 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 disclosures. 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, creating 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. Hello, Deborah Glager here. The focus of my presentation and the focus of the Options Dash Doug chat channel and Discord 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 and 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 a directional bias. And the second step of my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamaHero to confirm my thesis and for setups for entries and exits. And just to be clear, I will be talking about setups in an underlying asset, like a stock or a future. And setups that I talk about can be taken any number of ways with futures contracts, stocks, shares of stock, or options contracts. So my analysis is based on the options market and setups can be taken any number of ways. Again, futures, options, or shares of stock. Questions and comments are welcome, and I will be watching both the options-jug chat channel in Discord as well as the chat in YouTube for your questions and comments. So please feel free to post. My agenda for today, first of all, I'm going to go over news items for today and the rest of the week. Then I'll go through my positional analysis from this morning, I'll review a few setups, and then we'll take a look at the live market. So if anyone has any stocks that they want me to take a look at when we get to the live market, please let me know and I will do that. All right, let's get started. So for today, there were some news items out. First of all, overnight, I'm not sure exactly when this news came out, but it did, in fact, affect NVIDIA overnight that the U.S. is considering curbing export of AI chips to China, and that had a pretty negative impact on NVIDIA. I did not check an overnight chart of AMD. We can take a look at that. But anyway, NVIDIA appears to have at least partially recovered. So we'll take a look at that in one of the setups. And also, Jerome Powell was speaking this morning at a gathering of central bankers, apparently in Portugal. So he was speaking at 9.30 a.m. Eastern time. Karma FX says, thank you for everything, and you're very welcome. Glad you're here. All right, so that was news items for today. And there was something that came out. I don't know if anybody knows what it was. I believe around 12.15. We'll take a look at the exact time. There was a sharp drop lower in both S&P 500 and NASDAQ right around 12.15. I couldn't find any news. Also, note that this morning I did a mini boot camp for Spot Gamma. So I was speaking from 10 to 12 a.m. this morning, and that kind of limited by time for preparation this morning. All right, so news items for the rest of the week. There's some economic data coming out tomorrow. So Floyd's Garage says that Powell is speaking again at 2.30 a.m. Eastern time. And also tomorrow GDP comes out at 8.30 a.m. Eastern time. And then finally on Friday, CPE data comes out at 8.30 a.m. Eastern time. And that could be a market mover. And then consumer sentiment at 10 a.m. Eastern time. And finally, the JP Morgan collar that expires at the end of June will be will roll on Friday. All right, so that is the news items for today. Again, I think the big news item was the announcement about potentially limiting exports of AI chips to China had a big impact on NVIDIA, AMD, and thus the NASDAQ. All right, let's take a look at some charts. Start with positional analysis. And this is the S&P 500 in futures in bookmap. Before I take a closer look at this chart, I do want to take a look at a larger time frame. This is SPX in a 30-day one-hour chart. And this is showing that SPX rallied sharply up to the June expiration 616 and then has moved lower, attempted to move higher now, and appears to have found a range between 4350 and 4400. So there's the move lower at the June expiration 616. And that was pretty well telegraphed, pretty well known based on the expiration was heavily call dominated that tended to support the market. All that call gamma expired and price moved lower and now is attempting to move higher. Let me point out some levels on this chart. First of all, I've got the lower and upper weekly expected move. That's a little bit hard to see. It's in the dash purple lines. And SPX is trading within that range. The next is the lower and upper daily expected move shown by the dashed blue lines. SPX is also trading within that range. And then there was some discrepancy in the spot gamma levels for SPX this morning. And I spoke to Brent as we were preparing for the presentation this morning, Brent Kuchuba, the founder of Spot Gamma. And he looks like made some changes to this. I have not updated the script for today, the think script, other than to update the volatility trigger. But according to the data, the latest data that I saw, we'll take a look at that in a minute, the put wall may not be at 4000. So I'm not sure about that. Anyway, it is way out of play. So there's a question in YouTube. What platform does Bookmap work on? Or is it a trading platform? So it is a standalone platform, and it can be a trading platform or a visualization platform. So Floyd's Garage says, I can use on toss. There is a thinker swim. There is a very limited, older version of Bookmap that runs within thinker swim. I'm