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Speaker 1: Broadcasting live to New York, Toomberg even to Washington, d C.

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Speaker 1: Bloomberg to Boston, Bloomberg twelve hundars to San Francisco, Bloomberg

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Speaker 1: to the Country General one ninety and around the globe

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Speaker 1: the Bloomberg Radio plus Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good morning at seven thirty on Wall Street and Michael

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Speaker 1: McKee along with Tom Keen. Interesting stories out this morning

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Speaker 1: as we get back to the markets on the really

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Speaker 1: the second day of trading for the quarter, but kind

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Speaker 1: of feels like the first instance of Monday. Bats Global

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Speaker 1: markets pricing and t I p O eleven point two

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Speaker 1: million shares seventeen dollars to nineteen dollars a share. Alaska

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Speaker 1: Air Group buying Virgin America fifty seven dollars a share

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Speaker 1: makes a deal valued at about four billion sharp higher.

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Speaker 1: After Fox con formally signed a rescue deal over the weekend,

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Speaker 1: the stock up four percent to close it a hundred

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Speaker 1: and thirty yen in Tokyo and FedEx out there marketing

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Speaker 1: nine dollar bonds for the first time because interest rates

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Speaker 1: are solo company offering eurodenominated notes between three and ten years,

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Speaker 1: including at least five hundred million of floating rate notes

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Speaker 1: maturing in two thousand nineteen, according to little person familiar

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Speaker 1: with the matter. Let's check up with Michael barn Now

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Speaker 1: and get the latest World of national headlines. Mike, thank

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Speaker 1: you very much. Amtrack says it's operating trains today as scheduled,

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Speaker 1: although there may be some delays on its Seller Express,

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Speaker 1: Northeast Regional, and other services between Philadelphia and Wilmington, Delaware. Yesterday,

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Speaker 1: a train heading from New York to Savannah, Georgia, hit

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Speaker 1: heavy equipment on tracks outside Philadelphia, and the lead engine

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Speaker 1: derailed to Amtrack employees were killed and more than thirty

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Speaker 1: passengers were injured. Ryan Freego with the National Transportation Safety

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Speaker 1: Board says they have recovered the event data recorder. Most

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Speaker 1: of our team has arrived on scene and we will

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Speaker 1: be looking at mechanical operations, signal track, human performance and

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Speaker 1: survival factors. A monitoring up says an air strike on

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Speaker 1: an L Kind Of affiliated headquarters in northern Syria has

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Speaker 1: killed at least twenty two militants, including a senior Al

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Speaker 1: Kind Of linked spokesman. The Britain based Syrian Observatory for

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Speaker 1: Human Rights says jet's thoughts belonging to the Syrian or

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Speaker 1: Russian air forces targeted the headquarters of an extremist group

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Speaker 1: that fights alongside the news for Front. The first group

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Speaker 1: of refugees were deported from Greece to Turkey as part

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Speaker 1: of the controversy of European Union planned curb migration to Europe.

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Speaker 1: Global News twenty four hours a day, powered by our journalists.

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Speaker 1: I'm Michael Barn Mike, Thank you, Michael. Time now for

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Speaker 1: the um NBC and Bloomberg Sports Update. Here's John steshow alright, Mike.

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Speaker 1: Opening night for the Mets against the team that beat

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Speaker 1: him in the World Series last fall and in Kansas City,

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Speaker 1: Edinsonvalcas was Sharperlin six scoreless and ins of the Mets

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Speaker 1: did get to the Royals bullpen, scoring three runs in

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Speaker 1: the eighth inning, had too on in the ninth, but

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Speaker 1: Kse closer Wade Davis struck out David right then yo

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Speaker 1: Na Sespicis. The Royals hung on four to three. Matt

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Speaker 1: Harvey took the loss. Can't blame him for Kansas City's

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Speaker 1: first run. That was on Cespedis, who had his fielding

