Good morning… Here is the transcript from today’s show… and the slides…
Good morning, everybody. Well, once again, I am a firm believer that there is a conspiracy in my house to burn as much electricity as possible. I think that that is what is going on. It is all a conspiracy against me. It is very frustrating. Every single light is on in the house at 830 as I walk out of my bedroom. And here we are.
All right, it’s a beautiful day, May 18th, and I’m excited. I’m about it, about it. I hope everybody’s having a good day. Good morning, Bear Dog. Good morning, Peter Algeiser. Pablo Rodriguez. Pablo Rodriguez. That’s a fun name to say. All right, so if you’re new here, we got some new members, obviously, and this is the part of the morning where I drink this terrible coffee, but it works. And we go from there. All right, let’s do it.
Reminder on Friday, it was third Friday. That means that we had options expiration. And that’s where a lot of things shake out. So when we get up this morning and we see that the markets are kind of, I mean, not doing much. This isn’t anything by any regard, anything significant. Futures really haven’t moved much. Oil hasn’t moved much. We’re kind of resetting our bearings a little bit.
The core thing that I do want you to focus on is the fact that Bitcoin has now moved from roughly $82,000 down to $77,500. And that is a significant warning simply because even though we have a VIX of 19, recognize that this has come down relatively sharply. We were at negative point on S&P 500.
If the S&P 500, and if you’re new here, the Capital Wave Rating has two rates to it. One is equal weight. Equal weight is important because that’s just the number of stocks that are in on both sides, right? Down X percent based on their beta, based on their sector, minus the number on the right, right? So number of breakout stocks versus breakdown stacks or what we want to call them screamers and crashers.
But it’s the cap weight that matters most. The cap weight at 150 is telling us that a very small number of stocks are doing all the heavy lifting in this market. They are driving this equity system higher. And that has been the way the market has operated largely since March 27th, but really April 7th, okay? So we’ve had this rally. The Russell is cracking right now. That’s very important to keep in mind because the Russell tends to go first.
And if you need to understand kind of where we are and where some of the warning signs are in this market, we look at the TZA. This is the triple bear ETF for the Russell 2000. And where we have had significant events transpire in these markets in the last couple of years, it has been the Russell that typically goes first. So this was our sell-off that we saw in April. This is the cracking of Japan in November of last year.
Let’s go back to the big trade event that happened. And I’m going to walk you through the fact that bond yields are moving higher. Why is that important? And a lot of the misconceptions that people have about bonds, I will bet, okay, how many people here, be very honest in the chat, have been told that when bond yields go up, investors become very attracted to the higher yield and therefore shift from equities to bonds. Have you heard that before? Because that narrative is so leaping wrong that it makes my, it. It’s wrong. It’s one of the biggest myths in the way that the entire financial system operates.
And I’m going to walk you through that this morning. And you’re going to go, oh, okay. See, that worked before 2008. But let’s go back real quick and let’s look at. Here is the big sell-off that happened with Japan in August 2024, okay? Now, why does all of this matter? It matters because the Russell tends to crack first. Okay. And then we’re going to start to pay attention to the S&P. And the reason is this. People dump smaller cap names. People dump the bottom 490 stocks on the S&P 500. And they crowd into the exact same thing.
Mag 7. They’ll crowd into NVIDIA. They’ll crowd into all of the equities that have the exact same similarities. Highly capital efficient value arbitrage names that also have significant amount of flow through passive investing. So remember NVIDIA is in like 1700 ETFs probably more than that now. And then also this is where the leverage is. And we look at the FNGG to give us a better sense of the leverage and now you’re seeing the FNGG. This is the double bull ETF. I don’t know if the FNGU is around. Oh, it is around. Wow. This thing kind of disappears from now every now and then.
So the FNGG and the FNGU, when this thing cracks under its key moving averages, this is leverage. This is leverage leaving. And this is why we watch the inverse version of this. We watch the FNGD and we look for this to start to rise and the way that this is structured is as it starts to rise the shorts have to continue to short and well kind of all kind of hell breaks loose.
All right let’s walk through this because this comes from. How is this even a thing okay I guess that. I guess that when you ask some technology to do something simple it just doesn’t want to do it. But what do I know?
