 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, 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. 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 on Bookmap Discord, there's an options-jug 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 note that Bookmap Discord is free and available to everyone, whether you subscribe to Bookmap or not. There's a lot of great content there. Very active traders. Great community. All working together to help each other become better traders. So again, a fantastic community. Everyone is welcome to join. And hello, Stephen. Welcome. Glad you're here. 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-jug 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 at the first is planning, and I use positional analysis. I look at how traders and market makers are positioned at 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 like it real-time order flow in Bookmap 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 those assets can be taken any number of ways. For example, the S&P 500 futures setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. And also my focus is generally intraday trading, but the setups that I talk about could be applied to swing trading as well, depending on your time frame. Questions and comments are welcome. And I will be watching both the options-dug 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, Ida Lizard. Welcome. Glad you're here. All right, here's my agenda for today. Monday, January 29th. First of all, I want to go over news items, economic data events, and earnings for this week. And it is a packed week with potentially significant market-moving events, news items. Then I'll go through my positional analysis for today. Then I'll review some setups from earlier today. And then I'll get to 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, so there are really no significant economic data releases or events today, but it starts tomorrow. 10 a.m., consumer confidence comes out. And then after the market closes, AMD, Google, and Microsoft reports. AMD is up pretty substantially this year, I think maybe 30% or more. So that could be interesting. Again, Google and Microsoft also report after the market closes. Then the big event for the week is on Wednesday. So on Wednesday, the FOMC announcement is at 2 p.m. press conference at 2.30 p.m. eastern time. So the announcement will come midway through my session on Wednesday. I will be covering it live. And then the press conference begins as my webinar wraps up. All right, so let's just see what traders are expecting, what the market is expecting the Fed to do. Currently, this is the Fed Watch tool. And we'll take a look at this again tomorrow and Wednesday. So the current target rate, 525 to 550 basis points. Right now, there's, looks like about a 98% chance that the Fed holds rates steady. So at one time, there was, I think, a pretty large percentage expectation for a cut. Now that is down to 2% for a 25 basis point cut. So it looks like the, and this is usually right, the market is expecting the Fed to hold rates steady. So again, we'll take a look at this next couple days before the FOMC announcement. All right, then on Thursday, 10 a.m. ISM manufacturing PMI data comes out. Then after the market closes, Apple, Amazon and Meta report earnings. So more large, kept tech stocks that I follow. All in this case, members of the MAG-7 reporting earnings after the market closes on Thursday. And then Friday, the next big event is the jobs report at 8.30 a.m. Eastern time. And then at 10 a.m. to wrap up the week, consumer comes out at 10 a.m. So a very packed week with economic data events and earnings. All right, let's move on to positional analysis now. I'm going to start with ESB 500. This is the ES Futures and BookMap. Before I take a closer look at this chart, I want to take a look at a larger timeframe. Go to the underlying index that is SPX. This is a one-day chart for SPX. Let me go over this quickly. The current rally began last year, October 30th. Ran into resistance at 4,800, which was the call wall at the time. Then has come into some resistance at 4,900. Let's see where SPX is trading now. And just right at that level, 4,900. All right, so there was some weakness at the end of last year, beginning of this year. And now the SPX has broken out of the 4,800 level. That was the options expiration on January 19th. Breakout of the 4,800 level. Again, now moving up toward 4,900. All right, so that is a one-day chart. Let's stick with SPX. Go to a shorter timeframe. This is a 30-day one-hour chart. Here's the 4,800 level. Resistance at that level. Breakout above on expiration Friday. And now up to 4,900, which has acted as resistance the past few days. All right, let me point out the levels on this chart. First of all, the lower and upper weekly expected moves shown with the dash purple lines. That's based on the options