₦airaland Forum

MARKET WRAP - 23/08/2015

The Market is confirmed to be in the 3rd state of Market " Market in correction ". Right now I have been stopped out of all my stocks, and If my laptop had not crashed, I would have soled on Monday when it was evident that the rate at which stocks were being sold were increasing.

On Friday, each of the index dropped 3% of their value taking us back to Feb 2015 level. The worrisome part of this was that there was no buying pressure on Friday, the market was sold to the last minute. If you have a look at the last the 4 graphs posted above, you will see that the market gaps down on each day, signalling a weakness in the Market.

ACTION

This is the best time to place a close eye on the market on daily basis. The market could turn around at any time so we need to be vigilant to know exactly when to get back into the market. Note, do not try to predict the bottom, the probability that you will enter at the bottom Is very slim. You need to be sure that the stocks had bottom and have bounced back, do not be worried if you missed 2 or 3 days of the rally, this is your insurance premium. If you paid 500 dollars for insurance in a year and do not have an accident, there is nothing you can do about that.

The best thing to do is to keep an eye on the stock you have missed before and be ready to jump in once we have the next uptrend. Do not bottom fish, it can be dangerous

Looking at the graphs above, neither of the three graphs showed a state of buying at Firday close of business. There was no sign of any buying activity on Friday which was my expectation. based on that, I expect to see another level of selling on Monday. People sold into late Friday and there was no good news to bring them back into the market which was supposed to be the case.

THE MARKET

All, I have decided to use the graph below so that you could clearly see the performance of the three major indexes in colour. This is a typical example of the term " Market discounts all" . I need all to pay attention to this time as we might not get this type of market behaviour for a while. Note, I do not mean the bleeding has stopped, but i Mean that we need to pay attention to the behaviour of the market leaders, you will see that they are also going down in price because the general market is going down. This is the number one principle that drive stock price, " market discounts all".

Moving forward, the rule states that no buying takes place at this time. You will be attracted to buy due to the drop in price, but do not be tempted. This is like a falling knife, if you catch it on its way down, it could cut through your hands, but if you catch it on its way up, the damage will be less.

I will keep a close look out for what we call a " follow through day" this is the first day after the market has been loosing money for a while, during which you could make your fist buy. It is hard to identify it buy we will be on the out look. First we need a confirmation the market is in correction is seems more like it. I will do my analyisis and post an update tomorrow to confirm the market state. It is very very tempting to walk away now and wait till the market comes back, but this is the best time to be on the look out and identify the best stocks to buy on the uptrend.

zPixel:
@jideams
done

Ended the day with a $90 loss. Kept getting stopped out. The most important thing is my losses shouldn't be bigger than my winnings. Friday should be a fun day with the massive sell-off in the market

Fully up and running now, you I would look into the analysis this weekend and post my finding. Zpixel, actually I though you would have made killing this week as it was obvious the market was week. Really, I do not know you trading strategy but I can see I can learn from it. This is what I see, from my understanding you are trading options, and if not then you are strictly day trading. If it is options then it would be really good as I can use it as an insurance against my buys ( explain later). If its not options, then you will be needing a lot of money to trade.

Please confirm if you are trading options or you are doings and outright buy. By outright by I mean you but 10,000 dollars worth of facebook in the opening trade and sell it at the end of the day. If it was options then you will be trading contracts instead of underlying shares at 100/shares per contract.

zPixel:
And for those planning to venture into trading, i will advice you paper trade for awhile and study all you can find about trading. And when you eventually start trading real money you need to be patient because you will lose for a while before you get it.

@zpixel... can u reach me on jimoh.stocks@hotmail.co.uk. send me ur number and ill reach u on whats app. i believe there is something big we could share. await ur mail

GUYS

Really sorry my laptop has crashed and there is little i could do with ipad. i should be up and running by weekend.

MARKET

market remains weak and we seem to be breaking onto the low as i can see a descending triangle. i cannot do any graphy cal analysis for now.

Please note....... no new buys for now, identify strong stocks and get ready for a new uptrend. this might take weeks no one knows. stay in cash if u are stoped out

MARKET WRAP 14/08/2015

Contrary to the Market volatility during the week, Friday trade remains calm with less volatility. The issue we experienced during the week was due to the devaluation of the Chinese currency, by approx. 5% in three straight days. Wednesday showed a very volatile day of the week but the market ended up from a very low point.

