This weekend I would like to review the state two markets. The general stock market and the precious metals market.  Following this I will give an update on Plungers Core-7 portfolio.

Consider this report an opportunity to read an alternative view of the markets.  My views of the major averages are certainly at odds with consensus opinion. Furthermore, they are also at odds with the methodology of chartology.  A strict interpretation of the charts will not lead to the conclusions I present here.  I understand I am not in synch with the Rambus interpretation of the stock market, but he has been gracious enough to allow me to present it anyway.

The General Stock Market: Run!… Don’t walk away from this thing.

Identifying whether it is a bull or bear market is a more effective method to operate than focusing on individual stocks that may go up or down.  Most investors however, are mainly engaged in stock selection and spend little time in deep thought as to the state of the averages.  This directly relates to what I consider the most important thing in investing.  That is aligning oneself with the primary trend.

My method is to begin with first things first. The first thing is one must know the direction of the primary trend of the market.  It is my belief that all other things are secondary.  That would include stock selection and anything else that enters the equation.  It is my considered opinion that the general stock market began a bear market back on October 3, 2018 according to Dow Theory.  That of course means that the Primary Trend is now DOWN.  This may seem ridiculous to you since you have been inundated with bull talk and major averages going onto new highs.  How could anyone call that a bear market?

That’s what I am going to explain to you right now:

Let’s spend some time analyzing Plunger’s chart of of the averages below.  Please don’t gloss over this as it holds what I regard is the key to the market.

Dow Theory has been the only reliable method of forecasting the market over the past 120 years.  It is of no use to the market scalper as it acts as a weather barometer, not a precise timer. The chart above depicts what I interpret as a massive 2-year rolling top in the DOW/Transports.  The DOW traces out a massive H&S top followed by a head test of the top.  A head test is a phenomenon that often develops after a H&S traces itself out.  It is a last attempt to jam anyone cute enough to think he can short the market.  The NL in both charts is drawn with some artistic license as it serves as both a NL and a S&R line.

The bottom chart of the transportation index has traced out a more conventional H&S top.  The key Dow Theory principle that this chart highlights is that since the DOW has gone to new highs the transports have failed to confirm the move, therefore the Dow Theory sell signal triggered last December 14th remains in effect.  In other words…we are still in a bear market.

Let me repeat, despite the DOW going to new highs the transports have not confirmed.  Once a valid Dow Theory Bear Market Sell Signal is triggered the primary trend is down and in virtually all cases it does not reverse upward until the economic excesses which were incurred in this cycle have been purged or corrected for.

I encourage you to sit alone in a dark room sometime and contemplate what that could actually mean.  Bear markets virtually ALWAYS violate the highs of the previous bull market.  The high in 2007 came in about 14,200 which would require a 48% decline to reach today.  The NASDAQ would require a 65% decline to reach its 2007 bull market high.  Furthermore, for the DOW to reach a normal bear market valuation would require a 60% decline.  Finally, it is normal for a market which overextends its upside to similarly overshoot its statistical mean on the downside.  I am not trying to ruin your weekend, but one should know these salient stock market facts.

Market action since the December 24th low:

Previously I have covered in depth, the process the market underwent in 2018 to arrive at a bear market trigger.  The buyers capitulation in late 2017 can be interpreted as a Phase III blowoff.  In these episodes there is always an object of speculation…bitcoin fit the bill here.  It’s blowoff was chiefly a liquidity function.  Jan 2018 was a world wide synchronous top of all markets.  The US market then entered into a secondary reaction.  It found its bottom without triggering a Dow Theory sell signal.  It spent the next 6 months rallying to a new high, topping on Oct 3rd, 2018.

The FED Pivot

After the late fall mini crash the FED panicked and did a full reversal of policy. Markets have reacted with an epic 7 month rally.  This rally even exceeds the post 1929 crash rally of 1930.  It has been truly awe inspiring. However, once this rally initially peaked in early May it entered into its own secondary reaction which violated its previous rally correction low thus reaffirming the Bear Market sell signal given on December 14th, 2018. (see chart)  This is highly significant and serves as a major tell of the primary trend.

DOW at a new high… is it just an overshooting top?

So what is one to make of the new high in the DOW?  To me it has the appearance of a second buyers capitulation. Since early June the DOW simply went straight up.  It resembles that final 2 month burst in late 2017.  Buyers capitulated, they threw caution to the wind and no longer considered any risk.  It was their response to the FED now having their back…AGAIN.

