Technically Speaking: Trading the Trend | Identifying Targets| 6-13-19 | Brent Moors

Technically Speaking: Trading the Trend | Identifying Targets| 6-13-19 | Brent Moors

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[MUSIC PLAYING] Hello, everybody! It is good to be here today. My name is Brent Moors and I’m
filling in for Mr. James Boyd today for Technically Speaking. We’re talking about
trading the trend today. Specifically, we’re
going to be talking about identifying targets
for potential exits or areas to protect yourself on. Let’s take a look
at those disclosures though as we get started here. So, just remember
that options are not suitable for all investors
as the special risks inherent to options trading may
expose investors to potentially rapid and substantial losses. Spread Straddles and other
multi option strategies can entail substantial
transaction costs, including multiple commissions, which may
impact any potential return. In order to demonstrate the
functionality of the platform, we need to use actual symbols. However, TD Ameritrade does
not make recommendations or determine the suitability
of any security or strategy for individual traders. Any investment decision you make
in your self-directed account is solely your responsibility. Paper money, we’ll be
looking at paper money today. That is for educational
purposes only and past performance of
any security or strategy does not guarantee future
results or success. Those are you option Greeks. And so without further
ado, let’s talk about what we’re going
to be doing today here. Let me just bring up our agenda. There is our agenda. We’re going to talk about
swing trading a little bit today, and some of the
differences between swing trading and trend trading. We’ll take both a bullish and
bearish perspective on this. We’re going to talk about
potential entry signals, price targets, and exit points on
those and trade management. And if time does permit
we may talk a little bit about position sizing. I kind of doubt we’ll probably
get to that, because really the topic is identifying targets
for potential exits or areas to protect. So I imagine most of us
have been in a situation where you’ve been concerned
that a stock may experience a short term pullback, or maybe
the market would experience a short term pullback. Now, how do you
identify areas where you’re going to protect
yourself in that case? Now, you can take a longer
term approach and just say, I’m not going to worry about it. The market’s bound to have
some short term pullbacks. And that is fine. But if you want to trade
the market more actively, then trying to identify
those spots may make sense. And then what strategies
do you use that? OK, so we’ll talk about
identifying potential targets here going forward. And then– well, hopefully
by the time you’re done then you’ll be able to identify those
targets for potential exits and areas to consider exiting. Now, let’s take a
quick look though, because I want to just
mention something to you. If I look at the calendar,
today is Thursday. So here’s today. We have Technically Speaking. We’re going to be
talking in this about a lot of
technical analysis, maybe a little bit shorter term. Even though this is
trading the trend we’re still going to be looking
a little shorter term on this, although we will be dealing
with trend trading a little bit. But then notice as we
go on later in the day, we have sessions
on options, ones that are going to
be a little bit more fundamentally oriented,
a platform demo later. So there’s a whole variety
of different topics. Check out the topic and
make sure, whatever it is, it fits you. Now let’s go. Let’s take a look at– I’m going to pull
up thinkorswim here. Here’s thinkorswim. And let’s just look at
some of the major markets. This is Technically
Speaking here. And my name is Brent
Moors, and I’m subbing in. And I welcome Ricardo and
Rosario and Remi and Wayne. Let’s just look real quick at
what the markets are doing here today. So, not a huge day. We’re up 0.4% there. But look at what
the SPX has done. In fact, let’s just– I want to use the SPX as an
example here for a second. We’ll go on to
individual stocks later. But if we look at the trend
on the SPX, look what it did. It went up and then
it pulled back. It went up and pulled back. It went up and pulled back, and
up and back, and up and back. Do you see that? And then when it
started going down, it went down and up and down. And then, look, maybe
we’re changing here. I don’t know. This looks like this may
be a little bit of a higher low here. And we definitely
have a higher high. So, that trend right now
is a little bit iffy. But my point is, if
you’re going to trade– let’s say we bought,
I don’t know, an option on the SPX or
something back down here. We have a choice. We can just say, hey,
I’m going to buy it and it’s going to go up and
down and I’m good with that. You can have that
attitude and there’s nothing wrong with that. But you can also say, look,
I don’t want to– it keeps, it pulls back. It keeps pulling back. And if I could time
