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NIH leadership discusses COVID-19 vaccine collaborations
Public-private partnerships could help meet the unprecedented need to manufacture and distribute safe and effective COVID-19 vaccines around the globe, according to leaders from the U.S. National Institutes of Health (NIH) and the Fred Hutchinson Cancer Research Center. They discussed how in Science on May 11. Discuss
Researchers call for rapid drug repurposing to fight COVID-19
Filling the therapeutic gap for coronavirus treatments with existing drugs approved for other uses could greatly benefit patients around the world. Researchers from the University of Kentucky urged the scientific community to quickly identify drugs that may be repurposed in the fight against COVID-19 in an opinion piece published May 8 in Science. Discuss
Pangolin genome offers insight into SARS-CoV-2's jump to humans
Research into the source of SARS-CoV-2 in China has focused on pangolins, anteater-like mammals that may have harbored the virus before it jumped to humans. New findings published May 8 in Frontiers in Immunology indicate pangolins may lack two virus-sensing genes, making them more susceptible to being carriers of coronaviruses. Discuss
Genomic tools help researchers understand how SARS-CoV-2 is evolving
A new study has identified nearly 200 recurrent genetic mutations in the SARS-CoV-2 virus, according to research published as a preproof in Infection, Genetics and Evolution on May 5. The findings could offer clues to how the virus is adapting and evolving in humans and lead to optimal drug and vaccine targets. Discuss
Scientists explore varying immune responses in COVID-19 patients
A new study aims to further classify the immune response of COVID-19 patients with the goal of understanding the pathogenesis of the disease and accelerating the development of an effective vaccine to SARS-CoV-2 infection. The results of the study were published in Immunity on May 3. Discuss
Researchers investigate how a potent mAb blocks SARS-CoV-2
Based on previous research that explored therapies against SARS-CoV, a new report has identified a fully human monoclonal antibody (mAb) that prevents the SARS-CoV-2 virus from infecting cultured cells. Authored by a team of researchers from Utrecht University, Erasmus Medical Center, and Harbour BioMed, the report was published in Nature Communications on May 4. Discuss
Cytokine storm may cause T-cell exhaustion in COVID-19 cases
Cytokine storms may impact the severity of COVID-19 cases by lowering T-cell populations, according to a study published in Frontiers in Immunology on May 1. Discuss
COVID-19: A double-edged sword for the pharma industry
The COVID-19 pandemic is causing major disruptions to pharmaceutical R&D activities, despite the pressing need for treatments and diagnostics for the novel coronavirus. In a new article, Ivan Gandayuwana of Strategic Directions International examines the multiple impacts COVID-19 is having on pharma. Discuss
Bringing order to the viral multiverse
A new taxonomic classification system for viruses has been proposed by the International Committee on Taxonomy of Viruses, the group that oversees the official classification of viruses and naming of taxa. A consensus statement on the proposal appears in Nature Microbiology. Discuss
What is the impact of aerosolized SARS-CoV-2 in hospitals?
A study evaluating viral RNA from two hospitals in Wuhan, China, during the COVID-19 outbreak reveals that although there are several hotspots for airborne viral RNA within hospitals, the implementation of careful sanitization, proper ventilation, and open spaces can reduce the risk of exposure to the airborne virus. The results were published online in an April 27 article in Nature. Discuss
Kiromic BioPharma begins clinical manufacturing of gamma-delta T cells
Metrion, LifeArc extend neuroscience drug collaboration
Twist Bioscience inks agreements for antibody therapeutic discovery
Boehringer Ingelheim, Cure Genetics to develop novel AAV
AAVnerGene to supply AAV capsids to Neurophth for gene therapy development


PESHAWAR: The Pakistan Tehreek-i-Insaf's Members of National Assembly from Khyber Pakhtunkhwa opposed to resignation from the lower house have formed their own group and elected their own chairman to serve as focal person within the party and the parliament, a party insider told Dawn on Saturday.
A party parliamentarian told Dawn that the group consists of 13 MNAs. They have elected MNA Gulzar Khan as their leader. A vice chairman of the group has also been elected.
Gulzar Khan, a retired bureaucrat who had joined PTI shortly before last year's general election, was elected MNA from NA-4, Peshawar-4, receiving 55,134 votes against a PML -N candidate, Nasir Khan Musazai. He has a heart condition and has been staying put in Peshawar for medical treatment.
The party insider said Gulzar Khan was conveyed the decision of his appointment as leader of the dissident MNAs, along with the name of the deputy chairman, on Friday evening. The source claimed that more MNAs from PTI were considering joining the dissident group.
The meeting of the dissident MNAs was held after behind-the-scenes deliberation following the PTI core committee's statement about the resignation of its lawmakers. A member of the dissident group disclosed to Dawn names of some of the MNAs who, he claimed, had decided not to resign their seats.
The convener of the dissident PTI parliamentarians from KP was not available for comment and his cell phone remained switched off.
"We had told Imran Khan that we would resign only if the KP chief minister, ministers and MPAs resigned. We will not quit our seats without them," the dissident said.
He said that the party leadership's attempt to save their government in KP and at the same time asking MNAs to resign, smacked of opportunism. "There is no principle here," the lawmaker said.
Shah Mehmood Qureshi, who submitted resignation of PTI parliamentarians to the Speaker of National Assembly Secretariat, said he had not counted how many of the 34 party lawmakers have resigned, but added that two or three MNAs were out of the country and would submit their resignations upon their return.
A party leader said only three MNAs from KP have so far not submitted their resignations and they had been asked to furnish them as soon as possible.
A source in the federal capital, however, claimed the PTI had submitted seventeen resignations, some addressed to the chairman of the party, rather than the Speaker of National Assembly.
Jehangir Tareen, a PTI leader who is regarded as Imran Khan's confidant, did not reply to a question about the development.
Another lawmaker said the decision to quit the National Assembly was arbitrary and had been made without consulting the party's legislators. "We have been pushed into a blind alley," the lawmaker bemoaned.
"Even if we resign and our resignations are accepted, what next," the party legislator wondered. "Nobody seems to have an answer to this," he said, adding that the question was raised at the party's core committee meeting too.
Rebellion within PTI. I am not surprised after IK stubborness. I cannot blame all those MNAs.
Good for them. Imran Khan is 15 months too late doing this. PTI should work on making KPK as a model for their success in other provinces and MNAs should act as vocal opposition, not as angry children throwing tantrums.
@Jungraiz Agreed 100 per cent.
This was bound to happen, its only the beginning.
@Pakistani. It is not an easy job to get elected MNA /MPA in Pakistan as it requires huge investments and if one can,t even recover the principal amount then who will go for such business of losses only.
I have said before that IK does not really understand the Pak politicians. They do not spend Rs millions to get elected just to resign. Further, if he insists on resignations, most of them will form their own PTI Parliamentary Group with their own leader and as a majority of them will join it, there is nothing that IK or, indeed, anyone else can do about it. The Speaker will have to recognise this Group.
True face of corrupt leader coming out and leaving IK when he needs them all. All the best IK, let them be away from you so at the end you have perfect people with you to lead us. You are the true leader for Pakistan.
No sensible person can understand this logic that KP elections were free and fair because PTI has won and all other elections were rigged as PTI lost.Same election commission conducted both elections .MNAs must be confused by this hypocrisy.Pervez Khattak taking all state vehicles and police protocol to Islamabad and dancing on occasion of death of so many people of his province itself must have disappointed his MNAs.Ministers shipping people from KP on state expense must also be embarassing for some of PTI friends.
@Don News I personally know one of the MNAs who is not going to resign and is quite angry with the party leader.
First they did not submit resignation to speaker directly and wait till speaker left for Lahore after assembly session and presented resignations to secretary national assembly. Now they are using their allied party Jamat Islami to make these resignations ineffective. Hypocrisy like traditional political parties.
Gulzar Khan, my Political Science Lecturer in Govt College Abbottabad in early 70s,who later joined Civil Serviced & excelled was a man of integrity & had great leadership qualities,I don't know what happened in between and I am disappointed to read this news item as I always believed he will stand by the truth.I still hope and trust he will not defy his Party's stance which will bring bad name to him because in next Election he would stand nowhere without PTI's support.
Power hungry politicians. Are they elected to rule or serve the people?
It won't deter IK from his struggle against the forces of status quo. .his fight is not to come into power..but it is aimed at getting Pakistan rid of these corrupt politicians whose profession is politics to make billions from public funds.
Amazing report, its quite clear that there is rift among the parliamentarians of PTI. in the current situation party has to manage these conflicts on both sides, such the continuity of sit in on one hand and to save party break up on the other hand. And both situations seems to be dire in nature at this strange environment. Those who wanted to destabilize and fail the government, they to collect the debris of PTI now. It seems as if the Imran khan has axed on his on foot.
@Don News you keep dreaming Mr. Don you are trying to blackmail like your leader, please change this mentality Dawn had history everyone knows what their reporting and ethical standards are.
IK is a dictator who is forcing unwilling MNA's to resign to fulfill his greed. If half the MNA's have not submitted the resignations and formed a group opposing it then its a dissent. IK is advised to control his party in a democratic means and then sit on dharna.
They are opportunists to sail the boat of IK after witnessing the direction of political wind in the province.
Time that PTI workers took out a long march against their leaders for leading them into a blind alley and for losing all the clout that PTI once possessed.
And they remembered all of this after tendering their resignations. How cute!
Pakistanis can't give up the pay and perks for principles. To think PTI is different is naive, they are Pakistanis. If I were a foreigner I would never trust anyone in Pakistan after following political news for a few months.
@Ahmed Aziz they don't have to resign and take a stand?
Imran Khan, wake up! You cannot really run PTI as your kingdom. Otherwise, what is the difference between you and Nawaz?
That's really sad that these MNA's aren't willing follow their own party chairman. This reveals true face of the whole political parties in Pakistan. Say no to this Democracy.
PTI is just because Imran Khan, if no Imran Khan there will be no PTI. These MNA's should know that.
@Tayyab " PTI is just because Imran Khan, if no Imran Khan there will be no PTI" that's the tragedy , we go after leaders who dictate their own terms without taking consensus of other party members, and instead of building institutions and following principals we worship personalities.
These MNAs have their last term in politics now.
They are not going to resign. You can count on that. At the end of the day, this guy will be standing alone on top of his expensive container.
Self interest at its peak. What a tragedy?
@Khaled we worship personalities for there principle stands not because they are cunning and fraud.
There is no meaning of PTI without Imran Khan. What are these mna's thinking to achieve.
PTI should try to understand their concerns and address them and bring them back to the party.Rift at this time is weakness of their leadership.
@tac These are typical Sharif politics not PTIs.
@riaz Personalities come and go, its the institutions they build and principles they followed will remain behind. Imran Khan will always be remembered for the great work he has done in building the cancer hospital, he will also be praised and honored for leading the winning side in the world cup cricket. However he will never be praised or honored for threatening to bring the government machinery at standstill , causing inconvenience to the common man of Islamabad, beside using a language to which the woman folk of Islamabad are unaccustomed to at a public forum, which amounts to conduct unbecoming on his part.
No one can be successful without the team leader. If they are not resigning it means they can not be loyal to anyone else. They firstly support AZADI MARCH and now not complying with their promises. The people like these want to make their own identity but in reality they lose their character. I am a common person, I dont want to advise them, but I know "Unity is the Best policy".
If there was a way of finding rats on your ship, this is the way to do it. These guys value their pathetic chairs before the good of the nation.
A solute the wisdom of these PTI MNAs who are courageous enough to stand against the King IK who cares for his ego only, not the country's constitution.
this is why I as a PTI supporter always opposed Imran Khan taking "LOTAS" in the party.
@Azmeen: what a joke you guys have made of the word 'constitution'! What constitution? The one this govt hides behind when they need it or the one they daily break?! No political party in Pakistan has ever stayed true to the constitution. They change it as they go according to what suits them.. So let's just keep the constitution out of it!