using the full version of Bookmap, and it can be a trading platform for stocks or futures, depending on your broker. All right, so let me point out a couple levels that I have some more confidence in. First of all, the volatility trigger at 4360, and I believe that is correct. So the put wall, wherever it is, is the strike with the largest negative gamma, can be expected to act as support. These are all proprietary spot gamma levels. The next is the volatility trigger at 4360. That did move up slightly from 4345 yesterday. Again, a proprietary level, spot gamma is gamma 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 increase or enhance volatility. On the other hand, like SPX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure, and that tends to subdue volatility. And then the next level is the 4400 level, and that is the call wall. That's the strike with the largest net positive gamma, and that can be expected to act as resistance. And then finally 4400 is also the absolute gamma strike, and that is the strike with the largest absolute gamma. All right, so shifts in levels, again, not quite sure for SPX. I believe the volatility trigger did shift higher. Call wall remains at 4400, and the absolute gamma strike did shift higher to 4400. Let's take a look at another thinkorswim chart. Just to get a closer look at the levels that are in play for today. So this is SPX and thinkorswim in a one day one minute chart showing the levels that are in play. So price is trading in a trading range today, and it looks like the around this 4360 volatility trigger did act as support, and that was actually closer to ES4400, I believe. We'll take a look at book map in just a moment. And then this 4376, that I don't think that's here anymore. So that was from yesterday. Again, I did not update this script other than to update the level for the volatility trigger. So again, SPX is trading within the upper and lower daily expected move. All right, let's take a look at book map. So for book map, I have my cloud notes here. And I'm showing SPX levels. And this was a level that was noted as support in the spot gamma AM founders note the 4365 level. And here's the 4360 level right below the ES4400 level. So today, there is about a 39 point difference between ES and SPX. So this 4360 level is at the ES4399 level. So around this level acted as support this morning. And then with the move lower, the SB 500 pound support around that 4365 level. And also this is the spy 435 absolute gamma strike and volatility trigger and note those levels for spy did shift higher. So the volatility trigger shifted higher from yesterday from 434 to 435. And the absolute gamma strike shifted higher from 430 to 435. So those are the levels that are in play for today. And for book map, I have all the levels spy and SPX as well as ES levels. All right, let's take a look at NASDAQ. And again, remember, I'm just going through my positional analysis this morning. So looking at the levels and how they have how they've changed and what levels are in play for today. So let's take a look at a QQQ chart. And again, the only thing that I updated on this chart, I didn't want to update the whole script. I think it might have had the the older SPX levels. So I did upgrade the volatility trigger. This level did shift higher for QQQ from 362 yesterday to 363. Now the put wall did shift lower from 355 to 350. So it's well out of range here. So this volatility trigger has been in play for today. Price chopped around it in the morning before moving higher and then found support with a drop down. So found support around 1245, 1 o'clock. So those are the levels that are in play for QQQ. And then this is my NASDAQ chart and QQ chart. And again, I have my own cloud nodes here. And this is the upper daily expected move for NQ. And note that level did act as resistance more or less. The NASDAQ is typically not going to touch that level to the tick. So that that's pretty close. The 15-0-50 acting as support this morning as well as the QQQ 362 right at the open. There's the 363 volatility trigger. And 364 and 365 are also key gamma levels. All right, we'll take a look at setups in just a minute. So those are the levels that are in play for the NASDAQ today. And again, shifts and levels. There were no shifts for NDX. And I mentioned the shifts for QQQ volatility trigger higher and put wall lower. All right, let's take a look at the Vana models and see how market makers were positioned at the beginning of the day. So this is SPX, the Vana model. What this curve, what this chart is showing is market makers delta exposure and how that changes with price. Delta exposure shown on the vertical axis, price shown on the horizontal axis. There are two curves on this chart and I'm not sure this data is quite accurate. It looks a little bit unusual compared to previous days. We'll compare it in just a moment. So anyway, this light gray curve is showing how market makers delta notional changes with changes in price only. And then the purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in applied volatility is the Vana effect. That's a second order Greek. So hence the name of this chart, the Vana model. So what this chart is showing is as price increases, market makers will have to sell futures to hedge their delta exposure. And that's typical in a positive