Yes The SpaceX IPO Is Absurd But The "Anticipation Rally" Can Be Very Lucrative

Añadido: 2026-05-27

[00:00:14]All right.

[00:00:16]Today's Thursday, the 21st of May. This is a recap for the stock market activities today. And folks, I got a good one for you tonight. We want to talk a little bit about the market mentality right now. the psychology and that was purely illustrated today in the quantum rally. And then we want to talk about the Iran war, the oil market manipulation, the headlines all over the place and of course the importance of oil inflation and its impact on the economy. We got a little bit of a feedback in the uh PMI report today.

[00:00:51]Going to take a look at that. And then of course lots of chatter and talk about the Space X IPO and we'll talk about the absurdity of the IPO but where the opportunity is and that is in the anticipation rally. Then a look at charts even though the technicals don't matter right now at least in the indices. And then of course a reminder this is going to be a long holiday week here in the US. We got Memorial Day. So, happy Memorial Day, which means that tomorrow's session is going to be a low volume session and hence today there was a little bit of an animal spirit kind of a let's squeeze a little bit of a rally in some of the meme stocks and the smaller caps via call options with the expiration date tomorrow. And that leads us we got a headline this morning and the headline reads quantum stocks soar as the Trump administration is reportedly buying in. And again, there was no confirmation whether the Trump administration is buying in or not. And it's not a big investment either way. I mean, the numbers that we got, most of the investment is in IBM, in Honeywell, but you saw stocks like Regetti, in Qubts, and all of these smaller names that don't really have any platform in quantum, and they could easily be crushed by IBM and companies like Honeywell. a $und00 million investment.

[00:02:06]Again, not confirmed. And we see stocks like Regetti, for example, up 30% for the day. And again, you see this kind of gold rush mentality. You have a lot of hungry mom and pop investors who have FOMO and they're looking for the next gold rush. I saw Intel going up because Trump bought in. Maybe quantum stocks, IBM is going to be next. I saw memory stocks rallying. I'm looking for what's next. It's not a healthy environment, by the way. It's actually a marker of a really unhealthy market similar to the end of 21, 1999 and many other turning point kind of markets when you see a shift from peak bullishness to beginning of bare markets when you have this kind of mom and pop rush. But in the meantime, you cannot uh dismiss the magnitude of ratties that you could see in some of these smaller cap names. And hence we have a short in this channel at least I do on Regetti. We got it in the 50s. So we have a pretty good cushion on it. But if you look at the chart here in Regetti, you would notice on the daily chart we have a pop of about 30%, now it might go above the 200 days moving average. That would be a technical bullish confirmation. And likewise on the weekly chart, if you have a close above the 50, that's going to be a technical bullish confirmation. There's a little bit of risk here that it could be an inverse head and shoulder formation that could lead us higher. So you have a short position that we're up big in. Either you get a hedge or book profits. To me, I'd rather free up the capital for another play, short or long.

[00:03:37]So, we'll see what we're going to do about it tomorrow's session, either hedge or just book the profits. But the point being is you get a headline like this and immediately you see a resurgence in call options. I mean, a lot of you in Discord are doing fuel cell, right? That one is been on fire.

[00:03:51]Has an earnings report coming out later on, but it could reach the 200 weeks moving average up 30% today. So you're seeing every time you have a headline or you have any hint of possibility of a gamma squeeze in these stocks, you immediately see the gold rush. And that leads us, by the way, to the conversation of SpaceX. You're going to see that gold rush mentality happening before well before the the SpaceX IPO.

[00:04:14]Matter of fact, we're already seeing it right now. So we're going to talk about some of these opportunities in a minute.

[00:04:19]But let's segue and talk about oil and Iran before we do that because right off the gate in the morning we got a headline that was not a positive headline. You can read it right here.

[00:04:29]The Iranian supreme leader said that the uranium is not going to be part of the negotiations and it must remain in the country. Immediately oil prices went up by 3 4% jumping higher. And then we began to get the fake news that, oh, we have an a new draft, a final draft was submitted to Pakistan or whatever. And then the same outlet that floated this uh rumor came out right before the close and said, "Oh, that's actually false, false news, fake news." And the rumors about Pakistan uh Pakistani army general going to Iran to finalize the deal.

