 Hello, everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the general disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk of the Scosure. Training futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-dash-Doug chat channel. That's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. And know that Bookmap Discord is free and available to everyone. It's a great community of active traders, a lot of variety of experiences, a variety of topics, but all trying to help each other to become better traders. Highly recommended. Again, free and available for everyone, whether you subscribe to Bookmap or not. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. The focus of my presentation today and the focus of the options-dash-Doug chat channel is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading in the first is planning. And I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as the directional bias. And the second step in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spondy Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset. And setups in that asset can be taken any number of ways. For example, the S&B 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome. And I will be watching both the options-dash-Doug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. And Soto Rossi says, Apple announces changes to iOS. Thank you for posting that. And hello, Steven. Welcome. Glad you're here. All right, here's my agenda for today, Thursday, January 25th. First of all, I want to go over news items, economic data, and events for today and the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then we'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's start with news items. There were a couple of key data releases this morning. So let's take a look at that. And I forgot to bring that over. Give me just a moment. So at 8.30 a.m. Eastern time, first of all, durable goods, the durable goods orders were released. That came in lower than expected, lower than the previous number as well. Also, the, I guess, more important data was the GDP, which came in better than expected, but lower than previous. So again, greater than expected, less than previous. I think we'll take a look at the reaction to this release in just a minute. I think the key was this number right here. This price index, GDP price index, came in lower than forecast and also lower than previous. All right, let's see how the market reacted to that data. This is the ES futures and book map. Here's the data release at 8.30 a.m. Eastern time and a very bullish reaction to that data. Again, I think it was the net price index that was really the key to this bullish move higher. All right, so Friday data coming up for the rest of the week. PCE data comes out tomorrow at 8.30 a.m. Eastern time and that could definitely be a market mover. All right, so that should wrap up the week. All right, let's move on to positional analysis now. So I'm going to start with the ESB 500. Again, this is the ES futures and book map. Before I take a closer look at this chart, I do want to take a look at the underlying index in a larger time frame. I'm going to start with the SPX. That's the underlying index. This is a one-day chart and think or swim. And for those of you who've been with me for a while, I'll try and go through this as quickly as possible. So this is SPX. The current rally began October 30th last year and found resistance at 4,800. Then last Friday, options expiration broke out above that level, broke out above 4,800. And now it's found resistance at 4,900. All right, so that's a one-day chart, larger time frame showing the context here of a pretty strong rally that began at the end of October last year. All right, let's take a look at sticking with SPX. Let's take a look at a one-hour chart. This is a 30-day one-hour chart. This is the 4,800 level showing resistance at that level and multiple tests of that level. And then last Friday, options expiration broke above that level, now finding resistance at 4,900, which is the current call wall. All right, let me go over the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. That upper weekly expected move may be difficult to see. It is just below 4,900. That's based on the options market. I update those levels once a week. Do that over the weekend. The dash blue lines are showing the lower and upper daily expected move. I update that every day at the close. That's also based on the options market. All right, the dark red lines are showing spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers for a variety of trading platforms. This is thinkorswim. I'm going to point out the key to the levels. These are based on gamma weighted open interest. First of all, the put wall is at 4,500. That's a strike with the largest net negative gamma that can be expected to act as support. The next level up is the volatility trigger. That's at 4,845. And that a spot gamma is proprietary gamma volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. That tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And note that SPX is trading above that level in a positive gamma environment. The next level up is 4,900 that I mentioned before. That's the call wall. That's a strike with the largest net positive gamma that can be expected to act as support resistance. And note there's a combo level just below that that did act as resistance today. That combo L1 level. We'll take a look at that in just a minute and a shorter time frame. Then the next key daily level up is the 5,000 level. That's the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. Alright, finally let's take a look at a one minute chart so we can see the levels in play for today. So here's that combo level that I mentioned just below the call wall and acting as perfect resistance. And note that combo level is just below the upper weekly expected move. And here's the upper daily expected move. So all those levels acting as resistance. Alright, let's go to book map now. And actually I want to show one other thing. Show the reaction at the 4,900 yesterday. So this is from yesterday. Here's the 4,900 level. And the combo level up just one point higher at 4899. It moved down to 4898 today. But that level acted as resistance. That cluster of levels acted as resistance. And this is something that I did forgot to mention yesterday. But the trigger for this move lower right at 1pm was a bond auction at 1pm. It was bond auction for five year notes, treasury notes. And that was the trigger for the coordinated move lower in the SB500 and most of the stocks that I follow as well as the NASDAQ. Alright, so that's from yesterday showing that 4,900, the 4,900 level and the reaction there. Alright, so it's the 4,900 level is just above here. Alright, let me point out on my chart here, my book map chart. I have cloud notes. These are my own cloud notes. So I can show SPX levels. There's that combo one level that acted as resistance earlier today. I also have SPI levels on this chart. This SPI 487, that's the absolute gamma strike and call wall that has been key today with acting as more or less as support earlier today. Now maybe resistance. So price oscillating up and down around that level. Note the point of control is just above that 487 level. So I have SPX levels, SPI levels and also key levels for ES shown in red there. That's ES 4,900 and here's the upper daily and weekly expected move for ES. Alright, note there is a difference in price between ES and SPX. Today it looks like it's right around 27 now. When I set up my charts this morning it was closer to 28. So that's what I'm using, but it looks like now it's somewhere between 27 and 28, maybe closer to 27. So using 28 ES minus SPX equals 28, I'm showing this SPX 4898 at ES 4926. Now it looks like the SPI 486 large gamma 2 level may be acting as support. Alright, so those are the levels in play for the SP500. Let's take a look at NASDAQ. This is the NQ Futures in Bookmap. Before I take a closer look at this chart, I do want to take a look at a QQQ chart so we can isolate the levels in play. QQQ 429 acting as resistance. It's not a spot gamma level, but it is a round number level. Also earlier in the day, this combo level, combo all four combining QQQ and NDX, gamma weighted open interest, into one level shown here in terms of price for QQQ acting as resistance. Alright, let's take a look at NDX. And I'm looking at these charts because the, I believe, options trades are a key driver of, in these underlying indexes, are a key driver of price action in the futures. So here, NDX is showing this combo L3 level in play earlier today. Price oscillating up and down around it. Alright, let's get back to Bookmap now. So again, I have my own cloud notes in Bookmap. There's the QQQ 429 level that also lines up with NQ 17750 acting as resistance. Also the upper weekly expected move for NQ. So I have QQQQ levels, NQ levels. And it looks like this is that combo level for NDX shown with a white line there. The label is not visible. Alright, shifts in levels for the SMB500. Volatility trigger shifted higher for SPX and SPY. And for SPY, the call wall shifted lower down to 487. And the absolute gamma strike shifted higher to 487. So the concentration of gamma weighted open interest for SPY is at 487. So other than the shift in volatility trigger, though there were no shifts in levels for the SPX. So after expiration last Friday, it appears now that the levels are stabilizing the gamma levels are stabilizing for SPX. Alright, for NDX, the volatility trigger and put wall shifted lower. And for QQQ, the put wall and absolute gamma strike shifted higher. Alright, so kind of a mixed picture for the shifts in levels. Not really definitive one way or another. Alright, let's take a look at Gamma Notional to see how market makers were positioned on the gamma curve at the beginning of the day. And then we'll take a look at some setups. Alright, so let's go to Gamma Notional. I go over this every day. I like to see how market makers are positioned on the gamma