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Speaker 1: woes in the World Series and who in the first

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Speaker 1: dinning last night dropped a routine tie ball or what

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Speaker 1: could be at Chile Stadium today Opening day for the Yankees, Yanks,

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Speaker 1: and Astros, just as it was in last year's wild

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Speaker 1: Card playoffs. SAT pictures as that game, Massa, Heiro Tanaka

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Speaker 1: and Houston cy Young winner Dallas tichel Nick set out

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Speaker 1: Karmelo Anthony and kristophs Porzingis. They battled Indiana but fell

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Speaker 1: at the Garden eighties seven. The Nets set out Proklopez

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Speaker 1: and Fatty as Young. They both won't play the rest

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Speaker 1: of the season. Nets beaten by New Orleans one oh

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Speaker 1: six eighty seven. Other route for the Yukon women eighty

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Speaker 1: to fifty one over Oregon State Huskies will seek an

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Speaker 1: eleventh and C double a championship fourth in a row

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Speaker 1: tomorrow night against Syracu used to beat Washington eighty to

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Speaker 1: fifty nine. Men's final tonight North Carolina and Villanova with

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Speaker 1: the Bloomberg NBC Sports upthing. I'm John Stepson, Thank you

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Speaker 1: John Well. We are watching futures higher and stocks in

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Speaker 1: Europe are higher on the day. Currencies the euro one

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Speaker 1: thirteen sixty seven is down just a touch, but that's

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Speaker 1: still a strong number. The en strengthens one eleven sixty seven.

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Speaker 1: This is Bloomberg Surveillance worldwide. Welcome back to Bloomberg Surveillance.

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Speaker 1: I Michael McKey along with Tom Keene and as I mentioned,

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Speaker 1: Futures trading higher where the SMP evening features up six points.

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Speaker 1: Now we're adding to games three tenths of a percent down,

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Speaker 1: Futures thirty seven higher two tenths of eight percent. The

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Speaker 1: stock six hundred in Europe is up four points right now,

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Speaker 1: one point one percent to decks that is up a

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Speaker 1: hundred and eleven points one point one percent as well,

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Speaker 1: So a strong start to the second quarter. This this

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Speaker 1: second trading day of the second quarter. Time now for

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Speaker 1: the Bloomberg n j I T STEM Report, brought to

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Speaker 1: you by New Jersey Institute of Technology, investing more than

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Speaker 1: a hundred and ten million dollars a year and applied

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Speaker 1: research to solve problems and improve life. Learn more stories

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Speaker 1: of innovation dot m j I T dot E DU.

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Speaker 1: Here's probably Michael, good morning. Here's what's making news in science, technology,

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Speaker 1: engineering and math. Another hard lesson the technology is not

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Speaker 1: always a businesses friend. A massive leak of data from

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Speaker 1: a Panama law firm has exposed eleven point five million

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Speaker 1: records outlining the creation of more than two hundred thousand

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Speaker 1: offshore shell companies dating back twenty years, and in the process,

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Speaker 1: it's embarrassed politicians, celebrities and criminals around the world consider

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Speaker 1: this What sounds like a huge amount of documentation these

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Speaker 1: days can walk out the door of a company on

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Speaker 1: a hard drive smaller than a pack of cigarettes. Apple's

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Speaker 1: latest attempt to crack the smartphone market in India by

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Speaker 1: selling used phones is meeting a wall of resistance. The

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Speaker 1: iPhone maker is seeking permission to become the first company

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Speaker 1: allowed to import and sell used phones in the country,

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Speaker 1: its second attempt in as many years. This time the

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Speaker 1: stakes are higher and a growing number of industry executives

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Speaker 1: are fighting the move. Morning Government officials in private that

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Speaker 1: it will open the floodgates to electronic waste and make

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Speaker 1: a force of Prime Minister Noranda motives Made in India

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Speaker 1: program to encourage local manufacturing, and Google confirms it has