[00:05:03]Well, that's also It's not going to happen. And folks, one thing you need to understand, if they were confident that we have a a a peace deal and this thing is going to be resolved pretty soon, you really have no incentive to try to manipulate the price of oil down every day and prevent it from trading above 100. The fact that they try to do that every day is actually a signal that you're probably nearing an escalation. And what they want to do is they want to push the price of oil to a point where it creates a cushion. Let's say if the war resumes and oil right now trading at 100, a headline of the resumption of the war can push oil immediately to 120, 150 in a day. That could create a massive crisis. Not just the gas pump and consumers. But we're talking about the most important thing that the government is afraid of. Not just this government, but all governments, and that is the bond market. See, if the price of oil goes up to 120 or 150 overnight because of a resumption of the war with Iran, we're talking about a global bond market crisis. You're going to see the 2-year yield in the US immediately jumping to 5% plus. The 30-year will probably jump to five plus, 6 plus pretty fast. That's going to cause a housing crash. That's going to crash the stock market. That's going to crash a lot of assets like gold and silver. It could cause a black swan kind of event because another headline that we got at least today, it's been building on, it's not a new headline really, we see private credit bankruptcies reaching all-time highs.

[00:06:33]So, there's a crisis right now, the black swan in private credit, and you accelerate that bomb if rates go up. And this is why the ceasefire is all theater. the government is trying to buy time and try to cool the price of oil as much as they can to prevent a crisis in the bond market. Believe it or not, at the end of the day, the reason why you see the the Iranian uh speaker who's the chief negotiator right now always talking about financial markets and bringing up the bond market, they know the Iranians know that the real reason behind the ceasefire and the US backing off even though Israel wants the war the war to resume. But the reason why the US backed off is the fact that if had we continued, we would have blown up the bond market. yields would have gone much higher and you would have seen that bomb in private credit and that's going to impact technology stocks that's going to impact the AI funding and blow up the entire not just to the US economy and the US markets but the global economy and the global markets and hence the ceasefire is just a phase to try to push the price of oil as much as they can to try to manipulate the bond market as much as they can and these efforts are not really succeeding as much. You look at the price of oil right now, it is trading just a touch below 100. They're trying to push it even more because let's say the price of oil goes down to 80, for example. If you resume the war at 80, by that time, bond yields would be down. Right now, you're looking at the the weekly chart for the 2-year.

[00:08:03]We're trading above four. If the price of oil goes down to 80, we go below below four in the 2-year, we go to maybe 3.7 3 and 1/2. That's a more favorable ground to restart the war. That way, if we have a pop in the price of oil, well, we go back to 100, which we kind of dealt with here. We're trying to condition the consumer, the global economy to accept that a hundred uh dollars a barrel is not really bad. Not really that bad. We can live with it.

[00:08:31]It's a little bit of inflation, a little bit of uh higher interest rates, but that's okay. And the longer you park the price of crude oil at 100, the more the economy becomes conditioned to it. And hence that's what they're trying to do in buying time and manipulating the price of oil down every day. They're trying to build some cushion to restart the war again. And the problem here is as you can see you have the global oil production in light blue and then you have in dark blue you got the global oil demand. Before the war there was a surplus and that's why the price of crude was suppressed because we have more supply than demand. Comes the war and the closure of fermos and now we have the opposite dynamic. We have a huge massive global shortage in the supply of crude oil. Global demand is still holding and this chart here assumes that we're going to reopen the straight of Hermos by the end of this month May. If that is the case then we go back to the same dynamics by September October and the crisis might continue prices at the pump might stay higher throughout the summer but the market is going to look forward. The futures market going to look forward.

[00:09:35]They're going to look for the normalization of the balance between global supply and global demand. If the straight doesn't open though and we continue to go into June and July, then you're going to be talking about a prolonged deficit where you have demand surpassing supply and that opens the path for a conspiracy theory. I don't know if you guys want to hear it or not.

[00:09:56]We can make a video about it, but uh got to remember that I have two strikes on YouTube right now. If we get the third, the channel goes off permanently.

[00:10:04]There's no uh appeal, nothing. So that's why I'm taking it easy right now. PG-13 Mav, not putting a lot of public videos because we get the third one, it's over.