But the non-confirmation of the transports is a glaring signal.  Until the transports can rally to a new high, on a closing basis, the primary trend remains in effect.  And that trend is down!  Keep in mind the Dow Theory tenant that the primary trend remains in force until proved otherwise.  The proof that the bear market signal is no longer valid comes if the transports close at a new high.

The Secret is contained in the averages

This is not a dogmatic position it is a safe approach born from a 120 year method that has a time tested track record.  The averages contain more intimate knowledge than the second guessing of a gullible public. The number one rule in investing is don’t lose money.  Now for those who would respond: Come on Plunger there has been a lot of money to be made on the long side since the Dow triggered a bear market sell signal.  You’re saying stay out of the market and leave it all on the table?

No, I am saying keep your investment capital out of the market.  If you want to play with speculative capital well then knock yourself out, but know that you are betting against the primary trend.  Good luck, you will need it.

Final word on the stock market; The FED is going to lower rates at the end of July.  Actually they will likely accelerate their drop over the next 6 months down to zero or close.  They can’t drop them enough to combat the next recession.  You can see this from the chart below:

You can see how much they dropped them in the last two recessions so they don’t have enough dry powder for the next one.  Instead, they are going to try to get ahead of the down turn and go to zero rapidly.  Then they will come up with the next hairbrained idea when the market wants more.  This should play well with gold… that is until it gets really ugly.  At that time we could have a deflationary impulse and it could hit gold hard along with everything else.  We can see this coming in the chart below:

The chart depicts the negative REAL interest rates that have existed over the past 10 years.  Call this bubble juice as it fed the bubble.  No coincidence that the crack in the market came when these lines crossed last year.  Think of the open space between the lines over 10 years as what kept the bubble levitated.  If inflation drops to zero the bubble could unravel.  This would likely pull down most asset classes except government bonds.  Until that happens, expect the party to continue in the gold market.

The Gold and Silver Market- Ka Boom!

Last week the gold and silver stocks went through a rare week of panic to the upside.  Over 40+ years of observing markets I have seen only a handful of upside explosions as the one we are seeing now.  Here is my reaction: I sit down at my desk and close the door to my office and block all interruptions. I scroll through my charts of the prominent gold and silver companies and see their upside explosions. Then project myself to the year 2030.  I look back to this moment and ask what did it all mean?

Here is what I see.  First the analogy of what occurred in the stock market from 1974-1982.  A case can be made that the great bull market of the past 45 years began at the bottom in November 1974.  On a nominal basis not accounting for inflation it did begin then.  That bottom was met with black pessimism.  Everyone was bearish.  The market then rose in a bull market but over the next 7 years one could say the stock market was in no-mans land.  That is, it was a period where it can be classified as the first leg of a bull market, but make no mistake it was a war zone from 75-82.

In August 1982 the market blasted off in a powerful vertical rise that left everyone on the sidelines in disbelief. The massive bull had been born.  But here is the thing, the rise did not come out of an atmosphere of black pessimism as was the 74 bottom.  Skepticism sure, but not pessimism.  This lack of pessimism is what actually kept the pros guessing and unable to buy the market. It was truly phenomenal as it was the launch of a 6 year massive bull market which actually morphed in a run which topped 16 years later in 2000.

This analogy applies to the present gold bull market I believe.  The beginning in January 2016 was indeed one of black pessimism.  Everyone was bearish, which explains why the initial rise was so violent, but after the 7 month rally ended in July 2016 the market entered no-mans land and you know how bloody it was, a war lasting 25 months.  The recent launch In gold since June has been like the 1982 launch in the stock market.  It did not come out of black pessimism, frustration yes, but not pessimism and it’s turning out to be powerful.

The primary trend in gold has been up since January 2016, but it was held back for over two years.  History shows us however, that the greater the consolidation and accumulation period within a bull market, the longer and higher the subsequent advance.  That is what I believe is behind this powerful advance.

A Review of Plunger’s Core-7

This past week I will call “the awakening”.  It felt like larger sized money began to wake up to the advance of gold and silver.    Big money now senses they have to at least dip their toe in the water.  That’s about all they can do since they can’t jump in the pool as it’s too small.  This action in the market is evident in Plunger’s Core-7.