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Home » Blogs » smartindale's blog
It all rides on inflation and the Fed, but signals are looking bullish
by Scott Martindale
President & CEO, Sabrient Systems LLC
So far this year, the Federal Reserve has been removing liquidity from the markets via rate hikes and quantitative tightening, hence the 1H22 crash. But stocks have rallied strongly since the mid-June lows on the growing belief that the Fed will make one more rate hike in September and then pause ahead of the midterm elections – and perhaps even start cutting rates in the New Year. However, many others remain adamant that the Fed is committed to keep raising rates until it is clear that inflation is under control.
I remain of the belief that the hyper-financialization of the US and global economies means that rising rates could cripple debt-addicted businesses and governments (including our own federal government!), and the housing market (which is critical for a healthy consumer) depends upon mortgage rates stabilizing soon. And as the dollar further strengthens (it just went above parity with the Euro!) given the relatively higher interest rates paid by the US, some emerging market economies with dollar-denominated debt may be forced to default. In other words, today's financial system simply can't handle much higher rates – which suggests the Fed may already be at or near the elusive "neutral rate" and will ultimately choose to live with elevated inflation.
Earnings season has turned out better than expected, even though profit margins have been challenged by inflationary pressures. Still, at an estimate of about 12.4% (down from a record 12.8% in Q1), profit margins remain well above the 5-year average of 10.8%, according to FactSet. After a long period of low and falling inflation, massive monetary and fiscal stimulus combined with extreme supply chain disruptions (including lockdowns in manufacturing centers, labor shortages, logistics bottlenecks, and elevated energy and labor costs) sent inflation soaring. This cut into profit margins (albeit less than many predicted), as did falling US labor force productivity, which has seen its worst drop so far this year since 1948, according to DataTrek.
But now, inflation is showing signs of retreating due to both demand destruction and mending supply chains (including lower energy, commodity, and shipping costs), as well as a strong dollar. U.S. business inventories are up such that the important inventory/sales ratio is back to near pre-pandemic levels, which is disinflationary. Moreover, productivity-enhancing technologies continue to proliferate along with other disinflationary structural trends, which I believe will reverse the troublesome recent trend in labor productivity and help to contain costs and boost profitability – leading to rising corporate earnings and real wages, which together reflect a healthy and sustainable economy and stock market. All of this is of critical importance because the direction of interest rates and stock prices largely depend upon the direction of inflation and the Fed's reaction to it.
In addition, positive catalysts like an end to Russia's war on Ukraine or China's COVID lockdowns, and/or a Republican sweep in November that brings greater support for domestic oil & gas production, all would be expected to hasten improvement in supply chains and have an immediate impact on inflation. In other words, compared to prior inflationary periods in history, it seems to me that there is a lot more potential on the supply side of the equation to alleviate inflation rather relying primarily on Fed policy to depress the demand side.
So, what comes next? I suggested in my late-June post that there were numerous signs of a market capitulation, and indeed the market has roared back. The big questions are whether we have seen the lows for the year and whether we will see new highs; whether this has been simply a strong bear-market rally or the start of a new bull market. I believe the current pullback is simply a normal reaction to the extremely overbought technical conditions after such a strong (nearly monotonic) rally. It simply ran into a brick wall at the convergence of the May highs and the 200-day moving average, mostly due to buyer exhaustion. In fact, some traders have observed that the S&P 500 historically has never fallen to new lows after retracing more than 50% of its bear-market losses, as it has done. I talk more about this in my full post.
In this periodic update, I provide a comprehensive market commentary, offer my technical analysis of the S&P 500 chart, review Sabrient's latest fundamentals based SectorCast quant rankings of the ten US business sectors, and serve up some actionable ETF trading ideas. To summarize, our SectorCast rankings reflect a bullish bias, with 5 of the top 6 scorers being cyclical sectors. In addition, the technical picture looks short-term bearish but longer term bullish, and our sector rotation model has taken on a neutral posture (at least until the S&P 500 retakes its 200-day moving average). I also offer up a political comment that you might want to ponder. Read on…
Market commentary:
Share prices depend upon earnings and interest rates. The market selloff during the first half of the year was driven by investor uncertainty about the speed and magnitude of the Fed's interest rate policy and what impact higher rates would have on the economy and corporate earnings. As inflation has begun to recede, clarity on policy and visibility on corporate earnings has improved, and it has become more likely that stocks have entered a new secular bull market. As JP Morgan has observed, "Better-than-feared economic data are inducing equity and credit markets to price out recession risk." Market breadth has been healthy, which supports the bull market thesis, as "a rising tide lifts all boats" (albeit some more than others). In fact, before the latest pullback, over 90% of the S&P 500 stocks were trading above their 50-day moving averages, which is a rare – and typically bullish – occurrence.
As for the CBOE Volatility Index (VIX), it had fallen back into the "complacency zone" below 20 during the rally, which suggested a pullback was likely at some point. As technicals pushed into extremely overbought territory, short interest grew. Now, as markets pull back and short sellers become further emboldened, it may be setting up for a short-covering melt-up. Also, bond yields remain volatile but should resume their retreat as income-hungry global investors – plus institutions with a strict "cash & cash equivalents" allocation mandate – seek safe yields, which would further support stock prices (on a discounted cash flow basis).
Look, I have read all the gloom & doom arguments about runaway inflation, crushing global debt, China's economy, growing geopolitical tensions, etc., and they should not be dismissed out of hand. While some like Bridgewater's Ray Dalio has doubled down on Big Tech during Q2, others like Scion Capital's Michael Burry, who famously shorted the mortgage market during the Financial Crisis, thinks stocks are headed toward a similar fate today and effectively liquidated his firm's entire portfolio (except for a small firm that leases facilities for prisons and mental health facilities!).
Furthermore, I have heard a compelling technical argument that this latest rally is simply the end (rally leg) of Phase 1 of a 3-phase bear market pattern, where each phase undertakes an A-B-C (down-up formation, with a lower high), and Phase 3 is the final capitulation (VIX over 40, blood in the streets, etc.). However, the S&P 500 has retraced more than 50% of its bear-market losses, and some traders have observed that, since World War II, stocks have never made new lows after making such a recovery. Importantly, corporate bond spreads have narrowed considerably as well, which serves to corroborate investor confidence in the robustness of corporate earnings. That's not say we go straight up from here. It might take some successful testing of technical resistance-turned-support levels before the 2H22 rally officially begins. Let me also add that I think a change of political control of Congress in November could further goose "animal spirits."
Inflation and interest rates:
Although the CPI hit 40-year high of 9.1% YoY in June, it seems to have topped and may be in retreat (as I have predicted in prior posts). Many commentators have been attempting to predict the future of inflation and the economy by making comparisons with prior periods of high inflation. But what makes today's situation unique is the impact of artificial supply chain disruption (due to forced lockdowns) rather than economic forces. Thus, I believe the Fed has been trying to "buy time" to allow supply chains to mend by creating as much demand destruction as possible – without overtly crushing the economy into recession (a la Paul Volcker, over 40 years ago).
Here are several signs that inflationary pressures are receding:
CPI began to flatten out in July after 16 straight months of increases, coming in at 8.5% YoY (after topping out at 9.1% in June).
Business inventories have risen sharply, which implies disinflationary pressure on finished goods, and the important inventory/sales ratio is clawing its way back to pre-pandemic levels. Also, wholesale prices and import prices both came in better than predicted. Moreover, commodity prices, shipping rates, and home prices are all stabilizing or falling.
The Fed's preferred inflation gauge – Personal Consumption Expenditures (PCE) Index excluding food and energy – has slowed each month since its February peak, falling from 5.3% to 4.7%.
PPI data showed an even bigger decline in producer prices. Economists expected producer prices to rise 0.2% in July, but instead they fell 0.5%, which was the first decline in producer prices since pre-pandemic. Historically, large moves to negative PPI readings like this have led to significantly lower inflation over the subsequent months.
The New York Fed's Global Supply Chain Pressure Index (GSCPI) has been falling rapidly since the start of the year.
The St. Louis Fed's 5-year Breakeven Inflation Rate has fallen to 2.72%, and the 5-year/5-year Forward Inflation Expectation Rate is only 2.38% as of 8/19, which gives an indication of what the institutional market expects. Also, the University of Michigan Inflation Expectations survey of consumers, which presents the median expected price change, are at 5.0% for the next 1 year and 3.0% for the next 5 years.
Gold prices continue to languish due to the ultra-strong dollar and expectations for rising real interest rates (nominal rate minus inflation). Historically, gold thrives when inflation rises and real interest rates fall, leading to a weaker dollar, which makes gold attractive as a store of value. But there has been no rush among investors to hold gold.
Of course, Fed monetary policy can only impact demand; its money printer has no impact on disrupted global supply chains. The Fed can only withdrawal stimulus by unwinding QE (i.e., letting bonds on its balance sheet mature and/or selling some into the market) and raising interest rates to the "neutral rate" (which neither stimulates nor restricts economic growth) – although it has a new challenge in funding Congress's new climate change bill (the misnamed Inflation Reduction Act). Still, I believe we are close to that elusive neutral rate, given how sensitive the highly leveraged US and global economies (consumers, businesses, and governments) have become to debt carrying costs. All ears will be on the September FOMC meeting on 9/21, when the Fed may announce a final rate hike followed by language indicating that it will "wait & see" how conditions develop going forward.
Fed funds futures predict 100% probability of another rate hike at the September FOMC meeting: 44% chance for 50 bps and 56% for 75 bps. By the February 2023 meeting, fed funds futures traders are predicting a 53% likelihood that the discount rate will be no more than 125 bps higher than today (essentially two more hikes of 75 bps and 50 bps), or 3.50%.
Still, bond yields remain volatile, and the 2-10 yield curve remains inverted. The 2-year T-note is at 3.314% as of 8/22 and the 10-year is 3.028%, which is up from a recent low of 2.53% but lower than the June selloff high of 3.48%. So, it is inverted by 29 bps. I believe bonds have been simply retracing some of their gains, similar to what stocks are now doing. If yields continue to spike higher, stock prices will surely continue to fall. But I don't foresee that scenario.
My view is that inflation and interest rates have already topped and will resume a downward trend as demand destruction continues, bonds catch a bid, disinflationary structural trends resume, and the Fed decides it must resume buying bonds to ensure financial liquidity (i.e., a sufficient global supply of US dollars) in a world hungry for dollars. (Note: 85% of all foreign exchange transactions, 60% of all foreign exchange reserves, and 50% of all cross-border loans and international debt are in US dollars.) Furthermore, with US corporate debt/GDP rising to 50%, global GDP at about $85 trillion, and total global debt estimated at more than $305 trillion, rising interest rates put a tremendous burden on both the US and global economies for debt service. This puts the Fed between a rock and hard place with its limited tools to fight inflation.
I have been predicting a sequence of events as follows: more hawkish Fed rhetoric and further tightening actions, modest demand destruction, a temporary economic slowdown or mild recession, and more stock market volatility…followed by mending supply chains, some catch-up of supply to slowing demand, moderating inflationary pressures, bonds continuing to find buyers (and yields falling), and a dovish/neutral/less-hawkish pivot from the Fed – ultimately leading to a rising stock market. But again, rather than investing in the major cap-weighted index ETFs, stocks outside of the big-name mega-caps may offer better opportunities due to lower valuations and higher growth rates.
GDP, corporate earnings:
As for Q2 real GDP, it declined at a -0.9% annual rate after falling -1.6% YoY in Q1. However, the latest strength in data regarding the labor market and manufacturing sector has the Atlanta Fed GDPNow model (as of 8/17) raising its Q3 GDP estimate to +1.6%. And as for corporate earnings, according to FactSet, the Energy sector reported the highest earnings growth of all 11 sectors at +299%. By itself, Energy reported an aggregate YoY EPS increase of $47.7 billion, while the S&P 500 overall reported only $31.1 billion. Thus, although the S&P 500 reported a YoY increase in earnings of +6.7%, if you exclude the Energy sector, it would have shown an earnings decline of -3.7%. Looking ahead, the sharp decline in oil prices this quarter will certainly have an impact on Energy sector earnings.
Nevertheless, as DataTrek recently point out, Q2 2022 nominal US GDP was 17% higher than in Q2 2019, and S&P 500 earnings are up 39% over the same 3-year timeframe, "which entirely explains why the index is 41% higher than it was in Q3 2019." This illustrates the impressive resiliency and adaptability of these companies, and indeed, Q2 2022 was a record quarter for profits, at $56.82/share for the S&P 500.
Value vs. Growth factors:
Although the Value factor is still outperforming Growth over the past 12 months and YTD, Growth has been dominant over the past 3 months, as shown in the chart below, led by small caps and InfoTech. It compares S&P 500 Value (SPYV), S&P 500 Growth (SPYG), S&P 600 Small Cap Value (SLYV), and S&P 600 Small Cap Growth (SLYG). Note that the forward P/E for SPYG is 23.6x and SPYV 14.9x, as of 8/19, while small cap SLYG is 13.5x and SLYV is 12.8x – which illustrates the huge premium commanded by large caps, and especially large cap Growth.
Some commentators believe that Value should enjoy some mean reversion performance going into Q4, in which case Healthcare, Financials, and Industrials would be desirable given their higher sector weights in the Value indexes. But in my view, if interest rates stay low and the narrative that the fed funds rate is near the neutral rate, and the Fed is unlikely to tighten much more, long duration Growth sectors (especially InfoTech) may still have the fuel to outperform.
Either way, assuming we can avoid a deep recession, Energy also seems like a good bet (as reflected in Sabrient's SectorCast rankings, discussed later), with the Energy Select SPDR ETF (XLE) displaying a forward P/E of only 8.2x as of 8/19 (compared to SPY at 18.3x). In addition, it is worth noting that many of the most prominent investors are heavily invested in real assets, e.g., oil, commodities, natural resources, real estate, farmland, precious metals, agriculture, and utilities – whether as a primary investment thesis or as a hedge on a more Tech-oriented growth portfolio.
We continue to suggest staying net long but hedged, with a heightened emphasis on quality and a balance among value/cyclicals, high-quality secular growers, and dividend payers. Moreover, rather than investing in the major cap-weighted index ETFs, stocks outside of the mega-caps may offer better opportunities due to lower valuations and higher growth rates. Regardless, Sabrient's Baker's Dozen, Dividend, and Small Cap Growth portfolios leverage our enhanced model-driven selection approach (which combines Quality, Value, and Growth factors) to provide exposure to both the longer-term secular growth trends and the shorter-term cyclical growth and value-based opportunities. In particular, our Dividend Portfolio – which seeks quality companies selling at a reasonable price with a solid growth forecast, a history of raising dividends, a good coverage ratio, and an aggregate dividend yield approaching 4%+ to target both capital appreciation and steady income – has been performing quite well.
