After a big 1-day rally, what next?

Summary
S&P500: 870, 885 (S1, 23.6%), 892-4 (P, 38.2%), 900, 910 (R1, 61.8%, 50D mmv)
GS: 145, 148, 150, 151.20
JPM: 32.00, 32.75 (61.8%), 33.00 (50% is 33.12), 33.20 (S1), 33.70 (38.2%), 34.00 (23.6%), 34.50, 35.00
MS: 26.50 (38.2%), 27.00 (50%), 27.50 (61.8%), 28.00, 28.25, 28.50 (R1)
CAT: 31.00, 31.30 (23.6%, R1), 32.00 (38.2%), 32.70 (50%, R2), 33.00

Yesterday was a big day for the market - there was 35 points swing in S&P500. It bounced off 200D mmv to end the day on the high not. IMHO, looks like lot of short-covering going on given that most technical analysts have been calling for down trend to continue. The market will likely take a breather today because of (a) yesterday's big move (b) it is hitting important resistane points. Moreover, downtrend will be broken only when it breaks through 930 in a convincing manner. The key will be reaction to GS earnings news and how the market reacts to it. Most likely it might be "sell on news" day. Also June retail sales is coming out. Although that's not "new news" it still can move the market if affects the sentiment.

Financials are the way to go today. In retrospect, I should have loaded on GS when it failed to fill the gap ($45) in early morning trading yesterday esp on a bullish call from one the most bearish banking analyst. Oh well! Missed the chance but hopefully will happen again. Earnings is the key. Will be interesting to see if it will surpass the previous high 51.17 which also happens to be R1.

The earnings are out but the pre-market is pretty lackluster. The key support to 148.11 (P), 147 and 146.5 (23.6%).

JPM is hitting important resistance points. 35 is an important resistance point (top-end of daily bollinger band, 50D mmv). The key #s to watch are 34.50 and 34.30.

MS is also hitting top-end of Bollinger band as well as 50D mmv. Unlike GS and JPM, it still has room on the upside but it might be capped at 28.25. The key to watch is 27.70 and 27.50.

CAT seem to have broken the downtrend if it stays 31.30 (23.6%) but the risk is that daily chart still shows downturn.

IBM has been trending up. The key level is 103.25.

Also looking interesting are PRU and BBY which are gapping up.

Will the Financials Rule the Day?

Summary
S&P500: 868, 873, 882, 888, 892
GS: 142, 144, 145, 147, 149
JPM: 31.80, 32.00, 32.50, 32.75, 33.00, 33.50
CAT: 29.90, 30.00, 30.25, 30.50, 30.75, 31.00

This will be an interesting week for the market. Earnings news especially from financials will likely dominate the news flow. We'll see if the weekly decline will continue through this week.

S&P500 is hovering around important technical levels as bullish and bearish trends fight out. The critical 200 days moving average is 880 and we'll see if that will be broken on the upside. On the top side, 886-888 remain important levels of resistance. On the downside, if the market breaks through 873 and then 868 then it could be the beginning of a much larger retrenchment into 840s and even 820s. For NASDAQ resistance is at 1,760 and supports at 1,745 and 1,730.

Financials will be the names to trade today given the likely volatility in that sector. GS is upgraded by Meredith Whitney and is up strong in the pre-market. It will be interesting to see if it stays above $145, the highs for the past 2 days. If so, it could easily test the 147 and then 149. On the support side, there is strong support at 144 (20D & 8D mmv and R1). Another support below that is 142.

JPM does not have any particular trend although it is one of the stronger financials. The key levels to watch on the downsides are 31.80 and 32.00 and the upside 32.50 and 32.75. If it falls below 31.50, then it signals problems.

CAT looks interesting. 30 seem to be an interesting level and the stock might test that level and could go even as low as 29.80. If that breaks, the major support is at 28.5. On the upside, the reistance are at 30.25, 30.50, 30.75 and 31.00.

On the upgrade news, BBY was upgraded by Oppenheimer. There is strong support 32.5 and 32.6

Waiting for a confirmation

Today's action is likely to be important for S&P500's medium-term outlook. S&P500 broke through 200D mmv and is an important support level of 875-880. If it holds that today, which is likely given (1) positive future (2) dearth of economic/financial data. The important support areas are 874 (S1), 868 (S2) and 840 (38.2% retracement). The resistance points are 885-87 (200D mmv and P), 893 (R1) and 900.