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Speaker 1: removed the Taliban developed online app for Android smartphones and

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Speaker 1: increasing the militant group's visibility worldwide. The launch of the

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Speaker 1: app was reported on Friday by a group that monitors

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Speaker 1: the hottest social media. The app included contents such as

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Speaker 1: official statements and videos from the Taliban, which has waged

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Speaker 1: a jihad in Afghanistan for more than fourteen years. And

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Speaker 1: that's this morning's Bloomberg n j I T STEM report,

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Speaker 1: Michael Baba, thank you very much. Well. Last week the

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Speaker 1: sp finished up by one point eight percent. People getting

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Speaker 1: a little bit more confident about the direction of the

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Speaker 1: stock market. Katie Stockton is not one of them. She's

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Speaker 1: the chief technical analyst at bt I G and she

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Speaker 1: has a no doubt from over the weekend that raises

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Speaker 1: a question of whether or not analysts and investors are

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Speaker 1: overly bull about the way things are going. I would

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Speaker 1: call you our black clouds of the day, but the

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Speaker 1: weather is going to take precedence there, Katie, So we'll

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Speaker 1: just so you're the second down. Um, why what what

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Speaker 1: is concerning you? You know, for me, it's gone a

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Speaker 1: little bit too far, too fast. So obviously the SMP

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Speaker 1: five is now up about fourteen and a half percent

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Speaker 1: from subway is low and to me, the momentum is

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Speaker 1: still there, and yet it's really kind of fallen off

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Speaker 1: in the past week or so. And when when you

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Speaker 1: look at overseas markets, you're seen a more significant loss

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Speaker 1: of momentum there that I think we'll ultimately carry over

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Speaker 1: to our market as well. It just feels like it's

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Speaker 1: being boosted by sort of false hopes to me, and

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Speaker 1: you can see that in some of the gauges of

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Speaker 1: sentiment that we track. There are two types of sentiment engages,

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Speaker 1: the investor polls where they actually take a pull of

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Speaker 1: investors and say, well, you know, how do you feel

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Speaker 1: about the market right now? And then there are the

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Speaker 1: transactional gauges, and that would be not just how you feel,

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Speaker 1: but how are you positioning via things like you know,

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Speaker 1: put some calls and and looking at the VIX and

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Speaker 1: things like that, and not to me, um is a

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Speaker 1: more important gauge, those transactional gauges, and they're pretty stretched

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Speaker 1: right now to the highest point where, uh, since the

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Speaker 1: SMP five hundred peaked back in early November, what what

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Speaker 1: are people buying that? Yeah, you know, the rotation more

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Speaker 1: recently has been somewhat offensive, but for the quarter, for

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Speaker 1: the first quarter, it was a much much more defensive overall,

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Speaker 1: and a lot of that, of course, was in January

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Speaker 1: when you saw defensive sectors like consumer staples, utilities, and

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Speaker 1: telecom exhibit. You know, leadership. As the market went lower.

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Speaker 1: More recently, we've seen it back up in certain areas.

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Speaker 1: You know, technology has done pretty well. Um. You know,

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Speaker 1: discretionaries held up. Um. Of course, the more defensive sectors

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Speaker 1: have pulled back with the relief rally, but I think

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Speaker 1: this may be temporary. Um. So the sector position that

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Speaker 1: I'm watching that someone promising is actually in the previously

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Speaker 1: on loved sectors of the market. Looking at areas like

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Speaker 1: materials and energy and industrials of course have really just

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Speaker 1: been on a tear on a relative basis. Well, let's

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Speaker 1: let's clarify that. Are you talking about, um, the market

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Speaker 1: being stretched on an overall basis or just some sectors

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Speaker 1: and maybe we see some rotation. You know, So when

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Speaker 1: I talk about sectors, I'm usually talking from a relative

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Speaker 1: perspective because we all sort of live in this relative world.

