Home Business Ideas

Action Insight | Written by ActionForex.com | Jan 31 07 14:17 GMT |
Forex Mid-Day Technical Report Dollar Firm after Strong GDP Growth, Awaiting Upbeat FOMC Statement

Dollar remains firm in early US session after stronger than expected Q4 GDP report that showed the US economy grew faster than expected by 3.5%, up from 2.0% in Q3. This was well above consensus expectation of 2.9%. The improvements was mainly due to strong consumption, exports and governments spending that offset the negative contributions from housing and inventories. Though, price index and core PCE both increased slower than expected, suggesting moderation of inflation is still on the right track. Nevertheless, the strong GDP report is raising the expectation that FOMC will deliver an upbeat statement later today.

Fed is widely expected to keep its target rate unchanged at 5.25% today. Once again the focus will be on the accompanying statement. There were three major developments since last meeting in Dec. Economic indicators has be resilient and showed that the US economy grew near potential in the fourth quarter. Inflation eased moderately but the pace certainly slow. More importantly, Fed members has shifted to a more hawkish stance in their speeches, saying that growth outside housing sector remains firm and inflation pressure may moderate slower than they would like to see. Hence, the statement’s wordings on inflation is not expected to change but the wordings about “recent indicators have been mixed” could be modified to reflect the current growth outlook, leaving the statement a slightly more hawkish statement than the prior one. Chicago PMI and Construction spending will be featured before FOMC announcement.

The Swiss Franc was lifted briefly after better than expected Swiss KOF leading indicate which came with a reading of 1.71 versus expectation of 1.56. However, that didn’t change that fact that this leading indicate has now had a seventh straight decline in a row since prior month’s reading was revised up from 1.60 to 1.75.

UK Gfk consumer confidence also came in slightly better than expected at -7 versus expectation of -9. This suggested that consumer confidence improved mildly in Jan. However, the rise was largely owing to a sharp upswing in the climate for major purchases sub-index, which rose from -4 in December to 10 in January. However, expectation for the next 12 months did drop from 11 to 9 with Future saving intentions rising from 28 to 34. Present financial situation also deteriorated from -1 to -3.

Data from Eurozone were mixed today, with better than expected retails sales and unemployment in Germany. However, sentiments in Europe generally weakened in Jan with Economic Sentiment Index dropping from 109.8 to 109.2. Sub-indices all dropped except Services confidence. Meanwhile, HICP inflation came in at 1.9%, missing consensus of 2.1%. EUR/USD

Daily Pivots: (S1) 1.2948; (P) 1.2964; (R1) 1.2986; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

EUR/USD edges lower in early US session as recovery was limited well below 1.3000 resistance so far. With 4 hours MACD showing sign of turning south, recovery could have already ended at 1.2980. Break of 1.2905 will add much credence to this case and bring retest of 1.2865 low and then trend line support at 1.2845. Break will confirm that whole fall from 1.3364 has resumed for next downside target of 1.2760 support.

On the upside, above 1.3000 resistance will indicate that the consolidation from 1.2865 is indeed still in progress. In such case, focus will be back to 1.3042 high and 1.3052 cluster resistance (38.2% retracement of 1.3364 to 1.2867 at 1.3057).

In the bigger picture, an important medium term top could be in place at 1.3364 already, with bearish divergence condition in weekly MACD and RSI. Sustained break of 1.2760 support, which will also have medium term rising channel line (now at 1.2748) taken out too, will add much weight to the case that whole medium term up trend from 1.1639 has completed. Focus will then be on 1.2483 cluster support (50% retracement of 1.1639 to 1.3364 at 1.2502). Decisive break of 1.2483 cluster support will confirm this case and have medium term outlook turned bearish.

However, decisive break of 1.3052 cluster resistance will indicate the fall from 1.3364 has possibly completed after drawing support from resistance line (1.2978 to 1.2937, now at 1.2845). This will also save the case that medium term up trend from 1.1639 is still in progress with EUR/USD kept inside the rising channel. Break of 1.3296 resistance will suggest the rise from 1.2483 has possibly resumed and EUR/USD could make a new high above 1.3364 before finally making a top on above mentioned bearish divergence condition in weekly chart.

