Ed Moya - Senior Market Analyst at OANDA – Fri 31 Jul, 2020

Big Tech Earnings Crush It and Gold Breaks Above $2,000

Ed Moya joins me to recap the big tech names that reported earnings this week. Across the board these companies beat estimates and the outlook remains very positive.

Gold also had another breakout today moving over $2,000 on the futures market. Stocks are also doing well and the outlook for the rest of the year remains solid.

Click here to visit the OANDA website and read Ed’s daily note.

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Comments:
  1. On July 31, 2020 at 10:50 am,
    SilverDollar says:

    Thanks for the interview Cory. I wouldn’t personally ever put any money into these high-flying techs. Even though they posted good earnings, their biggest problem will eventually be the US Congress. Let’s remember, they pay no taxes in this country and are essentially Americanized Chinese Companies.
    Silver is still the most promising asset for the average investor with almost a guaranteed double or triple in the next few years, possibly months.
    Palisade interviews Andy Schectman for an excellent listen. With the $$ sinking, debt ballooning and the country going to he__ in a handbasket, everybody better get some silver. JMO
    https://palisaderadio.com/

    • On July 31, 2020 at 12:06 pm,
      Excelsior says:

      +1 I’m glad I beefed up silver mining positions this year rather than chasing high-flying tech stocks to nosebleed valuations.

      • On July 31, 2020 at 2:01 pm,
        SilverDollar says:

        Same here. I think I’ll break out the good stuff tonight. It’s just a thought but wouldn’t it be a surprise if gold ran at least another $100 before taking a breather. No matter when it comes, the big mistake will be on those that get shaken out of the positions they hold………I’m just going to watch, knowing we’re in the season and nowhere, is anything getting better.

  2. On July 31, 2020 at 11:20 am,
    larry says:

    the other precious commodity…’cant touch this’…two tier as if……..you are the vaccine monkies…GLTA

    https://www.naturalnews.com/2020-07-31-why-is-hydroxychloroquine-being-censored.html#

  3. On July 31, 2020 at 11:39 am,
    russell hamilton says:

    doing well with new positions in silver mines FSM KL SILV repub senate races look intense CAL CUNNINGHAM IN n c BEATING TILLIS LETS FACE IT TILLIS IS BORING . Repubs keep presenting boring candidates for senate . maine, az, co, mt etc going dem Donal freaks out and looks demented will he dump Pence ?? love you all rsh

  4. On July 31, 2020 at 11:59 am,
    chris says:

    Gold just way over bought & faaaar above 200 day MA. Gold bulls calling for correction from Gary S., to Peak Prosperity to Eric Sprott + others. Going to happen for sure, but not until after 2K? I bet it will be short, sharp & scary when it comes………..

    • On July 31, 2020 at 12:11 pm,
      Excelsior says:

      @Goldfinger – “December is now the most liquid #gold futures contract and it traded at a session high of $2005.40…. US$2,000 gold is here! (Even if itโ€™s for December delivery…)”

      https://ceo.ca/gold?7b9594264d41

      • On July 31, 2020 at 12:14 pm,
        Excelsior says:

        Gold Crests $2000 An Ounce Driving ETFs Higher

        by Ian Young – July 31, 2020

        “Gold prices rocketed higher today, cresting a historic $2000 an ounce, as stocks tumbled on the last day of the month, and yields are at some of the lowest level in history.”

        “Gold futures are seeing their best monthly performance in over eight years and have generated a frenzy among investors. Yet, although there are robust expectations for retail investors that momentum will drive prices higher, sentiment is starting to shift among analysts, especially as the precious metal approaches technical levels on a longer timeframe.”

        โ€œPrices are overheating and $2,000 could be an attractive level where traders take some profits but global monetary policy and currency debasement will continue to support prices through the rest of the year,โ€ said Eugen Weinberg head of commodity research at Commerzbank.”

        “Meanwhile, other industry pundits like Jim Rickards, best-selling author, and Peter Schiff, CEO of Euro Pacific Capital, both think that the rally also has further to go.”

        https://www.etftrends.com/gold-crests-2000-an-ounce-driving-etfs-higher/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+etftrends+%28ETF+Trends%29

        • On July 31, 2020 at 12:19 pm,
          Excelsior says:

          Whether using the August or the December futures, any way you slice it Gold is about to put in it’s highest weekly and highest monthly chart on record. Boom!!!