gamma environment. And today, SPX gamma notional is slightly positive. And then on the other hand, as price decreases, market makers will have to sell futures to hedge their delta exposure. As price decreases and implied volatility increases. And that, again, that's the Vana effect. And that's typical of a negative gamma environment. Let's see where SPX is trading right now. And how it fits on this curve. So I've got SPX at about 43.68. So down, down around here, somewhere where I'm holding my cursor, this vertical line. So what this is showing is if price increases, this curve is showing that there will be a tailwind for price somewhat of the Vana effect. As price increases, market makers can buy back their short hedges. And that will be, again, a tailwind for price up to a certain point. On the other hand, the price decreases, market makers will need to sell futures to hedge their delta exposure. And that that will be trading with price. And that's typical of a negative gamma environment. So both of these actions are typical of a negative gamma environment, although SPX did open with a gamma notional slightly positive. Let's take a look at, we'll just step back to yesterday. So this is more of a typical gamma curve for SPX. Let's look at SPI. SPI gamma notional is still negative. SPI is trading at about 435 now. Alright, so that's about right here. So this is gamma notional for SPI is negative. This is typical negative gamma environment. A tailwind up to a certain point as price increases, market makers can buy back short hedges. And then on the other hand, again, as price decreases, they will have to sell futures to hedge their delta exposure. Alright, so I hope everybody sees that price increases, market makers can buy back short hedges, price decreases, implied volatility increases, market makers will have to sell futures to hedge their delta exposure. And I'm going from right about this level here. So that is the information that I get from the VANA model. Let's take a look at some data now. So first of all, this is the data that I was talking about from this morning. It looks like this has been updated. Again, I'm not quite sure about the put wall. That's a pretty significant shift from 4000 to 4355. Otherwise, the call wall looks right at 4400. Absolute gamma strike. Remember there was a strong rally yesterday. Absolute gamma strike moving up to 4400 makes sense, as well as the volatility trigger also moving higher. Alright, so Floyd's garage, so they buy calls to, would that be opposite of the puts? I'm not quite sure what you mean by that. Options market makers are taking the opposite side of customer trades. So let's take a look at a negative gamma position. That means that traders are long puts, market makers are short puts. So they're hedging with futures. For the SAP 500 or NASDAQ, they're hedging with ES futures or NQ futures. So just like I talked about when negative gamma environment, when price increases, implied volatility drops, their delta exposure decreases. Those puts are losing value and they can buy back their short future hedges. And then on the other hand, if price decreases and implied volatility increases, their delta exposure will increase and they will have to sell futures to hedge their delta exposure. So you can see in a negative gamma environment, with price moves both directions, they're trading in that direction of price. Alright, so that is the levels for SPX. Let's move on now to gamma notional. Alright, so it looks like this data looks like for SPX. This has been updated as well. So right now for SPX, gamma notional is 590 million. And for, so I'm looking at gamma notional for SPX, SPI, NDX, and QQQ. So gamma notional for SPX is positive. And it was slightly negative yesterday. So that has shifted from slightly negative yesterday to positive 590 today. And then the data for SPI, NDX, and QQQ was, I'm not quite sure what it was yesterday. It seems like there was no change from the day before. So it has been updated today. So anyway, still negative for SPI, 866 million negative. And then for QQQ, minus 215 million. So positive gamma for SPX, negative gamma for SPI and QQQ. And typically the number for NDX is not significant. Alright, so based on that information, first of all, I was looking for a lower trading range than yesterday, lower volatility really based on the shift higher and gamma notional for all these instruments. So gamma notional did shift higher for all, indicating lower volatility and also a bullish directional bias based on the shift higher in the absolute gamma strike for SPX and SPI primarily. Alright, let's take a look at some setups. We'll start with the SMB 500. And I'm going to go to spot gamma hero here. Let me make sure I've got, we'll take a closer look at this chart in just a minute. So I want to point out what we're looking at here. First, the white line is showing price for SPX for this chart. And the purple line is showing options trades and market maker hedging flow for a combined signal for the S&P 500, combining SPX, SPI, XSP, and ES futures, all in the one combined signal. Let's take a look at the individual components of this, and then we'll take a closer look at this chart. So first of all, SPX, very bullish signal here in SPX. And up until that, that drop around 1215, there was a very strong correlation between