GBP/USD

Daily Pivots: (S1) 1.9583; (P) 1.9638; (R1) 1.9682; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

Cable’s recovery from 1.9545 was limited at 1.9695 and falls sharply today, reaching as low as 1.9480 so far, pressing mentioned rising trend line support (1.8517 to 1.8834, now at 1.9480) now. Break of 1.9545 low indicates fall from 1.9913 has resumed. At this point, Further decline is expected to follow as long as cable stays below 1.9556 resistance.

As discussed before, sustained break of the trend line support will confirm that whole rise from 1.8517 has completed at 1.9913 and deeper decline is expected to follow towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237).

On the upside, above 1.9556 will turn intraday outlook consolidative but a strong rebound to above 1.9695 resistance is needed to shift focus back to the upside. Otherwise, further decline is still expected to follow.

In the bigger picture, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of 1.9588 cluster support is a warning that whole rise from 1.8517 has completed earlier than we thought. Break of mentioned rising trend line support will confirm such case. Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818).

USD/CHF

Daily Pivots: (S1) 1.2491; (P) 1.2517; (R1) 1.2538; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/.

Despite edging higher to 1.2569 earlier today, USD/CHF lacks decisive momentum to resume recent rally and take out medium term falling trend line resistance (1.3238 to 1.2768, now at 1.2546) and retreated back to established range. Nevertheless, further rally is still in favor as long as USD/CHF stays above 1.2486 minor support. Sustained break of the trend line resistance should bring further rise towards 1.2768 cluster resistance (61.8% retracement of 1.3283 to 1.1878 at 1.2746). On the downside, below 1.2486 will turn outlook consolidative first but pullback should be contained above 1.2422 support and bring rally resumption.

In the bigger picture, decisive break of medium term trend line resistance will also indicate that whole medium term down trend from 1.3283 has already completed at 1.1878. Further rally should be seen towards 1.2768 cluster resistance first. Decisive break of 1.2768 cluster resistance will add much weight to the case that whole corrective rise from 1.1288 (04 low) has resumed and further rally should be seen towards 1.3283 (06 high) or above.

On the downside, break of 1.2422 support will also have short term rising channel (now at 1.2448) taken out too. With bearish divergence conditions in 4 hours MACD and RSI as background, this could indicate that the whole rise from 1.1878 has completed, after failing to break mentioned medium term falling trend line. Deeper correction should then be seen towards 1.2268 resistance turned support in such case.

USD/JPY

Daily Pivots: (S1) 121.38; (P) 121.68; (R1) 121.88; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

USD//JPY’s retreat from 122.17 was supported by mentioned 121.22 support and recovers mildly in early US session. As discussed before, further consolidation cannot be ruled out, but still, rise from 114.41 is still in force as long as USD/JPY stays within short term rising channel (lower channel line at 121.09 now) and any interim consolidation should be brief. Above 121.72 will indicate the retreat has completed and should bring retest of 122.17 high. Break of 122.17 high will indicate recent rise has resumed for 123.23/29 cluster projection level

In the bigger picture, as medium term rally from 108.99 is still in force, such rally is treated as resumption of whole up trend from 101.65 for the moment. With price actions from 117.87 to 114.41 treated as interim consolidation, next upside target will be 123.23/29 cluster projection level (100% projection of 114.41 to 119.68 from 117.96 at 123.23. 100% projection of 108.99 to 117.87 from 114.41 at 123.29).

On the downside, sustained break of the short term rising channel will indicate a short term top is formed. With bearish divergence condition in 4 hours MACD and RSI as background, that would indicate that the whole rally from 114.41 has already completed. Hence, deeper decline is expected to be seen towards 117.96 support in such case.

