 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 disclosure. Trading futures, equities, and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And before I go any further I need to pause for a public service announcement. Bookmap is asking everyone who is using Bookmap Discord to fill out this form. You can scan this with your phone and fill out the form there. And this should provide the folks who Bookmap Discord users with some additional benefits, webinars, services, beta programs, free add-ons, other freebies, and should help promote a better experience in Bookmap Discord for everyone. So if you have not done so already, please scan this, fill out the form, and that will be a great help to Bookmap. 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 option stash Doug chat channel. That's a great place to post questions, comments, and content related to the topics in my presentation and the topics of the channel that I'll go through in just a moment. And again, Bookmap Discord is a great community. There's a wide variety of content on a variety of asset classes, options, stocks, futures, crypto, and a wide variety of languages. And a number of traders all working together to help each other become better traders. I'm also on X, formerly known as Twitter. My name there is at Doug Place. Here are the key tenets of my trading approach. I believe options trades and market maker hedging activity are key drivers of price in many stocks and futures, especially equity futures like ES and NQ. And for the SMB500, SPX and SPY, which is just another version of SPX, is the underlying asset. So that's the SMB500. ES is a derivative of SPX and SPY. So when traders buy and sell puts and calls and SPY and SPX, market makers take the opposite side of those trades and they hedge those trades with ES futures. Hello, Caesar. Welcome. Glad you hear them. All right, the same for the NASDAQ. The NDX is the underlying index, QQQ, another form of that, actually the more prevalent, there's more volume, much more options volume in QQQ and NDX. So again, NQ is a derivative of NDX and QQQ. And when traders buy and sell puts and calls, and when traders buy and sell puts and calls in NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NQ futures. And just let me show a quick screenshot of yesterday. So this is yesterday and I'll talk more about this when we get to setups. I'll review what I was talking about yesterday. This is the ES futures and bookmap. Again, this is from yesterday. And these are the two key levels that we were watching. The 5,000 level SPX, that's SPX, 5,000 level absolute gamestrike call wall, and then a combo one level just below that. And look how price reacts at those levels. So I'll leave it up to you. Also, that note, there was some liquidity at these levels, the heat map and bookmap, showing history of the limit orders, those limit sell orders at those locations. So I'll leave it up to you to decide which was more important, the SPX 5,000 level or the ES 50-20 level. And I believe the 5,000 level was definitely key there. All right, so those are my key tenants. That's the basis of my approach to trading. The focus of my presentation today and the focus of the options-duck chat channel is options order flow, the impact of options markets on Stockton futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading, and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned to the options market, and how those positions change from day to day to develop a thesis regarding the expected trading range of 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 and book map and real-time market maker hedging flow and spot 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 SME 500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. My focus is intraday trading, but the setups that I talk about could be applicable to swing trading as well, depending on your timeframe and the way you like to trade. Questions and comments are welcome, and I will be watching both the options-jug-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 hello, Steven. Welcome. Glad you're here. All right. Here's my agenda for today, Thursday, February 8th. First of all, I want to talk about news items, economic data and events and earnings for today and the rest of the week. And then I'll go through my positional analysis. Then we'll review some setups from earlier today and then take a look at the live market. I want to 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. So this has been a very light week for news. And the only thing that I had noted, and I posted this in Discord this morning, was a Treasury auction at 1 p.m. This was for 30-year bonds. And here's the reaction. Initially bullish. Then to move down. Now it looks like the S&P 500 is moving higher again. All right. So that was the reaction to the to the bond auction. Again, just after 1 p.m. bullish reaction. Now it looks like the S&P 500 breaking out of the current range. All right. So that's all the news. So let's move on to positional analysis. So again, this is the ES futures and book map. And before I take a closer look at this chart, I do want to take a look at a larger timeframe. I'm going to go to the underlying index, which is SPX. I'm going to start by looking at a one day chart. This is the current rally that began on October 30th last year. And I measured this rally. It's about 900 points from right around 4100 up to 5000. So just a brief review of the levels. 