All right. Imagine no line broke. Okay. This is not some old reference to old-timey war references, but this comes from our good friend Bank of America. Okay. This is important because this is one of the names that you want to follow. Some media outlets will run this headline about plumbing in the financial system and they’ll tell you all these different components but really the key thing here is this warning that comes out of Bank of America.
So two weeks ago, Mike Hartman drew a line in the sand, 5% on the 30-year. Imagine no line. That said defend it or die. And why does it matter? Because Asia and the Middle East own 3.8 trillion in treasuries and the bid has to hold. Friday, we hit 5.11. And on top of this, very important to keep this in mind, 11 basis points above the line we just had a treasury auction and 72% was above 5% so the overnight contract this is important 30 year now 5.1 to 5.16 10 year at 4.61. Now I’m going to explain to you why that myth exists in a moment but I want to walk just briefly walk through what he is saying because it’s going to feed into my argument here.
So every boom ends with a sharp jump in yields. Hartman’s rule. Cool. 1999, 2009, this is the echo right. So JGBs the Japanese government bonds going up 230 basis points in 89 Japan’s bubble burst. US Treasuries 260 points in 99 that’s the dot-com top. China bonds 150 basis points in 2007 you have the GFC. One of the great stories that I highly recommend that everybody reads is at the beginning of the book Capital Wars where Hal basically explains that China may have had a role in the 2008 financial crisis by reducing their manufacturing output in order to reduce pollution ahead of the Olympics and that that leads to cross-border capital events that ultimately help accelerate the crisis.
It’s one of those wild things where we talk about what are those little tiny things that can lead to and contribute other potential of things and trigger bigger events. So today’s chart right the Nasdaq and the 10-year yields are both ripping that’s the same pattern in 99 and 2000 so the Nikkei is annualizing 86 percent which makes perfect sense right the JGB yields at 150 basis points that’s 89 all over again he’s saying three different decades same picture and I will stress something just go back and think a little bit about this. 87. Well wait actually go back 78, 87. I guess technically late 60s too because you had the. Yeah late 60s late 70s late 80s late 90s late zeros late teens hey we’re heading into the danger zone right every 10 years we’re in that range 8 to 10 years something significant is happening.
So SOX index now 62% above its 200-day moving average. And this is a pretty cool statistic. Past bubbles at peaks, deviation to the 200-day moving average in Mississippi Company, 73%. The dot-com NASDAQ, China Shanghai in 0737. The Saudi event in 0628. Black Monday 87 was only 21%. The Roaring Twenties in 1929 21%. And the Japan Nikkei in 89 12%. So the average across all of them is 35%. And the AI semis today are at 62%.
So the concentration’s at record, the breath is collapsing, and that’s not normal. And again, the point that I remember, what we’re doing each day, and I want to stress this, especially if you’re new, I’m not here each day to tell you, hey, this is where you need to put your money. I’m here to help you play defense. That’s my goal. I’m the goalie of all of this. So I know that you have a lot of newsletters. I know that you’re.
Me and the Money Printer.
PPI coming in at 6%. CPI is almost 4%. We’re on pace for roughly 5% in midterm elections. Hartnett’s historical rule above 4% the S&P 500 averages minus 4% over the next 3 months minus 7 over the next 6. Now why does this matter? Remember we go back to that point that people make that bonds are supposed to be the thing that people are more attracted to. Okay I’m going to explain that it’s partially true, but there is another reason why this matters, okay?
Stocks have decoupled from everything else. Bonds are screaming. Oil’s at 110. The dollar is firm. Stocks are at an all-time high. The alligator jaws are open, and the only question is when they close, and he’s saying these are the tells. And I’ve already highlighted this. I talked about it over the weekend, and I talked about it two weeks ago. June is going to be nuts, okay?
Okay now he’s got a couple of things. Trump’s birthday that’ll be something. World Cup beginning sure it’s a big distraction but it’s that OPEC meeting that starts we have the G7 we have the first FOMC meeting under Warsh and then here’s the next important thing third Friday and that third Friday in June is triple witching and we have seen those weeks lead to significant shifts in sentiment.
Powell became governor, right? Walsh inherits a Fed with a little appetite to cut. And if inflation starts to move up, key thing to keep in mind is we’re already divided on the FOMC. So Hartnett saying bulk capitulation likely to complete in the next couple of weeks. The tripwire is the 30 year under five, which is false alarm. Stay long. The 30 year above five is into June is the FOMC. Jaws closing.
