Bear Archives - In Class Book

December 6, 2022

Why this Wall Street bear says it’s time to sell stocks again

One particular of the market’s major skeptics is likely again to his outdated techniques.

Morgan Stanley strategist Mike Wilson cautioned that the rally that has enveloped markets in current months is very long in the tooth and overdue for a breather.

“As predicted, falling curiosity fees at the back again finish have led to modest, even more gains for this bear market rally,” Wilson wrote in a new take note on Monday. “Even so, with very last week’s price tag action, the S&P 500 is now suitable into our original tactical target assortment of 4000-4150. Even though the index has modestly exceeded its 200-working day relocating regular and the breadth proceeds to extend, the downtrend from the beginning of the calendar year stays in place. This would make the risk-reward of playing for far more upside quite bad at this level, and we are now sellers again.”

Several weeks ago, Wilson the right way predicted the market’s bounce. And immediately after a brutal year for investors, the rally has been substantially welcomed.

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are up additional than 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively, in the previous month although the Dow Jones Industrial Normal (^DJI) has tacked on 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Gains have been spurred by a pullback in the U.S. greenback, indicators of peak inflation, and a Federal Reserve that may perhaps be on the precipice of slowing the rate of interest level hikes.

But a hotter-than-expected November careers report previous 7 days — which calls into concern the probable for a much more dovish Fed — and renewed COVID-19 lockdowns in China have dented that bullish thesis.

“Stay defensively oriented (Healthcare, Utilities, Staples) as premiums are likely to fall even further into future year as advancement and inflation go on to sluggish,” Wilson recommended. “Growth stocks are not likely to profit from falling costs from here specified danger to earnings, specially for tech and buyer-oriented enterprises which are massive weights in growth indices.”

Bear walking on city street, New York, New York, United States — Bear going for walks on town road, New York, New York, United States. (Getty Images)

Other strategists on Wall Street are also being cautious on stocks to round out 2022.

Goldman Sachs reported it sees zero earnings growth for S&P 500 businesses following yr and zero appreciation for the benchmark index.

“We continue to be somewhat defensive for the 3-month horizon with even further headwinds from growing true yields most likely and lingering development uncertainty,” Goldman Sachs strategist Christian Mueller-Glissmann claimed.

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December 3, 2022

Top Morgan Stanley Strategist Says This Is When the Bear Market ‘Will Be Over Probably’

With U.S. shares down extra than 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} so much this yr, investors are hunting for some good information – and it could be coming from a well known Wall Avenue analyst who states the present-day bear market place could arrive to an finish sometime all over St. Patrick’s Working day.

In an job interview with Bloomberg Tv, Mike Wilson, the Equity Strategist and Chief Financial investment Officer for Morgan Stanley predicted that the bear marketplace in U.S. shares could occur to a summary early in 2023. Investors are using be aware because Wilson, who’s normally skeptical about the current market, is outlined as No. 1 on Institutional Investor’s the latest ranking of portfolio strategists.

“We feel in the long run the bear market place will be more than most likely sometime in the initially quarter,” Wilson claimed on the broadcast.

To strategy your 2023 expense approach, take into account matching with a fiscal advisor for free of charge.

On the other hand, Wilson would look to be taking a perspective that’s pretty reverse of what other Morgan Stanley analysts are telling clients. In a late September submit at MorganStanley.com, Lisa Shalett, the firm’s Chief Expense Officer for Prosperity Administration, wrote that, “Morgan Stanley’s World wide Financial investment Committee thinks this bear industry is considerably from over.”

Wilson cited the S&P 500’s 200-week moving average as the prime indicator. That indicator stood at 3,612 as of late Oct. On Nov. 30, the S&P 500 closed earlier mentioned the 200-7 days shifting typical for the 1st time because April 7. As extensive as the index remains previously mentioned that typical, shares could recover to go as large as 4,150. If the index falls by the 200-week barrier, nevertheless, Wilson said, buyers should really choose that as a signal to begin marketing.

As quoted in Marketplaces Insider, Wilson said, “The 200-week shifting regular is an extremely powerful specialized guidance level for stocks, significantly in the absence of an outright economic downturn which we don’t have, however.”

The S&P 500 has been going up all through Oct, attaining amongst 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on favourable earnings information. Soon after beginning the year buying and selling as higher as 4,800, the index fell marginally down below 3,500 in the 1st weeks of Oct prior to climbing back to all over 3,800. In November it climbed north of 4,000. As prolonged as this present-day pattern of gains stays steady, Wilson mentioned, the bear sector would finish in the course of the initial quarter of 2023.