4800 was the resistance at the end of last year and then early this year. And then on January options expiration, January 19th, SPX broke above that level. All right. So let's continue on with SPX, but now I'll go to a shorter timeframe so we can continue with that that view. All right. So here's the breakout options expiration, January 19th resistance. Quick move up to 4900 resistance. Move down after FOMC last week. Then Thursday after FOMC, rally began again. And then price did break above 4900. Then finding resistance at 5000. So we'll take a look at a one minute chart in just a minute and see what that looks like. All right. Let me point out the levels on this chart. And then we'll move to move to the one minute chart. All right. So levels on the chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. I update this once a week. Then the dash blue lines are showing the lower and upper daily expected move. This is updated once a day also based on the options market and SPX trading within that range and also below the upper weekly expected move. All right. So overall very quiet day in the S&P 500 today. And by the way, I'm posting I've started posting all of the the daily and weekly expected moves in discord. I post that the evening before. All right. The other lines on this chart are showing spot gamma levels. These are proprietary spot gamma levels based on gamma weighted open interest. They're available to spot gamma subscribers and they're available also on a variety of trading platforms. I'm going to point out the key daily levels. So first of all, here's the put wall at 4500. That's a strike with largest net negative gamma that can be expected to act as support. The next level up is the volatility trigger 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. And that tends to enhance or increase volatility. On the other hand, above that level, like SPX is trading now, 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. That level did move up from yesterday. Moved up slightly up to again to 4895 from yesterday. All right. The next level up is the call wall at 5000. That's also the absolute gamma strike. So the call was the strike with large net positive gamma that can be expected to act as resistance. And it did yesterday. And it's also the absolute gamma strike. That's a strike with largest absolute positive negative gamma. So by far that's where most of the gamma weighted open interest is concentrated. All right. Finally, let's move to a move to a one minute chart. Then we'll get to book map. All right. So this is a one minute chart showing about three days worth of data, regular trading hours in the dark shaded areas. All right. So this is Tuesday 4950 level showing how that level and there was a combo level just below that acted as resistance. Wednesday price gapped up, made it all the way up to just a few ticks below 5000. And the call wall did its job acted as resistance. All right. Now, after that move higher, SPX is consolidating below that level in a very narrow trading range today. All right. So that's the key level above the 5000 level and should act as a magnet for price as expiration approaches next week. All right. Let's get to book map now. All right. In book map, I have my own cloud notes. So I can show there's my cloud notes. So I can show SPX levels. There's that 5000 level. And I'm also showing spy levels on this chart and note the very narrow narrow trading range today. Consolidation after the 900 point rally. All right. So note there is a difference in price between ES and SPX. And today it's somewhere between 18 and 19 points closer to 18. So that's what I'm using today. So I'm showing SPX 5000 at ES 5018. All right. So the two main levels and played today are the 5000 level for SPX. And then this spy 498 large gamma three level. All right. Shifts and levels. I talked about SPX. Volatility trigger shifted higher. And then for spy, the put wall shifted lower. But most importantly, the call wall and the absolute gamma strike both shifted up from 495 to 500 today. We'll take a look at that in just a minute. I'll take a look at the absolute gamma strikes for spy. And we'll see how the gamma is absolute gamma is aligned for spy. All right. So again, shifts higher in the call wall and absolute gamma strike up to 500 for spy. And that is bullish. To me, it indicates that traders are looking for and expecting and positioning themselves for higher prices. All right. That's the SB 500. We'll talk about setups in a few minutes. Let's go on to NASDAQ. All right. For NASDAQ, remember the underlying index products are QQQ and NDX. So let's take a look at charts for both of those index products. We'll go to QQQ first. Trading also on a pretty narrow range, but more of a bullish bias than the SB 500. No spot gamma levels in play. Just the 432 and 433 round number levels. Not clearly acting as support or resistance, although now it looks like price is oscillating up and down around 433. All right. For QQQ, there was a hat