[00:10:14]And you have to wait a period of time before they take one strike out. You have a little bit of cushion. So if you guys want to hear it, I'll share it with you. And it ties in the rally that we've seen from the ceasefire to the sudden um urgency of dumping these big IPOs. I mean, they talked about 27, they talked about Q4 of this. Why the sudden rush to dump SpaceX open ALI and Anthropic? And then of course we tie it in with the Gulf countries. They're running huge budget deficits right now and their investments in these IPOs and then the resumption of the war of Iran. It's a big conspiracy, but I can tie it all together for you. If you want to hear it, let me know in the comment section.

[00:10:54]We'll do a video about it. Because think about it this way. If you have a closure in the straight of Hormos or damage to the oil facilities and the longer they stay shut, the longer the damage, right?

[00:11:04]So here this assumption by the way is also pricing in the fact that Saudi Arabia and Kuwait and Qatar, UAE can just restart the oil production and the oil flows through the straight of Hormuz. What they're not factoring in is the fact that these facilities have damage. The longer they stay shut, the longer the damage, the bigger the damage, and it takes longer to resume the flow of oil from these facilities.

[00:11:28]So, actually, to get to normalization, I would say it goes all the way to 27.

[00:11:33]That's not me saying it, by the way.

[00:11:34]That's Soda Ramco came out, I believe, last weekend and said that that if we open the straight of hormones by the end of May, we can restart the oil production normalization by 27. So, you imagine if the straight of hormones stays shut to June, July, it's going to be a disaster. And the only solution at that point is to crush this guy right here, the global demand. Okay, that's the conspiracy theory right here. And I can tie it all together for you in one video, but maybe we'll do that next week. For now, let's talk about the uh impact that we see from the resurgence of the price of crude oil as it is right now. And we got the PMI. Chris Williamson gives you the uh summary here of what's going on. And what's really important, folks, is this piece right here. The flash PMI data for May recorded only modest growth of business activity as demand was again squeezed by further spike in prices and jobs were cut as firms worried over rising costs and the economic outlook. So we have the stagflation crisis now worsening coming on the heels of a subdued April reading.

[00:12:39]The May PMI indicates that the economy will struggle to manage annualized GDP growth of much more than 1% in the second quarter. However, even this subdued pace of growth may not last. On average, over the past 3 months, order book growth has slowed and it's uh to its weakest for 2 years and a boost from precautionary stock building due to concerns over further price hikes and supply delays will not last forever.

[00:13:07]Demand also looks set to cool further in response to rising prices. firms cost have jumped higher at a pace not seen since the energy price shock of 22. This is the most important piece or being passed on to consumers in the form of a sharply higher selling prices. So that's inflation for you even though the pace of economic activity and orders are slowing down. The survey price gauges therefore indicate that inflation looks set to rise further just as the economy cools. huge dilemma for the Fed and Kevin Walsh. But again, you have to weigh in the risks. You look at the job numbers, still not bad. You look at inflation numbers, they're beginning to look really bad. And you have a report like this that is a leading indicator.

[00:13:52]We have the PCE coming out next week. By the way, as the Fed chairman, you have to tackle the inflation risk by hiking prices higher. And even the most permables, perma pumpers like Ed Yardini, for example, a lot of people forget about. He was one of the biggest pumpers in the com. And then when the crash happened, he said, "Oh, well, he can't really blame us for telling you that the future is the internet and there's no bubble." Now he says, even Ed Yardini says that the Fed could hike rates not by 27, by December, we could see a rate hike. So this is the problem that we're dealing with. There's no doubt in my mind that we have a lot of pressure on President Trump by lobbyists and whatnot, foreign interest to restart the war ASAP. But there's another whisper in his ear saying that if we restart the war right now, we will see a global bond market crisis that could blow up the entirety of the economy. That's a massive risk. And this is why they're trying to do whatever they can right now to buy that cushion to manipulate the oil price down as much as they can because the price of oil going down. That means that the bond market begins to recover a little bit, but we see interest rates setting down.

[00:14:58]Will there be a point where they they try to manipulate over and over and over and over again it doesn't work out and they say you know what let's just get it over with and hit Iran and see if we can do regime change quickly and open the straight of firmos and then there's no crisis. I think at some point President Trump is going to be led to that conclusion and that would be a big problem. So, of course, you have a big risk in the market right now. Would you listen to all of this and you think about a resumption of the war and the bond market collapsing and the price of crude oil and you look at a report like this, but you wonder why the hell is the market going up or why do why do we see the animal spirits at the mom and pops now chasing everything? We go back to the conspiracy. We'll do a video about it next week, but for now, let's talk about the animal spirits and the gold rush because we have a big IPO coming out. That's going to be the SpaceX IPO.