that a little better, I’d be more successful. The latter approach,
where we try and maybe sell up here and buy down here,
sell up here, and buy down here, is more of a
swing trade approach. Whereas the buy here and just
wait until the trend breaks, maybe sell once we realize
the trend is breaking, maybe– I don’t know where that is. Maybe that’s here or something. That is more of a
trend trading approach. And so, just realized
that’s the distinction we’re talking about right now. But anyway, so if
we had thoughts that the trend was changing
on this, well, look. I mean, we’ve had a decent
bullish run here just recently. Now, let’s look at a few others. So that’s the SPX. How about NASDAQ? Kind of pretty
similar, isn’t it? The NASDAQ is looking
pretty similar. Looks like the trend is changing
and then all of a sudden we have– this one I guess isn’t
so much a higher higher. It’s more of an
equal high, at least. But maybe we’ll call that low
a little higher low there. Let’s look at the rut. Small caps, how are
small caps doing? Not quite as bullish there. And there’s other things
we can look at, of course. We can look at,
how’s gold doing? Gold has had quite
a run up lately, OK? In fact, what we could do is
we could draw a trend line. And we could say,
look, here is was high. I’m going to try and draw this. Keep my hand as steady as I can. We kind of had that. And perhaps at this
point we were expecting, well, maybe a little
resistance bounce down. But we busted through that. That’s a potential
breakout entry, by the way. Lot of times we talked about
bounce entries or flag entries. This is a breakout
entry right here, that some traders may
consider as positive. Now, in this case, it
turned out quite positive. But of course, you never know. It can always fizzle
out on you as well. So that’s gold. What about oil? Let’s do oil here. So, little bit, if you’ve seen
the news we have those two tankers, I guess, that were
attacked in the Gulf of Oman. And that’s probably helping
to boost prices here. But in general, fairly bearish– fairly bearish on that, OK? So, here’s what I want to do. Those are just some of the
major, major indices there. Let’s look, though, at– I’m going to use the
Dow as an example because we see this same
pattern quite often of stocks that go up and down, OK? So, what we’re talking
about is more of a swing trade for the moment, right? And this pattern isn’t
quite as nice as the Dow, and that’s– not the
Dow, the S&P 500. And that’s inevitable. All the patterns aren’t going
to be textbook patterns. So we need to get used to those. But when we talk
about a swing trade, we talk about a
shorter term trade that usually is going to
last maybe two days, maybe a week, or maybe a
little bit more than that but not super long. When it starts to go down,
like this one went up and it’s starting
to go down, there’s a good chance we’re
going to exit that. So that’s going to be an
example of a swing trade. The key, though, is
when you’re entering, let’s say we entered
on this day here. Let’s see if I can get my
tool to cooperate here. Let’s say we’re going
to enter on this day. The key is to define where
you are going to exit when you enter the trade. So that may be a target price. And in that case it may be a
flag target or a swing target or just a resistance point. And we’ll look at
that in a little bit. You’re also going to
define, well, what if things don’t go very well? Where’s my stop? And if you’re entering
at this point, it’s very likely you’ll put your
stop below the previous low, the little bounce here. And maybe just 1% below
that or something like that. So, maybe about that level
would be where your stop was. But as the stock goes up,
what are you going to do? You’re probably going to
move this stop up behind it. So that’s kind of an
approach to swing trading. Now this is a bullish example. Of course, there’s bearish
examples out there too. Let’s see. Let me– well, we’ll go
through and we’ll find some. Well, here would be more
of a bearing example. We’re trending down now. And if we jump in and think
this is going to go down– these are kind of
really big arrows here. United Technologies just data,
this acquisition with Raytheon, so that’s kind of affecting it. We’re going to ignore the
last three days here on this. But if the stock is
generally going down, and let’s say we’re
entering here on this day, we’ll probably put a stop
right above our high price. And then we’ll set a
target of some sort. So that is this. Now, Monster Mash said,
you can do a trailing stop. Absolutely you can
do a trailing stop. Now, you can
automate that stuff. And by the way, any
time we talk about stops let me just remind you, stop
prices are not guaranteed. The execution on stock
prices are not guaranteed. Let’s say we did this,
and we put a stop here at this price right here, at– I don’t know what that is, $137. Say we put a stop at $137. And in this case to stop, to
get out in case it goes up. Well, what if
earnings comes out? Or what if some company
comes along and says, we’re going to buy this company
and the stock jumps up here. Are you going to get out