FCX has a strong resistance at 45 despite 2 days of fall on a big volume. The next support is 44 (38.2% retracement). Looks like it is rebounding following an upgrade by Citigroup this morning. The stock is up more than 1% in pre-market. There is resistance at 45.70 and support at 45.25.

PEP also looks interesting. It is hugging the low-end of 1H Bollinger band. It has broken the up-trend when it fell below 56.08 on a strong volume and it will be interesting if 56.00 level holds up. If that does not then the target is around 55.50 (20D mmv and P&S1).

FDO came with strong earnings. This might benefit WMT which for reason has been languishing in no-man's land. In the pre-market is gapping up past 48.02 (R1) and 48.05 (previous day high). To get more excited on this stock it has to get past key resistance points 48.20 (R2 and 3 day high).

On financials, GS has support aroudn 142 but more interestingly JPM has support at 32.75 (pivot) and 32.50. The has bounced off daily Bollinger bank in the past 2 days on a relatively strong volume.

Good luck.

I am confused

It seems that the stock market is struggling to find any meaningful direction. S&P500 bounced off the critical 888 level, which also happened to be 200D mmv but it could not go past 900. Volume was strong however. We'll see if 9o0 will be broken today. Given the futures market it is likely but future has not been the best predictor for market direction. For S&P500, if it goes below 895, the hourly up-trend will be broken and it could retrace its yesterday's low. For NASDAQ it held up its 1,770 level yesterday which also happened to be 50D mmv but failed to break 1,795. The short-term spport is 1,780

Given the uncertainty in the market, the place to put bets on is defensives names. GIS is showing a strong up-trend following its earnings results on July 1st. It is over its 200D mmv but today it could re-trace 60 level (I made a bad trade yesterday). PEP also looks interesting. It might re-test 56.90.

JPM bounced off its 200D mmv on a strong volume. This is a good sign. However, there is strong resistance at 32.80, we'll have to see if it breaks it. The other critical level is 32.30 and then 32.00.

CAT is on a downtrend. It might head towards 31 but it hold 31.55, it'll be interesting.

FCX is interesting and the level to watch is 45.25.

GOOD LUCK.

Beginning of a Correction?

The market seems to be taking a pause. All the major Asian and European markets are down 1%+ for the day. The future in the US is pointing to a lower start for the day after a long July 4 weekend. This could be the beginning of some kind of correction as the most critical data (ISM and empoloyment) released late last week did not suggest a rapid recovery as the market had expected. The ISM new orders fell back below 50 and employment picture in the US s struggling to improve. Most ominously, if we get another big negative number next week we could see all the employment growth since last recession vanish. In this cirumstance, employment is NOT the lagging indicator but a leading one. Whether the current decline in market will be more sustained depends on what happens to Q2 earnings and more specifically future prospects as company start releasing them this week. Alcoa starts the unofficial earnings season on July 8 (Wednesday) which ends un-officially with Wal-Mart on August 13.

For S&P500 the critical support levels are 888 (previous low, 200D mmv) and then 880. The resistance are 896, 900 and 905. For NASDAQ the support levels are 1,780 and 1,750. The resistance levels are 1,805 and 1,820. For DJIA the support levels are 8,100 and 8,000.

BEN is upgraded by JP Morgan. The stock exhibits up-trend and we'll see if it tests 68.25 which is previous low as well as 23.8% Fib retracement. Before that it might be just 69.00.

JPM broke through an important support at 32.75 on Friday but there is a stonger support at 32.00. To make the likelihood of a rebound more likely the past 3 down days have been on a relatively weak volume. Caution is the rule of the game howeve given that both the market and the stock exhibit a strong downtrend.

GLW is approaching a critical support level is at 15.00. Given strong news from the company and its end-users (Samsung) there is likelihood that there will be buying pressure. There is however a risk that the downturn might continue given that the recent declines have occured on strong volume.

For GS and MS the critical support levels are at 139.00 and 26.00 levels. If the prices approach that level, it will be time to get in.

CAT has broken important support at 32.00. There is likelihood that it will try to go above 32 but if that fails, will see it heading towards 29-30.

Defensive names like GIS, K and PEP look interesting. All are at interesting technical levels on hourly charts.