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Speaker 1: We always need to outperform, right, So when I talk

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Speaker 1: about them, you know, industrial is being on a tear

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Speaker 1: right now. It's absolute and relative terms. But you know,

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Speaker 1: as the market pulls back, which is what I expect,

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Speaker 1: you would just look for relative out performance, which doesn't

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Speaker 1: necessarily mean it goes higher from here. What about the

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Speaker 1: disconnect or do you see a disconnect between what the

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Speaker 1: companies are saying and what the sentiment indexes are saying?

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Speaker 1: You know, UM, I don't track the company data as

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Speaker 1: much as a technical strategist, UM, but what I am

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Speaker 1: looking at, you know, is pretty similar in some ways.

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Speaker 1: You know, we're all looking at the very inputs into

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Speaker 1: UM macro factors and and earnings. And you know, crude

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Speaker 1: oil of course being one where you had a positive

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Speaker 1: correlation between baquity market and crude oil up until the

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Speaker 1: last week or two. And it's interesting to me the

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Speaker 1: divergence with that sort of correlation that existed where you're

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Speaker 1: seeing the European markets for one, actually track crude oil

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Speaker 1: more closely now and we've seen sort of a break

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Speaker 1: up in that relationship between the S and P five

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Speaker 1: hundred and crude oil prices. So it'll be interesting to

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Speaker 1: see how that's reconciled. And as you know, I would

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Speaker 1: expect it to be lower UM SMP fire. Katie Stockton

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Speaker 1: is with this chief technically on us for BT I

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Speaker 1: G will continue our conversation in just a few moments.

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Speaker 1: Were watching the markets at least the futures markets at

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Speaker 1: the moment, ignore Katie's pessimism. Um they're still on the

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Speaker 1: green side of fear and greed. SMP up six points

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Speaker 1: three tenths of a percent. This is Bloomberg Radio Bloomberg

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Speaker 1: Surveillance brought to buy Untucked. Think your shirt is too

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Speaker 1: off to approve your wardrobe. Global Business News twenty four

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Speaker 1: hours a day at Bloomberg dot Com, the Radio Plus

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Speaker 1: mobile app, and on your radio. This is a Bloomberg

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Speaker 1: Business Flash and I'm kmerin Moscow. This updates brought to

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Speaker 1: you by Sector Spider E t f So why buy

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Speaker 1: six Sector E t f U stock index futures are

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Speaker 1: edging higher as investors look for fresh queues after the

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Speaker 1: S and P five index closed at its highest level

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Speaker 1: of the year. Right now, SMP even the futures are

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Speaker 1: up four and a half points now. Eveny futures up

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Speaker 1: twenty six and NAS documitty futures are up nine and

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Speaker 1: we check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg, the decks in Germany's up one point one

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Speaker 1: per cent, the ten year treasury up one thirty second,

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Speaker 1: the yield one point seven six percent yield on the

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Speaker 1: two year point seven three percent. NIMEX Scrude oil up

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Speaker 1: poor tens per cent or thirteen cents to thirty six

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Speaker 1: ninety two A barrel. Comics gold is down three tenths

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Speaker 1: per cent or three dollars fifty cents to twelve twenty

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Speaker 1: announced the euro and dollar thirteen seventy three, the N

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Speaker 1: one eleven point six one. Alaska Air Group agreeing to

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Speaker 1: buy Richard Branson backed Virgin America for two point six

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Speaker 1: billion dollars in Virgin America's up thirty nine percent this morning.