at $137 at that point? Unlikely– unlikely
at that point. So that’s just a point. So every time I
mentioned stop, I’m not going to say, look, the
stop price is not guaranteed. But, just remember that. The stock price is not
guaranteed on those. So that’s how you do it. The bearish side is just the
opposite of the bullish side on these things, OK? Let’s just look at a few. And you can see as we look at
these that the stock goes up, down, up, down. We’ll take a look
at Coke here, OK? So, Coke has been going up. And a very common
approach is to do what’s called a flag pattern. A bull flag is in the midst
of an upward trending stock, here’s our upward
trend in stock, when the stock has a pullback. So it goes up, it has a
pullback, that’s our flag. Now, if you want to use
your imagination here, you can imagine this part
here as a flag pole and this is a flag that’s kind of
a droopy flag there, OK? So that’s a flag. It’s kind of like looking
at a constellation. You connect the dots
and you go, well, I can kind of see maybe a belt
there on Orion or whatever. I don’t know what
you want to say. But the point being,
that’s kind of the flag. But you don’t have to
envision it that way, but that’s what the flag is. The flag is where the stock
goes up and pulls back. And then where do you get in? Well, typically you
find where the low is and then when we break
above the low day here, that’s a typical
entry where either we close above the low
day or where we just break above the high of
the low day, I should say. That is a potential entry. So let’s keep on
moving forward here. Cisco– well, not
really trending up here. So this would not be a
flag pattern at this point. Back here, where
we were back here, this may be a flag pattern. But at this point, look,
these pullbacks are so big. If the pullback is too
big, look, ideally we’re looking for like
a two to five day pull back on a flag pattern. Look, the stock goes up,
it pulls back, sideways for a few days,
and then goes up, couple day pullback,
up, couple day pullback. And let’s say we have an
entry, close above the– so we enter there. Where’s our target in that case? Welcome, Active Andy. Where’s our target? Well, there’s two
possible targets. There’s what we call
the swing target– the swing target. And there’s also what
we call the flag target. The swing target is going
to be the more conservative of the two. The swing target is basically
where the previous high was, right up here. That was the previous high. And you’ve got to take this
on a case by case basis. If it’s too close to
where our entry is, you’re probably not going to use
a swing target because if you do you’re making just
eensy teensy bit of money perhaps versus the risk. Usually the swing target may
be a little higher than that. But the flag target
is, what you’re doing is you’re taking that
distance from the flag, the bottom of the flag
to the top of the flag, and taking that distance and
then adding it on to your entry there. And so that’s how you can come
up with your target on that. Let’s look at
another example here. We’ll go down to Boeing. Boeing, what are we seeing? Maybe a little bit
more sideways now. It was more in line
for a bearish move than a bullish move. Some of them, you’re just
not going to find it. Is this an appropriate flag? Probably not because
I think generally traders look for something
that’s trending more on this, so probably not. Let’s see if we can
find another one here. Here we go. So, using this system is now
an entry on Procter Gamble? Well, not at this point
because it’s gone up– 1, 2, 3, 4, 5, 6, 7, 8, 9– nine days in a row. But given the context
of the stock going up, the general trend
being up, I should say, the stock going up what
some traders would do is they’d wait for a pullback. Pretend those are
bearish candles here, OK? A pullback, and then
look for an entry signal, a close above the high-low day. We’ll say this is the low day. Here’s the high of
the low day, right? Right there, right? You can wait for the close or
some sort of entry on that. So we need to run
up general content. So there’s a few things we need. We need the general
trend is number one. This is for a flag
trade, a bull flag– or a bear flag, I guess, a
trend either up or down– down because of a bear flag. Then you need the flag pole,
then you look for the pole. Then you look for the pullback– pullback. And then you’re looking
for either a close or an intraday move above
the high of the low day. Which some people, including
Monster Mash, call a CAHOLD. And where does that come from? That just stands for Close
Above the High Of the Low Day– CAHOLD, Close Above the
High Of the Low Day. In other words,
here’s our candle. We’ll look for
entry right there. So, a lot of people use it. That’s kind of a
traditional one. It’s very common. A lot of people
go, I don’t really want to wait for it to
close before I enter. So they won’t actually
wait for the close. But that’s how you do it. But if you do get in
here, if you do get in, let’s see if we
can find one that’s maybe a little bit closer. Trend’s not quite perfect