The Third Quarter Begins

Today is the beginning of a new month and a new quarter. Following the 6 consecutive quarterly declines, S&P500 finally posted a strong rebound - from 794 to 920 or up 16%. Whether the rebound will continue is an open question but most likely it will stall and consolidate around 800-1,000 range mainly because the US economy is yet to fire on all cyclinders. Following 2001-02 bear-market S&P500 consolidated for 3 quarters before it's break-out to the upside. The current episode is much worse than 2001-02 and the likely consolidation period is more likely to be longer but there will be plenty of volatility for traders.


For S&P500, there is a fairly strong support at 910-915 and resistance at 925-30. For Nasdaq, there is support at 1,820-1,825 and resistance at 1,850-1,855. Most likely the market will be range-bound but I suspect that the risk of the ISM is to the upside and that could drive the stock market higher. I will be positioned for long in the morning session.

If the bet is that ISM will come out strong, the main beneficiaries will the capital goods. CAT was down almost 5% yesterday for no apparant reason. There is a strong resistance at 33.00 but if that breaks down there is even stronger resistance at 32.00. On the upside, we'll be looking at 33.5.

If the market is strong, GOOG might test the highs of 427-8 or it could test the lows of yesterday - it is possible that it could test 410 on the low side. Clearly it bounced of the low-end of the Bollinger band yesterday which suggest somewhat of a bullish trend but in order to negative the mixed signal from the daily chart, it has to convincingly break the 430 barrier.

GS might test the high again, around 149-50 but there is some strong resistance around 148. Will go short if it moves up too much.

End of Q2 2009

Today is the last day of the month and also the quarter. So from a technical standpoint it is an important day as institutional investors close their books. "Window dressing" trades could occur which could benefit strong stocks but given that this a well-known concept, it is likely that it has already happened. There might be few procastinators but they are not likely to move the market. The bottom-line is the people will likely not sell into this market.

The future is pointing to a slightly positive opening but that could change. Case-Shiller HPI is coming out this morning and so is Chicago PMI. The most important will be tomorrow's ISM and Thursday Employment figures.

For S&P500, the key levels to watch on the upsides are 930 and 940 and on the downsides are 925, 920, 915, 910 and 905. On the hourly chart, the S&P500 is showing an uptrend which could take it to 935-40 level and that could happen if it does not fall below 925, the 8mavg on daily chart.

Nasdaq is also trending up both on hourly and monthly charts. The key level to watch on the downside is 1,840 and 1,830. On the upside if it goes above 1,855-60 then we'll be heading towards 1,880.

In today's market I should remain strategically long unless the overall market breaks the key technical levels to downside.

APOL released its 09Q3 earnings and beat the street estimates handily. It is up almost 10% in the pre-market. If it opens above $70 and holds onto that level then it could go to $75-$80 level. There is a long-term resistance at $70.

We are seeing some muted action on DE since Goldman upgrade last Thursday. The daily chart still points to a down-side risk although a hourly-chart shows and interesting up-trend. If it hugs the $42 level on a strong volume, we could see a signficant uptrend going foward.

GS is within a shouting distance of its high ($151). We'll see if it bouches off those levels. This stock could be benefiting from the "window dressing trade".

BAC and MS are showing interesting up-trend on hourly chart. For MS the key down levels are 28.80 on the upside 29.40. For BAC the key levels are 13.00 on the low and 13.40 on the top.

FDX was upgraded by Barclay's following last week's upgrade by JP Morgan. It is up almost 2% in pre-market and if it holds 54.40, it will be a bullish trend.

MCD is up almost 1% pre-market. Not sure why. If it breaks 57.7, it'll be interesting.

Barton Biggs on Charlie Rose

Daily Musing

I am expecting a range bound day today.

I am tracking GS very closely. I was expecting a reversal following a jump in the early morning trading which happened. I did not trade because my fingers are not that agile. Was tracking to go to 96.0 at 9:42am given the strong resistance (bollinger, fibonannci and previous day) but I MISSED THAT AGAIN.

The stock rallied strongly (I think on the back of OK Michigan number) and given the rapid up moved, it looked like lot of short covering after 98.2. I saw some stability around 99.0-99.5. At that point there it was over-bought on both 1M and 5M charts. Shorted at 99.02 becuase 1M candles were showing down-trend (had limit 99 but got executed because only a hanle-of-a-hammer triggered it) but had to cover at 99.69. This was risk reward trade because the chance of down was lot bigger than up.