curve. And how that gives me a sense of the anticipated volatility and trading range for the day. So this is Gamma Notional for the SB500, NASDAQ and also 2000. And this is at the bottom of the AM Founders Note, Spot Gamma AM Founders Note. For the SB500, both these numbers are positive. So this indicates what Spot Gamma assumes that for an index, traders are short calls, market makers are long calls. So on this portion of the Gamma curve, market makers are long calls since the positive Gamma. And they have to trade against price to hedge their delta exposure. And then note that now for QQQ, Gamma Notional has shifted just slightly negative. So for the NASDAQ, Gamma Notional is essentially neutral. And then for the Russell 2000 negative. So in a negative Gamma environment, this indicates traders are long puts, market makers are short puts, and they have to trade with price to hedge their delta exposure. Alright, so positive Gamma for the SB500, neutral for the NASDAQ and negative for the Russell 2000. Note all these numbers did shift lower from yesterday, I guess actually with the exception of NDX, which is typically not very significant. So it became more negative for the Russell 2000 and shifted lower for the SBX, SPI and QQQ. Alright, one other thing to point out today, one kind of key, something to keep an eye on, I think Caesar pointed this out yesterday, is the VIX. This is yesterday, the dark shaded areas are the regular trading hours. And again, I think it was Caesar pointing this out yesterday, that VIX began to rise, looks like a right around 10.30 yesterday. And now it's continued that move higher, pretty much from the cash open today. Alright, so according to that, it looks like traders may be reaching for longer dated puts for protection. Alright, let's take a look at some setups now. I'm going to start with the SB500. So everything that we've looked at so far, other than book map, is based on static data. So the levels that I was looking at, the spot gamma levels, gamma notional, that is updated once a day. It's available in the morning, so I use that in my planning process to set the levels on my chart, looking at gamma notional. So that's all based on static data that's updated once a day, sometime overnight. Spot gamma takes that data, applies their proprietary algorithms to come up with the levels that I was showing on my charts. Now we're going to switch over to the execution process. And I'm going to look at real time data. The first thing I want to do is take a look at what options traders are doing today. Again, I think options traders in the underlying index products by SPX, NDX, QQQ are key drivers of price action. Market makers hedge those trades with ES futures and NQ futures. Alright, so I'm going to start with the SB500. This is the hero chart. Hedging impact, real time options. This is available to spot gamma subscribers. This chart is showing the hero signal for the SB500. The chart is showing price for SPX with a white line. The purple line is showing the hero signal. Again, that's hedging impact, real time options. And a rising purple line indicates traders are taking positive delta positions. And this is a combined signal for SPX, SPY, XSP, and ES futures. All under one combined signal. So when traders are taking positive delta positions in those underlying index products, market makers are taking the opposite side and they have to buy futures to hedge their delta exposure. On the other hand, when the hero signal is, oops, wrong tool, when the hero signal is falling, this indicates traders are taking negative delta positions. They are buying puts and or selling calls. Market makers take the opposite side and they have to sell futures to hedge their delta exposure. They always want to remain delta neutral. Alright, so this is the combined signal for the SB500. This is what I always use for any, if I'm trading any form with the SB500. Alright, so let's take a look at some setups earlier today. So I'm going to zoom in. Excuse me, I'm going to zoom in. And the first setup I want to take a look at is along. Right here is the signal shifted higher. So traders were started to take positive delta positions. We'll take a look at this setup in book map in just a minute. So that's the first signal. And the next was just somewhere between 10.05 and 10.10 Another long. Note the timely flow alert coming in. Or maybe not necessarily timely, a little bit late, but nonetheless, something to get your attention. Alright, so that's two long setups. And Kuki69, hello, ask, what is flow on a hero chart? That is a signal that indicates significant options activity, something to get your attention. Alright, let's take a look at while we're on hero here, let's take a look at one other thing. So this is the signal for the SB500. And I interpreted this as a signal for longs here, right around 9.50 and somewhere between 10.05 and 10.10. Alright, let's take a look at one other hero signal here. I'm going to go to this mag seven. Let me zoom out. So this is another