market. I update that once a week. Then the dash blue lines are showing the lower and upper daily expected move. That's updated once a day also based on the options market. The dark red lines are showing spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers on a variety of trading platforms. This is Thinkorswim. Again, a 30-day one-hour chart. I'm going to point out the key daily levels. First of all, here's the put wall. At 4,500, that's the strike with the largest net negative gamma that can be expected to act as support. Obviously not in play. The next level up is the volatility trigger. That's at 4,865. That is spot gamma's proprietary gamma volatility flip level. Below that level, market maker's 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, like SBX is trading now, market maker's position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. That tends to subdue or decrease volatility. I know that level did move up from 47.95 on Friday, now up to 48.65. The next level up is the put wall at the call wall at 4,900. I'm sorry, the call wall is now at 49.50. That's a strike with a large net positive gamma that can be expected to act as resistance. That level did move up from 49.00 on Friday to 49.50. That is bullish. When a call wall moves up, that indicates traders are looking for accepting and positioning themselves for higher prices. Finally, this 5,000 level, that's the absolute gamma strike. That's a strike with a large absolute positive and negative gamma. If price holds above the 4,900 level, moves on to 49.50, and breaks through that, then that 5,000 level would be the next potential target and most likely an upper range through at least February expiration. The volatility trigger and call wall both move higher for SBX and that is bullish. Let's take a quick look at one other SBX chart. There is ES trading right around maybe just slightly above the 4,900 level right now. Let's take a look at one other chart. This is SBX in a one-day chart. This dark shaded portion is today, one-minute chart. After some initial weakness, right around 11 a.m., SBX finally broke higher, made it all the way up to the 4,900 level, found resistance, now testing that level again. Right now, again, remember the call wall has moved up to 49.50, and this is a large gamma-3 level, one being the most important, five being the least important. I'm sorry, this is the 4,900 level. That's a combo level just above that at 49.01. All right, so that combo level combines SBX and spy gamma-weighted open interest into one level here, shown in terms of SBX price. So the combo level just above the 4,900 level. All right, let's go to book map. All right, I don't have the 4,901 level on my chart. That may be an oversight on my part. Let me check that just a moment. Yeah, that is an oversight on my part. I should have that 4,901 level there. All right, so there's a combo level just above that. All right, so this is the ES Futures in book map. I have my own cloud notes, so I can show SBX level. So there's the 4,900 level. I can also show spy levels on this chart. So here is the spy 487 level. That is the absolute gamma strike for spy. That has been an important level of support for several days last week. Set up some good longs. There's the spy 488 level, large gamma-4 level. All right, so pretty narrow range for the SMB500 today. There is a difference in price between ES and SPX. And today it is, let's see, similar between 25 and 26. I'm using 26. So I'm showing SPX 4,900 at ES 4926. And I do post the index relationships that I'm using every day. ES to spy, NQ to QQQ. ES minus SPX and NQ minus NDX in Discord every day. Today I posted my preliminary numbers. I hope that helped before the cache opened. And then I posted the final numbers. There was some change to the numbers, minor changes that I posted just before 10 a.m. All right, so I hope that helps. All right, so narrow range today. Bullish thesis really didn't start to play out until about 11 a.m. We'll go over setups in a few minutes. James says, what a mess. Yeah, I thought especially up until about 11.30. So the first two hours of the session, the cache session for the SP500, I thought was pretty difficult to trade. NASDAQ, there was more range. But the primary clue being, and we'll talk about setups in a few minutes, this rising cumulative volume delta shown with the dark blue line. All right, let's take a look at NASDAQ. So again, shifts and levels for the, I guess a hat trick of sorts for the SP500 for the SPX volatility trigger shifted higher. For spy, the put wall shifted higher. And for SPX, the call wall shifted higher. All right, let's take a look at NASDAQ now. All right, James says the chart is a mess. Maybe you could clarify what you mean by that. The price action or my chart itself. All right, here's NASDAQ. I thought it was an easier read today. All right, let's take a look at, so this is the NQ futures and book