          • On July 31, 2020 at 12:22 pm,
            Excelsior says:

            I’m sure we’ll still see more lame stream financial medial articles come and proclaim:

            NOW, Gold is in a bull market…. ๐Ÿ˜‰

            (after they’ve missed the entire move up over the last 4 years from the Dec 2015 major bottom at $1045.40 to the present day all time highs, with Gold having nearly doubled).

            You gotta love it!!

          • On July 31, 2020 at 1:40 pm,
            Excelsior says:

            … And there we go…. A new all time Weekly (and Monthly) closing high in Gold

            We’re going to party like it’s 1985!!

            http://schrts.co/QViFrGAy

          • On July 31, 2020 at 1:42 pm,
            Excelsior says:

            The high is technically $1985.90, so maybe we should party like it’s 1986 instead. ๐Ÿ˜‰

          • On July 31, 2020 at 1:47 pm,
            Excelsior says:

            Billboard Year-End Hot 100 Songs chart for 1986.

            https://www.musicoutfitters.com/topsongs/1986.htm

    • On July 31, 2020 at 9:45 pm,
      Buzz says:

      Ageed. Used today’s rally to raise some cash. JPM still short? They (Central banks), might tank the conventional mkt to start running stops in gold. Short, sharp spike to downside to flush bullish sentiment…

  5. On July 31, 2020 at 12:05 pm,
    Excelsior says:

    (NHK)(MIMZF) Nighthawk Increases Private Placement Financing to $12.0 Million

    by @accesswire on 31 Jul 2020

    https://ceo.ca/@accesswire/nighthawk-increases-private-placement-financing-to

    • On July 31, 2020 at 12:26 pm,
      Rene says:

      what happened to aftermath silver..

      • On July 31, 2020 at 12:30 pm,
        Bill says:
        • On July 31, 2020 at 12:33 pm,
          Rene says:

          Thanks Bill

          • On July 31, 2020 at 12:40 pm,
            Excelsior says:

            Yep – quite the move in Aftermath Silver today. Currently up 48%.

            Blind Creek up 42%

            Defiance Silver up 17%.

            Silver Elephant up 16%

            Golden Tag, Metallic Minerals, Blackrock Gold all up over 13% today.

            Some very nice moves in the Silver Exploration plays.

          • On July 31, 2020 at 12:54 pm,
            Excelsior says:

            Southern Silver up almost 15% today as well….

          • On August 1, 2020 at 9:20 am,
            Dan, calgary says:

            I have underestimated DEF a couple times and missed out on profits by selling too soon. Sometimes I give up on a stock because I can’t seem to get on the right side of the trade. I’ve done very well in other stocks like SCZ from 8 cents.

          • On August 1, 2020 at 11:17 am,
            Excelsior says:

            Hey Dan – Yeah, Defiance had been kind of lifeless for a while, but ironically I was noticing it had been trading back down for a while and just threw some more money at it adding my position days before it surged, so that didn’t hurt my feelings any. ๐Ÿ™‚

            Yes, Santacruz is has been ripping higher lately as higher Silver prices are putting it’s operations in the money.

          • On August 1, 2020 at 11:19 am,
            Excelsior says:

            correction: adding (TO) my position. I only added a 3rd tranche but had already done 2 prior tranches in Defiance.

            I opted to sell my Southern Silver position for now after it has gone on an epic run the last few months, but will come back around to it if things cool off a bit.

      • On July 31, 2020 at 12:31 pm,
        Rene says:

        44% pop

        • On July 31, 2020 at 12:34 pm,
          Bill says:

          I flipped a coin got KTN. Would have been a beauty quik hit.shhhhht

  6. On July 31, 2020 at 1:39 pm,
    Bill says:

    KTN does look ready to go….BBB getting close I think. DEF and many my others a great day. CDN market closed Mon

    • On July 31, 2020 at 3:07 pm,
      Matthew says:

      I’ve got 1% of BBB now so I am very biased but I agree.