on that one there. I’m just going to sort
through a few here. Here we go. This is a good example. Travelers has had a nice trend. This isn’t ideal
in that we’ve kind have gone up and then
sideways and down and up. And so it’s not really
flagging very strongly. But let’s take a look. We’ll go back in
time here and let’s just look at this
most recent one here, because this is probably
a decent example here. What did we say first we wanted? Wanted the trend. Well, general trend
is going up, right? So this would be a bull flag. Stock went up. I’m going to go
draw my flag pole. Then we’re looking for our
flag pole, low to high. So we’ll draw that
flag pole right there. And so, our low is 140,
our high is about 148. So about an $8
flagpole, $8 flag. Stock goes down,
where’s our low day? Our low day is right
here, right on this day. And, did we close– where did we close above
the high level day? I’ll go with a CAHOLD here,
the Closing Above the High Of the Low Day. Again, intraday this one
actually went above it. But if we wait for the close,
it’s this one right here. Now, a lot of times on the
close what people will do is they’ll get in two
minutes before the close or something like that, right? So they’re not having to wait
to the next day to get in. But it could be apparent. At this point of
the day right here, it’s going to be apparent
that it’s closing above there. So where’s our targets? Well, what’s our swing target? Swing target would be right here
where our previous high was, right there. That’s our swing target. And in that case, we
would have been stopped. We would exit out there. We could do a sell limit
or something on the stock if you want. Or you can do an option
trade, of course. Where’s our flag target? Well, we take that $8 flag– remember we said $8
from there there– and we’d add that
on to our entry. Our entry was 146. That would be like a 154 exit. So you can see how
the swing target is a much more conservative exit. Now, here’s the thing. If we get in, what
are we going to do? We’re going to move the
stop up along the way. Because we don’t want– look, if
I put my initial stop down here and our stock is now up
here, say we did an exit here at the swing
target, do I still– look, that’s now a lot of
risk I’m going to have there. So you can go below
previous day’s moves and go a certain
percentage below there. You could do, as someone
suggested earlier, do a trail stop if you want. Again, those stops
aren’t guaranteed. But that’s a way of trying to
help yourself on the way down. So you’re defining your
target on the high side and you get out at that point. Because what hap– you know
what I see, what happens? People enter the trade and
then things are going well. And it’s hit their target
and they go, well, look, I’m making money. I don’t want to get
out at this point. But the problem is, we want
you to follow your rules. So if your rules are,
get out at the target, then get out at the target. If those aren’t your
rules, then that’s OK. What you may do is,
you may set a target and say, if it hits
the target I’m going to move my stop up real tight. By using the trail stop or just
manually adjusting the stop, you can do essentially
the same thing. So you’re going to exit
once the stock is hit and hit your target, or
you’ll move your stop up. You’ll move your stop
up along the way. You can do this with stocks or
you can do this with options. So let’s see. Let me think if I’m
missing anything here. Now, you may not
always do the flag. I’ve been showing you
the flag patterns. Look, there’s other
ways to do it. Let’s take Verizon here. Here’s Verizon. Verizon we could probably say
from a technician standpoint, we probably have some
support down in this area. Do you see why I said that? Because we just bounced
there and we’ve bounced off that level in the past. So we’re going to
call that support. But then we’re not
in an upward trend. And so if we’re
looking at this, we’re not looking at the flag
pattern because remember the flag pattern we’re
looking for the trend. But what you can do is
you can look and say, hey, it’s gone up. It went up to here, it
went down, it went up. And we could do, on their
bounce we could say, well, it’s likely it’s
going to go back up to about the same level. At that point, if we did that
trade, we’re still in it. It’s looking promising. But, who knows? So another way of setting
targets in addition to flag targets is where
our resistance level is. OK, let’s look at some more. Just want to give you
some examples here. This one may be setting up
for a bit of a flag here, because we’ve gone up, a
little bit of a pullback. And if you get a nice
bullish day you could enter– that could be a
flag entry there. What about Disney here? Not really a flag entry. One way to do it,
another way to come up with a target in addition
to a flag target, is to look at a previous move. This is a little bit
similar to a flag target. But we could say, hey, last time
this was how much it moved up. I don’t know exactly
what that is. It’s from about 131 up
to about 139, maybe. About an $8 move. And therefore, we’re going