Sandstorm

Big money wants in to FNV but it is pricey and they know it.  Sandstorm offers the same play at a discount price so the herd began to move into SAND this week.

What a beautiful chart!  One doesn’t need too much of an imagination to see where this thing is going.  Keep in mind that SAND doesn’t include in its reserves royalties that are uneconomic.  So when gold gets above say $1,500 its reserve base mushrooms.  The technical action during all of 2019 consisted of backtesting its breakout from the horizontal channel.  It has been building its energy for 3 years now…the launch has begun.

Daily- Explosive

OSISKO- OR

What most don’t know about Osisko is the discovery potential of the company.  Goldcorp will soon drill for new discoveries nearby existing royalties in the St James Bay Area.  Osisko requires patience, but pays a decent dividend and has explosive upside potential.

Daily:

WPM- Finally getting in the grove

Wheaton spent the bear market gorging on the misery of companies unable to get financing.  With its tax issues behind them they are now ready to reap the fortune.

Soon they could be breaking into new ground.

Daily:

Monthly- The monthly chart deserves a look.  Massive inverted H&S projecting a rise to $56

Kirkland Lake

Many would say, its had its run… time to get off, enough already.  Well one could take his cost basis off the table, but this stock is going much higher.  It is going to be a power broker.  It is going to start buying companies with all of that free cash flow… whose first?

Daily- on fire

First Majestic- AG

Checkout the weekly volume bar- explosive… money is coming into this stock.

Daily: WOW, violent upside panic buying.

Sprott Inc -SII.to

This was my dark horse when I originally bought it.  But I think one can easily see by the clean well formed chart action on the monthly that this stock is just beginning to unleash its power.  Just 3 months ago its debt free market cap was about $600M.  Some analysts forecast the top of cycle earnings in 6 years to be up to $1.5B.  Just think where the market would value that to.  It is why I say this stock has 15-20 bagger written all over it.

Daily:

Barrick -GOLD

Who would of thought the old debt soaked bureaucratic American Barrick would ever get into Plunger’s Core!  But if left alone, bear markets do their work and the bear breathed new life into this company.  It now has an entrepreneurial spirit in it and it owns 4 Tier one assets.  IMO these will be regarded as national treasures within a decade.  Institutional capital will power this stock higher.  We are seeing the beginning of that now.

Daily: Not bad action for a big cap.

So Plunger’s Core-7 is now hitting on all 7 cylinders.  I own all 7- in size, and I am holding.  The plan is to hold these stocks for the length of the bull market.  Let’s just see where that brings us.

A word of caution… If you are carrying a margin balance we are now at a time that violent short term corrections can strike at any time.  Your objective should be:  Be Right-Sit Tight.  Don’t get yourself blown out.
………….

Plunger is Resident Market Historian at Rambus Chartology

https://rambus1.com/

A big impulse move that we are currently experiencing right now in the PM complex is separated by several small consolidation patterns that make up the entire impulse leg. Its these small consolidation patterns that give life to a big impulse move because without these little rest stops along the way the impulse move would burn itself out. One should welcome and anticipate these small consolidation patterns as they will help you understand where you maybe within the impulse move. I’ve seen as few as one and as many as four buildout during a strong impulse move.

Below is a daily chart for the first two impulse moves that formed at the beginning of the HUI’s bull market run that started in 2000. The very first impulse move formed 3 small consolidation patterns, two triangles and one H&S consolation pattern which led to the first top in May of 2001. At that point it was time for the HUI to consolidate its gains and begin to buildout the much larger black triangle. After the completion of the black triangle it was time for the second major impulse move up in the HUI’s still new bull market. As you can see the second major leg up formed three more consolidation patterns before exhausting itself. The second impulse move almost doubled the first one as the new bull market was gaining strength.

This next chart starts where the chart above left off at the beginning of the second large black triangle consolidation pattern labeled #2. The second big consolidation pattern took close to 15 months to compete. That impulse leg formed two consolidation patterns before it was finished in December of 2003 that started the third big triangle consolidation pattern.

