DJIM #1, 2010

We like to begin our first journal in 2010 to thank all those who have followed us for years.    The DJIM members are an important part of our blog as this is one of the main reasons we continue to blog our hearts out.    As you all know,  trading isn't something which you can master overnight.    It's a process and an experience which we all take part to share.    There are moments where you feel like you are on top of the world and then there are moments where you feel like you don't even belong in this world.    Such is the emotional experience we all have to endure over these past few years.    Just as you thought you'd figured this market out and devised a strategy to trade your way to the top, market environment and sentiment changes and stuff you've been doing for years no longer works.    Then, it's up to ourselves to change and adapt to the new environment however quickly as we can and "learn" the new trend.   This is about as dynamic of a job as anyone can get.

One thing remains the same though, the human nature and human psychology behind the trading is ALWAYS the same.     Greed meets fear and at the end of the day, you have to ask yourself if you are in good enough of a composure to trade another day.    We love this gig and we assume you do too.    After many years of trading, and after you pass the test to make a comfortable living trading for yourself, it's no longer about money and profit.    For DJIM traders, it's about being better at what we do in this super competitive game.    It's definitely exciting because once you've been in this business long enough, you never look at the world the same way.   

Looking back at 2009, we can all agree that it's the year of turning point.    We don't know exactly what place 2009 will be in the history of mankind but it's an awefully memorable year for those who follow the market.     Not many other times where you feel like we are on the brink of a global catastrophic collapse in our system, but only to be saved by a miracle.    In a way,  we are glad that it happened in our time, and in our generation where we had just witnessed something truly special.     The stock market, the financial system, and the world economy, have essentially been saved by a series of coordinated efforts from various government.    This is unprecedented and it gives us a taste what might be possible in the future.    Right now, we are no longer just looking or trading the domestic stocks because growth and performance simply have no boundaries.   Many of our plays have come from Far East, Europe, and other parts of the world.    We are no longer confined to stocks that affect our daily lives but from everything that affect our environment to our genes.

Heading into 2010, we expect more of the same from this market.    The momentum that carried us during the last few months is going to carry forward into 2010.    Things are going to improve and we just have to pay attention to the pace.     Growth stocks are once again the hot items in town which brings back alot of fond memory of glorious DJIM years.     This is what DJIM has to focus on in the new year.    If 2009 was a year for the big caps, then we feel 2010 has a shot to be the year for everything but the big caps.

This coming week will bring back most if not all the traders.    Year 2010, to many of us, can mean the beginning of something special.    Forget about 2009, it's done and over with and what happened last year belonged to last year.   We, as traders, have to definitely focus ahead and start fresh.    If you had a good year, then it's just a matter of keeping up the momentum and carry it into new year.    If you had a so so or even lousy year, it's ok, there's no need to be down because DJIM will be with you to get things started on the right foot in 2010.  

Once again, we thank you all for staying with DJIM and hopefully we'll make 2010 one of the most amazing years in our trading career.

nice kick off

Beating the "bull drum" since March… we don’t expect anything as dramatic as ‘09 (shockwaves of 08-09 are gone!) in both directions.   Still, we expect a continuation of the rally into ‘10 as we‘ve been drumming in December to stay long.   We are seemingly on positive footing which is advantageous to our ‘growth’ oriented stock/ sector picking as fiscal initiatives (unwinding of policy stimulus) globally will be baby steps.   So, overweight equities is the strategy,  we hope this becomes universal (retail investors) as returns on capital will be in the equity markets and fund flows will occur.  High beta, small-mid caps, high beta regions, cyclical. 

This was the theme in December, R2K went from 590 to a breakout to 640/>2% today on the R2K...Into Dec 3rd trade..."Even though the rally seems to keep losing momo’ in this range up to 1120 ,  we’re not listening!.  Yesterday, we said it will be a selective stock/ sub groups pickers market going into year end and we’ll stick to that!  R2K  big outperformance up >1% of the market maybe a clue of things to come". 

We left off before holidays with DJIM #51 and some selective names..."Only 2 ½ trading days ahead this week,  some window dressing Q end may begin with some recent beat up mega  stocks AAPL AMZN  getting a bid .  We think it’s a stock pickers market now and will be in 2010 as lower volatility and the search away from zero returns brings money into risk assets (equities).... Also trading some (GMCR OVTI ) off recent low possible turns)".   One glance at charts off these stocks for the R2K period above and you can easily see the great outperformance to the SPX while it flirted with a breakout, yet finished the year below 1120. 