All told, I continue to believe that the Fed will not raise as much as previously feared, and in fact may instead decide to ease later this year or early next, which would be bullish for stocks (especially growth stocks). And, as I have discussed in this post, it appears other market participants have come around to similar thinking. Nevertheless, you can't ignore credible investors like Michael Burry who are expecting a major stock market crash, so hedges (e.g., protective puts, leveraged inverse ETFs, and real assets) are appropriate. In addition, China remains a wildcard with its ongoing COVID lockdowns and a brewing meltdown in its real estate-based domestic economy, not to mention its saber-rattling about Taiwan. [I have written several times in the past (e.g., here) about China being a veritable house-of-cards with its debt-driven, GDP-targeting approach, and the commonality among Chinese investors to store money like a savings account in questionable real estate developments.] Regardless, I still believe the path of least resistance for stocks is higher.
Some final thoughts:
Throughout history, political leaders are elected based on promises made to the electorate. Pass new laws, enact regulations, protect this group, punish that group, incentivize this, disincentivize that, and sometimes "play God." It happens in all political systems, whether authoritarian or "free." Moreover, we expect our elected leaders to "do something" whenever there is the slightest whiff of challenge or hardship on the horizon. Heaven forbid the US electorate must deal with some adversity … much less make their own decisions on protecting themselves and their families.
Instead, government jumps into action, whether it be Fed rate cuts or liquidity injections, or congressional spending programs that pick winners and losers among industries and companies. Or they fearmonger and declare a national emergency as a pretense to suspend the Bill of Rights or state voting laws, and seize autocratic control across local, state, and national levels – including restrictions on the 1st amendment (freedom of speech and the press … "misinformation!"), 2nd amendment (gun rights … "white supremacists!"), 4th amendment (unreasonable search and seizure), 5th amendment (due process), 6th amendment (speedy public trial … "insurrection!"), and the 10th amendment (federal government only has powers specifically delegated by the Constitution) – to make draconian, fail-safe ("One life lost is too many!"), ill-advised decisions, like lockdowns, mask mandates, police defunding/standdowns, zero-cash bail, open borders/"catch & release," and so on.
However well-intentioned they may have been, such policies have proven to cause far more damage than they prevent to both the individual and society as a whole. As Ronald Reagan famously said, "The most terrifying words in the English language are: I'm from the government and I'm here to help."
One can hope that the proverbial pendulum has swung too far to the left and is already beginning to make its way back to a saner middle ground. As Ronald Reagan also said, "Freedom is never more than one generation away from extinction."
Now that it is time to pay the piper – such as by raising interest rates, withdrawing liquidity, suffering through a mild recession, or dealing with the crime, homelessness, and mental health fallout – along comes Congress with a pre-midterm-election boondoggle, despite an existing Federal debt of $30 trillion (almost 8x annual tax revenues of $4 trillion) and much more in unfunded liabilities. The new spending bill is simply a watered-down version of last year's failed Build Back Better Act, but misleadingly relabeled as the Inflation Reduction Act. That's because inflation is an immediate priority for most Americans, whereas climate change is much less so (unless you recently have been flooded out of your home).
The long-term goal of course is to change the trajectory of an evolving and more severe climate – quite a tall task for a global community that is highly diverse, nationalistic, antagonistic, and largely uncooperative (even within their own borders much less beyond them). But also, there is no nation (including the US) so "fat & happy" that it would be willing to dramatically cut back its existing standard of living in pursuit of amorphous objectives. Humans are much better at adapting than making immediate and extraordinary changes to their lives and habits.
As market maven Alexander Green has opined, "The greatest threat … is not a tightening Fed, higher valuations or moderating corporate profits. It's the growing clamor for regulatory and redistributive policies that will reduce innovation, lessen productivity, and undermine the economy." Nevertheless, I still believe we may be on the cusp of a new expansionary economic cycle (and a "Roaring '20s redux" from 100 years ago) – so long as our political leaders don't screw it up.
SPY Chart Review:
The SPDR S&P 500 Trust (SPY) closed Monday just above 413 after falling a little over 2% intraday. After falling nearly 25% from its January all-time high near 480 to its June low of 362, the strong rally to its August 16 intraday peak near 432 constituted a 60% retracement from the June low. However, the convergence of the 200-day simple moving average (SMA) with the early-May high proved to be strong resistance, and so we are getting a solid pullback. The near-monotonic rally created extremely overbought technical conditions, which needed at least a lengthy consolidation if not a significant correction – and we appear to be getting the latter. I think the pullback could extend all the way down to 400, which marks convergence of the 50-day SMA with a previous mid-July high. Slow Stochastics has rolled over and has further to fall, RSI is about the cross the neutral line, and MACD appears to be just starting a bearish crossover. If the pullback remains shallow, it may form a bull flag pattern as shown. Regardless, I don't believe this market is destined for a catastrophic selloff. As I said earlier, no previous retracement of over 50% from bear-market lows has ever led to a subsequent return to new lows.
Latest Sector Rankings:
Relative sector rankings are based on our proprietary SectorCast model, which builds a composite profile of each of over 900 equity ETFs based on bottom-up aggregate scoring of the constituent stocks. The Outlook Score employs a forward-looking, fundamentals-based multifactor algorithm considering forward valuation, historical and projected earnings growth, the dynamics of Wall Street analysts' consensus earnings estimates and recent revisions (up or down), quality and sustainability of reported earnings, and various return ratios. It helps us predict relative performance over the next 2-6 months.
In addition, SectorCast computes a Bull Score and Bear Score for each ETF based on recent price behavior of the constituent stocks on particularly strong and weak market days. A high Bull score indicates that stocks within the ETF recently have tended toward relative outperformance when the market is strong, while a high Bear score indicates that stocks within the ETF have tended to hold up relatively well (i.e., safe havens) when the market is weak.
Outlook score is forward-looking while Bull and Bear are backward-looking. As a group, these three scores can be helpful for positioning a portfolio for a given set of anticipated market conditions. Of course, each ETF holds a unique portfolio of stocks and position weights, so the sectors represented will score differently depending upon which set of ETFs is used. We use the iShares that represent the ten major U.S. business sectors: Financials (IYF), Technology (IYW), Industrials (IYJ), Healthcare (IYH), Consumer Staples (IYK), Consumer Discretionary (IYC), Energy (IYE), Basic Materials (IYM), Telecommunications (IYZ), and Utilities (IDU). Whereas the Select Sector SPDRs only contain stocks from the S&P 500 large cap index, I prefer the iShares for their larger universe and broader diversity.
Here are some of my observations on this week's scores:
1. The rankings are led by deep cyclicals Energy and Industrials, with Outlook scores of 95 and 68, respectively. You would expect strength in cyclical sectors given their high earnings leverage within a growing economy. Energy in particular scores extraordinarily well in the model. It enjoys by far the strongest analyst sentiment (recent positive net revisions to EPS estimates), the lowest forward P/E of 8.1x, good YoY projected EPS growth rate of 14.9%, the lowest forward PEG (forward P/E divided by projected EPS growth rate) of 0.55, and the strongest insider sentiment (open market buying). Industrials comes in a distant second, with reasonable scores across the board, including a solid YoY projected EPS growth of 13.4% and a forward PEG of 1.42. Rounding out the top five are Technology, Basic Materials, and Healthcare.
2. At the bottom are Utilities and Telecom with Outlook scores of 24. Both are considered defensive sectors, with their stable business models and dividend yields. Utilities has a low (but stable) growth rate of only 7.3%, but it has been bid up to the highest forward P/E of 23.1x by income-seeking investors for its 2.12% dividend yield, which makes it popular as a bond alternative, but its forward PEG is the highest at 3.17.
3. Looking at the Bull scores, Technology has the top score of 67, followed by Consumer Discretionary at 63, as stocks within these sectors have displayed relative strength on strong market days. Consumer Staples scores the lowest at 36. The top-bottom spread is quite wide at 31 points, which reflects low sector correlations on strong market days. It is desirable in a healthy market to see low correlations reflected in a top-bottom spread of at least 20 points, which indicates that investors have clear preferences in the market segments and stocks they want to hold.
4. Looking at the Bear scores, Utilities scores the highest at 64, followed by Consumer Staples at 59, as stocks within these defensive/dividend-paying sectors have been the preferred safe havens on weak market days. Technology displays the lowest score of 38, as investors have fled the sector during market weakness. The top-bottom spread is 26 points, which reflects low sector correlations on weak market days. Ideally, certain sectors will hold up relatively well while others are selling off (rather than broad risk-off behavior), so it is desirable in a healthy market to see low correlations reflected in a top-bottom spread of at least 20 points.
5. Energy displays by far the best all-around combination of Outlook/Bull/Bear scores, while Telecom is the worst. Looking at just the Bull/Bear combination (investor sentiment indicator), Energy, Industrials, and Basic Materials share the top score, indicating superior and consistent relative performance (on average) in extreme market conditions whether bullish or bearish, while Healthcare is the worst.
6. This week's fundamentals-based Outlook rankings continue to display a bullish bias given that the top 4 sectors are all economically sensitive or cyclical, while two of the most defensive sectors are relegated to the bottom. Keep in mind, the Outlook Rank does not include timing, momentum, or relative strength factors, but rather reflects the consensus fundamental expectations at a given point in time for individual stocks, aggregated by sector.
ETF Trading Ideas:
Our Sector Rotation model, which appropriately weights Outlook, Bull, and Bear scores in accordance with the overall market's prevailing trend (bullish, neutral, or defensive), is in a neutral posture. This suggests holding Energy (IYE), Industrials (IYJ), and Technology (IYW), in that order. (Note: In this model, we consider the bias to be neutral from a rules-based trend-following standpoint when SPY is between its 50-day and 200-day simple moving averages.)
If you prefer a defensive bias, the Sector Rotation model suggests holding Energy, Utilities (IDU), and Consumer Staples (IYK), in that order. Or, if you are more aggressively pursuing a bullish stance, the model similarly suggests holding Technology, Industrials, and Consumer Discretionary, in that order.
An assortment of other interesting ETFs that are scoring well in our latest rankings include: First Trust Natural Gas (FCG), First Trust Indxx Global Natural Resources Income (FTRI), Vanguard Energy (VDE), First Trust Energy AlphaDEX (FXN), Innovator IBD 50 (FFTY), iShares US Oil & Gas Exploration & Production (IEO), WBI BullBear Value 3000 (WBIF), WisdomTree US Growth & Momentum (WGRO), iShares US Home Construction (ITB), VanEck Vectors Steel (SLX), Alpha Architect US Quantitative Momentum (QMOM), First Trust Active Factor Small Cap (AFSM), QRAFT AI-Enhanced US Large Cap Momentum (AMOM), WBI BullBear Quality 3000 (WBIL), Avantis US Small Cap Value (AVUV), AdvisorShares Alpha DNA Equity Sentiment (SENT), ProShares Nanotechnology (TINY), and Donoghue Forlines Yield Enhanced Real Asset (DFRA). All score in the top decile (90-100) of Outlook scores.
As always, I welcome your thoughts on this article! Please email me anytime. Any and all feedback is appreciated! In particular, please tell me what sections you find the most valuable – commentary, chart analysis, SectorCast scores, or ETF trading ideas / sector rotation model.
IMPORTANT NOTE: I post this information periodically as a free look inside some of our institutional research and as a source of some trading ideas for your own further investigation. It is not intended to be traded directly as a rules-based strategy in a real money portfolio. I am simply showing what a sector rotation model might suggest if a given portfolio was due for a rebalance, and I do not update the information on a regular schedule or on technical triggers. There are many ways for a client to trade such a strategy, including monthly or quarterly rebalancing, perhaps with interim adjustments to the bullish/neutral/defensive bias when warranted, but not necessarily on the days that I happen to post this article. The enhanced strategy seeks higher returns by employing individual stocks (or stock options) that are also highly ranked, but this introduces greater risks and volatility. I do not track performance of the ideas mentioned here as a managed portfolio.
Disclosure: At the time of this writing, the author held no positions in any of the securities mentioned.
Disclaimer: Opinions expressed are the author's alone and do not necessarily reflect the views of Sabrient. This newsletter is published solely for informational purposes and is not to be construed as advice or a recommendation to specific individuals. Individuals should take into account their personal financial circumstances in acting on any opinions, commentary, rankings, or stock selections provided by Sabrient Systems or its wholly owned subsidiary, Gradient Analytics. Sabrient makes no representations that the techniques used in its rankings or analysis will result in or guarantee profits in trading. Trading involves risk, including possible loss of principal and other losses, and past performance is no indication of future results.
Sector Detector
Author: smartindale / Tag: ETF, sectors, inflation, CPI, interest rates, gold, supply chain, federal reserve, Baker's Dozen, S&P 500, Value, Growth, quality, GARP, SectorCast, technology, financials, healthcare, energy, Consumer, industrials, telecom, utilities, materials, SPY, VIX, IYF, iyw, IYJ, IYZ, IYC, IYK, IYH, IDU, IYM, IYE, FCG, FTRI, VDE, FXN, FFTY, IEO, WBIF, WGRO, ITB, SLX, QMOM, AFSM, AMOM, WBIL, AVUV, SENT, TINY, DFRA /
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Researchers at Cado Security have discovered a new malware family targeting cloud services to mine cryptocurrency. Dubbed CoinStomp, the malware is compromised of shell scripts that "attempt to exploit cloud…
Continue ReadingCoinstomp – The New Cryptocurrency Stealing Malware Targeting Cloud Providers
When cryptocurrency theft occurs, the media nearly always reports of large organizations and companies having their money stolen. These are usually against cryptocurrency exchanges, or entities dealing strictly with cryptocurrency.…
Continue ReadingBreaking Blockchains: The Rise Of Cryptocurrency Malware
Delta Electronics, a supply-chain electronics company for Apple, Tesla, HP, and Dell, have revealed that they were the victim of a Conti Ransomware attack. Delta is the largest provider of…
Continue ReadingApple and Tesla Supply Chain Hit By Conti Ransomware
Last week, the Dutch National Cybersecurity Centre (NCSC) issued a report stating that organizations should still be aware of risks connected to Log4j attacks and remain vigilant for ongoing threats.…
Continue ReadingCybersecurity Agency Issue Warning Regarding Lingering Log4j Attacks
Hackers are using Adobe Creative Cloud to target Office 365 in an ongoing phishing campaign. The malicious links within the phishing emails appear to come from Cloud users but instead…
Continue ReadingPhishing Campaign Abuses Adobe Cloud To Target Office 365
ONUS, one of the largest cryptocurrency trading platforms, has been struck by an extortion attack brought on by the Log4j exploits. The threat actors behind the plan demanded a $5…
Continue ReadingFintech Firm Hit By $5 Million Ransom Demand After Log4j Attack
Shutterfly, an American photography, photography products, and image sharing company, has been infected by Conti Ransomware. The Ransomware attack is allegedly encrypting thousands of devices and stealing corporate data. While…
Continue ReadingShutterfly Under Siege By Conti Ransomware
McMenamins, a brewery and hotel chain based out of Portland, Oregon, has suffered a Conti Ransomware attack that severely disrupted the company's operations. McMenamins owns a chain of restaurants, pubs,…
Continue ReadingBrewery and Hotel Chain Hit By Conti Ransomware
Hackers are using an Internet Information Services (IIS) webserver module dubbed "Owowa," on Exchange Outlook servers with the aim of stealing credentials and enabling remote code execution. "Owowa is a…
Continue ReadingHackers Abusing Server Module To Steal Microsoft Exchange Credentials
IKEA has been caught in the middle of a destructive phishing campaign, where hackers are targeting employees in internal phishing attacks which make use of stolen reply-chain emails. A reply-chain…
Continue ReadingIKEA Battles On-Going Phishing Attack