combined signal. This is showing options trades and market maker hedging activity for a combined signal for the stocks known as the Magnificent Seven, Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. And thank you, Stephen. Alright, let's zoom in on this chart. So again, I know this is a lot to look at, but these stocks make a very large component of especially the NASDAQ 100, but also the SB500. And this is going to add another confirmation for the second long set up. Right here at 10 a.m. Options traders start taking positive delta positions in the mag seven stocks. Again, these stocks make up a large component of both the NASDAQ and the SB500. And I'm separating outputs and calls here. The rising orange line indicates traders are buying calls. And the blue line indicates puts, that's pretty flat. So right around 10 o'clock, 10, 10.05, they started aggressively buying calls. When traders buy calls in stock, market makers sell the calls and they have to buy stock to hedge their delta exposure. And when they're buying stock and all these major products, the index is most likely going to go higher as well. Alright, let's go back to the SB500. Zoom in again. Alright, let's go take a look at book map now. Zoom in on the morning session. Give me just a moment to rearrange the screen. Alright, so at this point in the day, starting right around 10 a.m., I know that traders are taking positive delta positions in the mag seven stocks. And then before that, there was a long signal in hero. And at the same time, this is not a large number. So I'm going to start with the first long set up. So there is some, some iceberg buying, large traders buying with iceberg orders. And this 487, that's the absolute gamma strike and call wall for the, for spy acted as a good entry point for a long. So note traders, this light blue line showing that large traders are buying with iceberg orders they use to hide their size. So I like to see these lines rising. The volume dots are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. So it looks like to me, the sellers became exhausted, aggressive buyers started to come in and price moved higher. And that was good for a scalp. Let's go back and take a look at hero. So there's one long scalp off the 487 level. That's right around ES 4913. And let's go take a look at hero again. Zoom in on this. So this is what I was looking at in the morning. You know, kind of a zoomed in view, just not looking at what happened much later. But so I was watching iceberg orders and aggressive buyers starting to come in at that level that looked like it was going to act as support and, you know, entered at 4913 as the hero signal started rising. Let's go back to, go back to book map now, zoom in just a little bit more. So another thing I was looking at for these two long entries here in the sub chart, I've got three lines. This dark blue line showing CVD, cumulative volume Delta, light blue line showing iceberg orders and the yellow line showing stop orders. And note in the sub chart panel here, all these numbers are positive. So I interpret that as bullish. All right. So first long set up a little bit of consolidation there and then break out of the range. And then this level acting as 4087 level 4913 acting as support again. And ES makes a series of higher lows, aggressive buyers starting to come in shown by the green volume dots. And now in this case, my start borders helped to feel the move higher that shown by the rising yellow line. Also, you can't see it in here, but iceberg orders, large traders buying with iceberg orders that shown by the rising light blue line. So at this point, I know that traders are also buying calls in the mag seven stocks. So when all these numbers are positive, traders are buying calls in the mag seven stocks, I'm looking for long setups, right? Let's zoom out. All right. So two long setups in the morning. And let's actually zoom back in. Then right at 1030, there was a nice short setup. Sorry about this. Turn break at 488. Note at this point that ES is below the SPX call wall, but above the spy call wall. So here's the short right at 1030. And here, this one was very clear. You can see all the aggressive sellers coming in, CVD shifts sharply lower and then sell stop orders fuel to move lower shown by the falling yellow line. We'll see what options traders were doing right at 1030. Let's go back to hero. All right. So starting about 1025, the hero signal shifts starts to shift lower as prices approaching the 4900 call wall. Hero shifts lower and setting up a good short just after 1030 kind of a leading indicator there. So hero shifts lower and then price follows a few minutes later. Let's see what the traders were doing in the mag seven stocks. Go back to mag seven. And here in the mag seven stocks, they simply take their foot off the gas separate outputs and calls. So note from 1030, I'm sorry, 10 o'clock to 1030 aggressively buying calls, then that slows down mag seven consolidates and ES drops lower. So 1030 traders in the S&P 500 stop