[00:15:48]The rumor is it's going to be one and a half one and a threequarters of a trillion dollars. They say as high as $2 trillion and that will put the valuation of OpenAI above Berkshire Hathaway. Now you might think this is absurd, Mav. Why would SpaceX trade at a higher valuation than uh companies like Berkshire Hathaway? Companies that actually produce profits because when you look at SpaceX, the revenue 18 billion. So you have about 33% rate of growth in revenues, which is not bad. But again, many other companies in the market do 33% easy. But then you look at the profitability and this this is a company that still loses money not just in the net income, but also the operational loss. They lost about $2 and half billion dollars last year and uh anticipation is they're going to lose maybe five to6 billion dollars this year alone. So how the hell could you value a company like this at $2 trillion? That's the insanity. That's the mania. And I think it's going to end badly. I mean the whole point from this IPO is to dump it on the public and for Elon Musk to say that I'm a trillionaire. Even if it is for a short period of time, it's just for shits and giggles for him that hey look, I'm a trillionaire. Does SpaceX have a viable business? The answer is yes. And that business is selling internet from space. So the main business right now, the most profitable business in SpaceX is Starlink. And Starlink, as you can see, been pretty much the driver, the engine of growth and revenue for SpaceX. It ain't the space segment that's still the same.

[00:17:14]Government contracts, most of them are fixed. Northrup makes more money from the government than uh in their space business than Space X. the AI business not growing much. And what they're trying to sell the public is that's what you're betting on. You're betting on the AI business that SpaceX can actually launch data centers in space, which is one of the most absurd headlines. We're going to look back at it at, did these morons back then really believe a headline like this? They were going to build data centers in space and they chased the mania. Well, gee, there's no surprise that everything crashed down on their heads. But that's in the future.

[00:17:50]In the meantime, people are going to buy this. people are going to believe this.

[00:17:53]There's a lot of money to be made from this that this AI business is going to be the next driver of engine of growth from SpaceX. Now, if you look at Starlink, you see that their subscribers are going up. This is a rapid rate of growth. I have it. I like the product.

[00:18:07]It's reliable. You know, I think a lot of people like it, but again, it's not really a lucrative business. It doesn't produce a lot of profitability. You buy the uh the equipment and that's it.

[00:18:16]They're not going to charge you per month. uh it's a small fee per month but the majority of the money they make is from the equipment and then there is no scalability beyond that. The only scalability is to charge more. If you charge more now you open the competition, you open uh customers maybe dropping the service if they don't need it, don't use it. So it's not a lucrative business. It's a growing business but it's not a lucrative business that justifies a $2 trillion valuation. With that being said, folks, there's something called the anticipation rally of the IPO. meaning folks are going to begin to speculate on similar plays in the space sector of the stock market or companies that could benefit from the SpaceX IPO or from SpaceX future business. And yesterday we talked about Goldman Sachs as a play.

[00:19:02]That's the easiest one. IPO goes public, Goldman Sachs makes money. Doesn't matter if the IPO is good, if it's bad, if it crashes, if it makes money, doesn't matter. Goldman Sachs makes the money from underwriting. But the retail investors and traders will begin to look at similar plays related plays. And now you got Memorial Day weekend. You have a favorable market environment to chase stupid stocks and create stupid rallies and make a quick buck. That's the environment that we're in right now. So we're going to look at some charts here, some space plays, and we're going to look at the technicals purely and see if we can spot trading opportunities. So again, a disclaimer, these are not companies I would invest in. Some of them I would and I'm going to point that out, but I would trade an opportunity for a short-term rally, an anticipation rally. With that being said, my thesis behind that is technically nature. And if we have a catalyst such as resumption of the Iran war and the animal spirits are gone, then these trades are not going to work out. So keep that in mind.

[00:19:57]So here we're looking at the ticker RD RDW. This is for Red Wire Corporation.