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Fat White Family release new 'Special Ape' video
(Credit: Fat White Family)
Jack Whatley· April 18, 2013
Coming out of Peckham, South London, Fat White Family are the remnants of The Metros, a band built on an ideal of fun and frolics. Now though, this new band are on a rather more confrontational crusade.
With this new video for the track 'Special Ape' from the album Champagne Holocaust (expect the review soon) released on Trash Mouth Records, we see the band at their insane and revolutionary best. Drenched in strobe lights and adorned with haunted gormless faces the band terrorise the screen and slam through the distortion laden song.
You may recognise the band and if you don't you will know their banner which was pictured so many times during the 'Thatcher's Dead' party in Brixton. The boys held aloft with pride the banner reading "The Bitch Is Dead" and upset so many Daily Mail readers in the process.
That was the plan, I'm sure, as Fat White's main aim is to show the gluttonous consumerism of the current generation whilst delivering angsty lo-fi tunes for us all. Music to listen to as we sit on the bus on the way to work…for someone else.
See the video, below.


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English - AUD
ZENITH celebrates the launch of Defy Inventor at Baselworld 2019
The High Frequency themed event featured an ultramodern high-tech set-up that could have been from a distant future. Complete with a tunnel bedecked with LED art and spectacular projection mapping on the stage, and futuristic mixologists serving up otherworldly cocktails, the tone was set to indulge in the spirit of Zenith: Faster, edgier and more dynamic than ever before.
The vibrant setting was the ideal backdrop for a full immersion into the universe of the new DEFY Inventor, the beacon of tomorrow's watchmaking. Beating at the extremely high frequency of 18 Hz (compared to the usual 4 Hz) and endowed with a comfortable two-day autonomy, Defy Inventor owes its exceptional properties to a disruptive technology: the single-piece Zenith Oscillator developed and patented by the Maison, a single element regulating system. With its case made of lightweight titanium and Aeronith – an innovative aluminium-polymer composite – teamed with a contemporary architectural design.
The evening of celebration and new beginnings continued into the late hours of the night to the beat of successive acclaimed artists, including a live performance by American Grammy award-winner rapper, singer and songwriter, Eve; House DJ and producer, Tanja La Croix, DJ superstar Lost Frequencies; and last but not least Zenith's very own friend of the brand and DEFY Partner, Grammy Award Winning music producer and entrepreneur Swizz Beatz, who closed the party on a fiery note.
A fittingly disruptive event in honour of the latest earth-shaking timepiece to feature in the ongoing story of how ZENITH is revolutionising mechanical watchmaking.
ZENITH: the future of Swiss watchmaking
Since 1865, Zenith has been guided by authenticity, daring and passion in pushing the boundaries of excellence, precision and innovation. Soon after its founding in le Locle by visionary watchmaker Georges Favre-Jacot, Zenith gained recognition for the precision of its chronometers, which it has won 2,333 chronometry prizes in just over a century and a half of existence: an absolute record. Famed for its legendary 1969 El Primero calibre enabling short-time measurement accurate to the nearest 1/10th of a second, Zenith has since developed over 600 movement variations. Today, Zenith offers new and fascinating vistas, including 1/100th of a second timing with the Defy El Primero 21. Energised by newly reinforced ties with a proud tradition of dynamic, avant-garde thinking, Zenith is writing its future… and the future of Swiss watchmaking.
For additional pictures please access the below link http://pressroom.zenith-watches.com/2019/03/22/zenith-celebrates-the-launch-of-defy-inventor-at-baselworld-2019/
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The 2015 Annual Trends report from Fjord highlights the impact of digital on the real world and explores how this will shape both consumer expectations and service design over the coming 12 months.
This is a good video to watch and refresh your understanding on choice architecture and the art of persuasion by Dave Trott. Strategic stuff. Watch all 10 episodes!
Vivian Maier was an extremely talented street photographer from the 1950s – 1990s. When she died more than 100,000 pictures were left behind. The photos proved the best kept secret in the industry. Vivian's work was discovered at an auction in Chicago where she lived most of her life. During the auctioning of thousands of films, photographs and negatives experts discovered that Vivian Maier unquestionably was the best photographer of her time.
John Maloof and Anthony Rydzon had the idea to search for this remarkable woman in a documentary and needed Kickstarter.com, an crowdsourcing way to finance creative projects, to get the required $ 20,000 of funding together. They found through Kickstarter more than 1,400 fans that backed up this great idea and got more than $ 100,000 dollars. Finding Vivian Maier is now in production.


