write files from S3 or when I want to consume files from S3, I'm not going to get any permissions issues because I have the same user ID for both of them. Okay. Okay, so let's go ahead and create the user. This is going to give us like an access key and a secret key for authenticating as this user. So let's save it for later. I'm just going to save it here, so I don't lose it. That's the second step that we have. And we just mentioned one step that is creating this virtual bucket that we are going to present to the account. So again, it's a Nuva bucket that we are going to create.  Okay, so this is the Nuva bucket that we're going to create. So we have the name of the bucket that is called legacy bucket. And because we are using namespace buckets, we have, like you always do with namespace buckets, you have like a write resource and a read resource. In this case, it's going to be the same. So in both cases, we're going to use the legacy namespace store that we created. So when this user or the final user accesses this bucket, he's going to be able to see the JSON's file, not that we created. Okay. And finally here, we have the path that, as you can see, is JSON. Really what we are doing here is replicating the path where we have the files. So if, for example, we take a look here, we have data and JSON. So what we are doing with that JSON slash is that when a user goes into that bucket, he's going to have this view, not that it's really what we're interested in. So let's create also this bucket. Okay. That seemed to work. And now really, we have all the configuration in place. We are just going to use an S3 client to check the view. Now going through the multi cloud S3 endpoint. So I'm just going to use. I'm going to mute my side because my dogs decided to Okay. Okay. That's fine. So yeah, I'm just using a standard AWS CLI client not to check if our So again, the access key. And I'm also going to set the secret key. Are you able to hear me? Okay. Right now. It just got a little choppy for a second. So you may need to repeat what you just said, but this looks like standard AWS access to an S3 bucket, right? Am I? Yep. Yeah. This is completely standard. Completely standard access. So we're just using an AWS CLI client. The only thing that I'm using an alias that is going to make our life easier, but this is you could use any S3 client that you would like to use. That would be perfectly, perfectly fine. So let me just set my access key here. And the other thing that I'm specifying is the endpoint. So this is the multi cloud gateway endpoint that I'm going to that I'm going to use. No. Okay. What is the name of the bucket in there? Are you just setting the alias, right? Or Yeah, no. Yeah. So there's no bucket name. We are going to check now the name of the buckets. I'm just using the S3 module. So now if I want to run a command here, I will, for example, have to do an LS. Now this is going to list the bucket available with this user. So well, so ignore this error that this is because we are using nobody files a cell. But as you can see here, when we list with our client, the buckets that are accessible with this user that we have provided access key and the secret key, you can see that we can see the legacy bucket. Now, and if we take a look at what's inside the legacy bucket, if everything is working, okay, we should have our JSON files that are available in the legacy file system. Now, as you can see here, we have access to all of the JSON files that are the ones, the same ones that we have here now. And this is also so we can read and write. So for example, if I do a copy of one of these JSON files, not just as an example, I'm going to do a get of one of them. So I'm going to bring it to my laptop, maybe instead of my laptop, it could be an application and you want to work on this JSON file. Let me just see if everything is in place here. So for example, do a jq, so it looks a little bit better. Okay, so yeah, so here we have all our registries now. So this is working fine. That's doing a get. No, so we are really pulling, but we can also push or put objects into the shell file system in a traditional way, like you will do with the client. So okay, so sorry. All right. So when you, so the user that we, you created that is allowed to look at legacy bucket, can we take that same user? We restricted that user in your options. If we didn't want to, let's say, like, could I give the same Nuba user a view on this kind of legacy bucket on a data federated bucket? Like, can I just pick up that user and let it see other things? I think that you can't know that when you select a user for this kind of namespace file system bucket, it's only works now with the namespace file system bucket. So you can't mix like you will do with other namespaces different backends and you can't play like that. No, you are like forcing this user to be a file system namespace account. And the other thing that I just wanted to show you is also if we, for example, want to do a boot or upload some stuff to from our S3 cloud native application into the legacy file system, we can do now nlx here inside the JSON directly and we can see the file that I just uploaded. And because we are using the same UID when I, when I do the copy from my S3 client, it's landing in this file system exactly with the same user ID, you know, that is really nice because then we are not going to have any issues with related to permissions. And as you can see here, we're able to access our file. So this is a little bit what I wanted to show you. It's true that we can also, if you like, we can very quickly, you can create buckets because we give permissions for this user to create buckets. So for example, I could create here just a quick test one bucket just very quickly. And so we can finish, as you said, as you can see here, I was able to make the bucket that were fine. So now if I go into our legacy application at the data level, because we do remember that when we created the account, we specify that when created a new bucket, it will be at the at the rule level of the shell file system. So as you can see, we have a JSON application with one folder with all the information and now the new bucket that we created. And we can still keep working together or so I could create here a file and that file would be available on the new bucket that I created on the S3 endpoint. So really nice feature for working between legacy applications with a big shell file system, for example, that we have data sets there for maybe machine learning AI and being able to access that same data through an S3 endpoint. That's a little bit the idea behind this feature. So is this is this integrated into the console or no? Yeah, so I forgot to mention that so almost all of the steps are integrated into the console. So you can create the namespace file system namespace to the console. You can also define the let's say the bucket, but you are still missing the creation of the accounts. So this is a specific Nuva account that we created through the Nuva CLI can be done or through the Nuva CLI or using a CR. So at the moment, it's still not available to create that specific user. For the namespace use case that we created, it's still not available at the moment. Okay, all right. Wow, fantastic. That's amazing. So just to recap, namespace file system buckets, it's always important in MCG to get the terminology right. So namespace file system buckets are GA in the next maintenance release or in the next, is it GA now? It's GA with when ODF comes out in 4.10, it's going to be GA straight away. No, the one that we were mentioning that we have to wait for a maintenance release is the regional DR. No, that's the one that we have to wait for a little time. Wow, that's a lot of new stuff. Fantastic. It's really great. Okay, so maybe we, the two of us can think of some demos that we could put together to really illustrate how, especially for the namespace, a file system buckets could be consumed by AIML and you can consume it from both sides and that kind of like working with legacy stuff that's really, my mind is already thinking. I'm like, oh, that can be very interesting to show people how to use it. So, okay. So questions, do you have, do you have any, we have a little bit more time. Do you have more that you want people to know about for new features or anything you want to talk about in a future show?  That's more or less. That's it. That's a lot. Actually. All right. Fantastic. Okay. Are you hearing any choppiness from your side? Yeah, I see a little bit of lackiness. It's gone away now, no, I think, but yeah, I see you jumping just a little bit, but it's fine. I was just like for some seconds that they were cutting out a little bit. It happens. Okay. All right. Well, that was, that was amazing. And I want to thank you so much for coming onto the show and like, I'm, I will definitely contact you and like, we'll talk about demos we can do in the future and maybe do deep dives into one feature and sort of pair it with other features, especially I'm an MCG fan. So I would love to do something like that. But thanks so much. That was really fantastic, Daniel. I look forward to having more shows in the future. It was awesome. That's great. I had a good time also. So that's really nice. So yep, so we can keep speaking and see you in later on. Fantastic. Okay. So with that, I'm going to sign off and say thank you, Daniel. Thank you everybody and join us in two weeks for another ODF office hour show. Thanks. Take care. Okay.