Today, we had the only underperforming group in December of high betas taking center stage with the Casino's led by WYNN, LVS +10%.  We`ve discussed previously how fast these move due to squeezes and today was no exception after consolidating most of December.  An upgrade and good Macau December numbers attributed to the pop.

Coals,  WLT, ANR  another high beta group also participated due to China weather again as supplies are disrupted. 

Chems' Ferts,  back near top of trading list after bullish GS call.  More firms will likely follow.  POT, MOS, CMP

This the bullish road we’re taking in early '10, a swerve would only be from tightening too soon, an error of policy here or abroad will cause us to change our stance likely.   Heading into this earnings season, 3 strong Q’s have already been seen in the recovery and a 4th should be ahead.   But, before earnings kick off, we have Global PMI December readings to chew on and U.S unemployment # to signal more broad recovery strength.   Today's PMI globally/ ISM in US were solid, if not robust!.

'Shadow' Outperformance

Perhaps it's just a coincidence that market made the new high recently along with pretty much every single play on our DJIM Shadowlist.    Or perhaps, we have seen this coming all along. ;)    Yesterday, we discussed how the R2K outperformed SPX in December and notably in the ‘holiday seasonality’ trading.   Today, this trend continued and even more as the shadowlist outperformed even the R2K.  A list of top performers in a mixed index trade today is below.   The big outperformers were the ‘Asian sensations’ (more below).

CAAS RINO >10%   LVS NEP MGM TSTC in Alert section WYNN SEED CAGC CTRP POT >5%

JRCC MEE OVTI >4%   ANR CMP MS VECO BAC >3%   TMOS WLT JPM GMCR GS CLF  >1%

China, Casino, Ferts, coal, Banks- brokers dominated in a mixed index's market.

With regard to SPX making new cycle high today, it's easily understandable.   Remember for a while, we've been saying that the missing ingredient for a major market rally is the financials /bank- brokers.   Guess who’s back and what may be start of rotation in leadership  which would mean the market can go higher in January.  It was Dec 22nd,  we highlighted  in BOLD  the below, we are seeing traces of this underway.

  “…TSY 2-10 steepening curve hits all time high.  Possible allocation shift into equity.
  ....More importantly, a very steep Treasury curve spelling eco' strength and possible favorable banks- brokers earnings

Financial sector as a whole has tagged on some nice gains this week already and is signalling rotation, allocation.    It is definitely bringing underylying comfort to just about every other sectors.    This is about as broad of a rally as you can get as techs (SMH) slows and Financials are able to pick up the slack.  Any pullback to 20ma on XLF (last '09 day low) should be bought.  

We can't really pinpoint a sector that's laggin the rally.     For the longest time,  this market has been consolidating between SPX 1090 and 1115.    We think this week's breakout is the real deal.  For those who have not taken advantage of the ‘seasonality‘ trade in December, may get another chance here.    One reason is that we just broke out some heavy resistance after a long range bound trade with the Transports, SMH and than R2K making new highs, there’s bound to be some momentum money flow chasing and taking us higher. 

Besides the 3 sectors we highlighted going into yesterdays trade (Casino’s, Ferts and Coals ) with the reasons for possible follow through,  we had our Chinese names popping to new highs.      Just as little as a week ago, some plays looked shaky and there some people may even thought about writing them off.  We commented in the forum to a question as they fell off highs…Dec 22nd“best to let things settle, they will bounce and seasonality may allow it soon“.  Did they ever bounce, today !!.   Things have definitely changed in just oveer a week's time.    The culprit was some macro news, but that’s every day.  The move were too big for what comments came out of China.  We think it was a report out from Goldman Sachs that said investors should be positioned for a rally in Asian plays into 1Q.   This report is not picked up by Briefing (surprise!..they have their own interests at times and don’t report some crucial ‘Bloomberg terminal’ news.).

On Friday we have the important job report and we feel as long as the trend is in the right direction, it won't be as big of a deal.   We would watch for any major pre-announcement from corporate America that can potentially impact the market sentiment.    At the meantime, we'd use any technical dip opportunity to add back to the shares we like and ride this thing up. 