Steve Wilkinson is an award winning composer and instrumentalist living in the Los Angeles area of California.
Born into a musical family, Steve began studying piano as a child and quickly excelled on the instrument. In secondary school, he found lower brass more to his liking, but found more opportunities on the electric bass, which along with piano availed him touring opportunities in the United States, Canada and Europe – all while still a teenager.
Deciding to suspend his touring schedule, Steve received the highest music scholarship ever given at that time to attend Azusa Pacific College in the Los Angeles area, and graduated with a combined degree of Music Compostion and Education two and a half years later, having been given by his peers the Most Outstanding Music Major award.
Staying in the Los Angeles area, Steve again resumed international touring with the major Christian artists of 1990s, which included guitar phenom Phil Keaggy, Bryan Duncan, Shiela Walsh, Randy Stonehill and David Edwards.
Sensing a call to have a greater presence in the Los Angeles commercial music scene, he opted instead for locally based music work and soon was working as a live and studio musician in all the major L.A. studios, and assisting other Los Angeles based composers David T. Clydesdale and Don Harper in their productions. One of Steve's compositions was heard by a producer for Walt Disney Imagineering, who asked Steve to compose, arrange and orchestrate music for a new Tokyo Disney theme park. This began a partnership that continues to this day and has included over a dozen major endeavors that have seen Steve record projects on three continents, and has led to various commissions by other productions seeking his compositions, arrangements, orchestrations, or conducting skills. A few of these clients include Dolly Parton's Dixie Stampede venues, as well as the epic Sight & Sound Theatres in Lancaster County, PA and Branson, MO.
As an electric bassist, he's recently toured internationally with vocal legend Frankie Valli, legendary composer Ralph Carmichael and his Big Band, and Grammy-winning artist Melissa Manchester.


