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WTF Is Happening In The French Bond Market? — Transcript

by The Maverick of Wall Street · 4,750 words · 666 segments · language en · Watch on YouTube

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0:14All right.
0:17Today is Thursday, the 1st of October.
0:20Got a new month for you here. And this
0:22is a recap for the stock market
0:24activities today. In fact, I got a good
0:26one for you tonight. We have a really
0:28important discussion and let me stress
0:30out here that tomorrow's session in the
0:32stock market and specifically the
0:34reaction to the data we're getting which
0:36is the jobs number is the last piece of
0:39hope that we have left to save the
0:42global bond market. If that job number
0:44comes out hot, forget about it. There's
0:46nothing left that we have in the
0:48pipeline from a macro perspective or
0:50from any perspective that could cool
0:53down the global bond market. And we're
0:55teetering at the edge right now, folks,
0:57because as these yields surge higher,
1:00the likelihood that something is going
1:02to blow up becomes highly likely. You
1:04know, we see these bond yields surging
1:06higher, specifically in the long uh end
1:09of the bond market, be it in the US30
1:11bond yield or any long end of the bond
1:14market globally, be it Japan, be it UK,
1:16be it Italy, be it France, which is the
1:18subject of tonight's program. And the
1:21first thing that comes to mind is well
1:23it is because inflation of course I mean
1:25take for example what we see in the US.
1:27You can look at the 30-year bond yield
1:29and say yeah it is inflation it's Iran
1:32right Iran war uh the price of gasoline
1:35and that's why we see the bond market
1:38crashing in the long end and sending
1:40yield significantly higher. Of course,
1:43this is a valid and truthful statement
1:46that the perhaps at least one of the
1:48main reasons behind the surge in bond
1:50yields that we're seeing is the rise and
1:52come back of inflation. But folks, let's
1:55talk about the facts here and what's
1:56going on. Yes, we have the hawks at the
1:59Fed like Kashkari for example, who
2:01suddenly became a hawk and he says,
2:03"Yeah, we need to change the policy. We
2:06need to raise interest rates higher. The
2:08latest data did not change his view." He
2:11says inflation too high and we got from
2:13Dallas Logan. She came out and said we
2:15need 50 bips or more. On the other hand,
2:17we discussed Williams from New York this
2:19week and we discussed Waller. On top of
2:22that, Jefferson comes out, the vice
2:24chair, and he says we can wait. We don't
2:26need to raise rates right now. And
2:27folks, part of the reason why we see
2:29Williams and Jefferson and perhaps even
2:31Kashkari at some point is going to begin
2:33to flip because the bond market is doing
2:35the interest rate hike for them. the
2:37bond market is sending these yields
2:38higher where they don't have to do
2:40anything right now when it comes to the
2:42long end of the yield curve. And the
2:44truth is if you look at the odds, we
2:47know that what's going to happen here is
2:48more policy makers and leaning against
2:51the October rate hike. So, okay,
2:53December is in the back. Perhaps if the
2:55situation continues, that there's no
2:57improvement in inflation by that time,
2:59but we were just last week talking about
3:01the odds in the 70s, 70% plus, that
3:05we're going to get a rate hike in
3:06October. If you check out the odds right
3:08now, they collapsed all the way to 25%.
3:12So, the predominant odd that we're not
3:13going to have any interest rate hike in
3:15October. So, why the hell is the bond
3:18market not reflecting that? But the
3:20reality is it is reflecting it. So if
3:22you look at the 2-year which reflects
3:24the Fed policy which the Fed policy can
3:27control, you can see that yields went
3:29down today reflecting the fact that the
3:31odds went down to 25%. So the market is
3:34saying yes, we got it. We're probably
3:35not going to have a rate hike in
3:37October. But check out the long end of
3:39the yield curve. That's where the
3:40problem is. If you look at the 30-year
3:42bond deal, for example, it is still
3:44surging higher. We anticipate a top, but
3:46that's only going to happen if we get a
3:48major piece of weaker economic data. And
3:51we only have one left here, folks, and
3:53that is the jobs number. But what is the
3:55message here? Why do we see the two
3:57coming down reflecting the fact that
3:59we've reduced the odds to 25% from 70
4:02plus to 25% reflecting the statements by
4:05Jefferson and Williams that more and
4:07more fed zombies are now leaning toward
4:09no hike in October. There's this
4:11response right here. But why don't we
4:13see the response showing up in the 30
4:15years, 20 year, even the 10 year? I
4:17mean, you see the market, if you're
4:19watching the intraday action, if you
4:21look at the TLT, which is tracking, of
4:22course, the bond prices at the 20 year
4:25all the way to the 30, you can see that
4:26even today they're trying to push it
4:28higher. They're trying to say, "Okay,
4:29this is ridiculous. We need to push the
4:31TLT higher. We need to push yields
4:33down." But there is some sort of
4:34resistance. There's some sort of a
4:36driving force that keeps pushing these
4:39bond yields higher and higher and
4:41higher. I mean, you see it even in the
4:42IWM, which is really sensitive to bond
4:44yields. It wants to move higher. It got
4:46the support of the 200 days moving
4:48average. It wants to go higher, but it
4:50can't go higher without this coming
4:52down. And again, the last hope we got to
4:54bring this down is a significant weaker
4:57piece of data, macro data. It has to be
4:59really, really weak. And the jobs number
5:01is the only thing that we got right now.