buying calls. They start buying puts that show them by the rising falling blue line and price moves lower, setting up a short. All right. Let's take a look at NASDAQ. So for NASDAQ, I've been looking at just this mag seven. Again, remember at 10 o'clock, they started aggressively buying calls in the magnificent seven stocks. Let's go to NASDAQ. All right. So obviously right around noon, the better side would have been short, but I've tried, I've primarily traded in the morning. So let's go take a look. Let's just focus on this setup. Then we'll take a quick look at some stocks and get to the live market and take a look at what's going on now. So I just want to focus on this setup from right around 10 to 1030. Iceberg buys, aggressive sellers on the way down, aggressive buyers start to come in. Good entry point right around 427. Good for a move up to the upper week, the expected move. Shown with the purple line there. Pullback entries. Shown along that trend line. All right. So we know the traders were buying calls aggressively in the mag seven stocks from 10 to 1030. So there's the setup, long setup in NASDAQ. Let's take a quick look at some stocks and then we'll take a look at the what's going on current market. So one ask, what do you see for SPX now? We'll get to that in just a minute. So it looks, yeah, it looks like everything's going down. And in this case, the move down started before there was another treasury auction today at 1 p.m. I think it was a seven year notes. All right. Few stocks I want to take a look at. First of all, Google. Very bullish morning. Let's go take a look at Hero for Google. There were a couple of things here. First of all, the rising orange line. Traders buying calls. Market makers sell the calls and they have to buy stock by their delta exposure. Also, 150 is the call wall. Key gamma strike. Price breached that level. When price trades above a call wall for a stock, spot gamma assumes that traders along calls, market makers, short calls, calls concentrated at the call wall. When those calls go as price rises, those calls go deeper in the money. Their delta is increasing. Market makers have to continue to buy stock by their delta exposure. Note also, this is very typical pattern. Aggressive call buyers in the morning and they take the foot off the gas and price consolidates. Good point for selling a call spread if you like to trade spreads. Let's go back to BookMap. There's Google. Aggressive call buyers in the morning. Call wall breach at 150. Price moves higher until call buyers take their foot off the gas. The next is Nvidia. The main thing that I want to point out for Nvidia here, and I'm just going to leave the chart like this instead of zooming in, is this move higher right here. Remember, that's from 10 to 1030. Remember, the Mag7 signal was moving higher. Also note when this starts to move lower just before noon. Let's go take a look at Hero. First of all for Nvidia. Call buyers. 10 to 1030. Look familiar? Yeah, it should. Just like Mag7. Take the foot off the gas. Now right around noon, they start selling calls. Let's go take a look at the Mag7. Pretty similar chart. Aggressively buying calls. 10 to 1030. Take the foot off the gas. Right around noon, they start selling calls. So Nvidia. Very active options market and a key driver of the Mag7 signal here. All right, so let's go back to Nvidia. Don't hear a couple of more flow alerts this time being more timely. Let's just zoom in on this morning. So this is a very good indication for long in the morning. Giving you a little bit of lead. Flow alert. Aggressive call buyers come in and price responds just a few minutes later. All right, so that's Nvidia. And then last, I want to take a look at Tesla of course. Tesla reported earnings. Let's go back to the total signal. So actually, while I have it separated, both these numbers notion of value negative indicating traders are selling calls and buying puts. Now let's go back to the total signal. Combining calls and puts. Sorry about that. Sometimes jumping from puts calls and back to the total signal causes that auto zoom. So zoom. All right, so notice the sharp drop in the morning. Traders taking negative delta positions. Another timely flow alert there. Let's go take a look at book map. Tesla map a little slow today. All right, so definitely a down day here in Tesla. Short setup right around 190. This is pretty typical of stocks. The liquidity in the order book. The heat map is showing a history of it. Liquidity in the order book typically comes in at the cash open. Here in the case of 185, these orders, these are buy limit buy orders in the order book came in before the cash open. They typically stay in the order book until they're filled and often acts as a magnet for price. All right, so traders taking negative delta positions. Market makers selling stock to hash their delta exposure and good for a great short setup in Tesla. All right, let me check for questions. JLNZ asks how do you look from the dome in order to validate a trade? I