map. Before I take a closer look at this chart, I do want to take a look first of all at QQQ. So we can see the levels and play for today. Note for QQQ, 424 is the absolute gamma strike. And pretty similar breakout. It took until 11 a.m. for price to get going. Note earlier today the 425 level was resistance. All right, let's take a look at NDX. And this combo level has been in play. This is a combo L3 level combining QQQ and NDX. Gamma weighted open interest into one level. Kind of a key level today resistance. Now support and note this, this is a level that I just drew by hand, but this NDX 17,420 level acting as support earlier today. All right, let's go back to NQ futures and book map. So just like the ES, I have my own cloud notes. I'm showing NDX levels. There's that 473 combo level. Then this, here's that QQQ 424 level. And that level was a good point for longs or this trend line down. Good point for shorts today. Hello Cesar, welcome glad you're here. All right, shifts and levels for NASDAQ minor. The volatility trigger for NDX shifted higher. And the volatility trigger for QQQ shifted lower. Both minor shifts. All right, again, we'll take a look at setups in a few just a moment. All right, the next thing I want to take a look at is gamma notional. We'll take a look at market makers position on the gamma curve to see how they were positioned at the beginning of the day. This gives me a sense of the expected trading range and volatility for the day. So what I'm going to take a look at is gamma notional. This is market makers position on the gamma curve at the beginning of the day. For the SME 500, NASDAQ and also 2000. Note for the SME 500, both these numbers are positive. And I would say kind of mildly positive. So this indicates that traders are short calls, market makers are long calls. That's what spot gamma assumes for an index. So this, hence the positive gamma in a positive gamma environment. Again, market makers have to trade against price to hedge to their delta exposure. And those numbers did move lower from Friday. So still positive but less positive than Friday. And note, and I typically don't pay much attention to NDX. So for QQQ, still negative but slightly less negative than Friday. So overall fairly neutral for gamma notional but for the SME 500 especially still positive. Alright, so generally in this kind of environment, pre-FOMC, I'm looking for more mean reverting price action and not necessarily a trending market. That doesn't mean it's going to happen but that's what I'm typically looking for in this environment. Alright, let's take a look at some setups now. I'm going to skip over the Vana model, not much to see there. So let's take a look at some setups. So I'm going to start by taking a look at what options traders are doing today. So everything that we've looked at so far other than book map is based on static data that's updated once a day. Spot gamma takes open interest, applies their own algorithms to that data, comes up with the levels and other information that I use in my planning process. Now let's move on to execution and look at real-time options trades first and then we'll take a look at book map and put it all together. So this is the hero chart. Hero stands for hedging impact real-time options. This is from Spot Gamma provided to Spot Gamma subscribers. This chart that I'm looking at shows the hero signal for the SME 500. So the chart is showing the price for SPX with a white line and the hero signal with a purple line. And this is showing options trades and market maker hedging activity for a combined signal of SPX, SPY, XSP and ES futures. Spot Gamma takes options trades, all the options trades and all of those instruments combines them into this one signal. So what this is showing, a rising hero signal indicates traders are taking positive delta positions. They are buying calls and or selling puts and market makers take the opposite side of those trades and they have to buy futures to hedge their delta exposure. So when traders buy and sell puts and calls in SPY, SPX, XSP, ES futures, market makers will hedge those trades, hedge themselves with ES futures. Alright, let's zoom in on this chart. Alright, what I want to do is, I'm going to zoom in, just focus on a couple of setups from this morning. Actually, let me do one thing here. I'm going to show, so this is showing the regular trading hours only. I'm going to include the extended trading hours. Since this was a clue for the first setup, the long setup at the cash open. So this is the cash open right here, 9.30. And note the hero signal, traders were taking positive delta positions before the cash open. There was even an alert flow alert indicating significant options activity right before the cash open. And SPX and ES options do trade before the cash open. SPY trades but not SPY options. Alright, let's go take a look at book map. Let's go back to ES. Alright, so