Forex News Digest

http://www.bloomberg.com/apps/news?pid=20601087&sid=apn2MCgnrANs&refer=home

http://c.moreover.com/click/here.pl?r789903605
Wed, 31 Jan 2007 10:35:00 GMT from Houston Chronicle

http://c.moreover.com/click/here.pl?r789883436
Wed, 31 Jan 2007 10:07:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r789881552
Wed, 31 Jan 2007 10:05:00 GMT from Reuters

http://c.moreover.com/click/here.pl?r789899885
Wed, 31 Jan 2007 10:30:00 GMT from Globe Investor

http://c.moreover.com/click/here.pl?r789783487
Wed, 31 Jan 2007 08:18:00 GMT from Washington Post

http://c.moreover.com/click/here.pl?r789775611
Wed, 31 Jan 2007 08:10:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r789734063
Wed, 31 Jan 2007 07:22:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r789725247
Wed, 31 Jan 2007 07:05:00 GMT from Los Angeles Times

http://c.moreover.com/click/here.pl?r789687051
Wed, 31 Jan 2007 06:09:00 GMT from ABC Money

http://c.moreover.com/click/here.pl?r789629880
Wed, 31 Jan 2007 04:50:00 GMT from Los Angeles Times

http://c.moreover.com/click/here.pl?r789548940
Wed, 31 Jan 2007 03:00:00 GMT from Federal Reserve Bank of Richmon

http://www.actionforex.com/latest_news/latest_news/forex_news_20060323537/ Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Japan Manufacturing PMI Jan 53.4 N/A 53.1
5:00 JPY Japan Construction orders Dec -5.60% N/A 9.20%
5:00 JPY Japan Housing starts Y/Y Dec 10.20% 9.80% 4.00%
7:00 EUR Germany Retail sales M/M Dec 2.40% 1.30% -0.70%
9:00 EUR Germany Unemployment rate Jan 9.50% 9.70% 9.80%
10:00 EUR Eurozone Consumer confidence Jan -7.00% -6 -6
10:00 EUR Eurozone HICP Y/Y Jan 1.90% 2.10% 1.90%
10:00 EUR Eurozone Unemployment rate Dec 7.50% 7.60% 7.60%
10:30 CHF Swiss KOF index Jan 1.71% 1.56 1.6 1.75
10:30 GBP U.K. Gfk index Jan -7 -9 -8
13:15 USD U.S. ADP employment change Jan 152K 122 K -40 K
13:30 USD U.S. GDP annualised Q4 3.50% 2.90% 2.00%
13:30 USD U.S. GDP price index Q4 1.50% 1.70% 1.90%
13:30 USD U.S. Core PCE Q4 2.10% 2.20% 2.20%
13:30 CAD Canada GDP M/M Nov 0.20% 0.40% -0.40%
15:00 USD U.S. Chicago PMI Jan 52 51.6
15:00 USD U.S. Construction spending Dec 0.10% -0.20%
19:15 USD FOMC rate decision Feb 5.25% 5.25%

http://www.actionforex.com/general_information/forex_newsletters/forex_newsletter_200507301487/

Investors more interested in the Fed than stocks will miss out on some good opportunities, Jim Cramer said on TheStreet.com TV’s http://www.thestreet.com/_swtile/video/cramermarketupdates/10335715.html Webcast Tuesday.

“There’s a daybook mentality to the media coverage [of the Fed] , which is that we have these events so we must talk about them,” Cramer told Aaron Task, the host of Wall Street Confidential.

Cramer believes market-players focusing on the Fed meeting might miss the opportunity to buy a Colgate (CL) or sell a 3M (MMM) .

He also said that Illinois Tool Works (ITW) and Black & Decker (BDK) were two stocks that people focused on the Fed could be missing out on.

Merck’s (MRK) guidance wasn’t good because it “has poor management” and a “very bad pipe,” Cramer said. Guidance from 3-M was low because it “doesn’t have a clue,” he added.

“I don’t think this company is nearly as in control of its destiny as it used to be,” Cramer said, referring to 3M.

Meanwhile, Cramer said he is still trying to figure out why UPS’ (UPS) guidance was down.

When Task asked Cramer his thoughts about financier Carl Icahn taking a stake in Motorola (MOT) , Cramer said that Icahn has changed his ways.

In the old days, Icahn would come into a company and cause trouble, Cramer said. But now he comes in with a “substantive, constructive critique.”