The next major triangle consolidation pattern in the HUI’s bull market begins where the chart above left off at #3. The third big consolidation pattern took close to two years to complete before the next impulse move would begin. Think about that for a minute. Will you be able to hang on to your PM stocks for two years with no appreciable gains? It’s easy to say that now but when our current impulse move is finished and the next consolidation pattern begins to buildout will you have the fortitude to hang on the chop-o- matic of a trading range? Knowing what to expect can make it easier but it will still be tough. Anyway the fourth impulse leg formed the two small red consolation pattern before it was completed.

This next chart for the HUI shows its entire history going all the back back to the beginning in 1996. This chart also shows all the consolation and reversal patterns along with all impulse moves that start at the 4th reversal point in each consolidation pattern or the right shoulder high of the H&S reversal patterns. The red numbers label each triangle consolation pattern we just looked at on the charts above so you can see how each one fits into the bull market that began in 2000. Keep in mind when you look at all the Chartology on the chart below that a stock does only one of three things. A stock can buildout a consolidation pattern, reversal pattern or is in an impulse move. Knowing these three simple things can help you understand where you maybe at any give moment in a bull market.

A good example is our current situation. After the strong impulse move out of the 2016 low to the August 2016 high it was time for the price action to consolidate that move. There was no way to know at that time how long it would take or how big the consolidation pattern would be. As it turned out it took just over two years to complete the 2016 bullish falling wedge. Since the breakout and backtest were complete we are now in the second month of the new impulse move. At this point a rough approximation would be that the current impulse leg should at a minimum takeout the 2016 high with the 2011 H&S top neckline being a good place to look for some strong resistance that’s about double from today’s close.

Those impulse moves above are typical of any strong impulse move in any stock or market. It’s just how markets work. After the 2016 bullish falling wedge completed its work we now know we are in an impulse move and the move up should be very strong until its exhausted, rinse and repeat.  Have a great weekend and all the best…Rambus

For those that are interested in the NGD trade we have our first 100% winner. This week the price action is breaking out above the double bottom hump which is the first milestone. Because the decline was so vertical the odds are high that we could see some reverse symmetry to the upside as shown by the blue arrows. A backtest to the double bottom hump would come in around the 1.30 area.

The daily chart.

Below is the long term weekly chart which shows why I decided to get positioned where I did at .74, the 2008 crash low, which may be creating a very large double bottom or trading range. Also the vertical move down made this trade attractive if the bottom did materialized we could get some nice reverse symmetry to the upside over the same area on the way down.

There is a myth shared by many in the precious metals community that in order to have a bull market the stock markets have to crash and burn. There are times when that may be true but that isn’t always the case. Many times PM complex and the stock markets can rally together for extended periods of time and then there are times when they do run inversely to each other.

To show you what I mean below is a 25 year combo chart which has the SPX on top with gold on the bottom. The white shaded areas on this combo chart show when the two are running inversely to each other. The green shaded areas shows when the two are moving in the same direction together. From the 2002 low to the 2011 bull market high in gold they both pretty much moved together. Even during the 2008 – 2009 crash in both the SPX and gold they both declined together with gold bottoming just before the SPX as shown by the blue shaded area. They both then rallied together again into golds 2011 high which began another period of inverse correlation with gold going down and the SPX going up.

That went on until December of 2015 when gold put in its bear market low while the SPX was finishing up its 2015 correction which doesn’t look like much on this chart. From that 2015 low for both the SPX and gold they both have been rallying together to this very day going on over three and a half years now. Presently there doesn’t seem anything on this combo chart to suggest the positive correlation is about to change anytime soon. Enjoy the good times as long as they last. Have a great weekend and all the best…Rambus

This is a condensed version of Rambus Weekend Report. There are over 20 individual PM stocks individually updated in the full version.

I would like to start out this Weekend Report by looking at a long term monthly chart for the GDX. The multi year bear market actually began in September of 2011 at the head portion of the 3 1/2 year H&S top. The H&S top actually began to form in September of 2009 and ended in February of 2013 when the price action broke below the neckline. From that point the GDX declined for the next three years in its bear market so from a technical perspective the GDX ended its bear market in January of 2016 which marked its all time low.

The rally out of the 2016 low lasted seven months and ended in September of the same year. After a strong impulse move like that one looks for the price action to consolidate its gains before moving higher. There was no way to know at the time what trading range would develop and how long it will take to complete. Now in hindsight we can see the GDX built out the 2016 bullish falling wedge, that we’ve been following for well over a year, which took two years to complete from the August 2016 high to the September 2018 low. It wasn’t until the breakout above the top rail of the 2016 bullish falling wedge and the completion of the backtest two months ago in May that we had significant confirmation that the bear market that began in September of 2011 was officially over.