remember, options traders were taking positive delta positions before the cash open. So that setup along, pretty choppy long, but here's a pullback. And this is actually the point of control, that purple line. Then more deep pullbacks. Here's a deep pullback until this trend line is finally broken. Let's see what traders were doing here in book map. Note the rising dark blue line, that's cumulative volume delta. That's typically in the futures a good directional signal. So we know that traders were taking positive delta positions even before the cash open and then aggressive traders were buying. Alright, let's go back to hero. So after that I thought, let's go back now to just the regular trading hours. Zoom in on this a bit. So I thought this did set up a short. Let's see, I've got in my notes about 10.30. So note that hero, this is a really choppy signal, not clear, but a couple of sharp crops lower. Let's go back to book map. So by the way, I use these drawing tools. These are book map drawing tools. I use this quite a bit. I like to draw these trend lines. I know Bruce uses these as well. He draws a lot of structures. So the short here after this sharp break, note the aggressive sellers come in. The volume dots. Let me adjust those. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. And a lot of aggressive sellers come in. Price breaks below the 488 level. Makes a lower high. Again, right at point of control. Price moves lower. So the long really doesn't get going until about 11 o'clock. So just watching the sub chart here. Seeing CVD generally rising along with stop orders, buy stop orders, that's shown by the yellow line, generally fueling a move higher. And that is in line with a long thesis. So let's go back to hero now. Zoom out. So note that the hero signal starts to make a series of lower highs right around 10, 10. And then price finally breaks higher right around 11, 11, 10. So trading ES definitely took some patience today. All right, let's take a look at NASDAQ. And today the best hero signal kind of mixed. Recently I've been looking at this, let me zoom back out. I've been looking at this Mag7 hero signal. This is another combined signal. Caesar says trading SPX options today was really tough. Yeah, I bet probably better with spread trades than maybe just buying and selling puts and calls in this barely narrow trading range. All right, so this is the, I look at two signals for the NASDAQ. And this signal can also provide good signals for the SP500 as well. So what this is, is options trades and market maker hedging activity for a combined signal for the stocks known as the Mag7. Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. And also let me just point out this NASDAQ signal. This is also a combined signal in this case for NDAQ and QQQ. So both of these hero signals are applicable to the NASDAQ. So I'm generally recently have been looking at this Mag7 hero signal. So I'm going to zoom in on this. All right, let's go back to book map now. Let's go to NASDAQ, zoom in here. All right, so fewer fast enough at the cash open. Just like the SP500, good long setup. Then I thought there was a very, very good short setup. Remember this 473 combo three level that I pointed out before. Also the QQQ 425 acted as resistance. Probably started making lower highs in the sub chart here. Note the cumulative volume delta. That's the dark blue line that shifts to magenta when cumulative volume delta turns negative. Also the falling yellow line indicates cell stop orders. All right, so let's go back to hero now. So this is for the Mag7. And it was a little bit lagging for long in the morning. It took a while for the maybe three, four minutes for the Mag7 signal to turn around. It moved higher and supported along. And note that right around 943, it moves lower, makes a lower high. Clean this up, let's zoom in just a bit. So just looking at this, let's say you're looking at this in real time. Mag7, hero signal shifts lower right around 943. Three, four minutes later, price moves lower. All right, so that's what I saw. So let's go back to book map. Setting up the short in this area right here. Where NASDAQ made a series of lower highs as traders were taking negative delta positions in the Mag7 stocks. Kilo to volume delta was falling and cell stop orders were fueling the move lower. All right, so for me that's what I was looking at in trading today. I thought the NASDAQ was an easier read. All right, let's go back to hero. All right, note that hero, after that move lower, we're looking at a larger time frame now. Started making a series of higher highs and then 10.05, 10.10 really started to move sharply higher. And price really consolidated and did not really not respond higher until about 11 a.m. But set up a good long. Let's zoom in on that. Consider we're looking at this in real time. 10.05, hero making a series of higher lows, shifts higher. So that's right