First prime on the first play, you know what I'm saying?  My team is way better than Proud team.  He got A-Ride, but we had the same team. How he got Hopkins? He don't got that fear monger though. Nah, man, see y'all don't deserve, see, oh, he got big Cox, okay. Oh, he don't got, he don't got the goon goons. How you got, who I got? Jamal Adams, Jesse Bates, Eric Berry. That's tough. Nah, man, we not, listen. I see, for me, it's like, man, people, what's up, man? Picture that, bring that run past option out here, you know what I'm saying? I'm ready. All right, Jesus, locked in. That was my, I was spamming my bed, I mean, that was my bed. I was spamming A, no pride.   Weird. I don't know why I can't hear anything. Big dots. I lowered it for y'all, but I can't hear it. We don't, I'm undefeated in my games. I mean, thank you for the new dots. Just gotta put them out there. I don't like putting them out there all early.  Oh, okay. Ooh, good to have. You see, Prime, right? They got a previous play in this game. I just saw you. It's out of the west, man. West, once I find this Tom Brady power-up, which just doesn't exist, tight offset is gonna be a big. So fucking, he threw it.  I thought he was gonna beat him on a playmaker. I thought he was gonna beat him on a playmaker. He didn't beat him on a playmaker.  So bagged and scary. Sometimes they do it on a playmaker, sometimes they don't. He threw it again. Oh! Oh, I thought he did that. I thought he did that. Please don't do that. Oh yeah, we good. That ain't the word. That ain't the word. That was bad on you. On my end, how? What? What was bad about that? I swatted.  You get a hard first play. Tell! I powered up Fletcher Cox, by the way. But it better be Glitch. Auto alignment, base alignment. Yes, okay. Poor Jesus, man. Problem-raised specials, man. Lane Johnson. Lane Johnson at left guard. Just a dog. Please don't. Oh my god, chat. The quick snap inside zone specials. Hey, you like how they come out set? I mean, it's like I'm just, I don't know. I just gotta get used to it a little bit more. Oh yeah, oh yeah. I like the strip sets. That's not bad. Yeah, that's not bad. I don't mind that. So Chris, I'm high powered. It's scary. God, it's scary out here. He's just coming out snapping. No hot rods, no nothing. Jesus Christ. Like, God, we not, we not pass protect. We not doing nothing. Just come out and snap. Lord Jesus. What you mean? Fade the outside receiver and run it. I hit him, man. God, Lane. Guns split. Oh, it told me what formation. Oh, no, that's tough.   Left on the deep end now. Saw that this morning. Left on the deep end. L1's to do run, commit, pass, commit now too. Really run, commit, and you're so bad. Oh, Jesus. Vision is un-fucking-matched. Yo, tacos. Thank you for the 15 months. You like appreciate it. I didn't know it was left on the deep end. Those were D-line. Yeah, right on the deep end is linebackers. I don't know if you could switch it or not, but that's what it is. Terrifying. What's up, man? Just try hard, runner. God, we. Yeah, you came out trying to quit.  I'm trying something. You ain't making an adjustment to any play yet. Yeah. Lane, what you mean? Did you see these adjustments I made against your pass? Like, you're never going to move the ball again. No. You're literally not going to move the ball now. Let's go, Brady. Hey, it's bad. Can someone fight on my D-line? God damn. Don't do it. Lord. Yes, sir, user. Yes, sir, user. God, another year of dominating. Dubbed out. Brady, I'll put that with money. What are we just going to do here? Gun tray. Inside zone, OK. Open my eyes to what? I do the ball.  I feel like he looked pretty good right there. The defense of the Japanese taught us how to snap him. Get him. Bro, why did X stop running? I'm about to throw a dot. Weirdo. What is he possibly?  That was actually cool to see, though, him make that play. I don't know, but they don't never really used to make that play. Are you going to risk it for the biscuit? Oh, my kryptonite, please don't miss. Ken Zaro, Philbos Hart. New year, new me. Let's go, man. Back. I want Xbox right now. I was on PS4 earlier, but I was just downloading the game. Come on, Terry, we need a big play.  We're going to find it. We're going to find it. We're going to find a big play. I'm telling you, this is the offense of the defense. We're going to find a big play. This is going to take a while. We had it last time, but Justin Reed bagged Michael Thomas, which killed me, but he smoked it. Never running that sweet, won't make sure they go. He'll do a little different pass lead shot, that's all. If he ain't like that, he's going to heat it up right here. Through that. He can't burn him there. Through it. Oh, my God. I had to see. I had to see. Go in. Oh, why is my pat, bro? Don't you just got fear monger?   I feel like you're getting past us for it. Definitely don't feel like no password is there. The password he really control when they release. Oh, that's super help. I didn't know that. Oh, yeah. Oh, yeah.   Yeah, I didn't know. I'm looking at him like, bro, you going to go somewhere? You going to go somewhere?  No, the fact. No, that's you have to add abilities for every time. You control when the delay route release. That's super help. I didn't know. I'm looking at him. I'm looking at him like, yo, go somewhere. You just never work. I'm right there, boy. I didn't know you had press A for the delay route to go out. That's tough. That's super tough. Get there. No, A-Rot. Come on. Oh, way he misses that throw. He ain't fear monger. Oh, put that down. You do that? What? Yo, Crosby, six months. Thank you. I felt like I was waiting five seconds for that. He never released. It's an 86 overall punter, bro. If you can't.  Hot, you're awful. Is RB not the strip, or is this shit? Nerf's so bad that they do this. What is this shit? Yo, thank you for the hose. Appreciate that. Oh, yeah. Get busy. Ooh. Crosby, thank you. That just fried that covers. Jesus. Yeah, I'm out of there. Cover nine show? What? Bro, where is this pass route? Y'all not fat enough?  Oh, the glitchy-ass animation.  Take all that accident, this play turns out to be good. I'll mute that for 17 months. Oh, my fucking. You came back and got it? You saw it? You saw it? Listen, I'm fine with stuff. Like the best one in the game. Ooh. The vision. The vision. I was like, thank you. Appreciate it. That's how we fight. Listen, I'm learning stuff. That's all. Gaskowski. Oh, man. And this is where he kills himself, right here. And this is where he kills himself. Appreciate that. Exactly. David Johnson came and got the ball. And they made them wheel rods even better, man. Oh, yeah. Oh, my god. I'm old as them. All right, we got to play some defense though here, boys. Come on. You don't want the ball? You don't want the ball? A-Rod's thanks. I can't wait to sell this card. He's going to run here. If you get something, he's going to push the pace. If not, he's going to chill.  I'm not right a lot. Oh, yeah. This is just we just seeing them up right now, boys. A-Rod trash, I'm good on him. Plus he's 70 speed anyway. It's probably the same speed as Brady. But they got Brady in the stands. I'm going to turn right. Why can't I do a punt return left when the wide side is right? God, man. Oh, yeah, another bad punt. I don't understand how these punks aren't going out of bounds. Oh, come on. Oh, yeah, Adams. Yeah, be there. Way to be there. Way to be there. Never stop. Never stop hustling. I know he's not a ball carrier, but he was out there for me. That's why I respect him.  