Now that we know the bear market is officially over depending on what matrix you want to use, calling the 2016 low the beginning of the new bull market or the completion of the backtest to the top rail of the 2016 bullish falling wedge in May of this year the completion, the bottom line is that it’s time to start thinking in bull market terms leaving the bear market logic behind.

After five months of the breaking out and backtesting process out of the way the GDX has  created a new high this month keeping the new uptrend intact. So if we are going to start playing by bull market rules we can now do a measured move to see how high the power of the 2016 bullish falling wedge can take the GDX. The measured move I’m showing on this weekly chart is called an impulse measured move which measures each half of the impulse move with the 2016 falling wedge being the halfway pattern. The first two blue arrows measure the first impulse leg up from the 2016 low to the August 2016 high. The second set of blue arrows on the right side of the 2016 falling wedge measures the second impulse move which has a price objective up to the 43.57 area.

There is also another important area of resistance that might come into play and that is the old neckline from the 2011 H&S top, labeled neckline extension, which will come into play around the 37.50. The bottom line is that the PM complex is in its second impulse leg higher which will look clear as a bell when we look back in hindsight. As I’ve mentioned previously the hardest thing to do during an impulse move is to do, NOTHING.

I’ve spent all weekend updating and annotating all the stock in the, Gold Stocks Portfolio, so you can see how things are coming along. There will be three charts for each PM stock, daily, weekly, and monthly which will show you the reasons I picked these stocks to start with. As this new impulse move continues to move higher I may tweak some of the weaker PM stocks for some that are showing more strength, but for now I’m content to stick with the original portfolio.

When looking at each individual stock, note how the daily shorter term charts will show many small H&S bottoms and double bottoms that have or are forming at the last reversal point in the bigger 2016 patterns. The weekly charts will show you the dominate chart pattern which is the 2016 bullish falling wedge with a few triangles. The long term monthly charts should put the new bull market in perspective with many of the PM stocks building out some very large consolation patterns.

There are many different ways to play the PM stocks. Some investors like to stick to the big cap producers as they will perform well during the bull market but won’t give you the leverage and is a safer play. Some will gravitate toward the Royalty stocks that usually do very well in a bull market as Sir Plunger has done.

As for me, after trading the bull market before the 2008 crash, I found that in a bull market the tide lifts all boats, some higher than others, but in general most get lifted. Even some of the juniors that from a fundamental perspective don’t look that good on paper can still rise with the tide. There is no other place in the markets that offers a chance for leverage to the degree some of the PM juniors will show during their bull market. To get that leverage one has to buy them cheap before they explode higher knocking down your leverage. This strategy is much riskier than buying your safer PM stocks but if you can get several to really take off it will make up the difference for the ones that don’t play out as you expected.

Before I finish I want to make if perfectly clear that we could see a backtest take place on the GDX to the one and a half year old neckline that would come into play around the 23.95 area.

A backtest to the top rail on gold’s 2016 triangle would come into play around the 1345 area.

A backtest to the 6 year golden neckline would come in around the 1345 area.

On the portfolio stocks below I’ve added a blue circle to the monthly charts that shows up in the top right hand corner of the chart, which shows what each stock did for the month of June on a percentage basis. I’ve also got the, Gold Stocks Portfolio, updated on the sidebar, with these stocks to follow. Everything should now be up to date. All the best…Rambus

JNUG 6-30-19 Update: 5 for 1 reverse split on 6-28-19. Daily.

JNUG weekly:

JNUG monthly:

NUGT daily:

NUGT weekly:

USLV weekly:

USLV monthly:

Going Forward I will be focusing on the PM Sector , as that is where the greatest potential moves are , following the breakout of many stocks in the PM Complex. Big bases = Big moves.

Of course I may also have a new portfolio of General Market Leveraged positions , as these markets are also on the verge of breakouts.

Interesting and Exciting times for Traders and Investors alike. Stay Tuned.

I’ve always said that gold built out one of the most beautiful bull markets of all time between the 2001 low and 2011 high. From a Chartology perspective it just doesn’t get any better. During the bull market years I called this weekly bar chart, “JUST ANOTHER BRICK IN THE WALL, because each consolidation pattern marked another brick in the wall.