Tried again. This went LONG. Bought at 98 but again got covered at 97.14.

More late...

The classic mistake was not looking at the 5M chart.

Has Cramer gone "Mad"?

Following 3 days of strong gains in the broad market indices people are starting to get comfortable with the market rally. Chief among them is the "Mad Money" Cramer. He argues that this Rally is Real. He gives 7 reasons why (a) consumers have risen from dead because of better than expected retail sales in February (2) Bank of American and Citi are making money in 2009 (3) GE rallied on bad news i.e. S&P downgrade (4) M&A activity (Merck buying Schering, Dow reconsidering Rohm & Hass) (5) upside surprise in the tech sector i.e. Taiwan Semi (6) rise in mortgage applications as rates fall and housing appear to be closer to the bottom (7) GM does not need $2 billion assistant from the government.

I am skeptical than Mr. Cramer about the sustainability of the rally for a couple of reasons.
(a) The past 3 days move look like a classic short-covering. Just look at GE, it has gone up more than 50% from it's intra-day low last week. Broadly speaking investors/speculators were shorting the market because all the talking heads were saying S&P500 at 650 or 600 or even with 5-handle.
(b) His 7 points are not fool-proof. They can be argued either way. (1) I have followed retails sales data to know that it's based on survey by Census and it can always be revised down. It is hard to believe in sustainability of retail sales growth when unemployment keeps going up - just yesterday initial claims hit 600k mark. (2) I am not sure what the comments by BofA and C mean - of course they have to make money. The issue with them is not their "operating income" but their toxic assets. (3) GE rallied probably because investors were expecting the worst. I am expecting it to consolidate going forward (4) One or two M&A deals do not not make a trend (5) I think tech was the best positioned sector in this downturn so I don't understand Mr. Cramer's argument (6) mortgage applications are rising because people are finding difficult to get mortgages and thus making multiple applications, duh! (7) the first positive news from GM does not take away the overwhelming problems the company and the industry is facing.

In my view, the market has to consolidate to take stock of the strong rally of the past week. Yes, it has broken above the critical 740 level but a sustained rally is not in offing. Also the market will wait for confirmation of some the positive economic news that Mr. Cramer highlighted. The market generally moves ahead of positive economic data/trend BUT the flip-side is that when the data/trend do not materialize it will come down crashing. I think it is still pre-mature to call for the bottom in the economy - the Wall Street economists have been too bullish in their forecast and I think they still are.

GE - The Key Resistance/Support Points

I expect GE to consolidate over the next few days at least until there is some clarification about its financial arm on Monday.

If the stock price falls below 7.40 then it might re-test the lows i.e. 6.60. My guess is that it will likely consolidate at 7.40 - 8.40 band. If it passes 9.30 then the next critical levels are 9.80.

The critical levels for GE are,
9.80
9.30
8.40
7.40
6.60

Daily Wrap

I AM SERIOUSLY STARTING TO LOSE CONFIDENCE IN MY TRADING ABILITY. NOT GOOD.

I am quitting trading GOOG because I am not able to understand it's dynamics. Also I think the volatility is greater than my risk tolerance thus I get STOPPED all the time. I did not make a single penny on GOOG trades although I had been right directionally couple of times (of course I got STOPPED-LOSS at the peak of the reversal. May be I'll get back to it later.

I went back to my old hunting ground, GS, but instead of hunting, I got hunted. It seems that I have lost my midas touch. I am slightly superstious and I have inkling that my bad days are due to a curse of a Fidelity rep whom I scolded badly last week for his incompetence but whatever the reason since then I have not made a single penny on my day-trading account. My account balance has been saved by timely investment GE. I exited out my remaining GE positions yesterday assuming that the run-up was to too much too quickly. As usual, I could have waited for better exit point but in swing-trading I am not trying to time the daily move. Anyway, GE closed below my sale price. If I am right, it will go through consolidation as the market waits for the big news on Monday - that'll be the time to get in or out of GE.