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Speaker 1: Pat's Global Markets initial public offering made value the second

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Speaker 1: largest US stock exchange operator, at as much as two

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Speaker 1: point one billion dollars, more than double the expected valuation

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Speaker 1: in its first attempt four years ago. And Tesla Motor

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Speaker 1: is up almost four percent after chief executive Elon Musk

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Speaker 1: said pre orders for its Model three electric car reach

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Speaker 1: two hundred seventy six thousand by Saturday night. That's a

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Speaker 1: Bloomberg business flash. Tom and Mike Cara Mosco, thank you

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Speaker 1: very much. We're talking with Katie Stockton, the chief technical

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Speaker 1: and list for bt I G, who is somewhat pessimistic

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Speaker 1: about the outlook for equities. And let me clarify over

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Speaker 1: what period I mean when we talk about overly bullish

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Speaker 1: signals being sent in a pullback in site, how long

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Speaker 1: would that last? We are we weigh over over brought here,

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Speaker 1: so we have signals both on the short term time

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Speaker 1: frame and also the intermediate term timeframe at this stage

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Speaker 1: in terms of how widespread over brought conditions have become

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Speaker 1: during this backup in in the S and P five hundred,

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Speaker 1: we're actually at the point where I believe it's of

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Speaker 1: the constituents of the S and P five are above

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Speaker 1: their fifty day moving averages. So it's uh, it's not

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Speaker 1: really a sustainable level. So your first inclination is to

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Speaker 1: have a bullish takeaway from that, and a lot of

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Speaker 1: people do right now, it seems, but in reality that

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Speaker 1: level is really quite over bought or over extended and

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Speaker 1: not likely sustainable. Beyond you know days, So so it's

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Speaker 1: really a short term call from measures like that. And

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Speaker 1: then when you look on an intermediate terms, certainly momentum

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Speaker 1: has improved, um, you know that sort of that maybe

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Speaker 1: we could make a higher low relative to January and February.

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Speaker 1: That would be you know, to me best case scenario.

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Speaker 1: But certainly the overbought conditions are quite widespread. They affected

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Speaker 1: more than fifty of the S and P five hundred

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Speaker 1: at this stage, Katie, I did a lot of workless

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Speaker 1: week on the technical construction of oil and the answer

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Speaker 1: is that kept coming back to the word indeterminate. It's

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Speaker 1: almost a no man's land arrange abound whither this way,

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Speaker 1: whither that way? Which whither way is the wither? Yeah,

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Speaker 1: So so I think it's you know, the price action,

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Speaker 1: which I called backing and filling, is part of a

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Speaker 1: basing phase. And so the reason I say that is

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Speaker 1: because momentum sort of improved over time as crude oil

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Speaker 1: it is finally stuck in the mud here. So to me,

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Speaker 1: this backing and filling is part of a bottoming process

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Speaker 1: with an emphasis on process where it doesn't necessarily you know,

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Speaker 1: get that v bottom and go straight up but rather

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Speaker 1: we get a series of rallies and retests, and indeed,

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Speaker 1: right now we're in this retest mode. I'm looking for

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Speaker 1: some support to come into play for w t I

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Speaker 1: around thirty four dollars per barrel. Well, we should mention

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Speaker 1: that oil has turned around since the show began. Both

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Speaker 1: West Texas and Brent are higher right now by two

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Speaker 1: tents of a per cent. Yeah, well, yeah, there they

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Speaker 1: were weak and they've come back a little bit. But

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Speaker 1: it's interesting that Normans, then Cantie tell me about the

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Speaker 1: most loved thing I've seen since the nineteen sixties, which

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Speaker 1: is big cap consumer stocks. They paid dividends, they've got

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Speaker 1: presumed dividend growth. How do you technically justify acquiring shares?

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Speaker 1: It's something with a twenty plus pe multiple. That's that's

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Speaker 1: the way you can always justify it is momentum. So

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Speaker 1: there are times at which really the fundamentals and and

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Speaker 1: you know the chart of a stock sort of diverge

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Speaker 1: where you know the way that that stock is acting

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Speaker 1: isn't really aligned with valuations. And the are the times

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Speaker 1: where these indicators that we use can come in really handy.