In in between now and then, nevertheless, arrives vacation income along with fourth-quarter and year-conclusion earnings final results. A weak getaway income year could be in the offing, as merchants have by now been discounting overstocked inventory as customers shifted again to shopping for a lot more solutions and much less goods as the COVID-19 pandemic has slowed.

If that were to materialize, Wilson stated, buyers will want to area additional emphasis on fundamentals, such as sales and earnings, somewhat than complex indicators like the 200-week shifting typical.

If Wilson is appropriate and stocks send out the S&P 500 upward to much more than 4,100 (it can be presently at 4,046), that would be a major attain above Morgan Stanley’s estimate that the index will be shut to the 3,900 stage by June.

“We are most likely far more bearish than most for the outlook upcoming calendar year,” Wilson instructed Bloomberg. “But we do believe this tactical rally is likely to be huge plenty of to check out and pivot and trade it.”

Bottom Line

Mike Wilson, the Fairness Strategist and Main Financial commitment Officer for Morgan Stanley, states the bear market could conclude by sometime in the initially quarter of 2023. He basis his analysis off of the S&P 500 200-week going common.

Suggestions for Using the services of a Economic Advisor

Image credit history: ©iStock.com/Dilok Klaisataporn

The article Top rated Morgan Stanley Strategist States This Is When the Bear Current market ‘Will Be More than Probably’ appeared initially on SmartAsset Site.

October 1, 2022

US bear market deepens: What that means for you | Financial Markets News

United States stocks slumped even more this week as traders navigated a barrage of bad information.

Central banking companies about the planet have been scrambling to combat soaring substantial inflation by increasing the cost of borrowing without the need of hurting extensive-expression progress potential clients. Including to the uncertainty and fear are mounting tensions amongst the West and Russia adhering to Moscow’s invasion of Ukraine.

In the US, the S&P 500 – a proxy for the well being of retirement and faculty price savings accounts – this 7 days fell to its least expensive degree in just about two years and was established for a regular drop of just about 8 percent.

The tech-significant Nasdaq 100 has dropped approximately 33 p.c so far in 2022, the Dow Jones Industrial Average lost much more than 20 p.c when the world’s greatest-recognized cryptocurrency, Bitcoin, get rid of nearly 60 p.c of its value. Property price ranges are also dropping as interest rates soar, building financial loans for prospective buyers more pricey.

The Federal Reserve, the country’s central financial institution, is tasked with preventing the greatest inflation in many years and has been undertaking that by increasing fascination fees. But can it improve the cost of capital to reduce demand and reasonable rates with out plunging the financial state into a deep economic downturn?

“It’s truly a no-earn condition at this position. Mainly for the reason that of the amount of shocks policymakers have experienced to offer with,” Cristian deRitis, leading economist at Moody’s, a investigation firm dependent in New York, discussed to Al Jazeera.

How a great deal even more down can stocks go? What is a bear market place particularly? And is there a light at the finish of the tunnel?

Here’s the short response.

I preserve listening to that the US is in a bear industry. What is that just?

A bear sector occurs when a broad market place index dips a lot more than 20 percent from latest highs.

Why is the US at the moment in a bear current market?

“Persisting fears about inflation and the Fed’s capability to tame price ranges without a tricky landing,” is how Peter Essele, head of portfolio administration at Commonwealth Financial Network, a Massachusetts-based organization, discussed it.

What is the motive driving the large inflation and why are costs out of manage?

Kenneth McLaughlin, professor of economics at Hunter University in New York, advised Al Jazeera that just one of the explanations is the federal governing administration “injecting $5 trillion into the financial system such as by stimulus checks through the pandemic with kind of great intentions but with no strategies to spend for it.”

In other terms?

Think back again to early 2020 when organizations shuttered and economies came to a standstill to curb the spread of the coronavirus. Millions of Us citizens discovered on their own under lockdown with nowhere to go and spend the clean-off-the-press stimulus checks. That brought on fairness price ranges, be it shares, Bitcoin and dwelling rates across the US, to skyrocket. It also brought about a surge in demand from customers for merchandise and that, as we see now, has led to the greatest rise in the value of living witnessed in many years.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S — The war in Ukraine and expanding tensions among the West and Russia are expected to go on to spook buyers and roil markets [File: Brendan McDermid/Reuters]

How does this trigger the inventory current market to go down?