And the other tell is the move index. Where is the move index? Well, the move index hit 79 on Friday, right? So the move index, this was a huge move, by the way, no pun intended. But the Move Index jumped to 80, right? And that’s the line in the sand. That’s the line that Hal keeps talking about and that the Treasury Department seems to be actively trying to manage around this line. If they can’t do that, this goes the other way quickly. And these are the most recent moves that we saw. That was where we kind of bottomed out on the market in late March. But we’re starting to wake up again on bond volatility. That’s where we have to keep our attention.
Now, I promised you a story. I promised you an answer on what expectations should be and how this kind of works, right? The key thing that I want to remind you is that this focus, this emphasis on how interest rates work and how people have that belief that, well, bonds go higher, all of a sudden everybody is more interested in, okay, that is a great little fable, but it doesn’t take us back to 2008 because some pension manager in Pasadena doesn’t look at a 4.6% treasury yield and say, finally, our actuarial problem at CalPERS is solved.
The reality is, and I’ve walked through this, the treasury market is not where people go to buy income anymore. It is the collateral underneath the entire financial system. It is the collateral underneath the entire financial system. Treasuries act as the tool for repo, FX swaps, stable coins, and the basis trade.
And the BIS, which we went through extensively last year, that August report, annual report, hedge fund running the basis trade, leveraged at extreme ratios, haircuts, meaning they’re borrowing money, and they’re not having to take any haircut when they’re pledging collateral. The 10-year cross is 4.2% and collateral revalues start. Margin calls have started. Forced selling has started.
And there was a chart that I put up on Saturday that explains how this really operates. It’s not about the fact that, again, you have any desire to flood to safety. That’s partially true, but really at the end of the day, this is about how collateral works. So if collateral is the underpinning component of the financial system, it explains this chart. And this chart is the equity returns when yields increase. It’s largely tied to the leverage itself. It’s tied to the unwinding of treasury positions. And you can see if we get up into that 4.75% range, the median weekly return for equities is somewhere in the 1.9% range from 2023.
And I stress, a lot of people are going to go back and they’re going to say, well, since 1928, this has happened. And I’m going to tell you at a one bloodshot eye on May 18th at 846 I don’t give a shit about anything that happened before 2008 anymore. I don’t care. Don’t tell me what happened in 1987. Don’t tell me in 2007 this happened. What matters is the financial system got rewired in 2008. The Bank for International Settlements has told us this. There are lengthy reports. I have talked about it extensively.
The reality is that the end of the day that this whole system is operating on the treasury system, the collateral system, and when this unwinds, it unwinds violently and impacts everything. 2019 repo, 2020, 2022 gilts, 2023 the banks, August 2024, it’s the same machine. It’s just happening through different elements.
So the higher this bond goes the reality is this there aren’t enough investors over here to start buying the bonds to calm this down because the basis trade is a trillion dollars and other leveraged components and other people around the globe owning trillions and trillions of dollars of U.S. debt are unwinding at the same time. So in some ways it kind of feels like a myth and in other ways it feels like maybe they’re trying to get you to buy their bonds when they start saying investors are flying to safety. Well the reality is hedge funds don’t want it at that point they’re unwinding and usually it takes somebody to step in if it starts to get out of hand. It’s not about bonds being attractive.
Nobody sold BTC to buy a 4.6% treasury. I promise you that. The bonds look attractive narrative misses the real fundamental story, right? The reality is that when you think about this, someone looked at a 4.6% treasury and says, well, that’s better than my Bitcoin. That’s not what happens. Bitcoin’s falling because it’s now embedded in the collateral chain. It’s backing credit facilities. It’s engaging in margin loans. It’s leveraged books at every crypto prime broker. And when treasury collateral gets stressed, the entire risk stack will start to reprice.
The dollar goes up and anything used as margin collateral, including Bitcoin, can get liquidated fast. $360 million in leverage-long positions were wiped out in the last 24 hours. That’s the largest wipeout since March. Strategy, the biggest corporate Bitcoin buyer, that’s down. The miners lost. They’re down. And that’s not a rotation out of crypto into bonds. That’s the same plumbing story. It’s the same deleveraging. It’s different asset classes. Bitcoin’s falling as the collateral unwind.