Actually, on Wednesday, I was completely out of the trade as the market volatility hit all my stops and triggered as sell of all my stocks. At the end of the day, the market traded up even though all my positions were far less than the price at which I sold them.

Lesson Learnt

As previously said, 75% of stock follow the market direction. This is a time when emotions rule, but as i had set my stops well in advance, i was taken out at the right time and lost appox 60% of my gains. When the Market was caln on Thursday, bought back 3 good stocks and by today i was up in price.

For me, I do stet my stop as soon as I make my purchase and from that point on my stops are locked in. I will rather sell and let the market calm down rather than holding on to a loosing position hoping the stock will come back.

Please note, leaders during a particular bull run does not necessarily mean they will come back. Ideally we are still in a very bearish market with closing price very close to the support line. Once we break resistance, we will be in full swing buy.

Hi All,

Market continues to trade up and down but drifting sideways and downwards on a weekly pattern. As there has been no significant change in the direction, I will restrict my updates to weekly on Fridays. There will be midweek updates on stocks doing well and a brief description of the market.

12/08/2015

So far I have been so distracted with the performance of the market and have been unable to analyse the performance of a stock in relation to the general market. Let me quickly provide a full analysis of a sock I believe to be holding up so far.
AMBA
Fundamental remains solid, our next earning report is not due to till the 01/09/2015, but lets have a close look at the technical analysis.
I flagged the stock for a buy at the point area market with a vertical dotted line. Since then the stock has moved up and pulled back but you would have not been shaken out. The pattern of movement is in relation to the general market although better. In this case we have a resistance as it could not break the ceiling on the high (the green line at 128.73) but you will notice that the lows are higher. A strong stock will have a higher high and a higher low. In this case, one condition is fulfilled, ( a higher low).

Another positive move here is that the stock had only retraced 23.6% of its previous run and had held constant at this line. Ideally, if a stock retraced 38.2% of its previous run, the up trend is assumed to be intact. So this stock is still holding up and keeping its head high, and the closing price yesterday is still higher than my entry call.

The final positive trait on this stock is that it bounced back at its 200 day moving average. Please add this to your next possible buy when we have a confirmed uptrend.
Confirmed buy price for a long position will be 128.83 dollars

See AMBA on a hourly, daily, weeky graph

Market WRAP – 12/08/2015

Market continue to show extreme volatility with a serious swing down today with one of the major averages dipping as low as -1.5% (NASDAQU) only to close at -1.29%. Now, if you took a close look at the SPY graph you will see once again that the market respected the support line ending with a least bearish candle.
Note, although the candle looks like an hammer, it is not because it has a little wick on top of the small body. Please see the candle stick pattern in one of my posts above.
So far we can see that the experience we are seeing is not attributed to a single stock but the general stock market. This continue to confirm that the Market discounts all. If all the Market is behaving badly, your stocks are likely to align. When you have an understanding of what is going on in the Market, you are like to be less afraid and shaken out.

ACTION

Now what you need to do is to adjust your stops to a convenient position, If you are lucky the market bounces up tomorrow, quickly adjust your stops up so that you can take some profit off the table if things go worse down the line. Look for your weakest stock and make plan to sell if thing to not improve.
GPRO
My GPRO lost 359 dollars yesterday and the closest stock to it lost 40 dollars. This tells me GPRO is the weakest link here. Right now, I do not need to sell it as it is close to my stop loss, but moving forward, I will adjust my stop up every percent on GPRO as it is no showing strength.

CONCLUSION

1. Do not initiate new position.
2. Keep on the lookout for stocks that have good potential and resisting the market loss (SKX) confirmed.
3. Get ready to sell and go into cash if things do not improve, If SPY breaks down below the support line.
4. If it bounces up today, adjust your stop to a comfort zone and if you are taken out, do not make a new buy until we are in a confirmed uptrend. Possibly in September.
HAPPY TRADING.
NOTE, do not get frustrated, this is a very good learning curve and once the sun shines we will be off in high speed. The essence is to understand where we are an plan our next move.