around 10.05. Let's go take a look at book map. Zoom in on this and price reverses higher. And it does move down below the 424 level. That's QQQ 424. Good entry point was this retest of 424. Note that cumulative volume delta starts to rise. And during this time, there were also a few iceberg buys shown by the slightly rising light blue line. And also this on-chart indicator that is 70 contracts executed in two different executions. Back up to the trend line, price reverses lower. All right, so that was two fairly easy reads. I thought easier to read than the ES early morning in NASDAQ. All right, let's take a look at some stocks and then we'll take a look at the live market. And just quickly, it looks like this. I mentioned this when we looked at the NDX chart. This 743 level, a 473 level resistance, some consolidation, now support. Let's go back and take a look at hero. See what options traders are doing now. So starting the current trend for heroes starting around 11, 12 o'clock, trending higher. Now jumping higher. Let's see what traders are doing. So right around noon, they started buying calls. That's shown by the rising orange line. Wrong tool, sorry. So when traders buy calls, market makers sell the calls. And they have to buy, in this case, futures to hedge their dealt exposure. Or I'm sorry, and that we're looking in the mag seven. So they're buying stock, you know, whether it's Apple or Amazon or Google. Back to the total signal. I think shifting from total to put and calls triggers that auto zoom. All right, let's take a look at some stocks. And then we'll take a look at the live market. And I picked out a few that I wanted to take a look at first AMD. And this is one of my favorite setups. This divergence setup. Note the hero signal. Turning lower. And I've zoomed in up until from 9 32 11 a.m. Setting up shorts at 178. So hero signal moving lower. Traders taking negative delta positions. Market makers take the opposite side. They have to sell stock to hedge their delta exposure. Let's go take a look at book map. Go to AMD. I hear the two short setups and an AMD. Really nice shorts at 178. Two opportunities. Good for about three points each in AMD. With the nice clean divergent setup in AMD. Probably the cleanest, best setup today. And target at the 175 level. Note all the liquidity in the order book. The heat map is showing a history of the limit orders in the order book. And below price, those are limit buy orders. Acting as a magnet for price. And on the first move down. Price did not quite make it there. There were traders front running that liquidity. And then the second time price moved on down and consumed those orders. So that's AMD. Let's take a look at Netflix. Netflix all over the place today. Let's go take a look at hero. And let me point out one thing here. This is a very typical signal. Often I show this in a bullish environment. It works in a for bearish setup as well. Options traders aggressively taking negative delta positions in this case. Right around 1120. They take the foot off the gas. Stop taking stop taking negative delta positions. And then price consolidates and or starts to move higher. So in the morning. Price action will generally follow the options trades. And then anywhere from 1030 to noon. Options traders take the foot off the gas and price consolidates. Or maybe moves in the opposite direction. Alright the next is Netflix. Let's zoom in on the morning. So this is what I was looking at. First of all the flow alerts. Just a couple of minutes after the cash open. Indicating significant options activity. Something to get your attention. Separate outputs and calls. The falling blue line. Indicates traders were buying puts. When traders buy puts market makers all the puts. They have to sell stock to hedge their delta exposure. And we can compare the notional value. Sorry about that. Auto zoom. Try that one more time. Compare the notional value real quick for calls. Positive value they were buying calls. That's 1.74 million. Blue. The blue line puts they were buying puts. And that is minus 57 million. So put buyers much more aggressive in the morning. Price moves lower. And here this is showing. Right around 11 they took their foot off the gas. Price moves higher. Sorry about that. And this is a. Looks like a large. Large block orders. Maybe several large block orders. Positive delta. Price moves higher. So the better signal for Netflix was in the morning. Let's take a look at. Tesla. And. Looks like dip buyers are coming in and Tesla here. Note the spot gamma levels here. 185 is the hedge wall. 187.50 is the call wall. Hedge wall. Launching point for long. Flow alert comes in just a moment later. Call wall some consolidation around that level. Price breaches the call wall moves higher. Now the call wall appears to be acting as. Support. Let's go take a look at the book map. All right. Remember. 