Oh, this shit's out of timers. Oh, cataclysm. I can get this though. I'll jag. I don't get how I'm not getting no prize. You block seven? Get it, all right? Yeah. Hmm, my password's been asked. Password's definitely going to sweep. I feel like mine is better with three people. So I have pretty good. What do you have out there? Geno-Ackins and Bolson. Bolson, Geno-Ackins. Yeah, Bolson, Geno-Ackins. Powered up. God, damn. Who's my kicker? Is that how we're feeling? Boom, come on, man. Good tackle. Badger.  My free safety played that really tough. Hurts, good job. You don't even need to play it when you rush it. Hey, miss, my god. I need urge. Urch just got a touch in one time. That shouldn't be, that shouldn't be, that shouldn't be. That's free safety. You're clicking off, right? I didn't do that the first time. Maybe you caught me on that. The badger. That play is awful.  How much do you spend already? Man, I'm at 360. Three? I have five. I bought five worth. I only spent three so far, though. I can't do my linebacker down on the spot. Just don't know how these adjustments were so bad. Ooh, he sold you. See, you got a whole wire right there. That's how you do it. Oh, what are you doing? I held wire. Oh, what is wrong with this game right now? I'm going to definitely just sold the bag right there. My god, dude.  What is Tyra doing? Tyra's just too small.  It goes right into a cloud. What? Get aggressive.  You're going to stop it wrong, baby.  Damn it, man. Should I have Kittle? Nah, Ert's on the team after that. I ain't going to lie. Kittle got to go find a squad. It's the same for him. Ooh. That's why they watch, man. Who put a shot? That was the badger. That was the badger. That was the badger. What? The badger. He's back on the team. Gave him a fourth down. Got the ball back. Probably like that. Rageblitz incoming. Oh, man, if you could see my play art.  Brady's super health. I had time right there.  I had plenty of time. Yeah, I'm getting on the deck. Not some weird pangolin. Oh, yeah. Did you hit something? Yeah, I did that one. That was a computer.  Yo, finish. Thank you for the sub. Let's eat, Travis. Oh, Michael. Michael. That was a good play. Everything feels cool. I like it right now so far. It's like, the guy, what's up? I just don't feel so good at all. I have to wait until launch. You can sell stuff now. You got to be level three or something to get to the auction house.  I was going to throw it. I wanted to do a cheat, but you kind of never left it. Damn it.   Oh my god, these hits are crazy. I noticed it only did a one second runoff right there.    Bah! I never used that, Zach. So under center draw? You guys know my rule, check. Did they just change that can?  Yo! This man. Oh my god. Oh my goodness. Why is Honey Badger hitting me? That's the Honey Badger hitting me? Oh, but still. I mean, obviously he got more pop. But god damn, why are they hitting like this? So he passed the ball, man. Man up. I got to do them get us that one. I got to get them to that one dot situation. That's all. That's all. We're going to get them there. We're going to get them to that one dot situation. That place still works. What? God. Take it back.  Jesus Christ. Bro, why are they telling you my formation?  Game. Bruh, you can't. Bruh. Chill. No! You can't take a hit like that. Are you streaming my game?  What's the run, dude? Damn. They already know about the alert bubble. Jesus. Oh my god. I can't believe I'm showing people my O already. Damn. I was trying to set up for first turn. Are you covering my bubbles? Okay. What you thinking right here? I'm trying to get the first one. You got defense for this? Oh gee. Bruh, this is... Is this the play? Bruh, I can't believe I'm showing my money plays this early in the season. I promise you're not going to tell nobody. I'm really getting beat by under center draw. I promise you're not going to tell nobody. Where is my team? I promise you're not going to tell nobody else. God man, you talk about the try hards. You actually kicked my field ball. What do you mean?  I'm getting pounded by draw. Draw. Why are you saying draw? Why are you calling it draw? It's a dive.  It makes it bounce out. Whatever. I'm clocking too.  I had to say though. I risked it for the biscuit. Some people play like it's their last and some people play to be better than them. Like what? Oh my god. Are you really going there with this? Oh yeah, Aaron. What? No! That's down. That's how we start the season. That's how we start the season. They're going to challenge it. They know what happened. They know what happened out there. Honestly, you did have a lot of play. How childish. I'm a runner. I see you. I'm back to dollar. I'm going to see. Why are you kidding me? It's your first ranked game online? I didn't play. I didn't really play the beta. I might have sold my bread too. It should have been a 14-10.  You get hit hard. I understand this should have been that. What's going to happen? You know what I'm saying? Give me life! Michael Thomas. God damn. I'm done with this game.  They switched these adjustments. I don't know why they did that. L1 and down on the right analog. I think if I played two men on there it would be better. High ball. I don't know. It's one of like 10 runs. We ain't going to figure it out. One time. I love this game. I love this game. Victory formation bro. We ain't risking nothing. Good game. Kind of hard. It's always a great matchup. You do your thing. You do your thing. Problem can run and dive. Stop searching. I'm not trying to give you a re. I'm not trying to give you a re. No re's bro.  Have a good stream. Alright. I ain't just cheating. Listen. Chat. Let me tell y'all something. Sometimes you gotta realize probably just to try hard. Mike Evans sold my money though. Mike Evans made that one catch chat. We got all the highlights here. Yeah, yeah, yeah. I mean that's all.  Chat. YouTube. We got pro. A lot of times, yeah, have back dive killed me. But for me, a lot of times being in the game I'm just trying to figure out what works what don't work, that type of thing, you know what I'm saying? That's all. Me, I'll never be the one. And that's how pro I'm, that's how pro I'm played though. Just run, run, run and play good defense really. Just try to figure how much stuff from last year worked the same pretty much. That's pretty much how I played that game really. So, you know. Like I said, I could have kicked that field but I was in the tough spot. I feel like I could have died in there. I feel like Mike Evans catch that pass. Different game. Trying to figure out how to score on that match real early was tough. Me picking one of these dudes, fantasy pep, I think I gotta go. I think I want Herman Moore. Chat. YouTube. Which one, Herman Moore? But anyway, yeah, that's all it was. No, I thought everything worked. That was a couple bad play calls. That's all. That's all. No, honestly, once he started to find that little run, once he started just running the ball, I mean, and you're in a tough spot when you're down three and there's a minute left, three minutes left really. All right, I took shades there. There you go. But that's it. YouTube, you hit the like button. Anything you want. That was my first game in 2020 playing Pride. We shouldn't play like Mayweather and McGregor don't play for free. So we shall see.


