Daily Economic Commentary: Euro zone

Trading Discussion News and Economy
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Action on EUR/USD was as intense as my Kangoo workout during yesterday’s trading. After tumbling to 1.3573, the pair rallied to its 2-month high at 1.3704. Too bad the bulls didn’t have enough energy left to close above the psychological handle. At the end of the day, EUR/USD had cooled down to 1.3682.

The euro’s 40-pip win was definitely no easy feat. Earlier in the day, the pair traded lower when Spanish Finance Minister Elena Salgado announced that they only need 20 billion EUR to save the Cajas or the country’s savings banks.

How, you ask?

Well, most economic gurus had bet that the bailout would fall somewhere in the higher end of the 17 billion EUR to 120 billion EUR range. And since it’s no secret that the country’s balance sheet is a mess, investors took the government’s seemingly underestimated calculation as a sign that Spain is not addressing its debt woes fast enough.

Good thing the euro had a couple of surprises up its coffers that allowed it to end the day with another win.

First, there was the successful 5 billion EUR EFSF auction of 5-year bonds which will be used for Ireland’s bailout.

Aside from the euro zone only paying a relatively small borrowing cost of 2.89%, what made the first EFSF bond issuance even better was the overwhelming demand. Bids were 9 times the 20 billion EUR offer, reportedly amounting to around 40 billion EUR! This suggests strong confidence for the region, implying that if there is a need for more funds in the future, it will be easy to find investors who will back up the EZ. You feelin’ my rhyme dawg? Ha!

Then to top the euro’s piptastic day like a cherry on a hot fudge sundae, yesterday’s reports came in better than expected.

It was reported that consumer confidence in Germany further improved in January with the GfK Consumer Confidence index printing higher at 5.7 than its previous reading of 5.5.

The French also boosted up the euro with their shopaholic swagger. According to INSEE, consumer spending for December increased by 0.6% and overshot the 0.4% forecast.

Today we only have the German import prices for December on tap. With talks of the ECB hiking interest rates earlier than the Fed already buzzing in the market, a figure higher than the expected 1.2% uptick would imply stronger inflationary pressures and may consequently be bullish for the euro.

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Given the FOMC decision, will this pave the way for the EUR/USD to reach new highs?

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Action on EUR/USD in yesterday’s trading was as tight as Katy Perry’s jeans. The pair just seesawed up and down the 1.3700 handle, ending the day only 8 pips higher at 1.3695 from its opening price. Uh oh, is the euro’s rally coming to an end?

That’s what some are speculating since a positive inflation report from Germany and a dovish FOMC should have been bullish for the pair. On the other hand, a few economic gurus say that what we saw yesterday might only be a pullback.

Anyway, it was reported yesterday that German import prices rose by 2.3% in December and overshot the 1.3% consensus. And get this, it’s the fastest rate of increase that we’ve seen 29 years!

ECB President Jean-Claude Trichet has said that keeping a tame inflation is on the top of the bank’s list. He along with some of his buds in the ECB has said that the bank will take the necessary actions when they see second-round effects of inflation. This happens when workers ask for higher pays to compensate for higher living costs.

But perhaps it was Trichet’s remark about interest rates being “appropriate” for the time being that kept the bulls from hustling. He also didn’t seem more concerned than he was a couple of weeks ago when the CPI report for December (which showed a 2.2% uptick in December) caused an upward revision to inflation expectations.

If this is the case, a few hotshots think that even if we see Germany’s Preliminary CPI report for January come in higher than -0.3%, we may not see any urgency in the central bank to hike rates. Tune in to that later at 7:30 am GMT and see if they’re right!

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While the FOMC announcement did cause a minor sell-off in the USD, the statement was pretty much similar to the December one. It seems that EUR/USD will primarily be driven by data/news for the mean time!

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Unfortunately for the euro, it’s all about the Greenback last Friday as risk aversion reared its head again in the forex market. EUR/USD ended the day at 1.3609, almost 130 pips lower from its opening price. Will the situation in Cairo continue to fuel risk aversion? Or will this week’s data be able to help the euro regain some of its losses?

This week could be a big one for the euro, as the European Central Bank (ECB) is scheduled to announce its decision on interest rates on Friday. But before that, we’ve got some interesting data coming out.