185. Hedge wall. Launching point for long. Notice all the green volume dots a lot of aggressive buyers as well as traders taking positive delta positions. And 187.50. Call wall. Some consolidation up around that. Up and down around that level. A breach of the level. Oops. Then acting as support along with VWAP just below that. So now call wall breach what happens is those calls. That are. At that level go further in the money so spot gamma assumes. For a stock. That traders along calls market makers are short calls. As those short calls go. Further in the money their delta increases. Market makers have to continue to buy stock to hedge their delta exposure. All right. Those are the stocks that I wanted to take a look at. If anybody has any stocks they want me to take a look at please let me know. Otherwise we'll circle back to the. Indices. Indexes. SB 500 grinding higher. So remember the call walls for SPX. And spy are both above. SPX call wall at 4950. And. Spy call wall at 490. So that according to that there's still room to run higher. For the SP 500. And as I pointed out earlier cumulative cumulative volume delta. Still remains positive. Trending higher as well as. By stop orders fueling the move higher. Let's go take a look at hero. Go to the SP 500. So the hero signal although choppy. Is continuing to trend higher make higher lows. And right at two o'clock it looks like. There was another jump higher and hero. Check the mag seven signal. And it also now is moving higher. Again as I pointed out before starting to make. Higher lows. And then makes. Makes the sharp break higher. In this case. A few minutes before to. So a little bit of a lead there. With mag seven signal. Let's see what time that was. Starting around. One fifty five. Started to move sharply higher. Let's go back to SP 500. And the signal for the SP 500 did start did not start to move higher. Until right at. Right at two p.m. Back to book map. And aggressive buyers to come start to come in. And then there was a stop run. Shown by the rising yellow line. Up toward four eighty nine. Also shown by the. On chart indicators. Right so the in the case for the SP 500. I would just be looking for pullbacks. To get long. Again room to run up to the. Call walls forty nine fifty for SP acts. And. Four ninety for spy. Let's see what NASDAQ is doing. And that sharp jump higher at two p.m. Much more pronounced here in NASDAQ. Right at this. Four seventy three level. With about a five minute lead on the hero signal for. For the mag seven. Also a breakout of this range. Between four twenty five and. In queue six hundred. And for QQQ the. Call walls at four thirty so. Plenty of room to run higher. For the NASDAQ as well. All right past twenty nine ten I. You know if you don't like what you see move on. I thought today was. Was tradeable. You just have to take the time to understand what's what's moving the market. And that's what I'm trying to talk about. All right so to Ross yeah I went over earnings before. On Tuesday AMD Google Microsoft. And on Thursday Apple Amazon Meta. Right so it looks like maybe finding some. Resistance slowing down a little bit at the four twenty six level. Let's go back to hero. Hero level leveling off. Maybe waiting for the next leg higher. Right W.R.B. I see you've been typing for some time better wrap it up I've got about. Two minutes left. Okay great. Right W.R.B. says thank you Doug for the Tesla attention you're welcome. Hope to join the Academy in the near future. Great place. Highly suggest watching the. The webinars I think it may be free free for everyone. And he says you're married relationship between book map hero. I very paints a very clear picture. Look forward to over the coming months learning these programs for implementing great. Glad you're here. Thank you so much for your kind words. It takes time but I think the. When I'm trying to understand is one just driving the market. Options trades large traders with iceberg orders smaller trades with. With stop orders. Aggressive traders buyers and sellers. All working together and who's in charge who's moving the market. That's what I'm trying to understand. So thank you very much for your kind words I'm very glad you're here. Thank you for your attention. And keep at it it'll it'll start making the start making sense. Watching the levels price action at those levels. And then what what the different traders what the different players are doing. Let's go back to book map so now the hero signal starting to kick higher. For the mag 7 and the NASDAQ may be trying to break out above 426. Already everyone. Thank you very much for watching. Thank you very much for your questions and comments. Thank you for your kind words WRB. Remember tomorrow. Consumer of confidence at 10 a.m. And then after the market closes AMD Google Microsoft report. Alright again everyone thank you very much. Thanks for your questions and comments. And I will see you tomorrow. Bye.