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Speaker 1: So looking at momentum tools, a lot of them are

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Speaker 1: derived from moving averages of price. So when you look

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Speaker 1: at the consumer staples et F for example, it still

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Speaker 1: has very strong momentum and s indeed looks over extended

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Speaker 1: by some measures. But you know, as long as you

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Speaker 1: stay on the right side of these moving averages um,

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Speaker 1: you generally do better. What is momentum, so, I mean

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Speaker 1: it's price momentum, right, So it's really just based on

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Speaker 1: the price of the stock, and it's you know, it's

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Speaker 1: sort of like the train in motion is more likely

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Speaker 1: to stay in motion type of things. So it's it's

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Speaker 1: driven by you know, invests or behavior sort of, you

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Speaker 1: know that that sentiment that we're trying to gauge, you know,

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Speaker 1: with all the indicators that we use. So it's market

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Speaker 1: behavior that sort of manifests itself in this momentum. And again,

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Speaker 1: you know, sometimes averages with what we think is stocks

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Speaker 1: should be doing. I'm looking at UH an indicator that

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Speaker 1: you mentioned you look at I don't know how much

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Speaker 1: faith you put in at the CNN Money Fear and

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Speaker 1: Greed Index, and I'm just looking at it right now

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Speaker 1: against the SP five and it looks basically like a

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Speaker 1: momentum indicator. It's very contemporaneous, right, right, So you know

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Speaker 1: a lot of the indicators that we use are more

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Speaker 1: coincident in nature. Rarely, ever can we find indicators that

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Speaker 1: actually have a lead time to that UM. Usually we

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Speaker 1: use relative strength analysis to get any kind of lead UM.

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Speaker 1: But you know, with the CNN Fear and Greed Index

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Speaker 1: is one transactional gauge of sentiment that actually incorporates I

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Speaker 1: believe seven various transactional gauges, including that VIX, including junk

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Speaker 1: bond demand, various measures that I think are important. UM. Indeed,

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Speaker 1: it's it's somewhat correlated to you know, peaks and troughs

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Speaker 1: in the SMP five hundreds. So the backup in that

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Speaker 1: CNN Fear and Greed Index and now the elevated level

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Speaker 1: that we last saw in early November, that's somewhat concerning.

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Speaker 1: It tells us that the market maybe a bit frosty.

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Speaker 1: And then when you just think about the numbers them,

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Speaker 1: certainly you could you know, justify that the you you

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Speaker 1: said when we started, we're looking at, you know, what's

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Speaker 1: happening in the options markets, and then with the sentiment

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Speaker 1: indicators or most of the sentiment indicators telling you the

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Speaker 1: same thing, as this CNN. Yeah, I would say so,

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Speaker 1: and some aren't quite as extreme. Um But you know,

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Speaker 1: really the investor polls are showing abolishness as having increased,

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Speaker 1: albeit less so. Um. So, you know, it's just a

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Speaker 1: matter of trying to understand which gage works best for you.

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Speaker 1: When you look at the vix um, it looks very oversold.

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Speaker 1: In fact, it has some countertrend signals based on indicators

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Speaker 1: derived from Tom Demark's sort of set up at his toolbox.

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Speaker 1: So I think that's kind of interesting where you actually

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Speaker 1: have oversold conditions and the vix being enhanced then by

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Speaker 1: the overbought conditions and equity market within this and with

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Speaker 1: a technical construction. One of the great things that people

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Speaker 1: like to do is get away from short termism. Look

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Speaker 1: at weekly charts, look at monthly charts. Where are we

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Speaker 1: in a bull market? Are we not in a bull

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Speaker 1: market spanning back five or six years? Right? I think

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Speaker 1: we can safely say that the bull market that began

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Speaker 1: two thousand and eight two thousand and nine has been reversed.