As the Fed raises costs, which is basically raising the expense of borrowing in order to deliver down the rate of merchandise and companies, individuals start out to fear a slowdown in the economic climate. This pushes down the price tag of stocks and other investments.

Are the current economic ailments truly just the consequence of what occurred in the very last 2 many years?

The last two decades have been unprecedented in quite a few aspects. But what we are seeing these days can also be attributed to the particularly very low interest charges of the previous 10 years when, next the economical crisis of 2007-2008, the federal government designed it more cost-effective for People to borrow, Essele told Al Jazeera.

Didn’t the markets just have a rally?

Stocks did expertise a rally in August. Issues were searching up when petrol prices, which experienced soared in before months, dropped sharply. Buyers held on to the hope that probably the Fed would relieve on the desire level hikes if the inflation figures for August confirmed that consumer price ranges had cooled. But irrespective of less costly petrol, food stuff and other important merchandise, price ranges remained higher – surging 8.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in August compared with a yr before.

Where by are we now?

“Inflation is turning out to be more structural and traders are now involved about stagflation,” Essele described to Al Jazeera, suggesting that selling price hikes may be here to keep for the very long haul. Stagflation is a mashup of the words “inflation” and “stagnation” and refers to a problem when inflation is higher even as the price of economic progress slows down.

So what does the upcoming keep? And how prolonged will this bear marketplace very last?

Count on above-average selling price pressures. The war in Ukraine and developing tensions among the West and Russia incorporate to the uncertainty and will proceed to spook buyers and roil markets.

“But we are possible in 3-quarters of the way through the bear market place,” Essele predicted.

I do not very own any shares, why need to I care about a bear marketplace?

When inventory buyers are the kinds most straight afflicted by a US bear market, there are spillover outcomes to the rest of the overall economy generally because of to the “wealth effect”. That is, as homes see the worth of their retirement and inventory portfolios decline, they will pull back on their paying out.

“Given how dependent the US financial system is on client spending, this effect can be sizeable and prevalent,” Moody’s deRitis informed Al Jazeera. “Discretionary sectors this sort of as travel, leisure, and hospitality might come to feel the most quick effect but other industries these kinds of as housing and retail trade will working experience lowered demand as homes expand cautious.”

July 4, 2022

Financial planner: reaction to bear market depends on closeness to retirement

The inventory industry is officially in “bear market” territory, and could continue to be that way for some time in accordance to fiscal analysts and the latest reporting from outlets like Bloomberg. For people at or in close proximity to their transition to a mounted earnings in retirement, the response to these disorders could be quite dependent on the closeness they are to leaving a occupation powering.

This is in accordance to Nicholas Toman, a accredited economic planner with Empowered Economical Management which specializes in retirement organizing. In a new column at Kiplinger, Toman indicates that proximity to retirement could be a crucial, significant element in analyzing how to reply to volatile marketplace disorders.

“The existing point out of the inventory current market is resulting in virtually all traders to pause and consider if their present-day approaches are built to weather conditions this storm,” he writes. “Those who are at least 10-15 many years away from needing distributions from their investments and who are continuing to make prosperity as a result of systematic and normal contributions (i.e., 401K, 403B, IRA , etc.), most likely will not need to have to make any important modifications at this place. However, considering the fact that my purchasers are primarily those people who are in five to seven years of retirement or who have just lately retired, the assistance I give goes past ‘stay the study course.’”

To far better weather conditions the latest disorders, Toman endorses that his customers largely comprehend two ideas: customizing tactics and viewing money as a driver of retirement ideas.

“Your methods should be unique and tailored to you and you on your own,” he claims of the initial. “Go further than just subsequent the guide of co-staff, spouse and children and mates when analyzing what moves to make. Considering the fact that all households have their own set of distinctive situations when it will come to their prosperity (longevity, well being, tax standing, vocation enjoyment, too quite a few variables to name in this article), there actually is no one particular-dimensions-matches-all answer.”

Money as a “driver” of retirement designs is the second essential stage to comprehend, considering the fact that a predetermined retirement “budget” and being aware of just exactly where these funding will appear from is key to a profitable retirement, he points out.

“If the vast majority of your profits will be coming from predictable resources, these as Social Safety and pensions, then you must have additional overall flexibility to keep away from ‘locking in losses’ by having to sell investments in this bear industry,” he claims. “However, if you have a want for revenue now that is outside of what your Social Security and pensions will include, then you should take into account using economical tools developed to provide profits and principal defense, this sort of as CDs and different varieties of annuities, for a part of your prosperity.”

Go through other suggestions from financial planners to temperature a bear market at Kiplinger.