Please have a look at the graph below and you will see that the SPY has been in a sell for the last 7day, we had only one green and the green volume is less than the sell. This tells me we are still in the wood and have to trade cautiously. We are in a defensive mode, do not initiate new trade, I am on optimistic trader so i do not short the market. The psychology is different. Imagine driving from Lagos to Ibadan in reverse gear

Now the long list below shows my supper stocks, this is the list from which I chose the stocks to buy, the fundamentals has been confirmed but only waiting for a technical confirmation to buy. All the stocks were RED at a point to day, telling me there was no hiding place.

MOTTO – Plan your trade and trade your plan. You cannot trade the market as the market can never be wrong.

zPixel:
@Gbengazzee
I opened my account in Nigeria with a discount brokerage firm called suretrader. They cater for international customers with a minimum deposit of $500 with a 6:1 leverage.

@zPixel

Thanks for that.... could someone follow up on this an confirm if successful... will be interested in the outcome.

@ Gbengazzee,

To be honest that is a question I cannot answer at the moment, We will need people to test the water and see what is doable. I opened by account in the netherlands and am based in London at the moment.

Hi all,

The US market is very fluid, moves very fast, but there are tools to protect yourself. You need to understand what you are doing. One of the biggest advantage of trading the US market is that you can sell within 5 seconds and get your money within 2 seconds to buy your next stock. The control and decision is on your finger tips and all the information you need to trade is in public domain.

You must know where to look to get the information, hence you need to learn, but experience is the best teacher. Regarding the taxes, you can always ask questions.

Regarding accounts, you will have to shop around on line to see which broker would allow this... Really I cannot be too sure as I am based in London and opened by account when i was living in the Netherlands. Please if anyone is lucky enough to find a broker, Please Inform the house.

I will be on the look out and inform the house once I have any information in relation to this.

zPixel:
Today was a crazy day in the market. AQXP went from $2-$55 in 2 days! i made money off it on friday, but i was too scared to trade it today. However i banked trading VLTC and INO. Made a total of $278 today.

Hi zpixel,

I have just checked the stocks you were trading in and cannot really understand why you bought them. Can you throw some light into why you are trading it... I want to see if there is something I am missing. I do not think I would have traded each of them for the following reason

IMO - Is well below its 50day moving average, and more importantly the 50day moving average is below the 200. This should be the reverse. ok back to your previous comments, you are a day trader... how do you choose the stock to trade in for the day when there are 10,000 stocks trading daily.

I will be intrested to hear from you how u choose what to trade in.

US STOCK MARKET TODAY - 10/08/2015

The Market showed a Bullish sign today as expected following from the closing candle on Friday. The candle on Friday showed a Hammer at the support line telling us that the trend was about to reverse.

Two of the indexes, see below showed a strong buy today, if you look at the canbles, they are full candle with now wick above or below. They are full Bulish canbles, tell me that there is a strong buy appetite buy investors. The only concern I have is that there was no volume in the trade. People were buying, there was no sell, but the buy volume was still less than all the sell volume last week.

This tell me that they are cautiously optimistic. Really, there is nothing to be optimistic about, the optimism will kick in when we have a but at high volume above the resistance line. Then we can go all in.

Lets see what tomorrow brings.

Conclusion - hold tight with no new buys.. watch cautiously for stocks showing sigh of weakness and sell ASAP.

join me here https://www.nairaland.com/2460429/us-stock-market-even-playing

MARKET TODAY - 10/08/2015

The Market showed a Bullish sign today as expected following on from the closing candle on Friday. The candle on Friday showed a Hammer at the support line telling, us that the trend was about to reverse.

Two of the indexes, see below, showed a strong buy today, if you look at the candles, they are full candle with no wick above or below. They are full Bullish candles, telling me that there is a strong buying appetite buy investors. The only concern I have is that there was no volume in the trade. People were buying, there was no sell, but the buy volume was still less than all the sell volume last week.

This tell me that they are cautiously optimistic. Really, there is nothing to be optimistic about, the optimism will kick in when we have a but at high volume above the resistance line. Then we can go all in.

Lets see what tomorrow brings.

Conclusion - hold tight with no new buys.. watch cautiously for stocks showing sigh of weakness and sell ASAP.

Please click this link, it will show you all you need to know about candle stick.

Please read and digest it, It is very crucial in your daily and weekly understanding of the market behaviour.