trick. Bullish shifts higher. The volatility trigger put wall and absolute gamma strike all shifted higher. And the call wall remains at 440. All right. Let's take a quick look at NDX. Last time I looked, there was not much to see there. And I don't see NDX levels on this chart. So let's just take a quick look. Go to NDX and nothing to see here. No gamma levels in play for today. All right. Back to NQ. Again, NQ futures. I have my own cloud notes. So I can show QQQ levels. There's the 432 and 433 that I mentioned before. And then also round number levels for NQ. And I would have any, if there were any NDX levels in play, they would show on this chart. Again, I do post the index relationships that I'm using every day in Discord. I've been posting the preliminary numbers before the cash open and note that SPX and NDX do not trade until the cash open. So then I will finalize the numbers sometime after the cash open. It often takes maybe 30 minutes for the difference between ES and SPX and NQ and NDX to settle out. So I post those around 10 a.m. All right. We'll talk about setups in a few minutes. Again, QQQ hat trick, volatility trigger put wall and absolute gamma strike all shifted higher. And for NDX, NDX volatility trigger and put wall shifted lower. And one of the men says, today I learned that you can have the difference between ES and SPX computed for you by think or swim. That's right. That's what I do. So here's my, thanks for noting that. That's where I get those numbers. ES minus SPX and NQ minus NDX. And I just, I typically round that to the closest round number or maybe, you know, maybe 18.5 would be closer, but 18 is close enough. All right. So thank you one, the man. Thanks for pointing that out. All right. Let's take a quick look at gamma notional and the absolute gamma strikes. And then we'll take a look at some setups. So first of all, I'm going to take a look at gamma notional. This is how market makers were positioned on the gamma curve at the beginning of the day for SPX, SPI, NDX, QQQ, RUT and IWM. So the SP500 NASDAQ are also 2000. And this gives me a sense of what I can expect for volatility in a trading range for the day. So note that the SP500 and NASDAQ, these numbers are positive. This indicates at the beginning of the day, market makers position on the gamma curve was positive. In a positive gamma environment, SPOT gamma assumes that market makers are their long calls, traders are short calls, market makers are long calls, hence the positive gamma, and they have to trade against price to hedge the adult exposure. So in a positive gamma environment, I'm looking for a more narrow trading range, mean reverting price action. And that has certainly been the case in the SP500 today. These shifts in these levels were mixed. So the key takeaway for the SP500 and NASDAQ is these numbers are positive. This is gamma notional at the beginning of the day, and for the Russell 2000, negative. And those numbers for Russell 2000 did shift lower from yesterday, so more negative. All right, finally, I want to take a look at the absolute gamma strikes. This is for SPY. What this chart is showing is market makers gamma, orange bars above zero showing positive gamma or called gamma, and blue bars below zero showing negative gamma or put gamma. This is the 500 level for SPY. And you can see the orange bar much, much larger than the blue bar. So remember the call wall is the call gamma minus the put gamma. And that's pretty obvious there that that would be the biggest difference. So that's the strike with the largest net positive gamma. That's also the absolute gamma strike. And that again did move up from 495 yesterday. So a little bit more in alignment with SPX, but SPX clearly dominated by the 5000 strike. All right, let's move on from positional analysis now, move on to execution. Everything that we've looked at so far is based on static data other than book map. So the levels that I showed on the ES and NQ charts based on static data that's updated once a day, those levels updated once a day. Now let's move on to execution. So let's look at real time data. And the first thing that I like to look at is what options traders are doing today. This is the hero signal hedging impact, real time options. This is available to spot gamma subscribers. What this chart is showing is price for SPX and the hero signal again, which is showing options trades and market maker hedging activity, in this case for a combined signal of SPX by XSP and ES futures. So options trades, market maker hedging activity is again, this is a combined signal market maker hedging activity. I was reading questions. All right, let's take a look now at what this signal means. So a following hero signal indicates traders taking negative delta positions. When traders take negative delta positions, market maker take the opposite side. They have to sell ES futures to hedge their delta exposure. When traders buy and sell puts and calls and SPX and spy, market makers hedge their delta exposure with ES futures. And with SPX, that's the only way they can hedge with ES futures. You can't buy or sell SPX. On the other hand, when the line hero signal is rising, traders are taking positive delta positions. They are buying