Good morning and welcome to today's products and focus and very much the two things we're going to be talking about this morning is The true value of crude oil as you might be able to tell by the title of this video and also the Chinese GDP figures So actually let's kick start things off with that with with crude and my rather sensationalist headline there And this is actually coming through a number of the news wires this morning So you know obviously you got WTI and you got Brent so you got two different types of crude They both have slightly different purities one is slightly better than the other for certain forms of industry There's actually a huge amount of other crude oil contracts out there Which are traded all across the world and what we're going to do right now is focus on some of the American contracts So you've got a refinery in North Dakota that actually is charging oil producers to take their oil to refine it and They're actually charging 50 cents per barrel and there's for a very specific very sulfur rich type of crude oil And in that area that's actually really tough to refine But it does give you a bit of an idea about how bad that some things are for some refineries When some of us some oil producers when you actually have to pay someone to take your oil and And refine it for you and you actually are making a loss on each one of those barrels that are coming in No, obviously they refine it and they and the output means they still get some profit But there's no there's no positive There's no net positive on the barrel of crude as you pass it across as there is with most other forms of oil out there In fact, there's another refinery in In Kansas, I believe where they only pay the refinery are only paying $12 50 cents for a barrel of oil as well So the true value of oil it depends on their in the region that that your rim But obviously you have the global contracts WTI and Brent crude that are widely quoted in the press But depending on where you go in America as a prime example You can get substantially less and that kind of maybe she gives you an idea about how bad the energy sector is in that part Of the world and how close how teetering on the hedge some of these companies are should the pains still come so less about those those minor contracts WTI this morning actually has been pushing up high on the back of those Chinese GDP figures, which came in at 6.8% That's the first time China has been below 7% GDP growth since 2009 and that was just a little bit after the financial crisis So pretty much broadly in line with expectations retail sales were slightly lower than expected the same with industrial output for China But the market has collectively taken a sigh of relief that it wasn't as bad as expected Now the truth is guys and we've talked about this before and in these sessions the credibility of the Chinese numbers really has to be called into question You know, they're not quite as transparent as As what you would get in Europe or the or the US or under such a close scrutiny because you can't really question it that much So from my from my own perspective It seems slightly convenient that these figures came in broadly in line with expectations at a time where it was absolutely Essential that they did because if they came in really negative the impact to the markets would be quite severe however, the markets have taken it as a Nice boost. You've got the Germany 30 was up 2% first thing this morning quite a big Chinese proxy the the US 30 up about 200 points and the UK 100 up one about 1.6% The thing is China actually has a lot of gas left in the tank. Should there be a whole bunch of downturn In that area their base rate of interest rates is over 4% They got still quite a lot of money in the bank this table still can do a lot with you on if you look at Europe and the US There really isn't that that same room from it for maneuver So China is obviously still a big concern But I slow down and China can be tackled with with a lot of a lot of instruments that the People's Bank can deal with Is if we start to have a little bit more pressure in the eurozone there's very little they can do to To fight against that pain. So that's where where the big concerns are So we'll see how things pan out, but let's about the fundamentals Let's talk a little bit more about the technicals and we're going to go straight into the US 30 first thing as ever So let's have a look at things from a technical perspective So 77% of seem to marks clients are currently short on the US 30. You can see we have bounced off that 16,000 level and a lot of that has come from the Chinese GP figures We do have the ZDW business report coming out of Germany later on today, but we'll talk about that in a little second So you can see a very strong bullish and guffin pattern, but at the top range top end of this range today The RSI has crossed the 30% level That's how that's a below signal and the slow slow stochastic has not yet crossed a 20% level But it's not that far away from it right now Moving quite quickly on to the UK 100 similar bounce commodity markets They've done quite well, even though the US dollar has has also rallied commodities of bounce in the back of the of the macro data from China Very strong bullish and guffin pattern Stopping shy of 58, 82 just maybe breaking through it right now 88% of seems to marks clients are currently long So they must surely be very happy today You do have a kind of a bullish crossover and the slow stochastic there to look forward to as well Japan 225 strong bounce similar most global equity markets have this big massive candle first thing this morning 17182 is the potential resistance level which we're at right now You do have a bi-signal on the RSI and you're getting close to it in a slow stochastic as well Moving on to dollar yen dollar yen has 57% Sellers so I guess our traders aren't very sure what to do We're a little bit far away from the next potential resistance at 118 spot 33 You got a bullish cross on the market just about to happen Billish crossover in the RSI and the slow stochastic so all in all should we be able to break through 118 spot 33? That would be quite impressive, but we might be capped that 21 period SMA Though one thing to think about is the move that we're seeing on equities right now You know risk is back on for now.  Okay, so I guess the question is what's next? What's the major bit wasn't the next major bit of news that's going to impact the markets But we'll talk about that in a second. That's where we are with dollar yen moving on to West Texas crude a Lot of uncertainty right there 33% of seem seem markets clients currently short show a lot of indecision We do have a bullish engulfing pattern so far this morning, but it's hardly a gigantic candle We are in the middle of two ranges. We're far away from potential resistance So I would say if you were looking for something Kind of short-term you could take the tip of this candle here and say that's a potential resistance 29 spots 66 which is pretty much what we are right now moving on to gold Gold as I said before it's falling a little bit of a favor for as a safe haven asset Dolly ends a better proxy in that regard, but we are down a potential support at 1,085 we do have a bullish crossover a golden cross and the moving averages the other technicals are relatively neutral We could be trading between these two ranges right here, but for now 1,085 is a strategic level just below that are the two moving averages So it should be supporting in the short term 58% of CTC markets clients are currently long So finishing up with the FX pairs your old dollar still reversing into inside this Potential descending triangle formation and not really that excited by your dollar until it breaks out one side or the other 65% of seem to marks clients are currently short and finishing up with GBP USD This poor FX pair has been getting absolutely blasted the last number of sessions. It has had a Deadcat bounce potentially of one spot 42 30. The thing is this this is just a relief rally There's not any positive GBP data out there In fact, the dollar is kind of rampant across most other FX pairs right now If we break below one spot 42 30 You are looking at a potential move that much further down. Let me just jump on to onto a monthly chart there God, it's not looking too good once we break through that level to be honest because they're there Literally is no other support levels to look forward to so I really hope that the Sterling manages to Keep a little bit of strength. Otherwise, it's gonna be getting a lot more expensive For me to go and haul the and for you guys at home as well But nevertheless seems to marks clients 92% short So they're obviously expecting a little bit more pain to look forward to so let's see what happens. Well guys Actually before I finish up. I don't want to forget about jumping on to my mark calendar We do still have that ZDW business port if you're trading your dollar or the DAX you don't want to miss that That's a 10 AM UK time fast forward on to Wednesday. You do have you still have us CPI and housing starts as well Well guys, thank you very much for watching best of luck for the trading I'll enjoy me again tomorrow to find out what happened next. Thank you very much and goodbye