5:03But I'm beginning to suspect, we go back
5:05to the conversation we began this video
5:07with. Is this what we're looking at
5:08right now happening because of inflation
5:12and the Fed policy that's going to
5:13follow? Not really, because this is
5:16reflecting it right here, the 2-year.
5:17So, there's something else that is the
5:20driving force of pushing long and bond
5:23yields higher, not just in the US, but
5:26across the globe. And then you look at
5:27the dollar. The dollar keeps surging
5:29higher. Yet, the Fed is talking softly.
5:32The Fed is beginning to change its tune
5:34to doubbish. Why aren't we seeing a
5:36response here? Why do we continue to see
5:38the dollar surging higher along with
5:41long-end bond yields such as the 30 bond
5:44yield? My hunch is something is about to
5:48break in an international market. There
5:50is a crisis happening right now in an
5:53international economy and that's the
5:55driving force behind what we see in the
5:58US long end of the bond market and for
6:01that matter the global long end of the
6:03bond market. UK, Spain, Italy, France,
6:07Germany, Japan. All of these yields are
6:09moving higher. It's a global phenomenon.
6:11And you can see it right here. You can
6:13see that the 10-year government debt,
6:15the yields are surging higher. Be it in
6:16Japan, be it in France. Look at this big
6:19jump that we see in France, in the US,
6:21in the UK. All of these yields are
6:23moving higher. Now, once again, we know
6:25what's going on. We know that the diesel
6:27exports, we are short cuz nothing is
6:29coming out of the Middle East anymore
6:31and nothing coming out of Russia
6:32anymore. In North America, we might see
6:35a diesel export ban. So, we get all of
6:37that. Maybe that's producing a little
6:39bit of fear in the bond market. That's a
6:41legitimate reason. And then you look, of
6:42course, at the headline that we got
6:44today that oil jumping 4%, China is now
6:46halting fuel exports. And according to a
6:49report by the Wall Street Journal, the
6:50US is sending about 10k troops, 10,000
6:54troops to the Middle East. Why the hell
6:55would you send 10,000 troops unless
6:57you're planning something? We know that
6:59uh inflation is going up because of this
7:02phenomenon. fuel prices, gasoline prices
7:04going up. You look at the ISM
7:06manufacturing report that we got today.
7:08Absolutely stunning. The activities
7:10index is pretty much flat month. The
7:12price index went higher by 6.8%
7:16and it's been increasing 24 consecutive
7:19months. We know that another reason for
7:21bond yields in the long end, 10 to 30
7:24going higher, is the fact that we have
7:26competition from the corporate bond
7:28market. The hyperscalers are issuing
7:30billions and billions of billions of
7:32dollars worth of bonds to finance the AI
7:34data centers. And for a lot of
7:36investors, they'd rather hold the bond
7:38by Google or Microsoft than the US
7:40government, UK government, French
7:42government, you name it. We know that
7:44part of the reason that bond yields are
7:46going up is we have an insane debt to
7:48GDP ratio. All of these G7 countries,
7:51all of these developed countries are
7:53pretty much fueled and financed and
7:56surviving based on debt. So you see the
7:58debt to GDP ratio skyrocketing. I mean
8:00we're talking about third world
8:01countries right now. 100% plus debt to
8:04GDP ratio in Britain, in Canada, in
8:06France, in Germany, in Italy, in Japan,
8:09in the US. And Germany is a a little bit
8:12better situation here. I misspoke when I
8:14said Germany, but Germany is close
8:15enough to getting to that 100% debt to
8:17GDP ratio. So why are we concentrating
8:20on France as the suspect here that is
8:23probably driving global bond yields
8:25higher and driving the US dollar higher?