calls and or selling puts. Market makers take the opposite side and they have to buy futures to hedge their delta exposure. All right, so PME asks, what typically happens if that wall breaks toward the end of the day or weak in this environment? I'll just refer you to the spot gamma stats that indicate the forward one day and five day returns after a call wall breach in the SPX is typically negative. But this is a very bullish market. It depends. There are a lot of factors. What traders are doing, especially with the magnificent seven stocks. So so far, those walls have been moving higher. Let's just take a quick look. And this is the equity hub spot gamma equity hub to SPX. Go to the history. This is a 10 day history. And it's been going on longer than that. But this is showing is the call wall has gradually moved up. So there's a call wall breach. And then price, price finally, the call wall moves up. And so price continues higher. Maybe 5,000 might be a more of a longer term stopping point. We'll see. All right. So PME asked, what does your crystal ball say? I really, I look at trading from day to day. So what we'll talk more about that. Let me get on with setups now. All right. So this is the hero signal for the SP 500. And I want to talk about setups. So note the hero signal is has been up and down, more mean reverting options traders, taking positive delta positions at the low and negative delta positions at the highs. Generally trending down, though, in the morning. So net overall, traders, especially in the morning, taking negative delta positions. All right. Let's go to book map. Go back to ES. So this is a line I drew. This is not not the heat map. This is a line that I actually drew a horizontal line at ES 5,014.50. And note it had acted as resistance multiple times today. And that was actually also a good short after after the bond auction, right at that same level. Let's zoom in a bit. Zoom in on the morning. So really today in this positive gamma consolidation type environment, there were opportunities for longs and shorts. Remember the hero signal generally trending down, traders taking negative delta positions. And let me just point out one short here. This is right around 1020 at this 1450 level again, that had multiple test 1450. Price reverses lower at that level. Makes a series of lower highs and noteless liquidity in the order book that came in right around looks like right around 5,005. Iceberg order. This D indicates the Seitzberg order was detected. So it looks like it did not execute and very small, but it finally executed with a second test of that 5,005 level. That's what this blue line means that Iceberg order stays in the order book. So you could play this with longs or shorts mean reverting price action, the range established in the morning somewhere between 1450 and 5,005, 5,014, 50, and that's our ES numbers. And also this this zone between ES 5,014, 50 and spy 498 also acting as good points for shorts anywhere in between there. You'll get multiple short opportunities as traders were taking negative delta positions. So the more aggressive entry at 1450 and then the I guess more safer more clear more confirmed entry at right around 1225. That was spy 498, the large gamma three level. Let's go back to hero. So we'll take a look at we'll just focus on one at 1020. This peak in hero starts to move lower. So again, you could see after you know after a minute or two price did start to move lower as hero move lower a couple of flow alerts here indicating significant options activity and Brent the founder of spot gamma has noted that these flow alerts often act as mean reverting signals. So you see those flow alerts. ES trading more in the high of the range. And it's a good idea to look for short also with the hero signal starting to trend down. All right, let's go back to book map note also at this time there were some clues in book map although not real strong but large traders were selling with iceberg orders that shown by the falling light blue line safer entry at 498 mostly scalp trades today and at that point you could see that CVD that shown by the dark blue to magenta line it shifts from dark blue positive to magenta when it turns negative and then also sell stop orders helping to fuel the move lower shown by the on chart indicators as well. All right, so very narrow trading range in the SP500 today and in my view a little bit more favoring shorts today at least in the morning but the range pretty much established excuse me the range pretty much established by this 5005 liquidity on the on the low end of the range and the 1450 on the high end of the range maybe up to 15 or 16 this liquidity up above at 1625. All right, let's take a look at NASDAQ but NASDAQ provided more clear training today. All right, so let's go first of all take a look at hero for NASDAQ and for NASDAQ I've been looking at this mag7 signal so let me show you what this is. This is a combined signal for options trades market maker hedging activity in the seven stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. All right, so this is a great directional indicator especially for the NASDAQ 100. These stocks make up a very large portion component of the NASDAQ especially. All