[00:20:03]This one I would actually buy because the valuation is not that bad. It's okay. It's better than many other stocks. But right now, if we look at the technicals alone, we can argue that we have here somewhat of an inverse head and shoulder in the weekly chart that is already playing out. And you also have resistance at the trend line right here, sloping line of resistance. And you have finally a break above. Plug in your bullinger bands going to find a little bit of resistance, but pullbacks could be opportunities to buy. And you might not need a pullback to begin with. You might see just a resurgence of the stock trading 10 20% pretty fast. Today the stock was up about 4% but again this company has actual fundamentals redwire corporations and the valuation is not is not a cheap valuation but it's an okay valuation given the craze in the sector and then we have some of the satellite plays like LDOS again whether these companies are generating revenue and profit or not doesn't really matter right now you're going to see the the gold rush which company has association with space which company could benefit from the craze about space the hype about space because of this IPO. So we see that this company got crushed after earnings which probably suggest that the report was not pretty good and the company is overvalued. But can we argue in the short run that we have somewhat as a falling wedge pattern that we could see an oversold rally and that could be a trading opportunity. You can look at the RSI here in the daily suppressed risk versus reward says that we see a correction from oversold conditions and that could be again could be a steep rally 10% 20% if you're lucky. Either way, worth taking a shot. Another one, the ticker BKSY, Black Sky Technologies. Now, this company right here facing a little bit of a resistance line going on, but you see these series of higher lows going on and then you have these higher highs and now we're breaking above. So it could be a rocket ride to a certain resistance line and then it comes down crashing. So that could be an opportunity also for a trade here. With that being said, I mean you look at the daily chart. This one is facing a little bit of resistance. So if you see it pulling back and breaking below these wicks right here at 38, uh it's probably going to face the same resistance line and pull back sharply.

[00:22:15]So we need to see it trading above this resistance line. 45 and above. That's the ideal zone for a launching pad.

[00:22:22]maybe a ride to 50 55 and then it comes down crashing. Next we have the uh if you remember the scam by Shamat, right?

[00:22:29]I love how people say, "Oh, this is different than the dot com." You don't have to go back to the do look at the 21, the co mania, and you see these stocks crashing down. But anyways, now we have a little bit of revival of the 21 environment in the 21. And here you can see that the space version galactic was up about 11% today on uh really no news, just the optimism that we see about the SpaceX IPO. And we can argue here to clean this up. We can argue that maybe we have shoulder head little bit of a shoulder resistance line and you break above and you have a little bit of a rally for a few days maybe a week or so that you can ride this momentum as we see folks being optimistic about this SpaceX IPO. Another one as this one is overvalued by a lot. Investors been buying it, traders been buying it. So this one is different than let's say red wire where you have the a better valuation. This one is a garbage valuation. I wouldn't even buy it with your money or my even my enemy's money.

[00:23:24]But would I trade it? Sure. And you could argue right right here that we have somewhat of a sloping line and we have momentum building up even in the weekly. You begin to look at it here and you see that keeping the 50 weeks. Maybe it tries to retest the highs in a break.

[00:23:39]So you have resistance, resistance, resistance, but now you break above and try to retest those highs then come back down by the IPO. Who cares if it can squeeze in 5% 10% worth of gains? I'll take that. Next, we have Momentous MNTS.

[00:23:55]You can see that this name today was up about 21%. So, we have a little bit of optimism going on here in this space segment. And we can argue that we have a little bit of an inverse in his shoulder. We're beginning to break out again. Can you squeeze a little bit of another 10 20% worth of gains out of this name? Yeah, I would do that. The moment I squeeze a little bit of gain, I'm dumping, thanking the Lord, and keeping the money for another trade.

[00:24:17]None of these companies really make sense from a fundamental perspective.

[00:24:20]Just keep that in mind. Next, we have the ticker F Ly, Firefly Aerospace.

[00:24:25]Again, the valuation is not the best, but you can argue here that we have somewhat of a double bottom combined with maybe a formation of go back to the daily chart of a cup and handle. We break to the upside and we rally based on the optimism of the SpaceX IPO. So, that's another another one you could keep in your list if you want to chase this anticipation rally. Now, the mature play, the old school kind of play is NOC, Northrep Garmin. And again, they have a viable space segment in their business. They have billions of dollars worth of government contracts. So, this one's supposed to move higher. Maybe it will. It's expensive, though. And right now, it's getting out of this uh rising wedge pattern, and it's forming somewhat of a bull flag pattern. It could begin to rally based on this SpaceX optimism.