Later, at 7:00 am GMT, Germany’s retail sales report will be released. The expectation is a 1.9% gain for December, completely opposite the 1.9% decline (revised up from -2.4%) seen the month before.

Then, at 10:00 am GMT, euro zone’s CPI will be published. Keep an eye on this one, as controlling inflation is one of the ECB’s primary goals. The current inflation target of the ECB stands at 2.0%, but the inflation rate has jumped to 2.2%. In fact, its even expected to have risen to 2.4% this January. My less handsome buddy, Forex Gump, did an excellent blog post about inflation, so go check it out!

Alright, that’s it for today! Good luck!

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The euro ended January with a bang as EUR/USD soared from an open price of 1.3582 to a high of 1.3740 yesterday. EUR/JPY also made a nice comeback as it climbed by more than a hundred pips after consolidating in the 111.50 area.

It seems like the euro was indifferent to the weak economic report released from Germany yesterday. The retail sales figure from euro zone’s largest economy posted a 0.3% dip instead of rising by 1.9% as expected. This marked the second month in negative consumer spending since retail sales fell by 1.9% in November.

What boosted the euro’s spirits was the strong CPI estimate for the euro zone, which showed that price levels are expected to increase by 2.4% in January. If this estimate is reached, it would be the strongest pace of increase in euro zone inflation for the past two years. Now, that just reminds me… Didn’t Trichet hint that the ECB could hike rates in order to keep inflation contained? That must’ve been the reason why the euro rallied yesterday!

Could it hold on to its gains today though? The economic calendar shows that German employment change data and the euro zone unemployment rate are the big events for today. Net employment in Germany is expected to be up by 11,000 in December, but this probably wouldn’t be enough to budge the entire region’s unemployment rate down from 10.1%. Still, better than expected figures could allow the euro to push for more gains so make sure you stay tuned for the actual reports due starting 9:00 am GMT.

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With positive data and risk appetite on its side, nothing could keep the euro from being a rocketeer in yesterday’s trading. EUR/USD rose from its opening price of 1.3691, zoomed past resistance at the 1.3800 psychological handle, and landed at 1.3831 to end the day.

The shared currency, along with its higher-yielding counterparts, stayed fly like a G6 against the dollar thanks to easing tensions in Egypt.

Meanwhile, on the economic front, we saw that labor conditions in the euro zone remained stable in December. The unemployment rate came in at 10.0% and matched its upwardly revised reading for November which was initially reported at 10.1%. Italy’s joblessness rate also remained steady at 8.6% and overshot the consensus by 0.1%.

Along with that, Germany reported that the number of jobless people fell by 13,000 and beat the forecast which was for an 11,000 decline.

An upward revision on the final reading of the region’s manufacturing PMI was also reported. The actual figure for January came in at 57.3, up from its previous reading of 56.9.

I wonder if the PPI report for December will help sustain the shared currency’s meteoric rise on the charts.

At 10:00 am GMT today, we’ll see if prices of finished goods and services sold by producers in the region increased during the month. A figure higher than the 0.8% uptick that the market is anticipating will most probably be bullish for the euro. Note that a big part of its rise is because of stronger inflationary pressures in the region.

Keep in mind also that tomorrow’s a big day for the shared currency with the ECB interest rate decision and retail sales data. So make sure you strap you jet pack tight because we could be in for a wild ride!

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[I]“Once we hit the top there’s no stopping us…”[/I] The euro did a Jason Mraz number yesterday as the euro zone’s pessimistic economic news failed to stop the euro from gaining on its pip buddies. EUR/USD slipped by 22 pips at 1.3809, but EUR/JPY gained by 8 pips at 112.60 and EUR/CHF hit an intraday high of 1.2936 before closing with a 48-pip gain.

The bulls’ party could’ve been ruined when Germany announced its disagreement over using the European rescue fund to buy European bonds. Remember that the euro’s rally has a lot to do with confidence over the rescue fund’s ability to ease the region’s sovereign debt troubles, so a tiff over its use might still attract the bears.

S&P’s downgrade of Ireland’s ratings could’ve also limited the euro’s gains yesterday. The credit rating agency downgraded Ireland’s credit rating from A to A- with a negative outlook, but many traders shrugged it off as other agencies like Moody’s and Fitch have already cut the country’s ratings a few weeks back.