right, so let's zoom in on this so I'm going to zoom in on the morning. All right, so what this is showing is the hero signal for NAS for the mag7 really starts to move higher about 1015 makes a higher low and then I thought the really the clear signal for NASDAQ was right around 1042 and this is showing the hero signal again for that combined mag7 stocks but the price is in terms of QQQ so these prices here are in terms of QQQ at least that's what it looks like to me. All right, let's go take a look at book map so back to NQ let's zoom in. All right, so this is the what I thought was the the clearest signal for a long right around 1042, 1043 the hero signal for mag7 had already started moving higher so was a nice leading indicator for a long and note that this is VWAP the light blue line NQ moves down exactly to VWAP and reverses higher so there was your long entry if you missed that long entry around 850 and notice price starts to move higher CVD moves higher that's shown by the magenta line there and also buy stop orders shown by the yellow line also fuel the move higher and especially at the top of that move. All right, so I thought this was a little bit easier read today in NASDAQ versus ES and ES more range definitely range day scalping all right let's take a look at some stocks and then we'll get to the live market all right the first stock I want to take a look at is Apple so let's go to hero see what options traders have been doing today so in the morning they were traders were taking negative delta positions that show falling hero signal when traders let's say when traders buy puts market makers sell the puts they have to sell stock to hedge their delta exposure note the floor alert that comes in around 950 let's go to book map go to Apple and bearish day and Apple up until about noon price trading below VWAP shown with light blue line a couple of entry points just above 189 then just below 189 not a lot of range and movement and Apple that's pretty typical but a nice read short setup using hero the next is Microsoft also short today pretty narrow range in and Microsoft let's see what options traders were doing go to Microsoft and note the floor alerts here this one indicating a good mean reversion trade hero shifts lower and traders so traders taking negative delta positions and market makers take the opposite side of that and they have to sell stock to hedge their delta exposure then let's take a look at it in video let's zoom in on this and there I found there's a very strong correlation between the hero signal for Nvidia and the hero signal for the mag 7 indicated me that Nvidia is driving a lot of the price of mag 7 and hence the NASDAQ all right so note the hero signal for Nvidia starts to move higher at 1015 and price makes an equal low and then moves higher flow alert get your attention note that 700 is the call wall and initially acted as resistance price breached that level then acted as support and when price breaches the call wall and this is more typical and I'm talking about a stock now when price breaches a call wall for a stock spot gamma assumes that traders are long calls market makers are short calls the calls concentrated that level as price moves higher they go deeper in the money so again market makers are short their calls their delta is getting more negative and they have to continue to buy stock to hedge their delta exposure let's zoom back out note this is a somewhat typical pattern in the morning traders taking positive delta positions aggressively they take the foot off the gas and price consolidates let's go take a look at book map and here's Nvidia here's the 700 call wall remember the hero signal started to shift higher right around 1015 and then price and that was right around the 697 level price tested that level again as hero continued to rise and then made a quick jump higher from 697 all the way up to 706 so a nine point move higher in just a few minutes traders took their foot off the gas price moves lower right so Nvidia is still trading above the 700 call wall all right then the tremendous 10 tim wants to take a look at arm so I don't have arm and book map and we can take a look at heroes see what options traders are doing see it may not be in here here it is all right here's arm I believe reported earnings yesterday is that right tim very bullish positive reaction let's see what traders have been doing and this is pretty clearly what you know this is very typical traders buying calls that shown by the rising orange line take their foot off the gas and price consolidates so a huge move in arm right so there you go tim they're also they're buying calls also selling puts that's shown by the blue line when the blue line is rising that indicates traders are selling puts so when the blue line and the orange line are moving in the same direction it's a very powerful directional indicator all right I do want to review one setup from yesterday and then we'll we'll take a look at the live market so yesterday excuse me yesterday I was talking about this divergence this is yesterday afternoon talking about this divergent this is the SB 500 yesterday talking about this divergence so the way I like to play these is when I see this divergence and