The reason I’m posting this chart tonight is because we could be embarking on a similar bull market starting at the 2001 low. Take a minute and put yourself back at the 2001 low not knowing what lies ahead. As gold began to rally the first thing one would look for in a new bull market is a consolidation pattern which gold produced in 2002 that was the blue triangle. Once the price action broke out of that small blue triangle the next impulse began confirming the new bull market. From that point one had to believe in the Chartology that the major trend was up until a new lower low was put in place. As long as each consolidation pattern was followed by an impulse move up the bull market remained intact, rinse and repeat.

When you study the bull market you will see the price action always made a higher low except for the major correction in 2008 which was the blue expanding falling wedge that  led to the crash in the PM complex. That 2008 blue expanding falling wedge doesn’t look like a big deal in the overall bull market but it was a big deal for the PM stocks which took a beating.

If you look real close you can see a small green triangle that formed in the middle of each impulse move up as a halfway pattern. Again classic Chartology. You can also see the thin black rectangles that measured the impulse move on the breakout from the previous large consolidation pattern labeled 1,2,3,4.

The official end of the bull market came when the price action built out the blue 2 1/2 year rectangle consolidation pattern that formed just below the all time high in September of 2011. The breakdown from that blue rectangle ushered in the great decline in 2013 confirming a new bear market had begun in earnest. There was no way to know back then how long or how low the new bear market would go only that a new bear market was in place and it was time to play by bear market rules.

When I look at the Chartology on this chart it shows me a market that is free of manipulation. Gold bugs are known for their manipulation theories on the PM complex but when I see such a beautiful bull market filled with perfect chart patterns this shows me a free market with millions of investors making a decision to either buy or sell gold and gold related assets. Manipulators would have to manipulate currencies as well to get their desired results It would be impossible to manipulate all the major currencies of the world in concert. It’s always nice to have someone or something to blame when the markets don’t go the way we think they should so we create manipulation as the scapegoat. If I thought the PM complex was manipulated there is no way I would trade this area of the markets. It would be a fools game to do so. With that said I won’t bring up the subject again. Have a great weekend and all the best…Rambus

I have just enough time to post this combo chart for the UUP and the HUI we’ve been following very closely. The HUI is now in day four of the breakout from its bullish expanding falling wedge.

The HUI is now in day 5 of its breakout from the small H&S bottom / right shoulder.

The HUI is now attempting to breakout from its year and a half H&S neckline.

We are having a big family cookout today so this Weekend Report will be an abbreviated version.

I haven’t posted this combo ratio chart in several years but it was one that we followed very close back in the day. This ratio combo chart has the HUI:GOLD ratio on top with GOLD on the bottom. During the initial rally phase of the PM complex bull market starting back in 2000 the gold stocks kicked gold’s butt for the first three years or so into the December 2003 high on the ratio. Believe it or not that marked the end of the PM stocks outperformance vs gold. It’s been one long term downtrend for the ratio that still hasn’t completely reversed back up in favor of the HUI.

The ratio chart on top produced some very nice chart patterns on the way down including some reverse symmetry as shown by the red arrows. Note the big S&R line that produced the small red bull flag in 2001 and the reverse symmetry red bear flag that formed in 2012 on the way down. When the 2012 bear flag broke to the downside I suggested we could see .13 that was the all time low for the ratio which was also the measured move. You can see the price action undercut .13 during the 2015 – 2016 low which actually marked the all time low for the ratio. From that all time low the ratio began to rally where the HUI outperformed gold during that 2016 impulse move higher.

After that strong impulse move ended in August of 2016 the PM stocks began to underperform gold once again this time building out the 2016 falling wedge that is so prevalent across many of the PM stock indexes and individual PM stocks. It’s now been about 4 1/2 years later when the ratio first hit .13 and this week the ratio closed at .13 or no change. What the ratio does have going for it is the 2016 falling wedge has completed the breakout with the backtest now underway.

One thing we know absolutely 100% for sure is that the HUI is massively undervalued to the price of gold. At some point there has to be a revision to the means where the HUI and PM stocks in general should start to outperform gold in a meaningful way like in the initial first three years of the bull market earlier this century.

Have a great Father’s Day to all the dads out there. All the best…Rambus