      • On July 31, 2020 at 4:55 pm,
        Canuckski says:

        Matthew, I see great things for Brix, so am happy for you. Though, lol, your sharing of being biased sounds like a Bob M line. ๐Ÿ™‚

        • On July 31, 2020 at 5:06 pm,
          Matthew says:

          Thanks Canuckski, I appreciate it. I was unbiased when I started buying but have to assume that bias creeps in at some point! ๐Ÿป๐Ÿ˜

          • On August 1, 2020 at 9:22 am,
            Dan, calgary says:

            IMHO a trader would be foolish to think they are above and beyond human nature; leaving a gateway to hubris.

  7. On July 31, 2020 at 2:22 pm,
    Glenfidish says:

    Gold update!

    As always nothing has changed… so rest assure glen is backing up the talk.

    All targets have been hit and I have not sold one share from my short term trading or my long term! Talk about putting your reputation in the line lol..

    Iโ€™ve made to silly mistakes. One was selling aurcana wayyy to early. You live and learn. Again I made it clear why โ€œIโ€ was not comfortable with it because Of pass experience so for me it was a flip coin toss at that time. Iโ€™m glad I scored a double.

    My second mistake was to say gold would not see all time highs this year! However and a big however I maintained all along I did not sell anything and that I would let you all know when my red flag or concern would be coming.

    Iโ€™ve been on record for saying silver $35-40 end of year than revised to minimum $30 because the kitchen sink was thrown at me in here starting with Jerry lol.. just kidding jerry. I think my strengths comes from seeing a chart and the way I see charts is different than many. Everyone has there own style and numbers and retracements and fibs etc. Iโ€™ve fine tuned things and the answers are all there in the chart.

    Gold will break $2000 before this cycle top is in. Even Gary was premature yesterday with calling of tops etc. We are all human. Many wonโ€™t admit they are in the side cash already but proclaim they did that after the fact as to cover there trails. No one will bluntly come out and tell you there full positions like I do. And if you have sorry to those.

    Iโ€™ve maintained we are going higher with the miners and will explode higher on Tuesday opening.

    The top in this cycle is coming and Iโ€™ve know for quite sometime were it is going to be believe it or not.

    We have some pretty good guys on here better than I have seen myself included. Make no mistake a correction is coming that will be sharp and fast. Iโ€™ve know this for over a month now before Gary posted this today. I will be seeking my short position soon. And second of August has been a target here for a very long time. Mentioned by myself and Matt.

    Have a great long weekend. And silver I join you with a fancy bottle of glen..

    Cheers to all

    • On July 31, 2020 at 2:49 pm,
      Excelsior says:

      Good update Glenfidish. You mentioned: “Many wonโ€™t admit they are in the side cash already but proclaim they did that after the fact as to cover there trails. No one will bluntly come out and tell you there full positions like I do. And if you have sorry to those.”

      I’ve been very open about what days I trimmed back certain stocks, and just discussed selling 3/4 of Avino and my entire Endeavour Silver position last week.
      Someone just asked me earlier this week how much cash position I was in and I answered 11% at the time, but that I also had some larger miners bought on margins, so overall I was at a 90 positions:10 cash situation, and that’s about where I am today as well. I could have raised things to about a 30% cash position, but I put 10% into Gold & Silver Explorers (and listed the ones I bought earlier this week) and the other 10% into royalty companies (Metalla, Maverix, Salifish, and Golden Valley).

      As for selling Aurcana, that’s a bummer, but no shame in pulling profits and a double is still fantastic mate! Well done.

      Hey, I won our bet so are you sending me a bottle of that Glen as well? (haha! only kidding man).

      • On July 31, 2020 at 4:52 pm,
        Canuckski says:

        Ex, aside from some minor adjustments and trimming, are you planning any significant move to the cash sidelines this coming week? I have found that you have been laying out some great details on your plays this past while and have appreciated you sharing.

        I, myself, have been planning to let all my positions ride regardless of the up and down over the coming months. I have a large number of positions and, while I have been planning to streamline the portfolio, I find myself more in Matthew’s camp in terms of being 100% long.

        • On July 31, 2020 at 5:29 pm,
          Matthew says:

          Is anyone else wondering how one can have margin debt and a 10% cash position at the same time?

          • On July 31, 2020 at 9:09 pm,
            Excelsior says:

            I have margin positions on the larger US listed companies where I’ve purchased much more than a straight cash position using access to that margin, but also have cash in the trading account from other non-marginable positions I’ve sold back. The margin debt on those positions adjusts the cash position and funds available until they are sold.