price moving up toward a key level I like to wait for a test of that level it took a while actually the hero signal moved up moved up so divergence hero signal moving down price trading at a narrow range hero signal moves up price moves up to 5000 again and then the hero signal shifts lower setting up that short right around 3 p.m. all right so it took some patience I was talking about that that at the end of my webinar yesterday which was right around 4 30 right around here so it took some patience to wait for that all right let's go take a look I'm going to take a look at a screenshot a book map from yesterday we've already taken a look at this once so again this is book map from yesterday there's that first test this in this case it was this combo level just below and that's when traders started taking negative delta positions and this shows what they were actually doing the following orange line indicates they were selling calls no they started at right at 130 just maybe a minute after 130 selling calls at the call wall a natural reaction for contrary on options traders to start selling calls all right so it took a while for this short to set up with the divergence and hero trader selling calls and then this final test of the call wall yesterday and yes move lower not a lot of range of that but it was a pretty pretty clear short with the hero divergence all right so that was yesterday all right let's get back to today now if anyone has any other stocks they want me to take a look at please let me know and I'll be glad to do that otherwise let's get to the get to the live market so the hero signal for SB 500 is not showing any strong direction at this point let's check mag 7 mag 7 continues higher started higher again around 1 p.m looks like now it's moving higher and there's a divergence in and cuckoo cuckoo let's check let's go to the SB 500 first go back to ES so this 1450 to 16 level still acting as resistance note the liquidity band at 16 and 1625 again that's the history of the limit orders in the order book showing uh limit sell orders at those levels and that that range from 1450 to 16 has been multiple good entry points for shorts today short scalps let's go back to take a look at hero again go back to SB 500 let's zoom in and see if we can get any more clarity by changing down to a 30 minute look back period and that really doesn't provide much any additional clarity Solitarized he wants to see SMCI okay we can do that and another day bullish day in SMCI traders buying calls also selling puts when traders buy calls market makers sell the calls they have to buy stock to hedge their delta exposure and note the call wall breach let's check the mag 7 signal so again uh slow to razi uh just another bullish day in SMCI all right mag 7 signal kind of leveling off here qqq moving lower let's go check check the nasdaq signal and it's been trending up since around noon there's a lot of mixed signals here today let's go back to book map right now this looks a little bit more clear to me that for the SB 500 hero signal is starting to move lower go back to book map let's check nasdaq so definitely a bit more trading range in uh and nasdaq today all right so PME your buy tech options ask what does your crystal ball say so i say that the spx level 5000 level will continue to act as a magnet into options expiration on friday next next week so unless there's some some big event geopolitical something like that i see the 5000 level being a magnet for price and price potentially oscillating up and down around that level until expiration and then there could be some additional movement away from that level after options expiration let's just take a look at one thing real quick let's go back to this this is the and i'm going to go to the sentiment page go to expiration concentration we'll look at this more next week this is the expiration next week this is delta notional so the orange bar is showing call delta notional and the blue bar is showing put delta notional again this this is for expiration next week friday next week and this is for combined spx nasdaq and rosa 2000 so 5000 acting as a magnet for price up to expiration options expire calls expire and often in a call dominated expiration there could be some consolidation or a movement lower after those calls that are supporting and attracting the market uh expire so that's uh we'll take a look at that more closely next week so that's what i'm what i'm thinking now and what i'm hoping for is a little bit more movement so after the fed meeting last week the trading has been great from the fomc day wednesday last week all the way until wednesday yesterday and then it has been kind of slow grind today very narrow trading range short scalps up and down in my opinion more uh favoring shorts and void's garage hello welcome glad you're here as call gamma unwind uh yeah that is a potential into expiration especially next week and of course with the all the rally in these mag seven stocks there's a lot of call gamma that may unwind for those stocks all right my time is up i want to thank everyone for watching thank you for your questions and comments hopefully we'll get more movement tomorrow so i'll see you then all right thanks again bye