Back to GS:

(1) I sold short at 89.66 because I thought that it was resistance at 89.50. Bought stop-loss at 90.97. My main mistake was that there was strong uptrend both in financials and the overall market I should have waited for the confirmation of the resistance. Moreover, I should have covered at 89

(2) Again sold short at 90.77 because of strong resistance at 91.00 BUT again stop-loss immediately at 90.85 because of my mistake in the order (instead of STOP-LOSS, I had LIMIT). Anyway, the I kept fighting the up-trend in the GS stock. GS had relative strength to the market and I thought that it would move with the market. I think I got too emotional.

(3) Finally, I make STOP order above 92.00 beliving that if GS was trading strongly relative to the market, any rebound in market will cause pierce through a strong resistance at 92. Instead, it just reversed immediately and I had to close it at 91.5. The mistake was that I should have waited for confirmation. This did happen later in the day. BUT I DON'T REGRET THIS TRADE BECAUSE IT WAS CONSISTENT WITH MY STRATEGY (favorable win-loss ratio).

(4) Finally, the trade I did not make which I should have was buying at 90.50. The 1M chart showed that 90.40 was the low-side. In risk-reward term, it would have been the best trade.

The lessons of the day are (1) not be too emotional (2) wait for confirmation.

Daily Wrap

Another bad day for my trading. While my swing-trading account has been a savings grace, my day-trading account need much improvement.

The only saving grace was the profit I took from GE. As I had anticipated, GE rebounded from inverted-hammer on a big volume day. Although my timing for the sale (like my timing for the purchase) could have been better I am glad that I realized the gain. GE has gained 33% in the last 3 days and the likelihood of consolidation is greater than another break-out move.

On the "day trading" side of my business I still have not made money on GOOG. I used to trade GS and I had a very good track record until a mistake by Fidelity system and a rep made me so upset that I decided switch to GOOG. Anothe reason was that higher share price of GOOG lowered trading cost.

(a) Shorted at 300.15 and had to cover at 301. Basically, I was calling for a reversal after a big inital rally in the morning BUT instead got swept up by the up-trend move.

(b) Shorted again at 302 but had to cover at 303.8. My thought was that 302.5 was forming a resistance and put stop at level higher than higher resistance (303.5).

(c) Shorted again at 303.26 but had to cover at 304.28. My reasons were that there as resistance 303.5 and 304 was the stop-loss but because of order-flow reasons, I got covered with a loss. I WAS PROVEN RIGHT SOON AFTER I GOT COVERED but that was no consolation for bad trade.

The bottom-line is that I need to be vigilant about the risk-reward ratio of my trades. There are couple of problems with my GOOG trades (a) not assessing risk-reward ratio properly i.e. being emotional and NOT being PATIENT (c) kind of getting lost in the direction of the moves (3) not putting stops properly. to try GOOG.

Another problem for me in trading today has been NOT being able to gauge the movement of the market. Given the strong start in the morning, I was counting on it to reverse. I was betting that GOOG would also do the same i.e. reverse BUT that bet never materialzed and got stopped before accruing losses. I should realized my mistake and waited for stock to consolidate.

GOOG - Critical Levels

For GOOG these are critial points

288.40 Pivot S2
289.45 Intra-day Low
290.75 Fibonacci 161.8%
294.25 Intra-day Low
298.48 Pivot S1
302.06 Intra-day Low
304.34 Pivot
306.57 Intra-day High
310.19 Intra-day High
314.42 Pivot R1
315.38 Intra-day Low
319.08 Intra-day High
320.28 Picor R2
324.05 Fibonacci 150%
329.00 Intra-day High

Intra-day High-Low
Mar-09 306.57 289.45
Mar-06 310.19 294.25
Mar-05 319.08 302.06
Mar-04 329.00 315.38

CSCO - Consider shorting if it remains below $14.20

If CSCO does not break the resistance at $14.20, it may be the time to short the stock.

Daily Wrap

Had an appointment with a trading company so could not trade in the morning. So started the day around 1.00pm.

I decided to play GOOG because of stock price. Since I was buying in the rounds of 100/200 it made sense to buy stocks priced $300 to save on Fidelity's transaction costs.

Obviously it was a range-bound day. SOLD-SHORT at $296.72 at 1.38pm because (1) resistance at $297 (2) top-end of Bollinger band (3) MACD was over-extended. But I had to BUYat $297.50 because of STOP-LOSS at 2.06pm. This was very unfortunate because had the stock not reached that stop-level, it have generated a very nice profit.