So if you’re watching the FNGD and the FAZ and the VIX and you see Bitcoin and miners selling off in the same session, that’s not a coincidence. That’s the system telling you the leverage is coming out. So pay attention to this. And I remind you, stocks don’t fall because bonds look attractive. They fall because collateral underneath every levered book on Wall Street just got worth a little less. And the unwind is not orderly. 2019 was not orderly. 2020 wasn’t orderly. 22 wasn’t orderly. 23 wasn’t orderly. 24 wasn’t orderly with the yen carry. 25 with the swap spreads was not orderly. The BIS politely calls it, quote unquote, destabilizing, deleveraging spiral.
So watch the 10-year and the SOFR standing repo facility and of course the FNGD. The yield versus stock story is what we tell retail investors. The plumbing story is what the BIS explains to central banks. Trader focus for today. Okay sorry I’m a little I’m a little hot today I don’t like that narrative.
All right so we’re the most cautious we’ve been in a while, and I think that that’s okay, you know, because these things can take a lot longer than they feel, and remember, we are seeing what is known as quantitative support, okay? I think Powell coined that term. I’ve seen people like Lavish use it, but the point is this. There are people out there who are in the world of broader finance, and I’m not calling anybody out, but I’m just going to simply state it’s like a random walk down Wall Street. Well, the efficient market hypothesis can’t explain momentum if that is real.
Here’s another one that kind of chaps me at 8.50 in the morning. When you look at these markets, right, and you try to assess what is transpiring at any given time, you have to just keep in mind that we operate in an environment where momentum is dominating things.
And once again, in the world of quantitative support, some people will say, well, the Federal Reserve’s not printing new money and engaging in quantitative easing, right? They’re not printing new money and buying new bonds. Okay. Well, first of all, they are. That’s the reserve asset management platform. But the long tail stuff, the 10-year stuff, the 30-year bonds, well, they’re not printing any of that and then buying it. Okay, that’s not QE. Cool. But what are they doing? They’re rolling off their balance sheet and taking that capital and rebuying new bonds. into auctions. $5 billion on Friday. So that’s not QE, but it’s certainly not tightening. It’s a reinvestment, which is a form of support.
And once again, here’s the thing that matters most. Bond market doesn’t care what call it because the bond market only sees you’re actually buying bonds. Now, tech and semis have carried everything for a month and the point is that when we get into this period, this is the period of time where the warnings are starting to build. It’s important to start to think about the questions that I ask all the time. Why do you own this? Go through your portfolio. Why do you own this stock? Are you starting to hedge a little bit?
I am because when the Russell turns negative, that’s where I buy the SARK. That’s my hedge. It’s the SARK. The dollar’s up 1.5% in the past week. We’re above 99. Bonds are selling. Metals are hit. BTC is down. Money is moving to cash. And that’s the important thing. What cash is, is the refinancing mechanism in the global markets. So when we have races to cash, it’s not about buying yield at 10 years. Maybe about getting some cash-like instruments under 12 months. That makes sense. But you need this cash to refinance existing debt or pay off existing debt, which is part of the other grand story of this equity system.
Brent’s at 110. WTI’s at 102. Energy is stretched the longer this goes on the more pressure it puts on bonds puts on inflation expectations and then central banks having to make a decision about what to do next. The treasury is doing buybacks of its own debt that is support. The Fed is buying bills via the reserve asset management program that is helping to fuel the rally. It is very unusual right but this is exactly one of the things that transpired during the guilt crisis. Inflation was elevated and in a one week on a on a Monday the Bank of England went from raising interest rate expectations to printing money by the end of the week.
So it’s important to note that we’re still seeing this support. We’re going from 40 to 25 to 10 billion on reserve purchases. Warsh is going to be heavily scrutinized on day one. And if hikes are in the conversation, the first lever they pull is extra support. And the other thing to note, ECB already firing off warnings that they might have to raise interest rates, tightening into the possibility of recessionary forces, tightening into a situation where the liquidity cycle is expected to fade. It’s very comparable to late 2021, early 2022.
The FNGD is flashing. All fear gauges are starting to move. We want to be watching the FNGD because we’re a hair above that 8 day. Between that 8 and 20 day is our warning shot. So check this twice a day. If we break above that 20 and we start to head for the 50, real problems are actually happening somewhere in the plumbing of the system. The FAZ’s already been moving. This was the same signal that we used in December 2025. We saw this happen in November. We saw it happen last year. This was all about collateral. And we’re probably not going to know what the real issue is until like two weeks after a negative momentum signal anyway.