Technically, 1137  is a top trendline  ‘R’  from Oct/ November we need to close over probably more than once to think of higher highs.   *In the back of our minds, is an early 2009 market top a few days after a ‘big’ 1st trading day in January.  We had the big pop this year as well, thus,  some hesitation till 1137 completely busted.

inching higher...

The week’s grind continues to inch higher, even if today’s action is flat on paper end of day.  The action is right on and expected,  if we are in the midst of a rotation, a rotation which would signal a longer rally.

First, naturally the NASD, the big winner in Q4 tech is weak again today as some profits are locked up and put into financials.   Second, the ‘big caps’ banking- broker/ stocks just had 2 big days and need to consolidate/ rest.  (BKX >6% on week).   The regional banks took over today as interest is broadening out (positive).   Put these two factors together and the market doesn’t have the push today as these very important leader names take a breather!.   We're not moving forward with stocks such as GOOG AAPL AMZN GS JPM BAC C all better for sale today.   Even, a strong $CRX  >2% off more upgrades in coal, steels, more dovish FED minutes on the day couldn't push the market over 1137-1138 channel top noted in yesterdays Journal.    This is not a big "R"esitance,  it's just there at an interesting time before the NFP/ report and earnings season and is therefore acting as a wall this week.    The real "R" comes 1155-59 and that's where we're going if the S&P financials, eg.XLF, BKX, KBE, RKH  can breakout which should coincide with a break of SPX1137-1138 and some chasing may begin.    We noted a pullback in last journal would be a buy opp', still if we get a breakout from these financials ETF's it will be strong enough to chase.  Short interest is back to August levels in the group and a squeeze is a possibility. Either way,  exposure here is/ will be warranted.

Interesting bit out of today's trade were the initial negative reactions to earnings from MOS MON, but later both rallied as did the sector (NEU always in Ag  Chem group)   (CMP  almost eeked out a day high of $74 after yesterdays notes at $68-69).   Also, FDO  in consumer sector squeezed some 12% because numbers were not as feared and WOR up 20% on a decent Q beat.    This type of action may mean that once say eg. X  reports and even has a big beat and/or excellent guidance this may all be priced in by than.  This could be something to monitor in all sectors going forward, it may be a Q to get in early than after a report on a stock/ sector.

As far as our Casino, China plays..if the big boyz need a breather,  so do these high flying/ high beta smaller stocks.

Update on Thursday, January 7, 2010 at 12:48PM by Demi/ YourPersonalTrader

Theme same midday,

NASD weak (regular momo names leading down), Banks- Brokers..RKH  (regional), $BKX ETF's up >2% while it's hard to find a quality name stocks >2%, even >1%.  Basically an ETF financial trade market with single stocks not getting any conviction buying (yet).  Noted strength spreading to regionals in Journal.

List of individual regional stocks performance below(site)

Job report, still relevant?

We know a title like the one above will raise some endless debate among the traders.   So, we are not going to defend or embrace the notion of it.   So what's the point of even raising this topic, you ask?   Here's the thing!   It seems over the course of last few days or even longer, there's this particular story developing that the health of this market, at least short term wise,  hinges on the quality of the job report tomorrow.    It's as if tomorrow's job report will provide a definitive catalyst for people to either go short big time or go long big time.    Well,  perhaps this is the way media has played it for a long time.    The truth is, to us, it's just another piece of Eco' data in a series of many many such Eco' data to come in this recovery theme rally. 

Maybe,  we get a really good report tomorrow, or maybe we get an okay one or in an unlikely scenario, we get a bad report.     In any case, any kind of report may cause a "sell on news" reaction as the market maybe looking ahead to earnings season instead.    Of course,  it may cause this market to breakout to the upside even further.    As far as the actual importance of this job report in the broad picture, we think people have put way too much emphasis on it because the potential reaction to this report.  It may simply be irrelevant when earnings hit soon.   In the grand scheme of things,  this is just another report people look at to confirm the validity of this economic recovery.  