hedging flow and price action, and then traders could really continued to take positive delta positions. That's what the rising purple line is showing. They're taking positive delta positions. And we'll see what they're doing in just a minute, as far as puts and calls go. But this is positive. It's at around 1.9 billion positive. That's the notional value. So that's SPX, SPI, somewhat opposite today, taking negative delta positions in SPI, total notional value of minus 1.13 billion. And then ES futures, also negative at minus 954 million. Then back to the combined signal. And this is usually what I look at for the S&P 500. Very strong correlation in the total signal between options trades hedging flow and price action. So let's take a closer look at this chart. I'm going to zoom in, take up the whole screen. I'm going to zoom so I'm looking at the, this is the 930 cash open right here. So that's where this chart starts. So first of all, let's take a look at puts and calls and see what traders are doing. So they are buying calls and buying puts. This is pretty typical. Call shown with the rising orange line, and it's rising. This total notional value right now is positive 1.7 billion indicating traders are taking positive delta positions and calls. They're buying calls. And that was a huge driver of price action yesterday. At the end of the day for the total S&P 500, if you can remember, there was a very mechanical uptrend yesterday as traders continued to buy calls all day. And Brent showed in the AM founders note that that was mostly zero DTE calls. All right. So today they are buying calls. They're also buying puts that's shown by the following blue line and also the negative number there at about 1 minus 1.78 billion. So net net the signal is slightly negative at minus 33 million combining puts and calls and showing again a very strong correlation between options trades, hedging flow and price action. And we can also take a look at the zero DTE trades that's shown by this green line. And as we saw with SBX, there was a strong correlation up until the afternoon flow. And now zero DTE traders starting around 1250 or one o'clock, starting to take positive delta positions. Again, primarily in zero DTE options, options that expire today. Let's take a look at the morning setup. So what this is showing is price chopping around for the first 45 minutes. And then options traders start to take positive delta positions and price responds about the same time. So I'm looking at price moving higher and traders continue to take positive delta options positions and market makers are taking the opposite side. So they're buying futures to hedge their delta exposure. Let's go take a look at book now. We'll zoom in on the morning session. So a lot of chop for about 45 minutes up and down around this 43 65 level SBX 43 65, that finally resolves higher. You can see the shift in order flow. These pink dots are showing all the volume dots are showing market buy minus market sell. And if market sell orders, they're more greater than the the buy orders that turns out to be a pink dot. It's a delta or a difference between market buys and market sells. And here the green dots are showing now that buyers are coming in market buyers are buyers with their market orders are more aggressive. So aggressive buyers start to come in a lot of green dots here by stop orders help to feel the move higher that shown by that small green dot. And then again, market buy or buy stop orders help to feel the move higher as well as aggressive buyers with the pink, the green volume dots. This pullback to V WAP here would have been a good long entry point. All right. So there's the long setup in the SB 500 not quite as clear as yesterday, but definitely supported by order flow and and hedging flow. Let's take a look at NASDAQ pretty similar price action and NASDAQ here. And there was really not much of much of a help from from Hero for NASDAQ, not much of a confirmation the last time that I looked at it. So let's go to NASDAQ. This is a combined signal for NDX and QQQ all into one signal. Let me just take a look at individual components. So that really does not help much. So we'll go back to the NASDAQ signal. So there was a little bit of a jump here right at this point as price started to move higher, but not not really that much of a leading indicator and kind of an unclear signal. Hero does not provide a you know, I guess a perfect signal every day. Or you know, another way of looking that is options traders are not the key driver of price action every minute of every day. So Hero helps you to recognize that. All right. Let's go take a look at Bookmap. Go back to NASDAQ. See what levels are in play. So for again today, the 363 that is the QQQ volatility trigger. Price oscillated around NQ 150 and 100. So price oscillating up and down between 50 and 100 and finally resolves higher with this last break of the 363 level pullback entry at the 364 level up to a price target of 200. Also the QQQ 363 level. And once price got going, order flow was a little bit more supportive. I'm looking at the rising lines in the sub chart. The dark blue line is showing cumulative volume Delta CVD. The light blue line is showing iceberg orders. So larger traders were in there buying with iceberg orders. There's one particular event. That's 168 