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks

Hi Guys,

Please take the time to read and understand these candle stick pattern, I will go ahead in US MARKET 101 link to explain it further

Hi

Join me on this link, learn how to use candle stick to trade the stock market

https://www.nairaland.com/2460429/us-stock-market-even-playing

Quick lesson on Candle stick pattern. Compare this to the graphs I have provided above and make meaning out of it.

TOPIC 1 HOW TO READ CHARTS – THE PHILOSOPHY OF TECHNICAL ANALYSIS

To understand the tools and techniques used in technical analysis, I would start by defining what technical analysis is.
“Technical analysis is the study of Market action, primarily through the use of charts, for the purpose of forecasting future price trends”.
The term Market action includes 3 principal source of information available to technicians, they are
(Price, volume and open interest) Open interest in mainly used in futures and Options. For stock analysis, we will be sticking to Price and volumes.

The philosophy of technical analysis is based on three premises
1. Market action discounts everything.
2. Price moves in trends.
3. History repeats itself.

Market Action discounts everything.
Here, the technicians believe that everything that could possibly affect the price of a stock (fundamentally, politically, psychologically or otherwise) is actually reflected in the price of the market. By studying the price chart and a host of supporting technical indicators, the chartist lets the market tell him/her where price is likely to go.

Price move in Trends.
This is based on the premise that price move in trends – at trend in motion is more likely to continue than to reverse.

History Repeats Itself.
Most of the chart pattern that has been developed over the years are based on human psychology which tends not to change. These patterns are based on well identified psychology of human behaviour in the stock market. This is based on the fact that the action of human in the market is directly related to “greeed” and “fear”.

CANDLE STICK PATERN

Please take a close look at the candle stick patterns I have shown below, and try to read up on them. Before the end of the day, I will provide a short description of what each does and what it explains. I need to find one more diagram that shows how those candles are formed. Once you have a good understanding of it, you will undertand the behaviour of Traders in relation to a stock on a day and most importantly by the end of the week.

NOte, a weekly (End of Friday candle stick) is more important than a daily candle stick, this provide the average behaviour rather than a one off.

Please read up on candle stick, when i start a paid course, i will organise a video session and explain this better.

THE MARKET

The general market continue to trade in a range between the upper (resistance) and the lower (support) bar as indicated in the diagram in the last week. Thursday showed a heavy selling pressure on the tech stocks (NASDAQ) and all other indices with the body of the candle (second to the last) engulfing the last three candles (candles on Monday, Tuesday and Wednesday). This is a good confirmation of a selling pressure and the need to step aside.

Here comes the beauty of technical analysis. It shows you the finger print of the traders and enable you to decide what to do the next day well in advance of the market. Note, you are not predicting the market, you are interpreting the price action of the graph in order to prepare for your next move.

Ok here we go

On Thursday although the market sold off, the last candle respected the support line. It traded off heavily, and once the bottom of the candle hit the support line, it bounced back and people started buying back. This behaviour provides you with a confidence of what is happening, and you are not in the dark, feeling the walls and wondering your way out. Note, because the body of the candle is so long, we expect to see some sell off the following day, but we expect the market to close somewhere around the support line telling me we have respected the support line once again.

Friday provides us with a confirmation that the market was sold off and bought back again, it was sold off well beyond the support line, but it was bought back and closed right on the support line. Note that this support line had been drawn since Monday or Tuesday this week, I was not drawing the line to fit the candle, it is the candles that are reacting to and supporting the line.

What we have here in candle stick (the last candle) Is referred to as a “hammer” a small head and a long shadow, the shadow is the long line below the head of the candle. If that head was green in colour rather than a red, I would have told you to prepare yourself for a buy on Monday. Please see similar “hammer head” candles in the graph and see what happens in the next day. Please note, this is a probability and not confirmed, anything could happen over the weekend, but you need something to tell you or show you what might happen next.