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Speaker 1: Um So, in a way, sort of a cyclical bear

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Speaker 1: is still you know, or still has a hold on

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Speaker 1: the broader market. In fact, I drew a nice little

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Speaker 1: downtrend channel on the SMP five hundred which broke some

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Speaker 1: very important support levels in January. So to me, you know,

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Speaker 1: all you have to do is look globally as well,

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Speaker 1: where you can see these down trends are much more pronounced.

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Speaker 1: So I think we need to work within that framework.

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Speaker 1: And indeed it's always important to take a step back

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Speaker 1: and look at the intermediate and long term charts. But

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Speaker 1: unfortunately these days were all forced into being somewhat short

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Speaker 1: term if we indeed want to outperform the broader market,

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Speaker 1: because if you miss these types of moves, you know,

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Speaker 1: like this fourteen and a half percent rally off the

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Speaker 1: Subruary low, then really you're you're missing too much in

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Speaker 1: order to you know, ad perform for either yourself or

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Speaker 1: your clients. What's happening outside our borders in in other markets,

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Speaker 1: same conditions, right, so that the downtrends there are more

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Speaker 1: pronounced as you could imagine. You know, we've seen under

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Speaker 1: performance over the long term from you know, really any

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Speaker 1: developed global market for the most part. Certainly we've seen

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Speaker 1: some out performance over the near term or the recent

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Speaker 1: term by the likes of brazil Um, you know, and

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Speaker 1: some of the emerging markets have done quite well very recently,

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Speaker 1: but again they look over extended, just like our market,

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Speaker 1: you know, from a short to intermediate term perspective. And

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Speaker 1: you know when you look at where there's resistance on

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Speaker 1: these charts, they're there, for the most part, still making

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Speaker 1: lower highs on their charts and right up into some

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Speaker 1: resistance in a lot of cases based on where it

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Speaker 1: broke down in January. And even the same can be

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Speaker 1: said for the Russell two thousand. One of the worst

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Speaker 1: looking markets to me is Japan um so that you know,

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Speaker 1: it's suffered a loss of relative strength, it suffered a

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Speaker 1: loss of momentum, and it just acts poorly, and I

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Speaker 1: think that's a message from the market. Tom's been all

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Speaker 1: over Japan the last couple of days here. Yeah, we've

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Speaker 1: uncovered like crazy with again weaker, you know, rather stronger

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Speaker 1: the end stronger, breaking through the new abbionomics level. Do

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Speaker 1: you have a call on you? I mean, if you

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Speaker 1: look at point and figure into a horizontal count or

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Speaker 1: something like that, do you have a target on end

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Speaker 1: one ten one oh nine? Yeah, I mean it's obviously

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Speaker 1: discovered a little support here in this one eleven area, right,

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Speaker 1: or you could call it resistance depending on how you're

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Speaker 1: looking at it. Um. What's interesting is we actually have

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Speaker 1: when a countertrend signal as of today, and it's really

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Speaker 1: the first one in months. So it would suggest that

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Speaker 1: this level is actually going to hold, at least in

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Speaker 1: the very near term. And so no, no real target.

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Speaker 1: It's not my practice to assign targets, but if it

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Speaker 1: does breach that one eleven, then I think you'll see

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Speaker 1: some significant follow throom, Katie, Thank you so much, Katie

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Speaker 1: Stockton with this this morning. Greatly appreciate that. Katie Stockton

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Speaker 1: on charts by good look at overall, um outlook. Yeah,

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Speaker 1: the people are looking at think, well you were where

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Speaker 1: you were gone using me in Tucker's vacation days. I know,

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Speaker 1: well very good. Did you have a good time, yes? Yes?

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Speaker 1: Did we miss him? Yes? We did. Nothing going on.

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Speaker 1: It was the question there. It was like central Bank.

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Speaker 1: It was like central Bank. Derby Michael McKee, something to

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Speaker 1: talk about when Mr McKee will get some free time.

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Speaker 1: Futures have five down, futures up, twenty six. McKee voting

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Speaker 1: for Villene Villanova. It's Bloomberg surveillance