8:28Well, let's take it one step at a time.
8:29What we know right now, if you look at
8:31the 10-year bond yield in France, it is
8:33or the debt rather, it's about 120% of
8:36GDP. You can see the surge here. This
8:38was a country that is in in in fiscally
8:41sound condition back in the 80s, even
8:43the '9s to a certain extent. The the
8:452000s was okay. was 100% under 100% debt
8:49to GDP ratio and then well all of a
8:51sudden financial crisis hits and just
8:53like any so-called developed country the
8:56central banks cabal begins to print
8:58money like crazy we see these debt to
9:00GDP ratios shooting up significantly
9:02higher now the question might be but m
9:04again let's go back to the previous
9:06chart right here why France why what is
9:09it a big deal here because France has a
9:11debt to GDP ratio of 120% but that is
9:14still better than the US that's still
9:16better than uh than Italy that's still
9:18better than Japan. What is the big deal
9:20here when it comes to France? Perhaps
9:22the answer behind that is the velocity
9:25where we see these bond yields surging
9:27higher. We're now close to 5% in the 10
9:30year in France. You can see it right
9:31here. Massive surge higher, close to 5%,
9:34something that we haven't seen in the
9:35French bond market uh since the
9:37financial crisis in 2008. But once
9:39again, Mav, the US 10year is close to
9:425%. So what is the big deal? big deal.
9:45There's something different and unique
9:47happening in France. I mean, look at
9:48this here. The France bond risk premium
9:51is now higher than Italy and Greece.
9:54This is France in blue, Greece in
9:56yellow, Germany. You can see that the
9:57the ratio between French and Germany in
10:00in uh in blue with Italy in green with
10:03Greece in yellow. When you begin to have
10:05a risk premium that is higher than
10:08Germany, that's concerning because
10:09Germany is in a financial mess right
10:11now. When you have a risk premium that
10:13is now exceeding Greece, something big
10:16is happening here. Something disastrous
10:18is happening behind the scenes that
10:20maybe we cannot pinpoint right now, but
10:23it's the kind of black swan that you're
10:25going to hear about after the fact and
10:27check it out right here. There it is. So
10:29again, let's go back to the charts that
10:31I showed you, right? So all of these
10:32countries have high debt to GDP ratios.
10:34The bond yields are going up. We got it.
10:36But look at the cost of insurance
10:38against debt. Look at what's going on
10:40here in France. We see a big surge this
10:43summer into September. We see a huge pop
10:46higher here. A rapid move that diverges
10:49away from every other market. Be it the
10:51US, be it UK, be it Germany, be it
10:54Spain, be it Italy. Once again, folks,
10:57something is cooking here in France. And
11:00if bond yields continue to go higher, I
11:02promise you that not next year, within
11:05weeks, we will hear about something
11:07blowing up in Europe. I'm willing to bet
11:09right now that it's going to be in
11:10France. So, the last hope that we have
11:12left to bring down global bond yields
11:15tomorrow is a weaker jobs data in the US
11:18because that's going to influence all of
11:20uh global bond markets. If we see the
11:2230-year bond yield going down because of
11:24a weaker macro data here in the US, you
11:26will see all of these global bond
11:28markets responding the same way. If we
11:30don't get that though, buckle up your
11:32seat belts. Something is about to
11:34collapse in France. You look at the
11:36issues that the French population is
11:39worried about, cost of living comes at
11:41over 50%. So all you hear about uh from
11:44Elon Musk and that kind of crowd is
11:46immigration, immigration, immigration.
11:48That's 30%. With or without immigration,
11:50right now the main concern is the cost
11:52of living. As interest rates go higher,
11:54that concern will continue to increase
11:56higher and higher and higher. And there
11:58is also another phenomenon that makes
12:00the French market unique. If we look at
12:02the stocks, the French stock market, it
12:04is way way underperforming the rest of
12:06Europe. You can see it right here.