          • On July 31, 2020 at 9:16 pm,
            Excelsior says:

            The trading account shows a positive cash position in green from what I’ve sold that is available for trading, but also shows a negative margin amount in red (on the amount borrowed) until the larger US stocks are sold where that will get washed back out. Different stocks have different margin percentages available to borrow against. Hopefully that clears it up.

          • On July 31, 2020 at 9:35 pm,
            Matthew says:

            A positive net cash position means that you have no margin debt; the existence of margin debt means that you have a negative net cash position.
            I think what you are referring to is excess liquidity that is available for trading (which would add to your margin debt if used).

          • On July 31, 2020 at 10:03 pm,
            Excelsior says:

            Yes, that may be the case. I’ve got my account pulled up and I have a negative margin balance in red.

            I have both the “long marginal value” amount and an even larger “non-marginal securities” value.

            On the margin I have a “maintenance amount” that must be maintained, but I also have a “maintenance excess” amount above that amount, and that maintenance excess matches the funds available for trading (which I was referring to as my cash, but maybe it’s just unused margin available).

            I also have “stock buying power which is about 3 times as large as the maintenance excess, and in the past that delta is what I’ve been able to use to acquire more on marginal securities, where if I buy the non-marginal stocks then all I can use is the exact dollar figure of the “maintenance excess”.

            It says my margin equity percentage is 90%. That I why I was saying I was 90:10.

        • On July 31, 2020 at 9:26 pm,
          Excelsior says:

          Hi Canuckski,

          I did a bit of buying this week deploying some funds into a half dozen Gold explorers (3 of them new positions in Nighthawk, Newrange, and Auryn) and topping off a few Silver stocks, but also trimmed back a few Gold producers, and Silver developers, and sold my Southern Silver position today. Overall it was a wash, so really just rebalancing positions.

          I had already trimmed back positions over the last 2-3 weeks in stocks that had run to raise some cash, and planned on reducing down positions even more this week, but with so much strength in the PMs I just held most of them for this coming week. Honestly, I thought some of them would pop even higher than they did with such strong metals prices and wanted to sell some into that strength, but many stocks just channeled sideways this week, with some actually pulling back into the metals strength, and some that went up (but not enough where I wanted to reduce them down quite yet).

          I’m looking at this coming week to see if the miners play a bit of catch up with the moves the metals have been making, and if we see a nice pop or the risk of a larger selloff then I’ll likely trim some more back and may liquidate a few other non-core positions. For the vast majority of the positions though, I just plan on holding through any pullbacks.

      • On August 1, 2020 at 6:26 am,
        Glenfidish says:

        Haha no worries..yes ex it was not intended for you but more specifically other websites and subscriptions that I see constantly changing there tune.

        Thanks for your thoughts and yes you mentioned your position.

        • On August 1, 2020 at 6:42 am,
          Excelsior says:

          Cheers amigo! It was a fantastic week in the PMs. Looking forward to many more.

    • On July 31, 2020 at 3:10 pm,
      Matthew says:

      I’ll be blunt; I am more than 100% long.

      • On July 31, 2020 at 7:20 pm,
        confused says:

        After litening to Jordan,
        I am now 100++ involved in this market.
        Yes the “correction” could or will last weeks or months, but 100 percent of folks on this site do not actually know when the next follow through impulse move explodes. This is when wealth is created. Just be a “Turkey” and prepare for lift off…..soonish….if you are a turkey like me, this is NOT the time to listen to TA micro day-traders unless they are MAtt and have a deeper macro perspective…..they will lose you money at the most crucial time in this 4+ year bull market. Our collective Jaws have hit the floor recently,but this next move will one for the ages. Be a “turkey”! :)))

        • On July 31, 2020 at 9:46 pm,
          Matthew says:

          I agree about “micro” TA taking a backseat right now. Market cycles, like all natural cycles, are made of cycles within cycles and the big ones are in charge and diminishing the smaller ones right now. The larger the cycle, the less frequently we experience its effects (power) so traders who’ve done great with only a shorter term approach/perspective can be caught completely off guard when the big ones come into play. They then find themselves with no position as the shares they thought they’d buy back take off without them.

        • On July 31, 2020 at 10:03 pm,
          Buzz says:

          Agreed. I’m swing trading until the crash, & have a shopping list of cherry miners to consolidate into.