June 13, 2022

US stocks sink 3.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to close in bear market as inflation fears mount

US shares closed in a bear market on Monday soon after a dramatic late-session promote-off, while govt bond yields soared, with buyers unnerved about stubbornly higher inflation and the prospect of intense financial tightening by central banks.

Wall Street’s equities benchmark S&P 500 slid 3.9 per cent in New York to close at its lowest amount considering that January 2021. The move still left the index extra than 20 per cent beneath its January 2022 all-time higher, a drop normally identified as a bear market place.

Government bond costs on the two sides of the Atlantic also dropped, sending yields to the optimum amounts in additional than a ten years, as potent inflation readings drive central banking institutions in the US and Europe to increase fascination charges just after yrs of relaxed plan.

The significant selling was triggered by unexpectedly significant inflation figures introduced this earlier Friday, which showed US purchaser selling prices rose 8.6 per cent calendar year on year in May perhaps as Russia’s invasion of Ukraine lifted gasoline and food items expenditures.

Line chart of Month-to-date performance ({21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) showing US stocks enter bear market as losses accelerate

Analysts have upgraded their forecasts of how far the Federal Reserve will raise curiosity rates at its monetary coverage conference which concludes on Wednesday, with expanding speculation that the central bank may possibly put into action an extra substantial .75 percentage position increase.

Futures marketplaces now demonstrate investors hope the federal resources fee to strike 3.6 for every cent by the close of the 12 months, as opposed with the latest vary of .75 to 1 for every cent. A week ago, traders had only expected the amount to access 2.9 per cent this year.

“I think with this hottest [inflation] selection, the Fed is seriously heading to go for it and this will bring about an financial slowdown,” stated Julian Howard, guide financial investment director for multi-asset solutions at fund manager GAM. “It’s all on the lookout very unpleasant in the shorter time period and there is nowhere really to escape from it, aside from heading into dollars for now.”

Expectations of larger fascination rates have experienced an in particular pronounced outcome on extra speculative corners of the market such as rapid-growing tech businesses and crypto belongings. The tech-weighty Nasdaq Composite closed down 4.7 per cent, using its losses for the yr to 31 for each cent.

Bitcoin, the most commonly held cryptocurrency, traded at much less than $24,000, acquiring tumbled 20 per cent considering the fact that past Friday. The decrease was exacerbated by news that two big players in the crypto industry experienced halted consumer withdrawals owing to the severe current market circumstances.

The produce on the benchmark 10-year Treasury note, which underpins world wide borrowing expenses, rose .21 proportion factors to 3.36 for each cent, its greatest level due to the fact 2011. Yields rise when selling prices drop, and Monday’s change represented the sharpest a person-working day promote-off in benchmark US debt considering that March 2020.

The two-12 months Treasury yield, which tracks shorter-time period desire rate anticipations, rose .27 share factors to 3.33 for each cent, its greatest one particular-working day increase since June 2009.

US investment financial institution Goldman Sachs on Monday raised its Fed coverage forecasts to include .5 proportion point increases this 7 days and again in July, September and November, with further quarter-position rises in December and January.

“There is quite tiny possibility of the Fed pivoting to aid economic marketplaces right up until there is a development of incredibly meaningful financial disappointments,” mentioned Seema Shah, main strategist at Principal World Traders.

Analysts at Barclays predicted a .75 proportion point improve this week. Typical Chartered strategists said, in a investigation notice, that they would “not preclude” this outcome.

In Europe, the Stoxx 600 share index dropped 2.4 for every cent, its fifth straight session of falls. The regional share gauge has dropped additional than 9 for every cent this quarter.

The generate on Germany’s 10-calendar year Bund rose .12 percentage points to 1.63 for each cent, although Italy’s 10-yr bond yield rose .26 proportion details, hitting 4 for every cent for the to start with time considering the fact that 2014. The yield on Italy’s benchmark financial debt has a lot more than quadrupled given that mid-December. The European Central Lender very last 7 days paved the way for its first interest charge rise in much more than a ten years.

The greenback index, which tracks the US forex from a basket of friends and which tends to climb in times of uncertainty, rose 1.1 for every cent. Sterling fell specially sharply, down 1.5 for each cent against the dollar to $1.21.

Economists assume the Financial institution of England to lift its most important borrowing amount by .25 share points on Thursday, with an increasing opportunity of a .5 proportion place rise, escalating fears of stagflation.