But what caught the traders’ eyes was the euro zone’s PPI report released yesterday. The data printed a 0.8% growth in December after growing by 0.3% in November. Since rising commodity prices caused by the turmoil in Egypt is already giving the ECB headaches, investors are already pricing in another interest rate hike from the central bank.

Will these speculations be supported today? ECB President Trichet is scheduled to give a speech at 1:30 pm GMT after giving out the interest rate decision at 12:45pm GMT. No one really expects a rate hike, but a hawkish stance from Trichet could send the euro soaring through the charts.

Also due for release today is the retail sales report at 10:00am GMT. The report is expected to show a 0.6% rise in December, but a lower number could limit the euro’s gains.

Stick around for these big reports!

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Party’s over, boys! Dovish comments from the ECB and worse-than-expected reports from the euro region crushed the euro bulls’ party and plunged the euro against its major counterparts yesterday. EUR/USD plummeted 174 pips from its open price at 1.3635, while EUR/JPY dropped by 138 pips to 111.22.

The euro zone’s retail sales report was the first to spread the bad vibes yesterday when it showed a decline of 0.6% in December after falling by only 0.3% in November. The underperformance of the data during the Christmas shopping season worried investors, and made them jumpy on buying the euro.

And then, of course, there’s the ECB interest rate decision. In his speech yesterday, ECB President Jean Claude Trichet took a firm stance in maintaining its record-low interest rate at 1.00%, and cited that inflation risks are “broadly expected” in the medium term. Ack! For the interest rate hike junkies, that’s equivalent to him saying that there’s no Santa Clause (sorry Cyclopip). Markets have been pricing in an ECB interest rate hike around August this year, but Trichet’s dovish comments made them move it to around September.

Let’s hope Trichet will have good news for us today! Later at 11:30 am GMT he is scheduled for a speech in Frankfurt. Will he continue giving off the dovish vibes, or will we hear a bit of hawkishness at least? Stay glued to the tube on this one!

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Unlike hottie Katy Perry, euro bulls weren’t living their pip-filled teenage dreams during Friday’s trading as the euro closed 50 pips lower from its opening price at 1.3585, ending the week almost unchanged against the dollar.

The shared currency had a good start against the dollar this year partly because better-than-expected inflation reports from the region got traders giddy for an interest rate hike from the ECB. But since ECB President Jean-Claude Trichet and his clique turned the other cheek on calls for a tighter monetary policy, it’s not surprising to see the euro come tumbling down especially since there wasn’t any economic report last Friday for traders to sink their teeth into.

Another reason for the currency’s initial rally was strong economic data. So with that said, you may want to be on your toes for the reports we have from the euro zone today.

At 9:30 am GMT we’ll have the Sentix Investor Confidence indicator for February which is expected to show optimism for the region’s economic health with the forecast up at 14.1 versus its 10.6 reading for January.

Then at 11:00 am GMT, Germany’s factory orders report for December will be on tap. Analysts are expecting to see that purchase orders placed with manufacturers during the month declined by 1.4% after growing by 5.2% in November.

Also take note that President Trichet will be speaking today at around 9:00 am GMT, and so will German central bank President Axel Weber at 1:00 pm GMT.

As Forex Gump said in his weekend blog, Germany has laid out a few conditions for other euro zone countries before it pitches in more moolah on the EFSF. Not everyone is happy about it though. The lack of a unified action against the debt crisis could be bearish for the euro, so keep an ear out for hints of further infighting between the leaders as these may just send the currency even lower!

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Whew! The euro was able to keep its head above water yesterday despite the release of worse-than-expected economic reports from the region. EUR/USD closed 20 pips higher than its open price at 1.3585 after hitting an intraday low of 1.3508. Meanwhile, EUR/JPY also ended the day on the green at 111.82 after dipping to a low of 111.25.

Germany’s factory orders report might have limited the euro’s gains when it printed a 3.4% decline in December after rising by a strong 5.2% in November. Since Germany is the euro zone’s largest economy, any setback in the country’s economy is bearish for the euro.

Good thing the Sentix investor confidence report managed to clock in at an index number of 16.7! The data rose from its 10.6 figure in January, which signals that more investors and analysts are seeing the region’s glass half full.

Will the good vibes continue today? Germany’s industrial production report will be released at 11:00 am GMT, and a number lower than last November’s 0.7% dip could send the euro down the charts.