MY POSITIONS

EPAM

FIT

SKX

GPRO

UVE

TOPICS TO COVER

PART 1
1. HOW TO READ CHATS
2. BIG AND ACCELERATING QUARTERLY EARNING AND SALES PER SHARE
3. ANNUAL EARNING INCREASES - LOOK FOR BIG GROWTH
4 NEWER COMPANIES, NEW PRODUCTS, NEW MANAGEMENT, NEW HIGHS OFF PROPERLY FORMED CHAT BASES.
5. SUPPLY AND DEMAND, BIG VOLUME DEMAND AT KEY POINTS
6 LEADER OR LAGGARD; WHICHIS YOUR STOCK
7. INSTITUTIONAL SPONSORSHITP.
8. MARKET DIRECTION.

PART 2

9. WHEN YOU MUST SELL AND CUT EVERY LOSS.
10. WHEN TO SELL AND TAKE YOUR WORTHWHILE PROFITS
12. MONEY MANAGEMENT, SHOULD YOU DIVERSIFY, INVESTING FOR LONG HAUL, USE MARGINS, SELL SHORT OR BUY OPTIONS.
13. 21 COSTLY MISTAKES INVESTORS MAKE
14. WATCHING THE MARKET AND REACTING TO THE NEWS.
15. IMPORTANT TIME-BASED PROVEN RULES AND GUILDLINES TO REMEMBER

Every which way but lost

The heading above described the event in the market today, and up till now, I have no idea what went wrong. I plan to investigate further to see what actually resulted in the bloody Thursday. Today, I lost 50% of my profit, with an account draw down of $1400. The index was down as follows

NASDAX - 1.6%
SPY - - 0.82
DOW - - 0.68%

in face all my 30 leading stocks were down, meaning there is not way to hide. I was so low that I had to struggle to put this together just to let people know that there are bad days... Yes there are bad day, and it do not get much worse than this. There was no hiding place.

Take a close look at the SPY graph, you will see that it is still trading in the red and blue line range. in fact the market bounced back on the red line, telling me the market is respecting the red line. based on this, if the market drops below the red line tomorrow, i will close all my positions and wait for a favourable season to get back into the market. We have had Five straight days of loss... I mean five straight days. If tomorrow is not green and we move below the red line. I am out of this market.. no questions asked.

Based on the tests so far, I expect the market to bounce off the line but still keep within range. this test has confirmed my support line once again, the more it is tested the stronger the test ground becomes. if it is broken and we close below it at any time, I am out of this market.


I have decided to show you all my indicators so you could see the momentum of the market. You will see that the momentum of the market is below 0, so there is no buying pressure in the market. lets see what happens tomorrow.

STOCK MARKET

A stock index or stock market index is a measurement of the value of a section of the stock market. It is computed from the prices of selected stocks (typically a weighted average). It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments.

US MAJOR INDICES ARE

NASDAQ Stock Market
Is an American stock exchange. It is the second-largest exchange in the world by market capitalization

New York Stock Exchange (NYSE),
sometimes known as the "Big Board",[4] is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York, United States. It is the world's largest stock exchange by market capitalization of its listed companies at US$19.69 trillion as of May 2015.[5] The average daily trading value was approximately US$169 billion in 2013

Dow Jones Industrial Average /Industrial Average, the Dow Jones,
Simply Called theDow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow

These are the major averages on which our stock market analysis will be based and referenced as we go along.

WHAT DRIVES STOCK PRICE

The move movement of a stock/equity is determined by several factors, which include but not limited to the following

1. The general market movement - 75% of stocks follow the direction of the general market.
2. Institutional ownership - Funds, banks, insurance companies, these are the big boys that inject significant money into a stock that affect price.
3. Fundermentals - The fundamental are the factors that interest the fund managers to invest into the stock. The fundamentals are derived from
the comany's books. it include, sales, earnings per share (EPS), return on investment (ROE) debt e.t.c

There are factors that need to considered in buying a stock. First of all, you need to have a list of at least 30 stock with solid fundamentals, we will discuss how to come about these values later. You then have to make sure you general market is an uptrend and your stock are at the right buy point. The right buy point is determined by your technical analysis. Once you have all these considered, you need to determine you entry, price, your profit taking Zone and your stop loss ( total risk) before entry.

Once the factors are determined the market will take you into the trade rather than you pressing a buy. Buying a stock by pressing the buy bottom is a beginners way of buying stocks. Experienced trader will set all his criteria for a buy at least an hour before the market opens, and when the conditions are right, the trade will execute. No emotions of any sort in such trade. In fact you can set your conditions and walk away from your trade.