Okay, very good morning to everyone. Hope you are well. It's Thursday the 3rd of October As you can see to the side of me just looking at a graphic here of the S&P 500 After yesterday seeing a continuation of the moves seen in the prior day So it's the first back-to-back 1% plus losses That we've seen in the index for the first time this year in fact although we had a lot of heightened volatility In recent months. We haven't seen the kind of persistent nature of what we've had in the last two days In terms of the reasoning behind this, I'm sure you're pretty much all up to speed I mean, it's pretty broad based when you start looking at the The kind of scoreboard or the heat map so to speak the only kind of one Area of green of any significance was Johnson and Johnson shares The company basically reaching a I think it's about a 20 and a half million dollar deal in a settlement with two counties in Ohio To do with opioids which meant that it hasn't got to progress further into the legal system And so they've kind of averted a worst-case scenario So hence the reason why they outperformed the market so substantially yesterday, but otherwise and this Definitely a reflection of not so much micro level but more macro level Reaction to an economy that's that's radically changed in perception over the course of literally about four days We've just had one of the Fed voting FMC members speaking on Bloomberg TV live this morning about 10 minutes ago and has been asked about the disappointing Manufacturing ISM print obviously that was the one that initiated the selling earlier this week We had the ADP also touched on the weaker side yesterday On the ISM print. He said it's an important data point does not see this though as an overreaction In terms of how the markets have reacted Confirmed the FMC's view and said they were open-minded about the October meeting And on that note just having a look then how we positioned at the moment Well, this is now the current expectation You'll remember that on Monday when I deliver the kind of look ahead for the week the probability of a 25 basis point Rate cut on Monday resided at 40 percent that now has risen to 77.5 percent It's a radical reshaping of not that idea that the Fed were going to cut the market was of that belief Anyway in the first instance It's just about the timing the nature of the fact that if the economy is deteriorating to the point of which some of the recent economic data would suggest Then more immediate action would need to be taken at this point for the end of the year Still by balance is that they would do one more cut But it does tend to be growing though further out down the timeline of potentially more multiple cuts to come And this obviously would start to breach then this current communication line of just a simple mid-cycle adjustment if we start going into the realm of Cutting four or five times out of the nine that we had since the first rate hike in December 2015 You've got to think that's a little bit more meaningful than just a mid-cycle adjustment That's a as a rate cutting the cycle in its purest sense So, yeah, this is what a lot of the headlines are kind of suggesting this morning going down this similar narrative Slumping data may force power to move to a third cut. I don't think that's a Question I think that is going to happen at this point Recent data slumping as we've seen while the FOMC prefers to wait and see markets are in a hurry and definitely You would agree with that now obviously what's been quite interesting just looking at the charts this morning We were looking at the S&P in a bit of detail Yesterday morning, and if I put it back on the 120 Candlestick you can see that That area that we were looking at we I mean this chart does basically remain unaltered from what we were looking at this time yesterday and At that point when I was living the briefing We were just threatening the break of that kind of zone area that we were looking at between Some of the lows that had held the price action the end of last week And then the resistant point of pretty much the whole entirety of the month of August a breakthrough there As we were suggesting does open up technically a decent push on the downside and although We're still of the belief that any meaningful downside of a larger nature would ultimately Create this shift in policy expectations Accompanied by the likelihood that Trump as well in that kind of trade war Cycle would start to talk up the China possibility of a deal that you know The low we go and the more aggressive in nature it becomes the more likelihood we get these kind of more Interventional kind of options hit the table and so buying the dip idea. I think still has some Validation but as we were saying not at the levels up here Potentially much lower down and and definitely yesterday after that break. We did we did see a decent move lower Interestingly though, if I go back to the 30-minute chart a couple things here I think that it's a little bit misleading from the headlines. You're reading in the press this morning for one The ISM manufacturing for sure was a key catalyst that created to sell off that we had earlier this week The technical breach then of that lower bound level that was tested yesterday morning. I think was key ADP I think is a bit of a stretch to say that that really was such a massive contributing factor to yesterday's set off Let's not forget that that comes out at 115 the actual equity sell-off didn't occur until the cash equity open about An hour and a quarter after that data released and then we broke that initial futures load that we printed in the European morning So I think it's more not ADP was such a catalyst ISM definitely was It's more that it just fits that mold of a further deterioration That's going to force the Fed's hand to take more Proactive measures in order to counteract this this further weakening in the US economy Obviously this leads and sets us up nicely for this afternoon. We'll look at it shortly But there's more top-level US economic data, of course coming out later on in the form of ISM non manufacturing and actually I think that's going to be particularly interesting because I think that It's the activity data We know has been a little bit more precarious bit more fragile in the US the consumer generally has managed to hold its head Above water in those data readings if that comes out weak I think that then you're kind of that's real testing of what has been a relative sweet spot of more better Performing areas of the economy if that is equally as weak or surprisingly weak I think then that becomes Again another volatile situation for today's trading session with that in mind. Here's a quick look at the ISM non manufacturing PMI now The previous reading did see a decent bounce actually a recovery on what otherwise was a Deteriorating pattern from the month of May June and July We did see a strong rebound in August Rebounding from a three-year low in fact and it beat expectations. It came in at 56.4 against expectations of 54 So it was very strong last time out now Expectations on the street for that figure if we just quickly jump to the calendar here is for 55.8 So a kind of holding steady maybe a slight weakness from the prior month a range of 54 to 56 so still Comfortably keeping its head in firm expansionary territory very unlike what we've had in the manufacturing PMI readings Of course globally of late The other numbers that we've got coming out today. The other one of significance is the factory orders. I Wouldn't be so Interested in the jobless claim situation that would be lower tiered I'd say to these two readings the factory order number does tend to be a lot more volatile, but again New orders for US manufactured goods increased 1.4 percent for a month earlier in July of 2019 That was above expectations of 1% So that also was relatively strong against consensus estimates last time round now The factory orders is slightly different You can see