12:08Year-to- date European markets up about
12:107 8%. The French market went negative in
12:13the majority of the decline happened
12:15right in the summer. Something happened
12:17and the insiders spotted it and they're
12:19beginning to bet on that outcome that
12:22something is going to collapse in
12:23France. It's going to be contagious and
12:25hence we see bond yields across the
12:28globe moving significantly higher in
12:30tandem. Take a look at the breadth. I
12:32mean we talk about the breadth in the US
12:34stock market being bad. Check out this
12:36the the French stock market. These are
12:38the French bond yield surging higher.
12:40You look at the French stock market
12:42again. The point we began to see the
12:44risk premiums going up. Watch what
12:46happened to the French stock market. It
12:48went down by about 10% rapidly. And if
12:50you look at underneath everything here,
12:52if you look at the breadth is
12:53disastrous. Every sector for the month
12:56is down. Every single sector in the
12:57French market is down. You look at the
12:59advancing declining 125 advancing 418
13:03declining. If you look at the new highs
13:05and lows, it's even more disastrous than
13:07the US market. In the last 5 days, we
13:10got 117 new highs versus 341
13:14new lows. You dig further in the French
13:17stock market and you could see that I
13:19mean the the largest company is about
13:21$300 billion. So put that in
13:23perspective. Largest company in the US
13:25is about $6 trillion. Wait till that
13:27collapses. That's going to be the big
13:29one. But anyways, right now look at the
13:31year-to-ate performance of some of these
13:33stocks. LVMH, their biggest companies
13:35down 30%. And you're going to notice
13:37that the only companies that are going
13:38higher are related to energy or AI. So
13:41total energies up 46% for the year.
13:44Hermes up a bit or down rather 39% one
13:48of their top companies BNP once again
13:50banks related to a lot of energy
13:52investments that's up 18% but you see
13:55again SLR down about 50% Seni down about
13:5914% you see all of these companies again
14:01this is metal is a a steel company up
14:0475% so that's following the same theme
14:07in the US with steel companies going up
14:09because of the build data data centers
14:10and then the list keeps going on and on
14:12you can see all these declines for the
14:14year 29% 30% 15% another 30% for dissult
14:19which is supposed to be doing pretty
14:20good as a defense contractor not so much
14:22you have some uh semiconductor companies
14:24up 90% that's the exception so when you
14:26have a market that is not concentrated
14:28in technology like the French market you
14:30see a disaster you see names down 30 40
14:3350% for the year so something
14:35significant here happening in this
14:37country and these are the kind of things
14:39that we don't hear about we don't
14:40understand we don't get the facts about
14:42until after the act so and so bank
14:45collapsed something happened in France
14:47but the insiders know about that and the
14:49leading indicator is the risk premium
14:50that we see the divergence in the risk
14:52premium in the French market is way way
14:55higher than its peers be it Germany be
14:57it Japan be it Spain be it Italy be it
15:00the UK now what happens what happens if
15:02we get a weak cooked piece of jobs data
15:05tomorrow in the US market and we see the
15:0830-year bond yield going down and we see
15:10the dollar coming down that's going to
15:12be the relief that global markets
15:15desperately need. Yesterday, in
15:17yesterday's video, we talked about who's
15:19going to benefit, what kind of stocks
15:20will benefit if we see the 30-year
15:23coming down. But what happens if the
15:2530-year comes down along with the
15:26dollar? Who benefits when the dollar
15:28goes down? So, let's go back to a chart
15:30or a slide that I gave you a long time
15:31ago. Here it is. These are the sectors
15:34that are dictated by the dollar. These
15:36are the sectors dictated by the bond
15:39market. These are the sectors and the
15:41stocks dictated by the volatility index
15:43and the hedging. So you see the
15:45exception here cap stocks, the chips,
15:47the NASDAQ and that market is doing fine
15:50for now so long as the volatility index
15:52is down. The massacre is right here as
15:54bond yields went higher. Dividend stocks
15:57went down, defensives went down, small
15:59caps down, regional banks down
16:01significantly. So home builders,
16:03biotech, profitist companies, high debt,
16:06retailers, real estate, all of them
16:08getting whacked. So a relief in the bond
16:10market where yields go down will be good
16:12for these sectors right here and a lot
16:14of them are oversold. A relief in the
16:16dollar on the other hand would benefit
16:18these names right here. I would take an
16:20exception to oil though because let's
16:22say if oil drops down meaningfully
16:25because of whatever piece of news then
16:26the dollar will go down with it. So
16:28right now we're in a dynamic because we
16:30have a geopolitical situation where the
16:32dollar and oil are trading together. But
16:34that is the exception. If that's a big
16:36if, the dollar goes down tomorrow.