“Managements that spurn him I am very suspicious of, because he is a player in this who can offer tremendous guidance from many different fields if you embrace him,” Cramer said. On the flip side, he can make life very difficult for management, Cramer said.

Cramer said it was surprising to see Time Warner (TWX) CEO Dick Parsons embrace Icahn, because of Parsons’ initial cold feelings toward him.

Cramer called Parsons a “remarkable man” and a “modern-day classic CEO.” Part of what makes Parsons such a great chief executive is that he’s willing to make tough changes, doesn’t do it in a vociferous way, and is open-minded, Cramer said.

On the other hand, Cramer believes that 3M’s George Buckley and Motorola’s Ed Zander are examples of “not great CEOs.”

“We are always afraid to cite the CEO for the damage,” Cramer said. “But the CEO matters more than people realize, and the CEO sets the tone.”

Going back to the topic of the Fed, Cramer told Task that “we need to go back to a world where we recall that there are only certain industries that are hurt by these rates — auto and housing.”

It’s unlikely that the auto and housing sectors will start performing well, said Cramer, who believes that’s the only scenario in which the Fed would raise rates.

“Stable rates are not a bad thing,” he said, adding that they have produced “big runs in our time.”

That said, Cramer still believes that we’ll get rate cuts, but he isn’t relying on them to produce an upside for the year.

Updated from 3:04 p.m. EST

The energy complex rallied Tuesday as traders bet that supply would tighten because of OPEC production cuts and declining stockpiles.

Nearby contracts for light, sweet crude added $2.96 to settle at $56.97 a barrel on the New York Mercantile Exchange. Natural gas futures rose 80 cents to $7.74 per million British thermal units.

Heating oil was up 9 cents at $1.64 a gallon, and gasoline was 8 cents higher at $1.52 a gallon.

“The cold weather has stabilized the market a bit, and traders are still waiting for some signs on inventories for [further] direction,” says Michael Lynch, president of Winchester Mass.-based Strategic Energy & Economic Research. The Energy Information Administration is expected to report petroleum inventories at 10:30 a.m. EST Wednesday.

“I think eventually the market is going to recognize that there is ample energy available and that we’ll finish the season with a surplus,” he adds, saying oil could drop below $50 by the end of March.

In the meantime, Lynch says, traders will be watching for evidence of discipline from the OPEC oil cartel. The organization plans to cut output by 500,000 barrels a day starting in February, but other planned reductions announced last year failed to stick.

Analysts have questioned whether member states have actually followed through to the extent they promised.

However, an oil official from Saudi Arabia, the biggest crude exporter, made statements in The Wall Street Journal that his country would cut output to keep prices strong.

Turning to the chartists, at least one spies an interesting trading opportunity if the price of oil slides back to the levels seen earlier in the month.

Marc Eckelberry, a Los Angeles-based futures trader and author of the AheadoftheNews.com markets blog, says $54 a barrel for crude is “pretty critical support” at this point. “If we break below that we will revisit the lower $50s.” Eckelberry sees weekly resistance at $56.85 followed by $58.

In the energy patch, Bear Stearns upgraded shares of Tesoro Petroleum (TSO) to outperform from peer perform, helping boost the stock 4.9%.

Eagle Rock Energy Partners (EROC) got dinged with a downgrade from Wachovia. The firm now rates Eagle Rock a market perform, down from outperform, and shares were recently off 1.6% at $18.70.

Friedman Billings Ramsey downgraded shares of coal producer Massey Energy (MEE) to a market perform rating from outperform, but the stock traded higher anyway, up 1.7%.

As for the major producers, Royal Dutch Shell (RDS.A) was moving up 1%, while ConocoPhillips (COP) was ahead by 1.3%.

Energy exchange-traded funds iPath Goldman Sachs Crude Oil (OIL) and U.S. Oil (USO) were up 5.6% and 5.2%, respectively.

Are you tired of always having to wear glasses? Wouldn’t it be nice to wake up with perfect vision, or be able to play sports without protective glasses?

If so, LASIK surgery may be the right option for you. Approximately 1.3 million Americans had LASIK surgery in 2005, according to Market Scope.