that as a trend kind of analysis in these bar charts that generally speaking Non-manufacturing has decelerated somewhat from where we were on a year-to-year Basis and it's been a fairly orderly fashion factory orders is a lot more volatile as a piece of economic data Now from an expectation for the factory orders readings. We're actually looking for a negative point five percent now on the street You've got a load of minus two point six to plus Two zero point eight minus two point six is the most pessimistic on the street And if you as you can see here that would breach the low we had in October of 2018 So if you put this on a five-year, you've got to be really going back down to These lower points here that we probably pressed earlier in the year And then the kind of low end of the range of what really is defined the last three years So although it wouldn't be shocking even if it breached that point I do think certainly it will just ramp up further that seventy seven point five percent could well become just almost entirely priced in to the tune of eighty five ninety plus at that point Interestingly though despite a lot of this what we're talking about and this idea then that the Fed are gonna have to take action The dollar really hasn't been that Reacting a great deal and if anything looking at the dollar index this morning It's a little bit counter-intuitive than that normal read across that we we see from Fed pricing I think a lot of that partly can be explained by the fact that this wasn't ever really that much in doubt that the Fed We're not gonna act. I mean even at the beginning of the week We're right on the cusp, you know kind of 40 percent that they were gonna act in October They were they were priced to act at least one more time by the end of the year as they say It's just shifted from deck to October now. So I don't think it's massively surprising that they're gonna cut I guess one of the things that we're gonna be very mindful to hear of is about the nature of what happens next and so with that there are a few other things that I just wanted to mention one was this idea of Stress in the money market. So this is looking much more short term in kind of overnight lending facilities Which we saw a squeeze on in a lack of liquidity for a variety of different reasons, but The idea being here is that Bloomberg was suggesting for Q4 There could be more trouble on the horizon now the reason why they're suggesting this as they've put here Citing TD Ameritrade that there's a confluence of events that could be much worse now They're talking about the fact that there's about roughly just shy of $400 billion of Treasury auctions on the calendar for Q4 of 2019 to see out the year now That's smaller than the flurry of auctions that we had that caused a lot of the the turmoil just a few weeks ago But it does come alongside then Treasury cash balances will continue to rise there's more corporate taxes that need to be paid and also we've got some Seasonal holidays things like Thanksgiving as well And that does typically tend to put a bit of a squeeze on these short term lending facilities Not only that of course at the end of this month, you know I am I can't wait for what's to come over the coming weeks because not only have we got the Fed on the 30th We've got the Brexit deadline on the 31st. We've got Draggy leaving on the 31st We've got the trade war going on and that's all coming One kind of peak of interest if you like on the timeline ahead So it's gonna be particularly interested to see what happens and obviously a lot of people Thinking that from the Fed's point of view if you look at this graphic here that Bloomberg have put together I have actually tweeted this if you want it But they basically constructed a repo calendar going forward because today Thursday next week Actually is the the end or conclusion of the planned Fed overnight Reproperations that they have pledged two weeks ago when we saw that liquidity kind of squeezing that pop in money market rates in America That caused quite a lot of tension in just general sentiment Those planned intervention of injections of liquidity end this time next week So a lot of pressure is going to mount again In that area as you say you've got a US holiday. The bond market is shut You've got Columbus Day October 14th They've got Veterans Day on November 11th when the bond market again is shut And then you've got a corporate tax deadline coming up towards more towards Christmas But with various different coupon settlements and treasury refinancing Estimates coming out as well. So yeah, just what I'd point that out as well. That's on the kind of medium term horizon But just bringing it back in and raining it into the intraday environment One thing that I thought was quite quite important to look at yesterday was the associated kind of Correlated moves that you are seeing in different assets. It's almost like we've gone back to a more traditional Flight to quality moves where Normally what we've become used to in recent times is this coordinated bond equity Synchronized move which is this new unprecedented era of which we're kind of living in where Really bad data is kind of good for equities and it's good for bonds as yields get pressured However, I think the last few days you could have got caught out just kind of repeating that same strategy And what we're seeing here is and I thought what was important yesterday and for those on trading live You probably heard me talking about it was when equities were really Testing lows. I remember we were testing that kind of s2 level in the equity markets You had the Dow and the S&P kind of both looking to gather some momentum Then that oil inventory data came out and it caused then with that headline crude reading being so Counter to what we had in the API's the night for night before that was a trigger point for immediate selling pressure and oil That break of that low was enough to then push those indices through those levels And then you saw the T note break as well and that bottom right hand corner chart The 10-year broke what was restricting a lot of that upside price action You can see that on that timestamp there coming right when really that oil data came out So you can see how a lot of the time it's not that the oil data is Always going to have that equal level of importance for other assets It's just that technically we were sitting right on the fence of a couple of key levels And it's almost I kind of think of this as an analogy is that all the logs are on the fire The lighter fuels being pulled on and it's you just need that spark that catalyst And I think that all infantry number really did act as that as that reason for then that continuation of the equity move And that gets then validated with more momentum and force where I think you can be more Aggressive with higher conviction when you start to see those other assets follow suit and and certainly that also fits into gold to some degree Obviously supportive in that nature yesterday. We saw a decent run-up in the price a break then of the The price activity we saw on Tuesday, which obviously was that really long-term level You can see I mean I could stretch the chart back further. This level was so key Breaking above there Targeting that 1500 level that in itself also technically relevant and then pushing up to where we are at the moment You can see we have had already this morning a little bit of quite high degree of volatility of a decent kind of $5 $6 price movement retesting initially that High that we had yesterday evening the US session and then back down towards that 1500 again So yeah that the data today. I think will be equally as important I think given the amount of press attention. It's generating Given the fact that the market really is trying to cement its thinking over what the Fed are going to do in October And given the string and nature of the consistency of the weak data Don't forget then if we had strong numbers today in ISM not in your factoring and in the Accompanying number that we get in the factory orders. There's room for a bit of recovery as well I'd say so either way. I think you're in for another quite interesting day ahead All right jumping over to a few other things you can see in the FX market things are relatively quiet Major pairs down a touch in euro-dollar and cable with the Dixie up about one-tenth of a percent Some of the headlines, of course the conclusion of the Brexit Brexit What am I talking about the Conservative Party conference Boris Johnson giving quite a rousing speech Which tends to or seems to have appeased a lot of the more Brexiteer-minded