    • On July 31, 2020 at 3:18 pm,
      Matthew says:

      SLV was able to hold onto its speed line breakout vs SPY for the weekly close:
      https://stockcharts.com/h-sc/ui?s=SLV%3ASPY&p=W&yr=4&mn=11&dy=0&id=p07284612474&a=727975769

    • On July 31, 2020 at 4:46 pm,
      Canuckski says:

      Hi Glen,
      No doubt about it, you’ve kept your word on how you were playing it and I thank you for that. So, If I understand correctly, your thinking is that, come around August 2nd,: ” I will be seeking my short position soon.”. What’s your short position going to look like at that time?

    • On July 31, 2020 at 6:47 pm,
      OOTB Jerry says:

      HEY GLEN…………just remember JERRY loves ya…………$30 silver is a joke…..not even getting started until $49……….then the CUP WILL BE FULL…….
      Silver is way behind, and that is OK, ….I am looking for $160 silver at a minimum…..
      The GRS….will be 30 to 1…..so anyone can figure the number.
      Gold is running to over $2160……….and a pull back then to the MOON….
      I mentioned the GANN REPORT today, ……..and the strength of this run is 5th, in the strongest surge going back to 1870, …….We are a way to a massive BULL RUN…..

      • On July 31, 2020 at 6:52 pm,
        OOTB Jerry says:

        The newbees will be shaken out, because they have never seen a bull market run, like what is coming……..enjoy the ride…….this is going to be a HISTORICAL RIDE……so, just hang on………NO CHARTS REQUIRED…. ๐Ÿ™‚ lol

      • On July 31, 2020 at 7:02 pm,
        OOTB Jerry says:

        Clarification……$160 silver is not this year, but, will be reached., I am sure….. ๐Ÿ™‚
        Keep your head down, and just plow ahead…..enjoy the journey…..and nothing is without headache …… ๐Ÿ™‚

      • On August 1, 2020 at 7:57 am,
        Glenfidish says:

        Haha

        Thanks jerry! I like your target letโ€™s see howโ€™ she goes..

        • On August 2, 2020 at 1:17 pm,
          OOTB Jerry says:

          ๐Ÿ™‚

  8. On July 31, 2020 at 6:01 pm,
    Sound Money Advocate says:

    break out the Schloss Biebrich I say!

    a little shaky here and there, but the accounts are up nicely – over-all a rather fine week, eh?

    a few more like it and I get other problems – like what sort of deep-sea vessel is most appropriate – for cruising of the coast line and various aquatic activities to pursue in my “golden” years

    • On July 31, 2020 at 7:16 pm,
      RICHARD/DOC says:

      I’ll take you in my jet.

      • On July 31, 2020 at 7:20 pm,
        OOTB Jerry says:

        No one with a jet nibbles……. ๐Ÿ™‚ lol

        • On July 31, 2020 at 7:26 pm,
          Ebolan says:

          Where have you been????

          In Pensville…you must….hide behind a mask…or else…

          Indiana Executive Order carries 6 months in jail for no mask

          First it was individual towns threatening jail time over not wearing masks.

          Now the entire state of Indiana will force residents to wear masks anytime they are in public, with the threat of jail hanging over anyone who does not comply.

          https://www.zerohedge.com/political/you-can-now-be-fined-jailed-assaulted-not-wearing-mask-america

          • On July 31, 2020 at 7:27 pm,
            Ebolan says:

            And that’s not the KER jail…

          • On July 31, 2020 at 7:28 pm,
            Ebolan says:
          • On July 31, 2020 at 7:28 pm,
            Ebolan says:

            Schiff and Rickards…Dang iPAD!

            Part 2

            https://www.youtube.com/watch?v=zSzaz-OjxdI

          • On July 31, 2020 at 7:32 pm,
            Ebolan says:

            And in Rubioville…you must…hide behind the mask…

            โ€ฆ but Mask Police WILL be patrolling Miami streets

            The mask police have formed a 39-officer-strong unit in Miami to look for violators showing their dirty faces in public.

            Anyone caught without a mask will be charged $50 for a first offense, then $100.

            A third offense comes with a $500 fine, and arrest.