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LED Technology
How Efficient Is LED Lighting?
What Is The Environmental Impact?
How Long Do LED's Last?
What is Colour Temperature?
What is Colour Rendition Index (CRI)?
How does RGB work?
How does DMX work?
DMX Dip Switch Calculator
LED Spotlights & Floodlights
LED Lightbars
LED Downlights & Panels
LED Underwater
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RGB & DMX Controllers
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——– Bespoke Specials ——–
One of the key advantages of LED lighting is its high efficiency, as measured by its light output per unit power input.
When LED technology first entered the more mainstream lighting market, it very quickly matched and overtook the efficiency of standard incandescent lighting systems.
In 2002, Philips Lumiled made five-watt LED's available with a luminous efficacy of 18–22 lumens per watt [lm/W], for comparison, a conventional 60–100 Watt incandescent lightbulb produces around 15 lm/W, and standard fluorescent lights produce up to 100 lm/W.
A recurring problem with LED is that efficiency will fall dramatically with increased current. This effect is known as droop and effectively limits the light output of a given LED, increasing heating more than light output.
In September 2003, a new type of blue LED was demonstrated by the company Cree, Inc. to provide 24 mW at 20 milliamperes [mA]. This produced a commercially packaged white light giving 65 lm/W at 20 mA, becoming the brightest white LED commercially available at the time, and more than four times as efficient as standard incandescents.
In 2006 they demonstrated a prototype with a record white LED luminous efficacy of 131 lm/W at 20 mA.
Seoul Semiconductor had 145 lm/W by 2008, which was approaching an order of magnitude improvement over standard incandescents and better even than standard fluorescents.
High-power (≥ 1 W) LEDs are necessary for practical general lighting applications and typical operating currents for these devices begin at 350 mA.
As of early 2010, Cree were producing LED's achieving 208 lumens per watt at room temperature and currently, in mid-2010, the highest lumens per watt LED's available are pushing 600 lm/W with LED Chip Clusters going into the thousands; which means that LED technology is now outperforming halogen lighting.
Governments have in the past few years passed measures to prohibit the sale of incandescent light bulbs. The aim is to encourage use of more energy efficient lighting alternatives, such as compact fluorescent lamp (CFLs) and LED lamps.
Did you know? The UK government announced in 2007 that incandescent bulbs would be phased out by 2011. The 60W incandescent ceased production in September 2011. Brazil and Venezuela started to phase them out in 2005, and the European Union, Switzerland, and Australia started to phase them out in 2009. Likewise, other nations are planning scheduled phase-outs: Argentina, Russia, and Canada in 2012, and Malaysia in 2014.
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ETCE Lab
Emerging Technologies for the Circular Economy
(Clausthal University of Technology, Germany)
Sustainability: "Development that meets the needs of the present without compromising the ability of future generations to meet their own needs."
The Chair for "Software Services of the Circular Economy" at the Clausthal University of Technology conducts interdisciplinary research at the intersection of computer science and sustainability. Our research focus includes the development and conceptual design of dynamic, adaptive and self-organizing software systems, digital identities
as well as digital technologies facilitating the circular economy and circular societies.
Circularlity
The catastrophic worsening of climate change, severe environmental pollution and dwindling non-renewable resources are forcing society to abandon the inefficient and destructive linear economy (LE) that it has so far relied upon. A circular economy (CE) replaces our LE with circular, more sustainable forms of consumption and production and decouples economic growth from using natural resources. To do so, CE aims to maintain natural resources and to minimize the discharge of harmful substances. In CE, products and services are designed and constructed in a way that enables them to be returned to the economic and material flow at any time.
Related concepts, such as circular societies, go beyond just economic means and circulate and redistribute wealth, knowledge, technology and power throughout society.
Prof. Dr. Benjamin
Head of Research
M.Sc. Anant
Sujatanagarjuna
M.Sc. Shohreh
B.Sc. Harish
Gundelli
TU Clausthal
Prof. Dr. Benjamin Leiding
DIGIT – Center for Digital Technologies
Wallstr. 6
+49 5323 / 72 – 7169
benjamin.leiding@tu-clausthal.de
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The term distributed leadership has now become a bit of a mantra in education. According to many of us, in leadership positions, we are distributing leadership all the time. I sometimes wonder how many people in our schools or organisations would agree. Benevolent dictatorship was a style I felt I mastered pretty easily and employed very well but distributing leadership has been quite a challenge.
I had a sense where this might be going and couldn't help but keep pushing the point … in essence the member of staff would be "counselled" as often as required until s/he came back with an idea the headteacher liked or had already thought of! It still makes me smile when I think about it.
Distributing leadership is not particularly easy for those of us who have "control freak" tendencies. For those who don't it still provides a challenge because if something goes badly wrong the problem is more likely to end up as an issue for the headteacher to resolve than anyone else.
What would you do if one of your team or member of staff came up with an idea that you didn't like but was aimed at solving a particular problem?
If you allowed them to implement the idea, what would you do if the whole thing went horribly wrong?
What would you do next time they came up with an idea you didn't agree with?
The challenge of these questions is this, unless you accept people may have a different path to the desired outcome, allow them to follow it and back them when things don't quite work out then they are not really leading and may never choose to lead again.
Good leadership is a learnt art with the ability to make right decisions at its core. We've all made mistakes and needed the opportunity and support of others to sort them out – this is part of our development as leaders allied with the opportunity to lead again. I'm not advocating that stupid ideas or high risk strategies are employed, this would be negligent, just trying to show how hard really letting go is.
In 2008, we engaged as a senior leadership team with a consultant from Hay Group in what was some of the most formative professional development I've ever had. By the end of the first day we had concluded that we weren't actually a team at all. We decided that we were a group of pretty capable individuals all working in silos with me pulling the strings but never really letting go. Trying to lead and manage in this way was nearly killing me and I had sensed for a number of years was holding the College back. I simply wasn't releasing the professional capital within St. Mary's.
Distributing leadership is not about letting a thousand flowers bloom with nine hundred and ninety nine then withering. It is a highly disciplined approach to leadership that permits schools to focus on a few high impact priorities with decisions being taken at the level closest to the point of implementation.
I'll never forget the meeting where we were discussing who was leading what element of the College's development plan. I asked the simple question, "So, who's leading deep learning?" Nobody knew. It was one of my moments of greatest incompetence and trust me there have been a few!
Over the coming months we looked at establishing systems and processes for distributing leadership that meant me really letting go. For a recovering control freak this is a pretty scary place. We established College Improvement Groups (CIGs) and "CIGlets" which were smaller College Improvement Groups focussed on a particular issue. The only person who couldn't attend these groups was me – the decision was a deliberate one both symbolically and practically. Don't put leaders from the Control Freaks Anonymous Group in places where decisions are to be made.
Over time it became increasingly obvious that the mandate that we used most was the facilitation mandate. In fact the delegated mandate was essentially a product of a person's role or job description.
The determining of the resources available, particularly with respect to staff and time, is likely to limit the number of developments/issues/projects that can be taken forward at any one time. It should, however, also ensure that those developments/ issues/projects which are prioritised have a better chance of being successfully implemented and have a greater impact. Without the resources required a leader very quickly becomes exposed, out on a limb, without the capacity to get the job done – time always seemed to be the critical one for us. We too often set off with the mentality that "we can do this as well" only to find that it didn't actually happen.
Professional capability – does the individual/team have the knowledge, understanding, skills and experience required.
Are further professional development opportunities required for individuals or the team as a whole?
Is the team balanced – think Belbin's Team Roles?
The method chosen must balance the needs of the organisation to manage initiatives whilst limiting unnecessary and unproductive bureaucracy. Where accountability is missing a leader ends up on "Easy Street", as whether the project is successfully brought to a conclusion doesn't really matter.
In terms of accountability it is important to remember only one person should be named as the leader. Ultimately, s/he has the final decision on the way forward if ever the team is unable to determine how to progress through consensus.
The "doers" need to be clear who they are, what is being asked of them and the timescale for any actions. It may help to go through ACARCI with each "doer" so that they are comfortable and confident in their role.
There will be a need to balance manageability with wide and inclusive consultation. The questions are who, when and how?
There may be various stages during the development/issue/project that groups of people may need to be informed of progress, actions and decisions. We also need to increasingly ensure that we explain why things have been done.
Over time this approach has actually changed how we function as a team and Colege. Initially, it was quite amusing how often senior leaders would just check their thinking with me. They were keen as mustard for me to allow them to make decisions, everyone always seems to be, but the reality of true leadership and accountability is a big challenge. I worked hard at never telling them what I thought about their decisions but got them to reflect on whether there were any other options and the pros and cons of the different possibilities. They had to make the final decision as they were the leader and they were accountable. Now things have come full circle and they remind me of my mantra "there's only one leader" for a particular aspect of the College's work, when I try to stick my nose in, so the final decision is theirs not mine. I would now only intervene if an action was against the vision or values of the College. This has never happened.
We soon realised, when filling in the ACARCI, if we agreed the authority, capacity and accountability as a team then the responsibility, consultation and informing sections could be sorted by the person leading. In short we only completed the first three sections once we had gained more experience of attempting to distribute leadership.
Distributing leadership isn't a universal panacea and there are certain times when other leadership strategies may need to be employed. However, if a school develops and persists with an underlying strategy of distributing leadership then the utilisation of the talent within the school will be enhanced and future leaders will be grown.
Hello, Ur blog looks great! Could we repost this one our website & link back to you? Perhaps you would also be interested in reposting some of Inegrity's blogs here and link back to the Integrity website?
I've no problem with you re-blogging this. I'll have a look at your site soon.