to expect about an $8 move that time. Doesn’t always
work out that way, but that’s how some
technicians will do it. I don’t know what
you’d do on that one. And so a lot of
them you just, you go, hey, it’s not fitting what
I’m expecting it to therefore I’m not going to do it. If we look for a
bearish entry on this, where would our target be? Well, of course you know,
there’s some subjectivity here and people may have
different targets. But this would clearly
be one potential target on a bearish entry. Now, we’re probably waiting
for a lower candle on this, on Nike, before we do that. The general trend? It’s not a strong
trend, but general trend has been going down
that right now. All right, here’s Verizon. This may be setting
up for a flag entry. Looking for a little pullback
and then a bounce on that. Walmart, same deal, waiting
for the flag entry on that probably there. And we’ll do Merck. And you can see I already had
a line drawn here on that. Let me remove that line. Again, this is kind of a bearish
engulfing candle right there. You see that? This candle is bigger
than the prior candle. That’s a bearish
engulfing candle. And so what that means– well, it means that
a lot of technicians would consider that to
be a little bit more of a bearish sign there on that. Now, is that any entry? Well, it depends. It depends if that’s an entry. It depends on how
aggressive you want to be. When I say aggressive
on entries it means, are you are you going
to be anticipatory? Is that enough of an entry? For a two candle pattern, often
two candle patterns people will deem that enough
to be an entry. And they could do a
bearish trade on this. But here’s the thing. If we do a bearish
trade on this, what’s our prevailing trend? There is a low, there
is a higher low, there is a higher low, here is
a high, here’s a higher high, here’s a higher high. In other words,
if we do use this as a bearish entry,
which you can do, you’re going counter trend. So probably the, I guess
what a lot of technicians would prefer, is to wait for a
little bit more of a pullback, and then get in on the bounce. That would be in a
typical way of doing that. Let’s take a couple more here. What about this one, if
we’re doing a bearish entry? What do you see? If we’re doing bearish
entries on this, and generally the trend’s
been more or less going down, well, it looks like we may be
hitting our resistance here. This is likely to be the target. Remember, when you
enter the trade you need to define a target. Here’s a defined target. You can do different
defined targets, but that would be probably
a fairly logical one. Possibly here– this would
be a more conservative entry. Not as big a target,
but you’ve got to make it worthwhile
to get in as well. You also got to
define your exit. Where’s our exit? Well, we’d probably put
it just above our high here, maybe 1% above our high. And when I say
bearish, we could be shorting the stock or whatever. And make sure you
learn about shorting the stock before
actually short the stock. Or you can do a
bearish options trade. So, I’m not going to do an
example of a short stock trade here. But just realize when
we’re talking bearish, that’s how people
will approach it. Let’s look for an entry
here on United Health. In fact, why don’t we
place a trade on this? So, what’s our general trend? It’s going up. General flag pattern–
where’s our flag? Well, our flag is from
here, the low point, 235– I’m just going to jot
that down real quick, 235. And our high point is
right up here, about 251– 251. So that is– what does
that work out to be? 16 point? 16 point flag, OK. Where’s our entry? We’re looking for a close
above the high of the low day. When we were looking at this
candle right here, yesterday’s candle, we may be
thinking, well, this is going to be the low day. Tomorrow is going to be
maybe a bounce higher. Well, it hasn’t
worked out that way. But that’s OK. We can actually put
in an entry and enter if it goes above our
low day candle on that. Now, that may be tomorrow. And we can expire. If it doesn’t, we can
expire the trade– the order, excuse me– if it doesn’t fill tomorrow. So what was our
high of our low day? Here’s our low day. Our high there is 246.– where was that? 246.50. So I’m going to look for a close
above the high of the low day. Let me do this. I’m going to buy
custom with stop. Now I’m going to
edit this trade, OK? We’re going to change
this a little bit because you know
what I’m going to do? I’m going to make this a market
order to get in on the stock, but I’m going to put
some rules on it. And the rules are, I only want
to get in if the stock goes above the 246.50. Remember, that was our
high of our low day. So, I can go over here and
click on my little gear and a window pops up. Popped up on another monitor
but I’ll bring it up here. And I’m going to submit this. We’re going to go– you just click in here
and it adds a symbol. Now, technically I could
use a different symbol there but we’re using
United Health Group. If UNH marks at greater
than or equal to, I guess, and what was our price? 246.50– I’ll say 246.51 here,