Also up ahead is the French trade balance report at 7:45 am GMT. The report showed a 3.9 billion EUR trade deficit in November, so a lower deficit could either suggest that France’s goods have more demand, or France has managed to keep its imports low.

Good luck on your trades today, kids!

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“[I]Up up here we go…let’s flyyyyy…[/I]” The euro did a Far Eastern Movement number yesterday and rocketed against its major counterparts despite Germany’s worse-than-expected economic data. EUR/JPY rose to 112.27, EUR/CHF went up by 149 pips to 1.3130, and EUR/USD closed 48 pips higher at 1.3633.

Germany’s industrial production report could’ve limited the euro’s gains when it printed a 1.5% decline in December after dropping by 0.6% in November. Analysts say that heavy snowfall is to blame for the slack, but investors were spooked anyway, especially when Germany’s factory orders early this week also failed to meet expectations.

Meanwhile, weaker imports and exports weighed on France’s trade data, and widened the country’s trade deficit to 5.1 billion EUR. Better luck next time then, HappyPip! Looks like we’ll be seeing less of your fancy French cheeses!

Today the euro bulls and bears will keep their eyes on Germany’s trade balance data due at 7:00 am GMT. Markets don’t expect fireworks with the data since both manufacturing and factory orders weakened in December, but don’t let any surprises catch you!

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Thanks to the easing tensions in Egypt, the euro was able to recover more of its losses yesterday. After it had opened the day at 1.3632, EUR/USD rose nicely throughout the day to close 102 pips higher at 1.3734.

Germany’s trade balance also provided support for the pair. It showed that the trade surplus for December was actually 14 billion EUR, a significant increase from the previous month’s 11.8 billion EUR. It was also much better than the 11.9 billion EUR anticipated.

But that’s yesterday’s news… Let’s move on to today!

At 7:45 am GMT, the French will release its industrial production report for December. The expectation is a decrease of 0.3%, opposite the 2.3% gain seen in November.

Then, at 9:00 am GMT, the European Central Bank (ECB) will publish its monthly bulletin. You could say the monthly bulletin is kinda like the bank’s meeting minutes because it provides us with the data the ECB used when they decided where to set interest rates.

Admittedly, the data coming out today aren’t super important, but they could still have an effect on price action, so still do put them on your watch list. Let’s see whether the pair will be able to maintain its bullish tone and hold above 1.3700 today!

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Due to sovereign debt fears resurfacing, the euro found itself losing ground across the board yesterday. The shared currency fell back below the 1.3600 handle after it had opened the day at 1.3735 against the dollar and also dropped to .8449 versus the pound.

What do I mean by sovereign debt fears resurfacing?

Yesterday, investors got jittery and demanded better compensation (i.e. higher yields) to hold the bonds of debt-ridden nations like Portugal and Spain. The increase in Portuguese and Spanish bond yields triggered worries whether they could pay off their debt at such high levels, giving traders the opportunity to sell the euro in favor of other major currencies like the dollar and the pound. Portugal and Spain are two of the biggest problems of euro zone right now, so anything that hints that their economy might suffer would have negative effects on the euro.

Looking at the economic calendar, the only important report we have is Germany’s Harmonised Index of Consumer Prices (HICP). Scheduled to be released at 7:00 am GMT, it is expected to show a decline of 0.5% in prices for January, the same as the figure that was printed in December.

Okay, that’s it for today! Keep an eye on support at the 1.3580 level folks. A break could send EUR/USD much, much lower!

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“[I]Oh, na, na, what’s my name[/I]?” The euro sang my girl Rihanna’s tunes last Friday when it tried (and failed) to hold on to the currency bulls’ attention. Strong dollar demand and mixed economic reports from the region took its toll on the euro and pushed EUR/USD down by 48 pips to 1.3547, while EUR/JPYalso dropped by 17 pips to 113.06.

The euro first took a hit when rumors of German Bundesbank President Axel Weber resigning by the end of April started trending in markets. Since Weber was one of the more hawkish ECB members and the early favorite to succeed my chess buddy Trichet, investors got a little skittish on the euro’s future.

Good thing that the region’s economic reports eased concerns when the data printed in the green. Germany’s final CPI was adjusted to only a 0.4% slide after dropping by 0.5% in January. The country’s wholesale price index also grew by 1.2% in January when markets only expected a 0.9% growth. Meanwhile, France’s NFP also inched up to a 0.2% growth from its 0.1% rise in the third quarter of 2010.