16:38Commodities will benefit. Metals will
16:40benefit the most along with gold and
16:43silver chemicals. So you look at a name
16:45like Allen for example getting whacked
16:47as the dollar rallies. But did we get a
16:49bullish engulfing candle today with a
16:51slightly higher volume? Are they
16:53anticipating and readying for a drop in
16:55the value of the dollar and a relief
16:58rebound in the chemicals, the
16:59fertilizers, the emerging markets? I
17:01mean you can look at the international
17:04markets too not just emerging markets.
17:05So if you look at the European market
17:07the EUR which includes France that's
17:10also down about 8% or so and a little
17:12bit oversold. So if the dollar comes
17:14down tomorrow you're probably going to
17:16see a buying opportunity in the European
17:17market at least for a rebound or a
17:19swing. You'll see it also in the
17:21Brazilian market international markets.
17:23You see it in XME the metals. So you get
17:25the point here. Solar would benefit too.
17:27Solar getting whacked. But look at tan.
17:2910 is the ETF for solar that's getting
17:31whacked just down and down and down as
17:33the dollar ratties higher. If we get a
17:35little bit of relief in the dollar, you
17:36see a relief rebound, short covering,
17:38etc. But again, folks, when I brainstorm
17:41the catalysts that would push bond
17:43yields down and the dollar down, the
17:45only thing I got right now is you got to
17:48have a significantly weak piece of macro
17:51data coming out. And the only thing I
17:53see is tomorrow's data, the jobs number,
17:55because once we get into the second week
17:57of October, we're going to talk about
17:58CPI gain and PPI. And that's not going
18:01to be a good conversation. It might
18:02actually bring back the odds of an
18:04interest rate hike in October. Now, last
18:06thing I want to talk about here is the
18:08options market because you can see what
18:09they're betting on. So, this is a major
18:11bet that we got today. Somebody agrees
18:13with me betting on a TLT a rebound and
18:16they bought the 86 calls. The expiration
18:18date is all the way to 27. I'm not
18:20bullish all the way to 27. I'm shortterm
18:23bullish in the TFT because I think it's
18:24way oversold and it requires a rebound,
18:26an oversold rebound. I made a tweet that
18:28you guys might have caught that if we
18:30have a close above 78, it would force a
18:32short squeeze in the market. So, let me
18:34show you why. Here's the TLT. The
18:36expiration date is tomorrow, right? So,
18:38if you look at the calls, 78 has a huge
18:42number of open interest and volume. Look
18:44at this massive number of open interest
18:46right here at 78, 78 1/2, 79, 79 and
18:501/2, 80. you look at the puts, they're
18:52they're either closing or they don't
18:54really compete. So, all what you need is
18:56a little bit of a close above 78. All of
18:58a sudden, the market maker will be
18:59squeezed to the upside. Of course, this
19:01is why they fought it. They fought hard
19:02to close below 78 to avoid this kind of
19:05squeeze tomorrow, aka exercise maximum
19:07pain in the calls. And they might do
19:09that. They might make it happen and not
19:11really move above 78 tomorrow and then
19:13do it next week when we don't have that
19:15kind of concentration anymore. But the
19:17bottom line is if you look at the bets
19:19more and more bettors right now are
19:21switching to buy calls in the TLT than
19:24puts. So it's just a matter of time and
19:26I think that the last hope that we got
19:28got to be the jobs data coming out
19:29tomorrow. Now another important
19:31phenomenon that happened today related
19:32to the options market is Micron. So
19:34Micron reports earnings and initially it
19:36flushes down. You see the flush right
19:38here. Then came a wave of buying and
19:41even with this wave of buying let's say
19:43the shorts here covered the short-term
19:45shorts we have like Friday's expiration
19:47they covered and the price stuck at
19:49around 10:45 1050 and then we see the
19:52surge right here you see the volume of
19:54buying right what's up with that what is
19:56behind these kind of moves check out the
19:59options market this is micron the
20:00expiration date is Friday huge volume
20:03over 82,000 contracts showed up for the
20:071100 calls and hence The market makers
20:09said, "Well, I got to buy shares of
20:10Micron all the way to 1100 so I can
20:13cover my ass cuz I sold all of these
20:14contracts. I got to buy the shares." So,
20:16they push it all the way to 1100. And
20:18unfortunately, a lot of you watching
20:20this kind of action live. You begin to
20:22say, "Ah, you see that the technology
20:23stocks are going higher again. The
20:25market decided that the chip rat is
20:27going to resume." But at the end of the
20:28day, it's an options phenomenon. It's
20:30happening because somebody stamped on
20:32calls. And if there's no follow-up
20:34tomorrow, they drop the price down. So,
20:36you don't need to jump the gun when you
20:37see movements like this. You have to
20:39look at the bond market, you have to
20:40look, excuse me, at the options market.