look at the dome just to enter a trade. So I'm showing everything that I'm looking at to plan and execute a trade. I'm looking at what options traders doing and hero and then order flow in book map to plan and enter a trade. So there are plenty of dome traders. There are book map has an excellent dome, dome pro. There's a trader that has done webinars for book map showing how he uses the dome. He's an expert at that and my expertise is more in options and watching what options traders are doing and how that influences price action in the SMB500 and NASDAQ. Oh, thank you, Stephen, Gary Norden, yes. So if you're interested in the dome, dome pro specifically, take a look at what they search the book map YouTube channel for Gary Norden's webinars. All right, then Juan asks what do you see for SPX now? So if I'm trading any form of the SPX, so for SPX options only, if I'm trading SPX options, either spreads or naked options, then I'm looking at this chart. If I'm trading spy SPX or ES, this is the chart that I look at. It gives me the most information for the SP500. All right, so what I see right now is a downtrend starting right around noon when traders started taking negative delta positions in the mag 7 stocks. Downtrend also note now that stop order CVD have both shifted negative. Let's see what options traders are doing. Let's go back to the SP500. So kind of a mixed picture here, maybe mean reverting price action or options trades, hedging flow. So right now the hero signal has shifted higher, but still making a series of lower highs. So this latest move remains to be seen. Let's see what they're doing in the mag 7. And thank you, Steven. Thanks for posting that link to Gary Norden's webinar. All right, mag 7, showing more bearish signal here. Hero continues to move lower, making lower highs. This is a chart. Think of swim chart that I have showing. This is mag 7 plus AMD. Yeah, I don't have Netflix on this chart. So this is this is all looking pretty bearish. All these stocks trending lower. All right, let's go back to book map. All right, so one what I see now is bearish. Let's zoom in on this a bit. So it remains to be seen whether this is a reversal higher. We know that the hero signal for the SM500 is shifting higher. The hero signal for mag 7 continues to move lower. Let's take a look at NASDAQ. See what NASDAQ is doing. Definitely looking bearish to me. Let's see the I typically do not label the QQQ spot gamma levels. Let's see what 424 and 425 are. All right, 425 is the zero gamma level. And 424 is a large gamma one level. So actually 424 is the absolute gamma strike. So that's a strike with the largest gamma weighted open interest for QQQ. And that level did shift higher from yesterday. So so far looking bearish. It remains to be seen whether the 424 will act as support. The large traders have been buying weakness with iceberg orders that shown by the rising light blue line. And for NASDAQ in a reversal, I would really want to see CVD start to rise and then some stop orders to fuel the move higher. So I would be looking for the yellow line and the pink line to start moving higher and NASDAQ to make start to make a series of higher lows, higher highs and higher lows before I would look for a long until then, as Bruce says, the outlook, the move is bearish and no need to change that for now. Let's go back to the SB 500. All right, so SB 500 maybe finding support. Let's go back and check hero signals. So mag seven continues to move lower. SB 500 still now rising. It looks like it has kind of broken this trend of lower highs. Flow alert. So it could be a bullish signal for the SB 500. Zoom back out. Looks like some aggressive buyers are starting to come in. You can see the green volume dots. CVD starting to rise. So looking more bullish here in the SB 500 and remains to be seen whether this is a reversal or just another pullback for a short. And now some buy stop orders coming in. Showing by the green dot there. So a little bit of a stop run here. Let's go back and check hero and the hero signal continues to move higher. Let's zoom in on this. So it doesn't provide much clarity back to book map. All right, does anyone have any stocks they want me to take a look at? Otherwise I'm going to wrap it up. My time is up. All right, interesting day today, more of a range day in the morning than more trending day in the afternoon. Good trades all around. I want to thank everyone for watching. Thank you for your questions and comments. Remember, PCE data out tomorrow morning at 8.30 a.m. Eastern time. And we'll talk about it tomorrow afternoon. And Nando wants to see Metta. We'll take a quick look at Metta. Typical pattern for Metta. Aggressive move in the morning. Call buyers. Take the foot off the gas. In this case, right around 10.30 and price consolidates. All right, there you go. All right, my time is up. I want to thank everyone for watching. Thank you for your questions and comments. And we'll talk about PCE tomorrow. And I'll see you at 1.30. All right, thanks again. Bye.