"The glacier at Karo-la pass covered the whole rock face when our Tibetan guide began leading tours in 1996."
The melting of the glaciers has accelerated dramatically in recent years. This is one of the most profound effects of global warming. The glaciers have shrunk 20% over the past 50 years, with much of that in the past decade. Our Tibetan guide took us to a number of different glaciers and showed us how they had receded since he starting taking tours around in 1996. At Karo-la pass we stood on hard, dry ground that had been covered by the glacier just 12 years ago. Climate scientists project that the glaciers will be 80% gone by 2035.
The Philippine Center for Investigative Journalism recently published a special feature titled "Toilet Trouble" that referred to a Bank study on the economic impact of poor water and sanitation.


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The D*ck-tionary You Need To Decode All Those Crappy Texts
Your A-Z guide to the anxiety-ridden language of texting.
By Tricia Tongco
Istimages via Getty Images
Text messages are deceptively simple -- so few letters, yet so much time spent on anxiously decoding what they mean.
According to a previous Pew study, Americans who texted four years ago were sending on average a whopping 41.5 messages in a typical day -- and that data is from 2011! Today, there's What's App, Facebook Messenger, Kik, Snapchat messages. Recent reports says we're sending 30 billion What's App messages every day worldwide, plus 20 billion SMS.
You would think that with such constant texting, we'd have this form of communication down to a science. But there are some phrases in texting lexicon that can irk, perplex and worry the most tech-savvy of us, and for good reason. As Kelly Conaboy wrote in Gawker last week, "It's easy to interpret any standalone affirmative response as a sort of 'fuck you' if you're paranoid enough, or if you deserve it."
Well, fret no longer. We decided to analyze the meanings behind common crappy texts, particularly those standalone, anxiety-inducing responses that seem to contain a multitude of meanings. If you're guilty of sending these phrases to people, stop -- it's a dick move. If you're presently rehashing an incredibly maddening text, read on.
I've just had the most boring epiphany ever thanks to you.
basically
You've reduced an idea to it's simplest, most moronic form. But I'm not going to even attempt to go into the nuances you've missed, because they'd just go over your head ... again.
I couldn't give less of a shit.
The opposite of definite -- probably the most uncertain affirmative. I'll probably forget this conversation in a few minutes.
I don't care much -- just enough to let you know how uninterested I am.
Short for "for what it's worth." I'm using this to preface a statement that is, in fact, utterly worthless.
great (no exclamation point)
I'd rather die. A verbal slap in the face.
I'm bored, lazy, and possibly horny. I took on the weighty task of texting you first, so it's now your responsibility to carry this conversation. Timing is also a factor here -- the later into the night someone sends this salutation, the deeper the hole of desperation.
I can tell you think what you said is interesting, but I don't. I might also be trying to convince you that I'm paying attention, but I'm really catching up on "The Walking Dead."
I'm using this phrase following an offensive remark to protect myself from any thoughtful critique or debate.
The irritatingly upbeat cousin to the nihilistic "k." This is the Tracy Flick of text messages.
Don't be deceived -- there's a high probability that I am not, in fact, laughing out loud. But you've said something that I find somewhat amusing, or I simply don't know what else to say.
I hate it/you/everything. A stronger form of "eh," graduating from casual indifference to active dislike.
I'm oozing nonchalance, usually in response to thank you. The more effusive and sincere the gratitude, the harsher a "no problem" abbreviation feels.
I just had an epiphany -- you're an asshole. I'm offended, but I won't actually come out and say that.
I'm too busy and important to include that last syllable. You're likely here to do my bidding, or I just want to make you feel that way.
QQ (crying)
It's time to quit, you crybaby.
rly sry
I'm not that sorry -- I didn't even care enough to properly spell out this apology.
sup?
I am offering nothing yet expecting everything from you. I am a brick wall and have a hard time being vulnerable.
This is my perfunctory expression of gratitude. You did something that (a) means nothing to me, or (b) was your responsibility, so I truly don't owe you anything.
I don't even know where to begin with how wrong you are.
I'm the picture of chill yet still want to communicate that I feel strongly about something.
who dis
I'm agitated, yet intrigued that I don't know who you are. Or I know exactly who you are but want to make you feel worthless and forgotten.
I haven't learned how to show affection since high school so I'm going to go with this old standby rather than develop my communication skills as an adult.
You just asked me an obvious question, you idiot, and I hate you.
I'm not really sleepy or sleeping (unless I have a rare condition in which I can lucidly dream text), just bored out of my mind.
Finally, in order to capture the rich language of SMS, we have to address the texts that speak volumes with mere punctuation.
Why haven't you responded to me yet? Helloooo? Or I have no words for the weird thing you just said. Following actual words, this means, "I don't want you to feel to comfortable, so I'm ratcheting up the suspense in this conversation."
I disapprove of whatever you just said, but I'm also going to leave you in the dark as to why.
What the what? I have no fucking idea what you're talking about.
Also on HuffPost:
When Parents Text
Tricia Tongco
Social Media Editor for Arts & Culture, The Huffington Post
Texting Texts Technology Cell Phones Digital Culture


The simplehuman is a Steel Frame Dish-Rack with a Wine Glass Holder and an innovative drainage system that keeps water flowing into the sink but not over the counter-top. In fact, the swivel spout pivots in order to drain water directly into the sink while the rack's fingerprint finish can resist smudges in order to keep the stainless steel looking shiny. On the other hand, the integrated wine-glass holder can hang up to 4-glasses upside down by the stem so that they can dry quickly and safely without any water-spots. Lastly, the steel frame of the rack can match aesthetic of modern upscale kitchens while the anti-residue coating prevents residue buildup.
Swivel spout pivots to drain water into the sink.
Measures 20.2″ W x 21.8″ D x 14.3″ H Inches.
Steel frame matches modern upscale kitchens.
Anti-residue coating prevents residue buildup.
The OXO Good Grips is a Convertible Foldaway Dish Rack with stainless steel stands that ensure optimum durability. In fact, the plate-rack can fold down to make room for large bowls and cookware while the integrated legs fold out to elevate the dish-rack and the spout opens to drain directly into the sink. On the other hand, the tines help to hold cups, mugs and wine-glasses inside the rack in order to prevent dripping over the counter while the plate-rack holds plates and bowls neatly upright thus making this rack safe for delicate dishware. Additionally, the divided utensil holders have a generous capacity and are removable for easy unloading. Lastly, the side walls, legs and spout can fold for compact standing-storage of the rack in the cabinet while the removable utensil cups are dishwasher safe for quick and easy cleaning.
Plate rack holds plates or bowls neatly.
Tines hold cups, mugs or wine glasses inside rack.
Foldable legs help to elevate the dish rack.
Spout opens to drain directly into sink.
Side walls, legs and spout fold for compact storage.
Utensil cups are removable and dishwasher safe.
The Polder is a Dish Rack & Tray 4-PC Combo with a stainless steel and plastic body. In fact, this rack features an elegant design and its made from resistant, brushed stainless steel coupled with a removable plastic drying tray that slides out to double the drying space. On the other hand, this rack can hold up to 10-plates and 6-glasses hence making it a perfect choice for big families. Additionally, the removable utensil bin with split compartments helps to keep utensils upright while the tray and cutlery holder are dishwasher safe.
Modular components and rust-resistant stainless steel.
Durable construction and European design.
Built-in Stainless Steel Plate & Cup Holders.
Removable Cutlery Holder with Split Compartments.
Large Drain Tray directs water run-off into the sink.
Removable Drying Tray to provide extra space.
Trays and cutlery holder are dishwasher safe.
InterDesign Forma Kitchen Dish Drying Rack with Tray is a high-quality drainer for glasses, silverware and dishes. In fact, this rack features a smart amber drainer tray and coordinating powder coated bronze drying rack while its compact size makes it ideal for smaller kitchens with limited counter space. On the other hand, it features a drainer rack that drains water onto the removable base tray while its elegant look makes it perfect for use in nay modern home.
Powder coated bronze drying rack.
Measures 13.3″ x 17.5″ x 5.2″.
Drainer-rack drains water onto removable base tray.
Large capacity in a compact space.
The PremiumRacks is a Professional, fully-customizable Dish Rack with a microfiber mat and modern design. In fact, this dish-rack comes with 2 different style drain boards, a microfiber mat, 3 separate cup holder attachments & a cutting board attachment that can be placed where you prefer while the top-shelf of the unit can be flipped, moved or taken-off completely. On the other hand, this rack comes with a wide utensil holder and a knife holder attachment which can have its top removed to hold sponges or other utensils. Additionally, the high grade 304 stainless steel on this crate offers excellent resistance to a wide range of atmospheric environments and can withstand corrosion from most oxidizing acids. In fact, the 304-steel is very easy to sanitize and this makes it ideal for kitchen and food applications. All in all, the high grade stainless steel will prevent rust and will last through the roughest of conditions.
2 different style drain boards.
3 separate cup holder attachments.
A wide utensil holder and a knife holder attachment.
Made of a high quality 304 stainless steel.
CONCLUSION: All the dish racks and utensil-organizers featured above will help to quickly drain-up your utensils while acting as utensil-storage no-matter your home size and looks in 2019. So, make sure that you get yourself at least one of the listed dish-racks in order to keep your home neat and tidy at all times.