[00:25:10]Next, we have TAN. What the hell does TAN have to do with anything here, Maf?

[00:25:14]TAN is the solar ETF. You see here, bearish cross about to be fixed to bullish cross with the 50 weeks goes above the 200. Uh kept the support a lot. Now it's probably ratting higher and we bought 10 already. I think that solar is going to be the next opportunity. You got to remember I said the memory is going to be the next opportunity back in 25 but nobody was really thinking about memory. Now I'm saying the opportunity is phonics and solar. Why? Because we have this political energy constraint and this is going to be a big problem for these companies. you want to continue to build the data centers, you got to reduce the consumption of energy or you have to pay for it and that's going to be too expensive for the cash flows of these companies. So, they're going to have to invest heavily in solar and even SpaceX today reportedly to build a 10 billion watt solar manufacturing facility near Austin to help power AI data centers in space. Think it's The one of the most ridiculous headlines. Maybe we're going to have data centers in 2050. I don't know. But I think this is one of the headlines we're going to look back at and say, "Ray, did these morons believed did these morons believe that we're going to have data centers in space? That's why they chased the SpaceX IPO that ended up crashing in their heads." I think that's going to be the case. But in the meantime, a headline like this, you bet it's going to benefit solar stocks to move higher. So again, I think this is a rational play. It has many other catalysts. Energy prices going up. There are many things that can sell you on buying solar right now.

[00:26:40]Could there be any plays that would suffer from the SpaceX IPO? The answer is yes. One of them would be this guy right here, Echoar SATS. It ratted significantly higher beforehand. So you can look at this rally right here from 25. That's 700 800%. A lot of folks are sitting on cash, lots of cash. They want to free up that cash to chase the SpaceX IPO. So when you have uh stocks that ratted too much, that's where the cash is going to come from to cha to chase the new shiny object that is the SpaceX IPO. So here I would say that SATS are probably beginning to initiate a short in this name. And the same goes for Rocket Lab. Rocket Lab rocketed higher.

[00:27:22]It's been going up significantly. Part of the reason is anticipation of the SpaceX IPO someday. but the optimism about the space segment. All in all, you could see money come out of this name in anticipation of raising cash for the SpaceX IPO. So again, I'm just uh looking at the technicals right here and tying it up with the psychology which is really euphoric right now and I'm coming to the conclusion that we could have some trading opportunities in the anticipation rally before the SpaceX IPO. And once the we begin to get closer to the SpaceX IPO, money will come out of winners. Among them could be Rocket Lab, could be Echostar. Don't forget about the hyperscalers, the the chip names that went significantly higher.

[00:28:03]You're going to have to sell those to buy the SpaceX IPO. But you're going to begin to see that damage happening the closer we get the SpaceX IPO. So folks, I'm going to wrap it up right here on the economic calendar. In tomorrow's session, we have the final reading of the consumer sentiment. We'll see how that's going to look like. Nothing important in the earnings calendar.

[00:28:22]What's more important would be we have a long holiday weekend. So they're going to try to do as many gamma squeezes as they can using the options market. So we're going to try to spot some opportunities in Discord early in the session. And of course the other wild factor would be what's going to happen with Iran. A lot of sources right now saying that the president might use might use the long holiday 3 days to try to do a limited strike. That's what they're trying to convince Trump to do right now. do a limited strike just to motivate the Iranians to do a deal. And now you have a three days cushion. Maybe you could finish the job before the market opens Tuesday. Everything goes fine. And hey, I mean Trump, you never know. He just believes whoever the last person is talking to and that could be Mark Leven. That could be Lindsey Graham. That could be one of those neocons. And he would be convinced to do it. And it happens. And then everybody who thinks that hey we're going into a long day uh long uh holiday weekend and the market is going to be positive and they buy stuff and then comes next week oops things went wrong. So there is risk and that's why I'm not going to say hey let's go crazy and buy stuff and lock it in to next week. I would say let's trade stuff and we'll talk a little bit more about that in Discord tomorrow. But with that folks let's just wrap up right here. Thank you for joining me tonight.

[00:29:36]Hope you got some benefit out of this program. Thank you for listening. Thank you for watching. I appreciate and I love all of you. I'll be talking to you again tomorrow. Good night.

[00:30:12]Hello.