contracts executed and two transactions and large traders continue to buy with iceberg orders. That's a very important, very bullish sign. And then finally the rising yellow line indicates that buy stop orders were helping to fuel the move higher. All right. So really watching order flow. Now when I'm trading, I'm looking at two screens at the same time. I'm looking at hero and book map and making my trading decisions based on what I see on both screens. All right. So there's the bullish setup in NASDAQ this morning. Let's take a look at a couple stocks and then we'll take a look at the live market. So first of all, I want to take a look at Apple. We haven't looked at Apple in a while. So we'll take a look at that. Let's go take a look at hero and see what options traders were doing in Apple. So in Apple traders were buying calls that show them by the rising orange line. They've also been selling puts today. So both numbers, the call number, the orange number is positive and the blue number is also positive. So net they are selling puts shown by the blue line and buying calls that shown by the orange line. And note that the 190 level is the call wall. That's also the key gamma strike. And that is the primary target for today. Price did not quite make it up to that level. Let's go take a look at book map. Very bullish order flow in Apple. Here's the 190 strike. Book map shows all the high liquidity at that level. Those are limit sell orders, passive orders to sell. And that liquidity, that high liquidity at a level does definitely attract price. And note that liquidity comes in just moments after the cash open and typically stays there in the order book. Those traders keep their orders in the order book until they're filled. So there's Apple call buyers trying to drive price up to the 190 key gamma strike call wall. So that was Apple. Let's take a look at AMD. And again, remember AMD was in the news. Not affected nearly as much as Nvidia. Let me just check. So the data and book map for stock starts at 4am. Let me just take a look at a watch list. So for today, AMD is slightly positive. Just slightly .1% positive for the day. So AMD has recovered. And let's take a look at hero. See what options traders are doing. So that's Apple call buyers driving price higher. Here's AMD. And call buyers are in driving price higher in AMD as well. Let's zoom in on this. I'm going to zoom in on the morning session here. All right. So a couple things to point out key levels. First 108 is the put wall also the hedge wall. And price did move a little bit lower than that level, but eventually found support of that level. And then a target above and prices trading above it is the 110 key gamma strike. All right. Up to this point in the day, right before that, whatever happened that caused the drop at 1215. Call buyers were in charge helping to drive price higher. Let's go take a look at book map. So there's AMD. This is as much data that I have. So at 4am, actually around 430, AMD started to gradually move higher. And then the rally continued after the cash open. Again, remember 108 is the put wall and 110 the key gamma strike. All right. So that's AMD and Nvidia a lot more interesting reacted to the news and then started to move higher around 430am eastern time shown over here. Then this is cash open right here when all that liquidity comes into the order book. You can see it. So we'll zoom into the cash session. Let's go take a look at hero. Let's go to Nvidia. I'm going to go back to the total signal. Make it a little bit more clear to zoom in on the morning session a little bit. All right. This price action is very typical of Nvidia. Nvidia very often chops around for the first 30 to 60 minutes before moving higher or lower. So a couple things to note from this first 405 is the put wall and during the cash session Nvidia found support at that level. And we'll talk about the support at the overnight level in just in just a minute. So here Nvidia found support at the 405 put wall again. This is around 935 and then chopped around and then continues started to move higher around 1015 as great traders started taking positive delta positions more aggressively. So the key to this put wall support and there is a target above this wrong tool target above at 420 key gamma strike and then the 415 Hedgewall which Nvidia did hit. All I'm here I want to take a look at one other thing. This is equity hub spot gamma equity hub and this morning it looked like Nvidia traded down to around 397. Let me just see which would have put it right around here and note this is this is somewhat of an inflection point and these two curves on the chart. So these charts are showing these curves are showing put notional gamma with blue and how it changes with price. The orange line is showing call notional gamma and how that changes with price. And in this region where these lines are steeper that indicates a higher rate of change of gamma and higher volatility. And then on the other hand at this inflection point where these curves start to level off they become less steep that indicates that market makers have less hedging to do. This is often a good point to look for a bottom and a stock when price moves all the way down to this inflection point or lower. So this would have been a if you were up at early a.m trading Nvidia around 400 