We will discuss all these and others in the coming weeks and months.

Hi all,

Yesterday provided me with one of the wildest movement in my portfolio ever experienced. The market close quite well and I was 10% up in my portfolio (700 dollars) profit at the close of market. FIT reported, beat estimate, better than expected and zoomed my portfolio to 14% up with a total of (1000 dollars) for the day, only to come back an hour later to see I was down (- 50 dollars) at one point.

In short, although FIT beat estimate there was something in the earnings report that was not convincing so it was sold. See the graph of FIT at close of trade.

Waking up this morning, I checked my portfolio only to see I was up 700 dollars again, not sure what the investors were thinking about, but I await what happens when the market opens today. That will provide a confirmation of the direction of FIT.

As previously said no one can predict, we can only protect ourselves. please see attached graphs.

Follow UP on EPAM

Yesterday, I decided to reduce my position on EPAM by 75% based on 3 factors
1. I was not in profit on EPAM going into earnings.
2. Two of my stocks were reporting on the same day EPAM and FIT (High risk)
3. I was already 10% up in FIT, so if it drops 15% in value following earnings, I would be -5% at the end of the day (fair enough)

Following the sale of FIT, I positioned myself for the purchase of another stock "UVE". UVE declared yesterday and the technical graph showed by there are more room for movement.

Ready for the following day, I position my buy at 3% & 5% above and below the previous days closing price respectively. When the market opened, my position was executed at 3.5% above the previous day's close and I made 5% out of the day's move.

Cutting long story short, you must always analyse your position and mitigate against risk. Ensure you protect yourself as there are always something to buy the next day or week.

See the graphs of EPAM, UVE following the decision and my portfolio before market close.

xbone2k6:
our 101 thread is not moving o.

TRUE - I am waiting for the arrival of a book from which I could scan diagrams for upload. My apologies.

EPAM – EARNING

Yesterday “EPAM” one of my holdings released its results. Actually the conference call will be taking place today before the opening bell. When I checked my position so far prior to the result I realised that “EPAM” had not make any profit in my portfolio so It will be a huge risk if I went into earnings and the stock drops 10 -15% in price. In addition to this, I have another stock FIT reporting today at close of business. FIT on the other hand had made me a profit of about 11% going into earning so if it drops 15% I would have lost only 5%.

After reviewing my position, I decided to drop my holding on EPAM by 75% (from 68 to 17) and hold onto FIT into earnings. What I have tried to do here is to carry out my risk analysis and exposure to two earning report in a day. In this case I have decided to mitigate it by dropping my holding in one by 75% and hold onto the other one. Note, EPAM might jump 10%, which means I would have lost out if I had not sold, but in stocks, a bird in hand is worth 10 in the bush.

If you have a position of 10 dollar and it drops 50%, it brings you down to 5dollar. To get back to 10 Dollar, your stock has to rise 100 %. That tells you this is a game of defence rather than attack.
Lets see how it plays out on the 5th

xbone2k6:
ummmm...is tdameritrade only for those in US or with US visa

Not Realy, you should be able to Open a TD Ameritrade account from anywhere ( not sure of IRAN and south Korea). I did open mine when i was in netherlands, it might take some effort as they might need you to fax documents. It took me about 4wks to complete and all was fine from then on.

Note once you open it online, you will get a dummy account you can use to familiarise yourself with the plaftform before you can then fund it once all is ok.

Any more question, Ill update ASAP

Hopefully if FIT delivers this week, ill hold it till the next earning season. Know what, let the numbers speak for itself and then we react to it.

@ YerYer

The difficult thing is that I myself cannot track all these stocks at once. I have 30 good stock in my watchlist but I only buy and track five, that way I could pay more attention and research better.

Apple as you know hit 200 day moving average, we hope it bounces back but who know. The reason for this is that apple declared a good result but the forward looking guidance was not exceptional. Another thing they fail to do was to report on, or make comments on Apple watch, indicating the watch is not performing as expected.

FIT - has been projected to beat expectation this week and you an already see the volume traded today. At one point the stock hit 6.7 % before pulling back.

Note - SKX - traded at 150 dollar a share at a volume of 10million shares last week. That is a staggering 150 Billion dollars trade.

Watch this space.