But now is the time to start to hedge to play defense to think about what is it that you’re not going to dump some of your best names. I’m not telling you to do that. I’m not telling if you’re a trader yeah you want to raise cash if you’re a buyer you know long term you want to always have cash anyway but if you have speculative junk if you have a company that is heavily interest rate sensitive. If you have a name like a Carvana right now, I’m not saying Carvana today, but Carvana late cycle 2021 or any of these big companies that are tied to quantum computing that could lose 75 to 80% of their value relatively quickly.
Then yeah those are the types of things that you have to ask yourself why do you own it at this part of the cycle. Nvidia does report after close tomorrow all eyes will be on that I’m sure it’s going to be fantastic and lead us to a new squeeze and again my expectation is that this market’s top if I were going to project when it happens I think it’s going to be SpaceX I think that that’s going to really send kind of some shockwaves through the system and make people ask why are they buying things at valuations that they’re buying them at.
The headlines have moved the tape the 10-year at the 15-month high of 4.6. 30-year holding above 5.1. Global bond route is being led by U.S. yields. Again, crude continuing to climb. Gold is at a six-week low. I’m starting to see a lot of people trying to short gold and silver now. Pay very close attention to the GDXU and the SILJ for focus on where there is still any level of speculation and leverage in that system. Remember, the last time that we had a negative momentum event was January 28th. And Gold and Silver collapsed two days later.
Berkshire has overhauled its portfolio under Greg Abel and exited Amazon, Visa, MasterCard, and UNH. Fascinating. More of a concentrated portfolio, 40 to 26. Interesting to see that they’re walking away from a name like Amazon, given the fact that it is such a choke point in the economy. Same thing with Visa and MasterCard, but a deep appreciation for Delta and, of course, American Express. We’ll go further through that probably tomorrow to really kind of assess that. I still view Berkshire as a buy.
New Era is in talks to buy Dominion. That would be the largest power M&A ever. I think that’s going to have a very hard time getting through regulatory scrutiny, but who knows? And Elliott is buying stake in BioRad for a turnaround push. Shares down 70 plus percent from 2021.
Again, the S&P cap weight daily is down. So again, the rally has been unwinding heading into today. Keep a close eye on that cap weight. That’s going to be important. That pressure remaining heavy. Insider Buying to Selling Remains Extremely Weak And Largely Again This Is A Liquidity Issue. So The Move Index Is At 80. Again That Has Preceded Every Stress Event Past The Last Two Years. The FAZ Is Above Its Moving Averages And The Reserve Management Is Waning And That’s Important. So Odds Of A Rate Hike 1% To 45% In A Month. Extra Support Is Being Pulled.
Okay Alright That Is Everything I Got. Whew that’s a lot of stuff. It’s a lot of information. All right questions nine o’clock see what we got. Thanks everybody for joining us 153 people that’s cool that’s exciting. Let’s see happy Victoria Day yes there’s no security okay video plays for a couple of seconds it freezes that’s got to be on your end Jerry we’re we’re holding up. They teach you that at school school is dangerous okay.
How does the S&P cap weighted go up, but NASDAQ cap weighted down from last week? Where is the money shifting? That’s a good question. Let’s see. So cap weight on the NASDAQ had been moving since the ninth from about 100 to now 47 and the cap weight on. I mean, it’s that’s kind of in line. That’s not that’s pretty in line. Now the question is who is the one who are the one or two district distribution points of where is money? What’s leading to that decline? I would have to look at the individual components of this.
Oh, this is, by the way, here’s a nice little warning sign for everybody just in case you need a reminder. MACD, look at that. Daily MACD starting to cross. That is a signal right there.
So NVIDIA Apple Amazon. Let’s see. I’m going to guess that this is coming out of. It might be Micron. No. Alphabet. Tesla. I have to look into that. That’s a really good question. Could be AMD. I’d have to go back and look specifically at the names that kind of got beaten up last week. Somebody got beaten up and they have a higher weight on the NASDAQ than they do if they have one on the S&P.