LASIK, which stands for laser-assisted situ keratomileuis, treats myopia (nearsightedness), hyperopia (farsightedness) and astigmatism. LASIK works by changing the actual shape of the cornea, which is the clear covering of the front of the eye — thus reshaping the area.

But you shouldn’t go into this operation blindfolded, so to speak. It’s important to know the risks and what to expect.

Here’s a brief check list to determine if it’s appropriate, and some more information to get you started.

For a bit of background, Colombian ophthalmologist Jose Barraquer developed the first microkeratome — a surgical instrument to cut the cornea and change its shape — in 1960, and Indian doctor Rangaswamy Srinivasan helped discover the ultraviolet excimer laser in 1981.

This kind of laser uses a combination of inert and reactive gas, and has the ability to sketch living tissue in a very precise way, with no thermal damage to the surrounding area. The LASIK surgery itself was developed by Lucio Buratto and Ioannis Pallikaris in 1990. They blended the two prior techniques, keratomileusis and photorefractive keratectomy, resulting in greater precision than the two previous surgeries. Be Prepared

The FDA has approved laser-eye-surgery equipment, but they don’t monitor each physician or procedure.

It is very important to consult with your optometrist and alert him if you have any of the following conditions: herpes, glaucoma, hypertension, eye diseases, such as uveitis/iritis (inflammations of the eye) or previous eye surgeries.

Also, performing this procedure on a cornea that is not thick enough can be extremely damaging.

And if you have tried LASIK before, make sure you consult with your doctor before trying it again.

It is recommend that you stop wearing your contact lenses for several weeks before your baseline examination, as they change the shape of your eyes. (The exact length of time depends on the type of contacts.)

You should also stop using lotions, makeup and perfumes the day before the procedure.

What’s the operation like? Well, maybe not as bad as you’d assume.

The doctor will give you an oral sedative such as valium, and then he will numb the eyes. An instrument called the retainer will be used to keep your eyes open. High pressure is then used to create suction directly on the cornea — and this is where you might be a bit uncomfortable.

Using the laser to adjust to your prescription, the doctor will then cut a flap in the cornea of your eye.

The second step is using the laser which involves focusing on light while the doctor watches your eyes through a microscope. During this time, the laser is sending pulsating light to your cornea. The exact time of the procedure depends on your eyes; the stronger the prescription, the longer it will take. The Aftermath

At the end of the procedure, a shield will be placed over your eyes, which will prevent you from rubbing them — even though you may want to rub your eyes, resist the urge, as it could cause damage while the cornea heals.

The shield also prevents you from putting direct pressure on your eye while you sleep, and keeps your eye from accidentally being hit or poked. Expect to wear the shield for up to four weeks at night, and don’t plan on playing contact or strenuous sports for one month after the procedure.

There may also be some tearing and sensitivity, or dryness, in your eyes, and don’t be alarmed if the whites of your eye look red or bloodshot. LASIK can cause symptoms which interfere with your night vision for the first few days. These symptoms should improve considerably, however, within the first few days after surgery.

Dan Myers, in his late 30s, has been wearing glasses since he was eight years old; he is getting the surgery next week. Myers is a combination of nervous and excited: “I will be able to get up in the morning and not have to look for my glasses,” says Myers.

He says his daughters are a little worried that “daddy will look different without the glasses.” But Myers, will be thrilled to gain better peripheral vision and not have to wear protective glasses while playing basketball and baseball.

Most insurance companies do not cover the surgery, as it is often considered cosmetic. Prices ranges from approximately $1,600-$2,000 per an eye.

So next time your glasses break or you get sick of waking up blind in the morning, think about getting LASIK.

Enjoy the Good Life? http://apps.thestreet.com/cms/tsc/feedback.do?authorId=1100652 with what you’d like to see in future articles.

An Fed Open-Market Committee meeting typically creates more anxiety in the markets than Tuesday’s trade would suggest.

Ahead of Wednesday’s policy decision, major averages were resilient in the face of a massive rebound in oil and natural gas prices, as well as some disappointing earnings guidance from economic bellwethers UPS (UPS) and 3M (MMM) . Bonds reversed course and gained ground Tuesday, bucking a strong consumer confidence report and potential data land mines ahead, including Wednesday’s advanced fourth-quarter GDP report.