because it is actually there or equal to, to hold
fast to my rule. All right, so there is that. Now, we can also say,
look, if this doesn’t fill I want to cancel my order. I’m going to let this
go through tomorrow. But after that I
want to re-evaluate. So I’m going to go
to tomorrow’s date. Today is the 13th, so I’m
going to make this the 14th. And I’m going to go and– this is my local time. So I’m just going to go to
market close for me, which is basically 2:00. So that’s 14– come on. Anyway, we’ll do that, OK? So, let me save that. And so that’s our entry. And we’ll review the
order in just a minute here before we get out. But we’ll review
that in a minute. What about my stop? What was my stop going to be? Well, my stop was going
to be below the the low. The low on my low
day right here, we just shrink this
down for a sec. The low on my low
day is 242.30– 242.30. I’m going go 1% below
that, 1% below that. So I’m going to take
my calculator out. 242.30 times 0.99–
that’s 1% below it– gives me a stop of 239.87. Again, it’s not going to be a
guaranteed stop or anything. But I’m going to say my stop
is going to be at 239.87. OK now, notice over here,
this order right here is a stop order. This is a first
triggers all order. In other words, this
stop order is not going to be valid until
the first order triggers. The first orders is
not going to trigger unless the rules are met. My stop order’s going to
be good till cancel, too. All right, now let me
confirm and send that. I click on Confirm And Send,
it brings up this dialog box. Now keep in mind, I’m not
factoring in transaction costs here. So there’s something–
they’re important. Factor them in. Factor them in. So, here’s my commission
on that, in other words. Now, I’m going to buy 100
shares of UNH at market. That’s the rules. And it’s going to cancel. This buy order is going to
cancel tomorrow at close. That’s my opening order. I’m buying to open. Now, there are some
conditions on that order. I’m only going to buy it if
UNH marks at or above 246. That’s my CAHOLD, Close Above
the High Of the Low Day. If that buys, then this
order will be active to sell. And I have my stop, which is
1% below that low price there. And we have our
transaction costs. You’ve got to
remember those too. All right now, I– let me out of this for a second. When I did this, the
default was 100 shares. The default was [INAUDIBLE]. You just have to make sure it
makes sense for your account. 100 shares of a
stock that’s at $244 is going to be a $24,000
plus dollar trade. Does that make sense? Well, it depends
on your portfolio whether that makes sense. That very likely is too much. I’m going to cut this
down to 25 shares. I’m going to cut
that into a quarter and make it a more
reasonable amount. Confirm and Send, and then
we can get an idea of, well, it’s going to be
roughly in that $6,000 range plus transaction costs. That sounds more like it. And then we send it
and here are my orders. There are my orders there now. Now, let’s go and let me see. What questions do
you guys have here? Because I think that
was the main stuff I wanted to talk about with you. Let me get out of
my drawing tools. And let me give
out a survey here. So you guys can fill
out that survey. It’s a quick survey, only
last five questions here– five questions. We are just about
out of time though. So let me just review this. What did we want to do? We wanted to talk about
what swing trades were, bullish and bearish. We did that. We talked about
potential entry signals, whether they be flag
entries or using the CAHOLD, or maybe not waiting until
the close of the day. That’s a possibility as well. About setting price
targets either using swing targets, or
flag targets, or just resistance levels
as target levels. talking about setting
initial exit– we just did that on
the trade we just did. We put an initial
exit at 1% or low. And then we talked about
managing the trade, of getting out at your targets. We talked about adjusting
your stop losses, perhaps using the trail
stop if you want to there. So that’s what we
wanted to do today here. Now, just remember that
in order to demonstrate the functionality
of the platform, I had to use actual symbols. However, TD Ameritrade does
not make any recommendations or determine the suitability
of any security or strategy for individual traders. Any investment decision you make
in your self-directed account is solely your responsibility. Now coming up next, by next
I mean 3:00 Eastern time– where’s that? That’s in 20 minutes. Ken Rose teaches his advanced
options strategy class. So if you are an
options trader– we just did a stock trade. If you’re more of the
options ilk there, you can go and you can check out Ken’s
class at 3:00 Eastern time. Thank you everybody
for joining me today. I believe James Boyd is back
in town next Sunday for his– this is his regular class. I’m just subbing today. But thanks for spending
some time with me. I hope you all have
a wonderful day. Bye-bye, everybody. [MUSIC PLAYING]

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