Today's action, we got some decent pullbacks from many of our leading shadowisted plays, yet the all important SPX index managed to inch up a couple of points due to what now is BKX >10% on the week.     The sector that worried us the most during last month, financial sector, is the same sector that's getting strong underlying sentiment for this market.     Like we have said before, as Financials start to roll to the upside,  this market won't slow down.    While we give some momentum plays some room to consolidate, we have enough of positive from financial sector to keep the index high and afloat.   This is what exactly we want to see for a healthy bull run.    There's enough market rotation to provide different leadership to this market so the market does not feel tired.  This environment also provides technical trades.  This week CMP  moved for a 4 pts and MAN  3 pts from our breakout alerts.   If were getting fast points, we’re not shy about taking the points and finding something else for a fast trade before the report.   

As money moves, we’re looking for potential money flows sub-groups:

Trends were the same today as all week.  Tech weak and financial really broadening out and catching shorts and sidelined money by surprise.  One NASD sub-group feeling no effects of tech weakness is our DJIM LED trio of  VECO AIXG CREE.

The positive retail numbers provide collateral trades in groups such as Casino’s, Lodging/Hotel.  You don’t need to trade retail stocks to make the positive retail numbers work for you.  We’ve put HOT a previous DJIM winning stock on our trading.  Another idea is if financial strength continues to broaden we’ll look for laggers such as Asset managers (BLK BEN).

Tomorrow might be a busy day for many of us,  but we don't really think tomorrow's any more special than other days unless the number is a surprise worse than what is being whispered around the last few days.   If market is looking to sell on news`,  then it shouldn't be surprising to anyone and we'd add to our plays either today or next week as things settle down.   If the market enjoys the job report enough to give it a good chase higher,  then we'd definitely look for some beta plays on our list to get our money's worth. 

DJIM #2 2010

A little baffled perusing trading blogs/ sites this weekend as to the sentiment of what a boring trading week this was,  especially the doldrums after the first 30min and before the last 30 minutes off NFP# .   This was the biggest ‘up’ week in about 2 months,  DOW up nearly 200 and the SPX closed twice over the upper trend line from Oct/Nov by Friday’s close represents a possible morning gap in our view and test of mid 1150's 'R' in the near future.   Each day was a new high on SPX, a ladder to a possible gap as well.    If this was boring??.   What was the last 2 months of a tight range bound trade to most complainers?  Oh,  forgot these must be the shorts or those still flatfooted sidelined longs!.  This ‘boring’ action is where DJIM calls to stay long in December exposed into early 2010 is paying big dividends.   On the topic of the SMH from open alert,  if Friday's short covering action has follow through as we think into INTC EPS,  we would than look for a pause in the market and some sort of backfilling late in the week.   This possible market direction twist is not a concern as it's EPS time,  new individual plays will be the concentration going foward.

On the topic of the ‘disappointing’ NFP#,  all we can say is the reaction was hardly disappointing and that is all that needs to be said on the matter.   It’s going to be a bumpy ride recovery and that’s the end of it and is not a new prognosis.   All this  really showed was the market continues to shrug of potential ‘ bad news flow’ we had plenty of it during the week (home sales pending, China rate stuff etc.) that just didn’t add up to a red week.  The market showed what we assumed be occurring an that is the market started to look ahead to 'earnings season'  and the NFP was just a formality.

The market is running on upgrades of individual stocks and sectors as firms look forward to this earnings season and beyond.  On Friday, the big beneficiaries were VECO (is a chip SMH play) and the steel sector X MT AKS  off tier 1 coverage.

An updated `shadow list`is on site (Journal page).  Every sector we`ve been concentrating on is moving along..eg China`s, Casinos, Coals, Steels, LED's  and the financial / banks brokers  rotation as evident in the 'green`on the list.

Digestion = tired buyers

No,  we are not going to spent our time here discussing the big play today on digestion day, the drill results of an oil play (MMR).   Instead, we just want to point out the relevance of  'one' stock to this market on our premise at this point heading into this EPS Q.   Yesterday, we noted the market needs to do some backfilling sometime this week and we’d look for individual plays heading forward.   Today’s market signalled digestion, which at times means “buyers are tired”.    The Q4 leaders (NASD) squeeze lost steam after one day (Friday) and Financials, which took over leadership last week couldn’t extend it into today’s trade.   Simply, the sell tech, buy Financials trade is not co-operating so far this week.  Only, sub-group in Financials that has done well last few days is the Asset Managers noted in Journal before Friday’s trade,  BLK  from $236 to <242 and BEN  $106 to 111 for about 5 points each.