Somewhere else, the yen established a new 24-year low of ¥135.19 per greenback as traders guess on the Lender of Japan continuing to defy the worldwide pattern in the direction of higher interest premiums. A FTSE index of Asian shares outdoors Japan fell 2.8 for each cent.

June 13, 2022

Stocks sink, S&P enters bear market inflation, Fed meeting this week: LIVE UPDATES

Developing Story

Dow eases from 800+ point selloff

Symbol	Price	Change	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}Change
I:DJI	$30,575.41	-817.38	-2.60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
BA	$127.00	-6.73	-5.03{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
DOW	$58.67	-3.19	-5.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
IBM	$136.19	-1.77	-1.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
KO	$61.41	-0.39	-0.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

All 30 Dow components traded lower mid-morning led by Boeing and Dow Chemical. Coke and McDonald’s notched modest gains.

Symbol	Price	Change	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}Change
BITQ	$6.31	-0.99	-13.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
BITO	$14.71	-3.24	-18.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
GCC	$26.50	-0.19	-0.71{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Bitcoin related exchange-traded funds under pressure as cryptos get hammered.

Developing Story

Dow drops 500+ points, S&P hits bear market on recession fears

Symbol	Price	Change	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}Change
I:DJI	$30,878.09	-514.70	-1.64{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
SP500	$3,816.21	-84.65	-2.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
I:COMP	$11,048.70	-291.32	-2.57{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

U.S. stocks tumbled across the board early Monday with the S&P 500 hitting a fresh bear market, down 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from its January peak, as investors wrestle with rising recession fears and as bond yields climb. The 10-year Treasury yield hit 3.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} – the highest since May 2011. In commodities, oil hovered at the $119 level and gas prices $5.01 per AAA.

The Federal Reserve will begin its two-day meeting on Tuesday with a decision on Wednesday.

Developing Story

S&P nears new bear market

The S&P 500, the broadest measure of stocks, is near a new bear market with the benchmark down 18.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from its recent peak on January 3, 2022.

Dow Jones Averages.

31392.79

WATCH LEVEL: 3,837.249

Developing Story

Stocks set up for rocky start to the week

Dow Jones Averages.

31392.79

Dow Jones Industrial Average futures tumbled around 500 points Monday heading into what may be a volatile week for stocks with the Federal Reserve’s June meeting on Wednesday.

Developing Story

Bitcoin continues to get battered

Bitcoin, the world’s largest crypto currency by market value, continues to get battered falling in tandem with U.S. equities.

Futures at a glance

U.S. equity futures plunged on Monday on fears of a Federal Reserve interest rate hike later this week.

Dow Jones Industrial Average futures are down 551 points, or 1.79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while Nasdaq futures are lower by 2.81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The S&P 500 is down 2.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in premarket trading, and is one pace to enter a bear market.

Oil prices also fell on Monday. West Texas Intermediate crude futures traded at $119 a barrel while Brent Crude futures traded around $120.50 per barrel.

House Republican Rep. DesJarlais to introduce new bill to block Biden student loan relief

Rep. Scott DesJarlais, R-Tenn., is set to introduce a bill that will aim to block President Biden’s student loan forgiveness plan.

“There’s a lot of people out there that took out loans and, you know, maybe didn’t get their dream job, but don’t pay them back,” DesJarlais told FOX Business. “So to somehow decide that they no longer need to have skin in the game, it kind of disincentivizes people from succeeding, in my opinion.”

The bill’s most aggressive provision aims to limit the secretaries of Education and Treasury, as well as the Attorney General, from taking any action toward forgiving student loan debt, except those carried out as part of the Higher Education Act of 1965.

“It may help those people who are irresponsible, but the ones that are out there working and paying taxes — now they’re going to be saddled with the burden of, if you want to call these other people’s mistakes or borrowed money management,” DesJarlais argued.

For more on the story, click here: House Republican Rep. DesJarlais to introduce new bill to block Biden student loan relief

Federal Reserve expected to announce new interest rate hike

The Federal Reserve is widely expected to announce another interest rate hike this week as it looks to tame scorching-hot inflation.

All eyes will be on the Federal Reserve this week, as it will kick off its two-day policy-setting meeting on interest rates this Tuesday.

On Wednesday, the Federal Reserve will announced its decision on interest rates.

U.S. stocks closed Friday after consumer inflation jumped 8.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to a 40-year high and consumer sentiment sank to an all-time low as tracked by the University of Michigan. The Dow Jones Industrial Average fell 880 points or 2.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while the S&P lost 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and the Nasdaq Composite 3.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. For the week, all three of the major averages fell between 4.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.