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Song for a Weary Throat – Stirring, Inclusive Vocal & Physical Theatre at MIAF 2018
Lachlan Guertin — October 4, 2018
Are you looking to do something fun this Spring?
The Melbourne International Arts Festival is back on from 3 to 21 October 2018, celebrating dance, music, theatre and art in a number of venues across the city.
The Festival is one of Australia's leading international arts festival, aiming to connect art forms, people and ideas, and break new ground in culture. It is notable for showcasing culture and diversity through a variety of mediums, and this year they are premiering the work of the Rawcus ensemble of performers with and without disability.
Song for a Weary Throat is a physical and vocal performance filled with powerful emotions, strong visuals and themes of trauma, heartbreak and failure. It follows the consequences of terrible loss that lead to glimpses of hope, whether they are real or imagined.
Despite being a wordless production, the vocals from the Invenio Singers create a heavenly soundscape that complements the unforgettable images on stage.
Invenio Singers is an ensemble that experiments with typical vocal choruses through fluid improvising, choreographed movement and conceptual composition.
Kate Sulan, artistic director of Song for a Weary Throat, says that the show follows a logic that is emotional rather than linear, and describes the teamwork between Rawcus and Invenio Singers as a "rich collaboration".
"The design team and collaborators have created a world for us to play in, to dream in, and to get lost in," she says. "What propels us to get up after trauma, after heartbreak, after loss, after failure? This question was posed to the Rawcus Ensemble, and Song for a Weary Throat is their collective response."
Rawcus is a critically acclaimed ensemble of performers whose work is described as 'a marriage of intense physicality and arresting visual imagery'. Since its debut in 2017, Song for a Weary Throat has received three Green Room Awards for Production, Ensemble and Music Composition and Sound Design.
The Age described the performance as "a brilliant and transporting work" that "possesses the sort of transcendent quality that leaves you feeling charged and changed". Other reviews from Melbourne Critique illustrate the show as "the best piece of physical theatre Melbourne audiences have been treated to in some time, a rich and sumptuous vision that has been realised in full", while Theatre People say it is "an electric and unforgettable hour of theatre" in a five-star review.
If you're interested in emotional storytelling through powerful choreography and ethereal vocals performed by an inclusive cast of people with and without disabilities, then this is the show for you.
But you better be quick, as Song for a Weary Throat has a limited run from 10 to 14 October at the Arts Centre Melbourne.
To learn more about the production and buy tickets, head over to their website.
Performance dates & times
Wednesday 10 Oct – 7:30 PM
Thursday 11 Oct – 7:30 PM
Friday 12 Oct – 7:30 PM
Saturday 13 Oct – 2:00 PM* & 7:30 PM
Sunday 14 Oct – 5:00 PM
*Sensory familiarisation session. See the notes section for more information.
Post show Q&A: Thursday 11 Oct
Tags: Art EventsArtsArts Centre MelbournecastcastingCulturedisabilitydiversityinclusionmelbourneMelbourne International Arts FestivalMelbourne International Arts Festival 2018MIAFMIAF 2018Performance Artphysical theatreSong for a Weary ThroatTheatreVocal Theatre
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text:
HIV treatment update
Microbicides
Microbicides and the trouble with good news
As we report in this issue, the 16th Retrovirus (CROI) Conference in Montreal featured the first ever non-negative result in a trial of a microbicide.
We say 'non-negative' rather than 'positive' because the 30% reduction in HIV infections seen in women who used the microbicide PRO2000 wasn't 'statistically significant'. It could have been a chance finding.
Despite this, the first thing to do is to celebrate. The idea for a microbicide has been around since 1990 when the South African epidemiologist Zena Stein published a piece called "HIV Prevention: The Need for Methods Women Can Use", pointing out that whether to use a condom was essentially the man's choice and women were often in a position where it wasn't possible to "choose safer sex".
Nearly 20 years later we at last have a hint that microbicides could work. This is a testament to the scientific belief and persistence that has got us this far – often driven by feisty female and gay male advocates - and the success of some of the most difficult research studies ever attempted in the history of medicine.
But what about statistical significance? This is a complex area and misunderstanding it was the reason why the headlines about the trial ranged from the confident "Vaginal gel effective in preventing HIV infection" (Hindu Times) to the disappointed "Microbicide Gel Falls Short of Showing Significant Efficacy" (Doctor's Guide).
Statistical significance is an arbitrary limit that scientists impose on the data they get from experiments, in order to decide what means something and what doesn't. Odd things can happen that are purely due to chance: if you toss a coin for long enough, eventually you'll get 20 heads turning up in a row.
Researchers work out the probability that the findings from their study are due to chance. If there's a less than one-in-20 chance that the result is just 'noise', then that is 'statistically significant'; if there's a more than one-in-20 chance, it is 'not significant'. In the microbicide study, the probability that the 30% reduction in HIV infection seen was not real was one-in-ten: so it was 'not significant'…
…which, to put it another way, means that there was a 90% chance that it was real.
Still, you may say, 30% isn't very impressive. Would you trust a condom that was 30% effective? PRO2000 is, nonetheless, promising rather than disappointing because:
· For some people, 30% may be better than nothing. As Professor Abdool Karim, the principal investigator in this study said, "This may be a niche product for women with no other choices".
· If the still ongoing three-times-bigger UK-supported study produces similar results at the end of this year, we'll really be on to something.
· The more gel women used, the more protected they were. In women with above-average adherence to PRO2000, HIV infections were reduced by 44%.
It may work even better than this. You can't ethically test a prevention product without offering women the best in existing methods, and condoms and safer sex advice were freely available. A woman who is a regular condom user has already protected herself against nearly nine in ten possible HIV infections. Adding a microbicide won't reduce her risk much further.
But for a woman who doesn't use condoms at all, a microbicide may add a considerable amount of protection. In the group of women who used condoms rarely but PRO2000 frequently, it stopped 68% of infections. This could be closer to its 'real' efficacy, but we don't as yet have the figures to support that conclusion with confidence.
Right now the result of the trial poses more questions than answers.
Do we start using PRO2000 as the comparator drug in forthcoming microbicide trials because it will be unethical to use an inert placebo? Or can we say "It wasn't proved to work" with a clear conscience? If we use it as the comparator drug, it means new studies will have to be larger to prove an effect.
If PRO2000's efficacy is confirmed to be in the 30 to 40% region, is it worth developing and how do we ethically market it? Will there be pressure to market it anyway?
What about gay men and others who have anal sex? A rectal safety study is starting this year, but isn't that a bit late if they decide to license it?
Would you use it…?
Abdool Karim S et al. Safety and effectiveness of vaginal microbicides BufferGel and 0.5% PRO 2000/5 Gel for the prevention of HIV infection in women: results of the HPTN 035 trial Sixteenth Conference on Retroviruses and Opportunistic Infections, Montreal, abstract 48LB, 2009.
Issue 184: March 2009
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text:
Kent Messenger Millennium bridge, Maidstone, UK
C. M. Bednarski
Footbridge 2002, Paris, 20-22.11.2002
Footbridge 2002
The Kent Messenger Millennium Bridge at Maidstone, UK is the world's first 'cranked' stress ribbon, and the winner of a 2002 Royal Institute of British Architects Award. The deck of this bridge consists of two concrete catenaries that were designed with a dogleg alignment with the angle between them at 25 degrees. The overall length of the bridge is 101.50 m, the length of the clear main river span 49.5 m, and the side span 37.5 m.
Maidstone Borough Council and the UK Millennium Commission financed the project. It was also part sponsored by the Kent Messenger Group. It was one of only two UK Millennium bridges not subject to a design competition (both at Maidstone, by the author). It appears also to be the only UK concrete Millennium Bridge. The project was commenced in 1998 and completed in 2001. The lead consultant was the author; the bridge engineer Strasky Husty and Partners and the checking engineer Flint & Neill Partnership. The author designed also other stress ribbons of varying types, including an arch supported proposal for the Kelvin Link Bridge in Glasgow (with Techniker), and two competition winning designs : the Carlisle Hadrian's Millennium Bridge (with Atelier One), and the Portsmouth pedestrian / cycle bridge (with Buro Happold).
stress ribbon tension restraint purpose elegance expression flamenco lead consultant millennium bridges
This creative work is copyrighted. The copyright holder(s) do(es) not grant any usage rights other than viewing and downloading the work for personal use. Further copying or publication requires the permission of the copyright holder(s).
Structures and Projects
Kent Messenger Millennium Bridge
Stressed ribbon bridge
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text:
import { NgModule, ErrorHandler } from '@angular/core';
import { BrowserModule } from '@angular/platform-browser';
import { IonicStorageModule } from '@ionic/storage';
import { IonicApp, IonicModule, IonicErrorHandler } from 'ionic-angular';
import { KaraYolo } from './app.component';

import { MusicPage } from '../pages/music/music';
import { FavoritePage } from '../pages/favorite/favorite';
import { DashboardPage } from '../pages/dashboard/dashboard';
import { MorePage } from '../pages/more/more';
import { GenresPage } from '../pages/genres/genres';
import { SearchPage } from '../pages/search/search';
import { DetailPage } from '../pages/detail/detail';
import { SearchDetailsPage } from '../pages/search-details/search-details';
import { CheckoutPage } from '../pages/checkout/checkout';
import { TabsPage } from '../pages/tabs/tabs';

import { StatusBar } from '@ionic-native/status-bar';
import { SplashScreen } from '@ionic-native/splash-screen';
import { GoogleAnalytics } from '@ionic-native/google-analytics';

@NgModule({
    declarations: [
        KaraYolo,
        MusicPage,
        FavoritePage,
        DashboardPage,
        MorePage,
        GenresPage,
        SearchPage,
        SearchDetailsPage,
        DetailPage,
        CheckoutPage,
        TabsPage
    ],
    imports: [
        BrowserModule,
        IonicStorageModule.forRoot(),
        IonicModule.forRoot(KaraYolo, {
            mode: 'ios'
        }),
    ],
    bootstrap: [IonicApp],
    entryComponents: [
        KaraYolo,
        MusicPage,
        FavoritePage,
        DashboardPage,
        MorePage,
        GenresPage,
        SearchPage,
        SearchDetailsPage,
        DetailPage,
        CheckoutPage,
        TabsPage,
    ],
    providers: [
        StatusBar,
        SplashScreen,
        GoogleAnalytics,
        {provide: ErrorHandler, useClass: IonicErrorHandler}
    ]
})

export class AppModule {}

redpajama_set_name: RedPajamaGithub