          • On July 31, 2020 at 7:34 pm,
            Sound Money Advocate says:

            . . . and I thought Indiana was one of the more right-wing states . . . I read where many a IN sheriff says they will not enforce it – maybe even most of ’em – but still it’s ridiculous – to have to go around breathing yer own exhaust behind a face-diaper – will there be any end to this stupidity? Have these lemmings no pride, I mean, as Americans? As a “free” people? They should run these kommie governers out of “town”, after a tar-and-feathering . . . yes, bring back the tar and the feathers!

          • On July 31, 2020 at 7:34 pm,
            OOTB Jerry says:

            EBO………..the GOVnor…. IS A FREAKING MORON…….Trumpster needs to call him out….
            Trumpster is a total failure on this one……MASK, Fauci…….whores in the making.
            at least Jordan, in congress put Fauci on the HOT SET,,,,Fauci the moron,…..
            American need to step out ,,,,,or at least some more Americans need to step out and do a little push back…..I have have been showing contempt , I am not WEARING A MASK, when I go out…..the bastards can just run an catch me…….

          • On July 31, 2020 at 7:37 pm,
            OOTB Jerry says:

            SMA………..the mask from the retard Govn……is a new one…..I just read about it,,,,

          • On July 31, 2020 at 7:39 pm,
            OOTB Jerry says:

            Looks like the chicken shit Rhinos are starting to show their colors……….we knew Pence was a traitor………..

          • On July 31, 2020 at 7:46 pm,
            Sound Money Advocate says:

            yeah OOTB (what’s that represent anyway?) – I play little game every time I go in a store – see if I can get my business done without wearin mask – I think the employees are gettin fatigued with tellin people to wear one – most seem to look the other way anymore heh heh – about time

            There is this one old hag that tries to harass me every time I go into grocery store – she put her fat derriere in front of my cart so I finally told her I had a “medical conditon”, that she better get out of my way before she had more trouble than she was lookin 4

          • On July 31, 2020 at 7:55 pm,
            Ebolan says:

            Was this…the hag in the store??? Better watch out…she’s got mace.

            https://www.bitchute.com/video/VXscrYlDW4A2/

          • On July 31, 2020 at 8:03 pm,
            Sound Money Advocate says:

            yeah – see, America used to be the land of freedom & liberty, life and pursuit of happiness, home of free & brave and all that – now it seems to have devolved into little more than some kind of paradise for ugly Ayatollah women with foul disposition – that otherwise nobody would give a second look, much less invite them to your next beach party

          • On July 31, 2020 at 8:39 pm,
            OOTB Jerry says:

            Well…..SMA……….we are on the same page…….Americans are becoming little retards, chicken littles…..

      • On July 31, 2020 at 7:41 pm,
        Sound Money Advocate says:

        aw-reet Doc – let’s bring back the “friendly skies” – no carcinogenic irradiation, police-state surveillance, German-shepherd encounters, fat ugly stewardesses with foul disposition, nor homo male steward(esses?) (hope you “on board” with that)

      • On July 31, 2020 at 10:08 pm,
        buzz says:

        Jeeze, pretty soon Doc could buy his own Jetblue

      • On July 31, 2020 at 10:15 pm,
        Buzz says:

        The American flag stands until there are no more jokers around to defend it.

  9. On August 1, 2020 at 7:11 am,
    Glenfidish says:

    Hi Canuck,

    Forgive my spelling as many here already no that i have a bad habit of misspelling things. The ker is nice In that sense that no one has called me out on it lol…

    What I meant to say was that Iโ€™m going to sell my short term investments possibly in the next week or two depending on how I see things. Believe me this does not come easy and it goes against Matthews wishes :(. But I need to remain discipline as I have personally plotted my strategy sometime ago and thus far it has gone well for me.

    • On August 1, 2020 at 10:29 am,
      Matthew says:

      Are you going against my wishes?! ๐Ÿคจ

      • On August 1, 2020 at 8:07 pm,
        Glenfidish says:

        You definitely have me second guessing myself lol.

    • On August 1, 2020 at 2:11 pm,
      Canuckscki says:

      Hey Glen, that’s what I deduced from your comment, so all is good.
      I have a question on what you deem to be a company more aligned to your short term strategy vs one where you deem it to be long term. An example of each would be nice too. Maybe on a future post.
      Thanks for all your comments.