So the way that this is broken down with the NASDAQ NVIDIA, Apple, Microsoft, and Amazon are the top four. Alphabet 5s. So then Broadcom is 6th and on the SAP and Micron is 6th. So it’s going to be probably a differential between AMD and Micron and then the difference between Berkshire which hasn’t done anything. Other key thing to keep in mind let’s see. It’s just concentration it could just be the it could be leverage I’d have to I have to dig into that that’s a great question that I’ve never even thought about.
Why take additional risk in years and move up on the duration exactly. 78. 78. Let’s see. A $5,500 annualized return in the 70s. Something happened in the 70s. I can’t remember what it is, though. I think it’s just the inflation bout. Yeah, in 78, there was a downturn that was like 14, 15%. And it started, it started, it was late 77 and I can’t remember exactly who was the but we went from 102 down to 89 in 78 and then it started a rebound and then we had another snag in 82. The biggest downturn in the 70s was the nifty 50 and then 74, 73, 74.
Big amount of money printed to start the year right to start the decade very comparable to COVID right detaching from the gold standard inflation shot up tightening began then Burns let it go then we had another event that happened later in the year and that was the that goes back to the chart that we showed. Chart that we recently showed about. What was that? Inflation. The inflation is tracking this decade very comparable to where we were back in the 70s.
Obama had a kind of program to get people to buy U.S. debt. Yeah, that was called the MyRA program. That was a weird program to buy 30-year. Can you share that slide deck? Sure.
Beyond Japan, are there any other Forex lines in the sand to be cognizant of? The U.K. The U.K. is extremely important because of the guilt. Remember, the guilt crisis happened in 2022. Those pension systems were underwater. Now, they probably have built, you know, they’re building their own standing repo facility right now, which isn’t shocking. But, I mean, again, we’re coming off the backside of Third Friday. Just be aware of that. Japan, U.S. relationship there, the U.K., and then the ECB, obviously.
Yields have dropped to 4.57 in the past hour. For all I know, they’re pumping money into the system. Who knows? This is a weird time. Bonds. Well, you got covering from Friday, too. Just keep that in mind.
NVIDIA has higher weighting in the NAS tech than the SPY. Okay. Why use FAZ instead of FAS? Just because I like it. Because it goes up when I’m using it. It doesn’t matter which one you use. You can use FAS or FAZ. I just have always used the FAZ because it goes up. I feel like I’m Nigel in Spinal Tap, but the chart goes up. It goes to 11.
Is there something going odd going on with Stu? Oh! Tell me. Wait, what? Up 16% pre-market? That can’t be right. That’s not right. You looking at something else, Matt?
I promised myself a long time ago to never trade the FAC. Don’t trade it. I’m not telling you to trade it. I’m telling you to watch it. It’s your friend. Just tells you when things are getting weird.
Yeah, so once again. Okay, yet another Iran deal. China had eight. We’re only at five for Iran. Okay, could be Hormuz related. Iran just Bitcoinized it. Yeah, we’ll figure that out. I’m not seeing any on Ormuz Optimism Market Trap. Okay, so we’re doing that again. We’re doing the whole, hey, we’re going to solve all of our problems in Ormuz. So we’re going to do that. So, hey, that happens. Once again, we’re right on time, aren’t we? As we know, every time that there starts to showcase some stress in the treasury market, right around that move index of 80, hey, we’ve got a deal. Yep. We’ve done that, what, six times now?
Mark it’s awesome. Alright everybody once again check out the video from yesterday that has the VWAP lesson in it. I’ll start talking about anchoring VWAP next weekend. Any other questions and then I gotta wrap it up because I gotta get a lot of content out in the next half hour. Hi William you’re getting here late bud we’re leaving. Sorry. Thanks Steve hope you’re well enjoy your day again.
For the most part, this market feels like it’s going to, you know, continue to defy gravity a little bit until we get into that June period. Keep an eye on the bond yields. And once again, yep, we’ve got another deal in place. We’re working on another deal. So, you know, that means bias to the upside in the short term. Watch that Russell number. We’ll see that cap weight at negative right now. We’ll see if that holds.
I will remain in my good friend, Sark. I worked down a little bit today. It’s waking up. It’s all I can ask in it. 28, 20, 80. So I got 3 percent gain so far. But my my line in the sand for Sark will be back at 29. Cool Rodriguez good good good.
All right everybody have a great day thanks for joining and I’ll see you tomorrow and we’ll go from there. Take care.