One day doesn’t make a trend, but it is probably signalling some tiredness in the overall market and a wait and see on big name earnings.   The importance of this MMR  play, even if it’s not earnings related, is it shows a herd mentality is possibly back and present.    The stock shot up 52% and to $14 from our base alert from $12.80’s for a quick <15% in late trade.   If this thing is as big as they say it is,  there's potentially more upside to come as targets should be increased on the stock.    This is just pure excitement play and is the relevancy with our market.   We also picked up some SEED  as the increased involvement(13% stake) of Fidelity will give the short sellers a huge reason to worry.    SEED is also releasing year end report on Thursday.   Right now, these are ’trades’ with no timeframe in mind as these are under $15 stocks, which means you can load up shares and unload lots as well leading to volatility swings    Yes, our market is seemingly exciting for a change.   We’ll continue to look for new ‘individual plays’  until the market backfills or gets conviction buying to go forward to step back in size on sectors/ stocks.     .  

Market has done really well in the past months, but the now it may be getting exciting, in our opinion.    Why?   Well, we feel this is the first time where we have something good to look forward to.    We spent most of last year searching for an answer.   We got the answer and it was "worst was indeed behind us and it can only get better"!   So here we are, on the eve of an earning season for the new year.    Shouldn't we be looking forward to that and rest of the year?   Of course, we are excited about it.

AA  officially kicked off the earning today with a beat in revenue, but a miss on EPS, this is downbeat   short term.  CVX , update doesn't help either.  Longer term,  this is not worrying news because we are much more concerned about revenue than earning at this point as far as commodity stocks are concerned.   Also,  did you see what fuelled China this morning?.   Robust export and import numbers!!.    You have to remember that increased revenue means business is picking up in the commodity sector, which bodes well for many other related companies in the sector.    Whether how each player can make full use of its revenue and turn it into good profit is another topic, however, as long as we know the revenue is increasing, it's definitely a healthy sign.   For now, we are just hoping that other companies can execute better and turn some of those revenue into some good profit.   Still, this 1st report comes after a big recent commodity rally and some profit taking is an excuse for the very short term.

Market as a whole displayed some resiliency after last week's job report.    One thing is clear though, with the unemployment rate and job creation that are not improving in any timely fashion,  Fed will keep its words and leave the interest rate low for as long as possible.    This was one of the concerns heading into this year that people were afraid that the rate hike might be coming by 1H/2010.    Well, it's not the case, as suggested by the job report.    For us, we actually like a slower recovery pace.    We don't mind some companies taking advantage of a slow Economic recovery because that's the only way they are going to shine.    Can you imagine when our economy is in full growth mode?   It'll be much more difficult to pick out a true winner because most companies will demonstrate some sort of growth during the golden days.     For now, any company that comes out with spectacular earning results and showing a strong growth trend will earn a special place on our trading list.    This is what we hope to see within this earning season and next.

'Great escape???'

Today’s trade can only be filed under the “great escapes” category.   It wasn’t just a matter off digestion and tired buyers,  it was all the overnight-premarket headlines hurting every sector of leadership potential.  We'll leave the question marks up on Great Escapes(??) for now.

• Financials-  Washington sticking their paws on the banks once again, saying hey pals we want more!.

• Techs-  SOX <4% had a ‘SALE’  sticker on it all day.  A few earnings AMC may help tomorrow.

• China-  Newsflow of ’ broader’  policy tightening that threw off most of the stocks DJIM follows off their lofty levels.   If we like the 10% up days on these high beta stocks, we have to be accustomed to these prices going the other way from time to time.   The important factor here is not to get caught on what could be multi consecutive ‘RED’ days starting where all your recent gains will evaporate.   Only way you do this is take this high beta region for what it is and ‘trade it’ as we discussed in a forum post recently.   Also, you need to know/ realize the time of headlines,  if you wake up and see SHANG up about 2%,  it doesn`t mean China stocks will be green.  This policy tightening news hit AMC and you'll see this in the Asia markets overnight.

• Commodity linked stocks-  AA’s downbeat report pressured and China tightening monetary policy noise played a role here as well as demand would be hurt, most likely.