Let’s see if the euro manages to get some lovin’ on this day of hearts when the euro zone’s industrial production report is released at 10:00 am GMT. The data is expected to show a 0.2% slip in December from its 1.4% growth in November, but a higher number might show that Germany isn’t the only breadwinner in the region.

Tomorrow we’ll also get hold of Germany’s GDP for the fourth quarter at 7:00 am GMT, its ZEW economic sentiment report at 10:00 am GMT, and the euro zone’s GDP data at 10:00 am GMT. On Thursday we’ll also see the region’s current account report at 9:00 am GMT and its consumer confidence report at 3:00 pm GMT.

Don’t let the Valentines Day vibes influence your trading today, kids! Remember – constant vigilance!

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Tic-tac-toe, that’s three in a row! The euro recorded its third consecutive drop against the dollar amidst a decline in industrial production and renewed sovereign debt fears. EUR/USD slipped 21 pips to 1.3488 while EUR/JPY dropped 46 pips and finished at 112.32.

The latest stats are in, and industrial production was down 0.1% in the euro zone in December! The details of the report reveal that losses in consumer and intermediate goods countered the gains in capital goods and energy production. Disappointing as this may seem, at this point in time, it’s still hard to say if this should be cause for concern since the annual gain in production is still at around 8.0%.

In other news, fresh concerns over the euro zone’s debt woes are back! Although it might not be right to call them “fresh” as we’ve been seeing these worries come and go over the past year now.

One of the concerns at hand is that Ireland may have difficulty renegotiating its bailout terms with its new government. Also, WestLB, a German bank, can’t seem to reach an agreement with the government regarding its restructuring plans. And to top it all off, the ECB is still having difficulty finding a replacement for ECB President Trichet!

With so many problems on the table, EU finance ministers have decided to meet today to discuss some of their issues at the ECOFIN meetings.

Also scheduled for today is the euro zone’s Q4 GDP data. Even though analysts are anticipating growth to pick up to 0.4% in Q4 from 0.3% in Q3, there are downside risks involved. Don’t forget, the largest economy in the euro zone, Germany, posted weak retail sales during this period. But who knows, we may just get an upside surprise at 10:00 am GMT.

Also due at 10:00 am GMT is the ZEW economic sentiment report. According to forecasts, optimism most likely picked up this month, from 25.4 to 31.3. A strong GDP figure and a solid reading from this report could be just what the euro needs to get back on the winning side.

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Valentine’s day was just a couple days ago, but we’re still not seeing much love for the euro! EUR/USD failed to record gains for the fourth day in a row as weak GDP and sentiment numbers kept the pair grounded. In the end, it finished just a hairline below its opening price at 1.3483.

We saw a lot of red in the euro zone yesterday, and it had nothing to do with post-Valentine’s day celebrations. Practically all the reports the region dished out yesterday showed red figures!

Germany and France, the two largest economies in the euro zone, both recorded growth below expectations. Germany posted a 0.4% growth in GDP, which is 0.1% lower than expected. On the other hand, France only managed to expand by 0.3%, which is just half what was forecasted!

Obviously, with its two biggest performers unable to meet expectations, the euro zone’s GDP also fell short of forecasts. The region as a whole only saw a growth of 0.3% in Q4, maintaining the same pace of growth as Q3.

There are some that believe that these figures shouldn’t raise concerns because they were mostly due to bad weather. Those who are more optimistic believe what we saw was just a temporary setback, and that growth prospects remain promising in the months ahead. But even if that is the case, we can’t deny that the budget cuts all across the region also contributed to weaker-than-expected growth… and may continue to hamper growth in the future!

As for yesterday’s ZEW survey, it seems that confidence is on the rise, just not as much as what was expected. The report raised its reading from 25.4 to 29.5 in February, but failed to meet the forecasted 31.3 figure. It’ll be interesting to see if this improved confidence will translate to higher private spending in the near future.

After yesterday’s slew of reports, we get to take a breather today. But do keep an eye out for the U.S.’s releases. A few bad reports on the U.S.’s part could make traders’ hearts yearn for the euro again.