The Dow Jones Industrial Average added 0.3% to close at 12,523.31, while the S&P 500 jumped 0.6% to close at 1428.82. The Nasdaq Composite gained 0.3%, to close at 2448.64.

UPS spent most of the day down, trading as low as $70.38 intraday, but finished well off of its lows, down 1.3% at $72.70. The company’s full-year outlook fell short of analysts’ expectations, and the company blamed a slowing U.S. economy for the glum view. 3M fell 5.4% after its CEO said moderating global economic growth is responsible for its soft earnings guidance.

Procter & Gamble (PG) gave the market a strong earnings report and boosted is 2007 guidance, but its shares slipped 0.5% on the day. On the flip side, disability insurer UnumProvident’s (UNM) shares climbed 10.5% Tuesday on its strong earnings report and healthy guidance.

The government will release its fourth-quarter GDP estimate at 8:30 a.m. Wednesday. The consensus expectation is for growth of 3%. The markets will also digest the fourth-quarter employment cost index Wednesday morning. Analysts expect a 1% increase from the third quarter, when wages were rising at the strongest annual rate since the second quarter of 2002.

As for the Fed, no change in rates is expected, but traders expect the policy statement will be more hawkish than those of recent meetings, mostly to acknowledge stronger fourth-quarter growth and signs of strength in the housing market.

Indeed, “if you take housing out of the equation, you have a booming economy, inflation running higher than the Fed’s ‘comfort zone,’ a strong consumer, wages pushing higher and unemployment running at full employment,” says Marc Pado, chief market analyst at Cantor Fitzgerald. “Under those circumstances, the Fed will be scratching their head to find a reason not to raise rates.”

But raising the rhetoric won’t mean much to the markets unless the data also shock to the upside. A much-stronger-than-expected GDP or wage inflation report might suddenly make the Fed’s tone more meaningful.

As it stands, the market is not contemplating any move by the Fed through most of 2007. Just a month ago, traders were debating whether the Fed would cut rates in March or May. As of late Tuesday, the fed funds futures market prices in less than 50% odds of a single rate cut by the end of the year, according to Miller Tabak. Even minor odds of a rate hike — 4% in May — have crept into the market to really confuse things.

RBC Capital Market’s chief fixed-income strategist T.J. Marta says the Treasury market may have a “sell the rumor, buy the news” reaction to the Fed’s statement Wednesday. Last week, Treasury yields rose sharply as traders removed the “oh my God, we’re doing down view” from the table, he says. Rumors of a report in the market claiming inside information about a more hawkish FOMC statement means the market has already priced in the more aggressive statement, he adds.

The 10-year Treasury note ended the day up 5/32 to yield 4.87%. The 30-year bond rose 10/32 to yield 4.97%. Bond prices move inversely to yields.

Indeed, the Fed is still likely to reference worries about the housing market to justify its pause, even as it acknowledges some stabilization. Fears of what higher interest rates and adjustable-rate mortgage resets might do to the overall economy are still good enough reason for the Fed to tolerate a strong economy and slightly higher inflation.

“The Fed is on hold for the year,” says James Bianco, president of Bianco Research.

Housing and manufacturing were the weakest spots in the economy, and Bernanke and the Fed sees signs of stabilization in both.

The minutes from the Dec. 12 Fed meeting acknowledged that “there were some indications that home sales might be starting to stabilize,” and that “the adjustment of activity and prices in the housing market did not appear to have spilled over significantly to consumer spending.” Also, the only thing Bernanke said about the economy when he testified before the Senate Budget Committee earlier this month was that manufacturing is not hollowing out, particularly given the most recent industrial production data.

Fed officials of late have repeatedly mentioned the heightened threat of wage inflation, with unemployment at 4.50% and showing no signs of slipping. As San Francisco Fed President Janet Yellen says, the labor market is “gangbusters.”

The FOMC statement Wednesday afternoon is likely to reflect these revelations, but the morning’s data are really where the potential surprises lie.