politicians? You probably saw me tweet yesterday for me. It was kind of that typical Boris Johnson is kind of he's such a master at the art of distraction. I feel he's kind of Layers in the jokes. He's kind of very charismatic, which means then you're so drawn into him Actually the content of what he's saying is fairly limited, but that doesn't really matter, but you know, obviously we've seen this Before obviously Donald Trump is a real Proponent of this kind of approach and I know as much as I Can question it in terms of its effectiveness from a political economic point of view That really is not the point. I think the one thing you would have learned about politics in recent times is that really? It's about populism. It's about being popular as a politician It's about resonating with the with the electorate because as I still think is the case He's lining up a general election. I think if he wants to capture that kind of sentiment Then he probably struck the right chord yesterday or tone. I should say But obviously the biggest test now comes with a few things really two-fold part one is Today and he'll present his plan to the cabinet. So I'm sure you're gonna get lots of Rumours from journalists on Twitter and things like that But overall Michael Gove made some comments last night and he's very supportive and he's senior of course in that respect I Would expect the cabinet to support him This is why there was such a radical reshuffle of the cabinet when Theresa May left for exactly this specific point that they would get behind him Otherwise what will happen then there's the secondary part of this after the cabinet give their kind of approval Either Boris himself or Stephen Barkley the Brexit Secretary will then take questions on it in Parliament And that's going to be of course interesting The second part of this is what the Europe have to say kind of very cautious and guarded in their response so far about this idea of This new proposal to try and counteract the technicality around Having a non-hard border in Northern Ireland and so their response of course is key here So yeah much more to come at this point in time the Pounds really not seeing a great deal of movement But certainly could do later on in the session for sure all right quick look at the Calendar for the rest of today and then actually one thing I just wanted to mention Obviously we're just talking about the S&P. I didn't mark up. You probably would have seen here The lower bound levels just wanted to mention that trend line that Sam was looking at earlier in the week As always Sam kind of the king of trend lines Absolutely hitting it on the on the the nail on the head yesterday When that we had that sell-off that pushed through a 2900 and that breach of this early September low Just hitting that trend line to the tick almost so definitely on any retest of that trend line You'd be interested Any move lower than does start to open up then I move back in a look at that late August low level Which would be down here and then the next point down at 24 and a half which we did to continue lower that kind of Three tests that we had through the month of August would be the downside levels. I'll be watching for sure Just quickly back to the calendar. I'm not going to take too much more of your time I am aware of some economic data points coming out throughout the morning some updates on the service PMI side out of Europe So I do want you guys to focus on that Other than that which will be meaningful for European assets. So do just keep an eye out I'll of course update you on the mic Into the afternoon Initial jobless claims as we discussed factory orders ISM normally factoring the durable goods is coming out But that's the revision figure and all of that US data is coming at three o'clock Not one 30. We've already had feds Evans on Bloomberg TV. We've covered You do have ECBs Oli Ren who does tend to be quite interesting one of the newer members speaking a bit later on this morning In about half an hour's time and you got another fed Sequence of speakers speakers happening at one 30 both are voting members So I would also highlight that on your calendar just given the context of all the things we've been discussing All right, that is it from me. No Sam today. I'm afraid he's going to be in the trading live room But he's actually over at our other office in the training facility. So I'm going to leave you With that have a good day both Sam and I would be available in chat So anything you need just give us a shout Charlie there as well. All right. Have a good day. Thanks very much


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Great, including your duty Tesla. I'm opting, I can't tell, you're not opting in. You have to sign up for this service and you have to pay them 10 bucks a month. And like I said before, you're not gonna be automatically enrolled into that process, even if you update the firmware, you have to roll into it and then pay the $10. The big thing is people say, but Rob, it still happens in the background, they can change the firmware so much they could, anybody could, right? Just the difference is that Ledger's got the lion's majority of all the people who use cold storage. And Darth Mike says maybe it's because Ledger's getting flack from the governments. Well, there was a rule passed by Micah where every transaction in the EU has to have documentation of who's doing it. So, interesting timing, I think so. Huh, yeah, see that's just it. Pirate says this, why even use a hardware wall at that point? It's like Coinbase holds your crypto for you. Who wants to take this one? I'll give you three reasons why that's a bad idea. Celsius, Voyager, and FTX. You can't trust anybody, sorry. And now if we can't even trust the cold storage, this is what freaks people out. I can't even trust the cold storage device, right? That was my one shining, I did my job. And now you guys are screwing with me. So, that's it. Yeah, if this service gets hacked, it's all downhill. Nah, that was negative. Not up COVID, tests are negative. Strip of the throat was positive though. So, here we are. And Pirate says I'm not updating my ledger firmware unless I absolutely have to. Yeah, it's fine. Like in all honesty, you don't have to. But it makes things, I've gone a long time without updating it and it makes things just not work that well. But again, you can always take your mnemonic phrases and move them over to your Tracer if you wanted to. Logo's okay. No way Tracer managed to go as well, sure. Maybe so. Desi did catch me alive. Oh my God. Paul had a good point, paper wall for the win. If we have to go to paper wallets, this is the step, that's a step in the wrong direction. If we have to go to paper wallets, that's not gonna happen. That shouldn't happen. Geez Louise, can you imagine us trying to explain to people just how safe and secure it is? Like, well what do you guys use? We use these paper wallets. Well that's the technological innovation that we're doing. Not gonna happen. It's happened before, but whatever. Jeff says, thoughts on Oculus Wallet? Could work pretty well, I've got one. It's just, I like, I kind of think of that as like a warm wallet. Not a hot wallet, not a cold wallet, kind of the middle. That's right. One can't screw it, maybe it's both. Who knows? I wouldn't make a cold card. I don't know what it is. There's gonna be, I gotta tell you, this is what's great about with Ledger doing this. This little misstep, it could work out pretty well for them in the future, but they're gonna hurt in the midterm, in the short term. And all these different companies are gonna be able to run up on them. So, Thomas says, if you don't pay the 10 bucks, they just throw your phrases on the street. Now they won't do that. They'll just delete after nine months. Yeah, Sailor has coin-based cold storage, has it in its public? Exactly. Yeah, exactly. Why sit around? Yeah, I don't know if anybody's ever used it. I have never used a paper wallet, honestly. When I got into 2017, people had told me about it, but I never used it. I don't think that's gonna happen. I think that's it. Ah, great, that was it. Must've done my job today. So that's it for today. Sorry about the sickness, but these things come up on you. That's why we're not doing NFA today. Ben is in Bitcoin Miami, have fun, Ben. Guy is still in Dubai, and I'm barely functioning. So that's it for today. So look, like today's video, thumbs up and subscribe, all that good stuff. Again, sorry for the voice and the coughing, but a little bit of sick, but I'm here for you. All right, everybody. Thanks so much. I'll see you on the next one. Adios.