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Despite the lack of economic reports released from the euro zone, the region’s currency did a Far East Movement number and rocketeered up the charts. A wave of risk appetite in markets boosted EUR/USDby 88 pips to 1.3571, and lifted EUR/JPY all the way to an intraday high of 113.65 before it closed at 113.42.

The 411 from the region yesterday was German Chancellor Merkel’s appointment of Jens Weidman as the next Bundesbank President. Aside from being one of Merkel’s senior advisers, Weidman worked at the IMF for two years; served as the Secretary of the German Council of Economic Experts until 2003; headed the Monetary Policy and Analysis Group, and was responsible for preparing strategies to counter the effects of the financial crisis.

Despite having a cool name though, Weidman is not expected to make huge waves in markets. He was also a schoolboy of his predecessor, Axel Weber, who is known for taking a hawkish stance on the economy.

Let’s see if the bulls will have the energy for another rally when the euro zone’s current account is released today at 9:00 am GMT. Markets are expecting the current account deficit to ease from its 11.2 billion EUR figure last November, but a higher number might mean that foreign demand for the currency is dropping faster than the ratings of 127 hours.

Also keep close tabs on the consumer confidence report out at 3:00 pm GMT. The data clocked in at -11 last December, but a higher reading could indicate more consumer optimism and possible more spending.

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Euro bulls had no problems with the worse-than-expected current account figure that was posted yesterday. They bought it up against the dollar faster than you can say “Ka-ching!” EUR/USD was able to post gains for the second straight day as it rested at 1.3607 after a 36-pip climb.

The region’s current account deficit expanded from 10.5 billion EUR to 13.3 billion EUR in December, which is the exact opposite of what most were expecting to see. Forecasts were for the deficit to shrink to 5.1 billion GBP, not for it to expand!

Luckily, a better-than-expected reading from the consumer confidence index helped dispel some of the bad vibes. Even though the survey stayed in the negative zone, it marked a small improvement from December’s reading. Pessimism decreased from a reading of -11 to -10 in January.

But if you really think about it, December was a bad month for almost all countries because of bad weather, so this uptick in January isn’t really all too surprising.

The last report of the week is the German PPI for January. Forecasts are for the index to decrease from 0.7% to 0.6%. If you recall, it wasn’t too long ago that ECB President Trichet expressed concerns over inflation, but he also said that inflationary pressures would be temporary.

Hmm… Let’s put Trichet’s words to the test at 7:00 am GMT. A soft reading from the report would imply weak future consumer inflation and could mean that Trichet was right all along!

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Look, up in the sky! Those ain’t no birds, and they ain’t no planes either! That’s the euro flying high with the hawks of the ECB! A few hawkish words from ECB members boosted the euro as it completed its third consecutive win against the Greenback last Friday. EUR/USD rose another 79 pips and finished at 1.3686 at the end of the day.

It seems some members of the ECB may give in to the inflationary pressures that have been pressing on the euro zone. According to ECB member Bini-Smaghi , some of the boys over at the ECB are considering raising rates if inflation keeps rising.

If last Friday’s German PPI report has anything to say about it, the ECB is right to worry about inflation! German PPI picked up from 0.7% to 1.2% last month, doubling the forecasted 0.6% rise in the price of goods sold by manufacturers.

As you all know, financially savvy investors have been calling for rate hikes for a while now. Finally, we’re seeing signs that the ECB may be listening! Some analysts say the markets may even price in a 0.75% increase in rates this year… which means the euro could be set to stuff a few more wins under its belt!

Up ahead, we have a whole mess of PMI reports coming our way! Try not to be overwhelmed when the two largest economies in the euro zone, Germany and France, publish their manufacturing and services PMIs later today.

France’s PMIs, which are both expected to tick higher, are due at 8:00 am GMT. On the other hand, Germany’s manufacturing PMI (forecasted to fall from 60.5 to 60.3) and services PMI (expected to remain at 60.3) are scheduled to come out at 8:30 am GMT.

Thirty minutes after that, we’ll take a peek at how the euro zone has been faring as a whole. According to forecasts, the region’s manufacturing PMI will likely stay unchanged at 57.3 while the services PMI will probably inch higher from 55.9 to 56.0.

At the same time, German IFO business climate data will be available. Word on the street is that the index will probably hold steady at 110.3 for February.

With such a heavy line up today, we’ve got plenty of potential for big euro moves. Be careful with trading, kids! Don’t forget to use stop losses!