20:41And if it's an options market
20:43phenomenon, there's an expiration date
20:44on it. Now, I'm going to reiterate. If
20:46you look at Micron, it's pretty much
20:48been flat for the last few days doing
20:50nothing. But the name of the game in the
20:51market, and I'm kind of baffled that a
20:53lot of you don't understand what I'm
20:54saying. I mean, I spent three videos
20:55this week explaining the same thing. The
20:57bond market dictates what's going to
21:00happen to the stock market. And the
21:02stock market is divided into two
21:03markets. You have the microns of the
21:05world, the Q's, the NASDAQ, the data
21:08center names that did pretty good in
21:10September. You have the rest of the
21:11market, the RSP, the IWM, the Dow Jones,
21:14the healthcare, the utilities, the
21:16staples, etc. who did badly in
21:18September. And part of the reason behind
21:19that is bond yields surged higher. As
21:22bond yields surge higher, they destroy
21:24the rest of the market, quote unquote.
21:26But they benefit the AI data center
21:29names such as Micron. Because the
21:30assumption by investors is okay bond
21:33yields are going higher that's bad that
21:35increases the cost of borrowing that
21:36increases the the recession odds in the
21:38economy. So anything that is sensitive
21:40to bond yields we have to dump. But the
21:42companies that are still generating a
21:44lot of cash and revenue, a lot of
21:46revenue growth like the hyperscalers and
21:48the companies receiving that cash like
21:50the AI data center infrastructure
21:52stocks, be the chips, be the turbines,
21:55be the fiber optics, whatever it is,
21:57they're kind of immune from a surge like
21:59this to a certain point. Of course, if
22:01rates continue to go up, there's a
22:02certain certain level where we say,
22:04okay, even the technology trade is not
22:06going to be immune to that. So, what
22:08happens if we have a relief in the bond
22:10market? If yields go down, you will see
22:12the losers benefiting. Losers from
22:15September benefiting because they went
22:16down for the exact reason of bond yields
22:19going up. So if yields come down, they
22:21benefit. They get a rebound. And vice
22:23versa. The names that benefited from
22:24yields going up, technology, micron,
22:27etc. If bond yields come down, you see a
22:29rotations out of them. Kabish, it's
22:32pretty easy. Spent three [ __ ] videos
22:33talking about the same thing and people
22:35still don't get it. Anyhow, moving on to
22:37the conclusion of this video. What do we
22:38have in the economic calendar tomorrow?
22:40Here it is again. The employment number.
22:43You better hope it's going to be a
22:44forazy number. Otherwise, that French
22:47problem is going to kiss the global
22:49market. It's going to be wet and sloppy
22:50and disgusting. So, let's hope that we
22:52can avoid that at least for a moment.
22:54Get a little bit of relief cuz there's a
22:56lot of bad things that are about to
22:57happen later on. But for now, let's just
22:59try to close on a positive note here. We
23:01wake up in the morning could be a
23:03disaster. But hey, I'm just going to try
23:04to be positive tonight. If we get a
23:06cooked jobs data, might see a relief in
23:08the bond market and we live to fight
23:10another day in some of these stocks in
23:12the market that went down big in the
23:14month month of September. But with that
23:16folks, this is all I got for you for
23:18now. Thank you for listening. Thank you
23:19for watching. I appreciate and I love
23:21all of you. I'll be talking to you again
23:23tomorrow. Good night.
23:30Heat. Heat.
23:40Heat. Heat.
23:50Heat. Heat.
24:35Oh,
24:40Let you go. Let you go.
24:48Let you go. Let you go.
24:56Let you go. Let you go.
25:01Let you go.
25:08Let you go. Let go.
25:22Heat. Heat.
26:03Heat. Heat.
26:08Heat. Heat.
26:30Heat
26:41up

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