This video will share the critical partnerships in the innovations in basic education for adults here in Washington. The Washington State Board for Community and Technical Colleges, or SBCTC, is responsible for administering the Adult Basic Education Components of the Workforce Innovation and Opportunity Act of 2014, titled to Adult Education and Family Literacy Act. The elements of this plan were developed and implemented with guidance from key partners and stakeholders that included the Governor Appointed Adult Education Advisory Council, or AEAC, the Washington Student Achievement Council, or WASAC, the Washington Workforce Association, or WWA, and the Washington Workforce Training and Education Coordinating Board, or WTECB. Our adult basic education programs collaborate with these and many other workforce and social service partners to ensure students gain skills and access resources. Through these partnerships, services provided under Titles 1, 2, 3, and 4 of the Workforce Innovation and Opportunity Act, or WIOA, are integrated to the greatest extent possible to tightly align training and support services to the realities of today's job market and the needs of our students and clients. The first key partnership that is critical to our work is our State's Adult Education Advisory Council, or AEAC. The Adult Education Advisory Council was established by the legislature in 1991 to provide policy recommendations about adult basic education. Its members are from across agencies and organizations in Washington State that depend on and support basic education for adults or Title II services. They include people from Employment Security Department, Department of Commerce, Washington Workforce Association, or WDC, Library, Office of the Superintendent of Public Instruction, Department of Corrections, Department of Social and Health Services, American Federation of Teachers, Community and Technical College System, CBS, Skagit County Community Action, Community-Based Organization, Business, Hispanic Community Wrap, SBCTC, Director of Adult Basic Education, CTE Student Wrap. This group is a highly respected advisory group and really listened to by the governor, legislators, and our state's congressional delegates. The council has offered recommendations to legislators, the state board for community and technical colleges, and the workforce board on a variety of issues that include a single assessment system for adult basic education across agencies, which resulted in the CASIS test, the setting of $25 tuition rather than the much higher amount proposed by the legislature, and they were the champions for the development, implementation, and expansion of High School Plus, to name just a few. The Washington Student Achievement Council, or WASAC, provides strategic planning, oversight, advocacy, and program administration to support increased student success and higher levels of educational attainment in Washington state. WASAC ensures the quality of state financial aid programs and services that support educational access and affordability. WASAC administers the Washington College Grant, which is available to basic skills students concurrently enrolled in college programs. BEDA collaborates with WASAC in ensuring that our students are included in policy and initiative building. The goal of the student services staff at the state board for community and technical colleges is to support the systems colleges in fostering student success. Student services supports college services like financial aid, enrollment, advising, and registration. BEDA collaborates with student services to ensure equitable access to resources for BEDA students, including access to opportunity grant funds through I-BEST, access to federal student aid through Ability to Benefit, and the coordination of advising and navigational services for BEDA and transitioning students. The Workforce Training and Education Coordinating Board, or WTECB, is a vital basic education for adults partner. The Workforce Training and Education Coordinating Board is often referred to as the Workforce Board and is the state agency with the primary responsibility for coordinating the planning and implementation of the four titles and additional state partners for Workforce Innovation and Opportunity Act. This is primarily accomplished through their leadership in coordinating the development and revisions of the state plan and its updates every two years. In addition to WIOA coordination, the Workforce Board is responsible for regulating private training schools and administering veterans' training funds. The Workforce Board also influences the policy and actions of the Workforce Development Councils in Washington. This is all done to accomplish the Workforce Board's primary goal of strengthening and enhancing the overall workforce development system for all Washington residents. Basic Education for Adults also works with the Washington Workforce Association, or WWA. The WWA coordinates and advocates for the state's Workforce Development Councils or WDCs. The WDCs are divided by region, with 12 regions throughout the state of Washington. When convening and consensus amongst the WDCs is needed, the WAA can bring them all together. One example was the work done with BEDA and the WWA to craft the state WIOA Memorandum of Understanding between the BEDA programs and the local Workforce Development Councils. The Workforce Development Councils direct the use of the WIOA Title I funds and have the convening responsibility for the WIOA partners in planning for their regions. The Workforce Development Councils help residents become employed, re-enter the workforce, or move ahead in their careers. The WDC is a statewide network of offices established to collaborate with community leaders, employers, job seekers, and unions. One of the most direct actions all BEDA providers have with their WDC is the annual submission of their master grant continuation so the WDC can comment on alignment with the Regional Workforce Plan. Basic Education for Adults and each local Workforce Development Council in collaboration with other WIOA core partners are required under the Act to share infrastructure costs among one-stop partners. All one-stop partner programs must contribute to the infrastructure costs and certain additional costs of the one-stop delivery system based on their proportionate use, as required by the WIOA. A partner's contribution must be an allowable, reasonable, necessary, and allocable cost to the program, consistent with the federal cost principles set forth in the uniform guidance. Washington State is seen as a national leader in corrections education. The State Board for Community and Technical College's long and highly successful partnership with the Washington State Department of Corrections has resulted in an educational system that provides life-sustaining educational opportunities for incarcerated adults. Our corrections education programs are working to mirror what happens on our college's main campuses. Mirroring the programming on our main campuses, corrections education has programming in high school completion, GED and HS Plus, college preparation, high-wage, high-demand workforce skills, and college level certificates and degrees. Our corrections programs are satellite college campuses. Please explore the additional resources available in the resources section of this Canvas module for more information on partnerships. Of particular relevance to this video are the following documents and websites. U.S. Department of Education, Washington Adult Education and Advisory Council, Washington State Achievement Council, Washington State Student Services Commission, or SBCTC, Washington Workforce Training and Coordinating Board, Washington Workforce Association, Infrastructure Funding of the One-Stop Delivery System, Washington State Department of Corrections, Washington Basic Education for Adults.