would have been potentially a good entry point for a longer term trade realizing this inflection point was down around that level. So that indicates that the rate of descent of Nvidia would most likely slow at that level as market makers are fully hedged. All right let's go back to all right so RJ wants to take a look at a 30-minute rolling window for Nvidia and we can do that. So that is that'll give us a little more clarity in the afternoon showing up and down. Overall though hero is showing pretty flat really after about 1030 as well as price. All right so karma FX wants to take a look at Neo. All right I'll take a look at Neo it's not something not a stock that I look at or trade very often or ever really and now Neo I believe it has dropped in price over over time pretty significantly so I don't think there's much really much going on in Neo. So this morning it moved up from around 920 to 950 so 30 cent move in Neo they're traders that I guess do like to trade that but I like the trade prices stocks much higher in price. So anyway let's just see what Neo is doing. So it looks like traders are buying calls that is around 3.8 million gamma notional positive for calls shown by the orange line and then they are also buying puts and that is smaller at minus 78.45k. So there's Neo so again in Neo very low price stock you know maybe consider that as a longer-term investment. I believe this is a Chinese EV stock maybe that sector will recover. All right let's take a look at the live market now and again if you have any stocks that you want me to take a look at let me know and you welcome Karma FX. All right let's take a look at live market let's go back to the SOB 500 and I'm going to go to a 30 minute rolling window period for the SOB 500. This will give us more clarity in the afternoon. The one day rolling window is showing that accumulated hero signal for the entire day and I like to look at a often look at a shorter time frame in the afternoon for SPX. There's so much so much notes of value so much volume and options that it often helps to just eliminate some of that earlier data so we can take a look at the last 30 minutes and what this is showing is that the trend for hero is higher and price is responding higher. So options traders took the opportunity to start taking positive delta positions as as the SOB 500 move lower around 1250-1255 and zero DTE traders shown by the green line are a big part of that so a lot of the trade today like yesterday is in zero DTE options. Let's go take a look at book map go back to the SOB 500 so hero is showing that options traders are stating starting to take positive delta positions helping to helping to move price higher but I don't see much in the way of order flow here that would support that so at this point in the day note these lines in the sub chart all flat so if I were looking for a long entry I would really want to see at least CVD and stop orders moving higher helping to support that but they're flat and all all pretty negative for the day so this is cumulative and icebergs and stops that starts when I open book map with MBO data which was a little bit before 7 a.m. this morning eastern time and then cumulative volume delta starts when I start gathering data and I have backfill data that goes to the open yesterday afternoon all right so all negative for the day order flow negative but right now we saw that options traders were taking positive delta positions and price has moved up from the SPX 43.65 support level as well as the spy 435 absolute gamma strike volatility trigger level so there's the first support level price pulled back tested the spy 435 level and now is up at the spy 436 level let's go back to Nvidia so Nvidia definitely recovering after that sharp drop around 1215 let's go back and take a look at hero for Nvidia again let's stick with the 30 minute rolling window period go back and see if we can get more clarity again I don't believe there was but order flow and Nvidia definitely looked look bullish now if we go to the one day look back period stick with that nope we're on sorry 30 minute period overall trend is higher so now this makes sense all right so RJ there you go 30 minute rolling window on Nvidia traders started taking positive delta positions around 1255 price responds pull back around just before 2 p.m eastern time traders start taking positive delta positions and price price continues higher let's go back to book map and note all the green volume dots for Nvidia take a look at CVD and it's been bullish all day rising dark blue line in the sub chart very positive cumulative volume delta take one last look at NASDAQ my time is up so iceberg orders large traders are buying with iceberg orders that's shown by the rising rising light blue line let's see what options traders are doing go to NASDAQ see if there's more clarity in the afternoon and the other is if we go back to the reversal higher around 1255 looking with a 30 minute rolling window period there is a lot stronger correlation between options trades and and hedging activity and price action all right that's all I have for today my time is up I'm exhausted this is my third a third hour of presenting today my voice is just about gone I want to thank everyone for watching thanks for your questions and comments and I will see you tomorrow thanks again bye