Decided to BUY again at 2.28pm $295.40 because (1) strong resistance at 295 (2) MACD showing potential reversal. Had to SELL AT $295.05 because STOP-LOSS got triggered at $294.90. The mistake was that I should have waited for Bollinger to confirm..

Again BOUGHT at 3.41pm for $291.50 because (1) strong resistance at $291.5 (2) at the lower end of Bollinger band (3) MACD potentially turning around. Again had to SELL at $290.86 because STOP-LOSS kicked in at $290.90. It is was an ok trade because the stock did reverse but had to sell because or risk management

All in all, bad day although the strategy was ok.

GS - Touching multiple resitance points

GS broke through the lowest resistance point, $78.5 from my earlier post, and is now reaching a critical resitance point defined by fibonacci, channel and bollinger bands. Let's see if the prices over the next few days because MACD line is not showing a convinsing reveral. We'll see.

Bear Market Charts

Four Bear Market (Great Depression, Oil Crisis, Tech Bust, Current Episode)


Dow Jones Index Since 1900


REAL Dow Jones Index Since 1900

Daily Wrap Up

It is just 1:00pm and I am done for the day. Lost all the gains for the week and some more in just one trade because of screw-up by Fidelity and it's much vounted ATP system. Apparantly the customer service representatives that answered "trading section" chat line were not versed in trading afterall - they were pretty much clueless. The main culprit was the stop-loss which did notk work when used as one-leg of a 2-part conditional order - the failure of stop-loss to act cause my loss to baloon from 0.5% to a whopping 6%. I was pissed with Fidelity.

I was surprised by rather upward-move in pre-market S&P500 following another dismal employment report. Looking at the early morning trade, it suggests that investors were betting on even worse results and when it did not pan out were rushing to close their short position which caused a spike immediately following the opening and through the rest of the day it was slow and steady sell-off.

GS also showed similar trend. And basically I was hoping for upward reversal and when that did not happen, kept getting stopped except for one time when the stop did not work I got killed. The mistake was that I mis-read the market sentiment today. I was hoping that it would hold at 780-82 level but it didn't. Instead, it is currently trading at 770-775 range.

In summary today's mistake was (1) Fidelity (2) not knowing the market direction (3) USING OSSILATOR (Bollinger, MACD) to go long rather than stay in short positions.

GE - Taking a position

I put my money where my mouth is i.e. I bought some shares of GE.

My reasoning were quite simple (a) when the market was down 4% and financials down 10% GE held up well (b) on the candlestick chart on the previous day it showed a "hammer" on a "big volume" (c) there was strong long-term resistance at $6.60-$6.65. My strategy was that the day's trade will confirm my intuition that GE stock will hold up no matter happened to the market. So I waited until end of day to put in the trade although my price-point was at the high end of day's range.

So what now? Well payroll numbers came out this morning - it was bad but the future is off it's pre-market lows. Moreover for S&P500, there is a strong resistance at 680. GE is up in the market but I have to be watchful for key trading point.

RESISTANCE
$7.20 (very strong)
$6.85 (very strong)

SUPPORT
$6.60 (very strong)
$6.45
$6.20 (strong)

Then I heard something TheStreet.com.

GS - The Key Resistance/Support Points

GS is down 1.7% to $84 in the pre-market today very similar what the futures on S&P is saying. So it ain't so bad. The key is anticipating today's moves on GS and possibly over the near future. Here is what the chart says:

Fibonacci Point
$86.6 150%
$77.5 161.8%

Resistance & Supports at,
$88.7
$87.6
$83.3
$82.1
$81.9 (very strong)
$78.5

GE - Swing Traders' Dream?

GE fell below $5 at one point today on a big volume but closed at $6.69. Although there are stories about investors betting on GE's fall with massive volume around $5-put there is a big chance that it will rebound for at least couple of days from the current low. GE is forming a typical reversal pattern on candlestick chart at a long-term support level but this has to be confirmed by moves over the next few days.

On a long-term chart, there are resistance at $6.65, $7.50 and a big one at $9.20. On the negative side, there is support at $5.70. If that gets broken then we are looking at $4.20.

Lets see how this plays out.

Welcome

Welcome to my "Random Musing" website. My musing will NOT be about personal life, event, celebrities or politics. It will strickly be about markets and investments.