Simply, the ‘tiredness’  bolded in Journal after Monday’s action compounded into more profit taking due to headwinds.  As a trader,  you need to recognize the potential for more selling pressure from headwind newsflow upon an already ‘tired’ buyer market.  One + One = 2!.  This way you take profits early in the day before other traders catch on to the signals.    Activity still is void of short sellers as upside risk of ‘09 is on the mind,  the fact we held and bounced some suggests there is still an underlying bid on weakness,  thus this is just profit taking so far.

Until, the SALE signs are removed from the windows,  we'll continue to just window shop for "individual stock"  trades until this market becomes attractive once again to enter in size and more than just a few positions.

Almost Showtime..

Support noted (Forum) yesterday at SPX1131 held and the market's close came within 1pt of Monday’s rally high of 1049.   That’s a quick 18 handles for those trading the ES.   It seems the bad news from previous trading day was almost forgotten today.    In the first hour of trading, it looked like the ‘Great Escape’ was in jeopardy and we may have a repeat of yesterday's trading action.   But, once again weakness was bought and showed yesterday‘s selling was just profit taking and not aggressive selling and/or not shorts pressing as we discussed in Journal.   All in all,  the rebound in tech and financials was pretty impressive heading into 2 big reports (INTC/JPM ).

A lot of the small cap plays on our screen showed this same action.   In theory, we are hopeful that many of these plays have seen the short term low and they can now digest the recent strength properly and move higher afterwards.  XRTX  off our list had a strong guidance reaction and LLTC , had a very good report with ramifications on many tech related sub-groups which helped sentiment,  but it sold off on the news after a nice run into the report. (hopefully this not a sign of things to come). GMCR HOT  hit new highs

The anticipation of INTC report, due to come out tomorrow (AMC) is weighing on traders.   Right now, there's no reason to believe that INTC would come out with anything disappointing.   It's all about how much they beat and how they meet street's expectation/guidance.    In any case,  we don't think we'd see a repeat of reaction from INTC's last report.    Of course, anything is possible and we’d also be ready to be on the buy side if there's any sell on news reaction in the market.    On Friday, we'll have the  JPM earnings, which we think is also very significant because of the diversity of JPM's business. 

One last thing we have to remind is that many plays on our Shadowlist are volatile.   It's just a nature of our play selection for years.  As we said heading into the year, we expect it to be a high beta 2010 trade.   These are the kind of plays that can potentially carry the best momentum.   As a trader, we simply have to accept their volatile behaviour as part of our strategy.    If you can nail the dip and tops well, then that's great.   If you are taking time building position and trade them in a much longer fashion,  just remember that time and sentiment are definitely on our side

..tired signs again?

First post-INTC, judging by the ES tone tonight, the market looks at flawless execution (INTC) as a non-event or it’s just a lazy bum looking forward to the 3 day weekend.  It was pretty obvious by >2% pre earnings day INTC  move,  it would be impossible to move the behemoth following results,  no matter how flawless they might be.   We should just be happy it didn’t disappoint and not worry that the ES futures didn’t ramp up.   So far this is a repeat of LLTC  earning, a big player in space, suggesting many Semi’s, particularly INTC may peak shortly in their own metrics(gross margins) and therefore stock price.  It doesn’t mean Nasdaq and /or market has to stop grinding higher as there is always ‘rotation’ even amongst the technology groups..eg software/ hardware from Semi’s.

As far as market activity today,  the early week losses have been made up and the theme remains the same of buying on any weakness, still no conviction to chase the market too much higher.  Lately, any bad news has literally been shrugged off, either right away or if any selling ensues it is bought eventually.  We haven’t had back to back downside days since early December.   The market needs a ‘ BIG’ catalyst in the short term and we have no idea what this possibly could be on the positive side to go higher.  The odds are always better for a surprise ‘BIG’ negative, so we must simply ‘trade’ the upcoming individual earning surprises or sectors that get momentum.   Such, was the alert idea on Sept 8th to buy lodging/hotel stocks HOT/ MAR.   This was the standout group today as both have broken out in the past 2 days and now are up ~7% since.  The “Shadowlist” is not only comprised of stocks we trade, it is also comprised of stocks to see where the money flow/momo is day to day giving you daily options as to where to put our money in or take out.  

Next on deck, JPM ,  even though the market inched up to a new intraday high of 1150, it is still showing tiresome attributes tonight possibly and the JPM report is unlikely to be a ‘BIG’ catalyst to the upside.  The weekend may provide more than direction than INTC/JPM.