 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-dog chat channel and that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel which I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug P. 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, again free and available for everyone. All right, the focus of my presentation today and the focus of the options-dog 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 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 the directional bias. And the second step in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma 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 SMB500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or ES options. And note also the setups that I talk about today are generally good for day trades, swing trades, or longer-term trades. Questions and comments are welcome and I will be watching both the options-dog 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, Don. Welcome. Good afternoon to you. Glad you're here. All right, here's my agenda for today, Thursday, December 21st. First of all, I want to go over news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll go over 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. And hello, Zachariah. Welcome. Glad you're here. All right, let's start with news items, economic data, and events for today. And great, yeah, I do plan to cover the flash crash from yesterday. I can talk about some warning signals and what happened as well. All right, so let's start with- and let's see, I didn't bring that over. Give me just a moment. Start with economic data and events for today. First of all, this morning at 8.30 a.m. eastern time, jobless claims came out as well as the final look at third quarter GDP. So GDP came in less than expected, less than previous, and jobless claims slightly lower than expected, but higher, slightly higher than the previous number. All right, so let's take a look at the SB 500 now and see that reaction to that data. And here's the reaction right here at 8.30 a.m. eastern time, a very bullish reaction, and so far, marking the high of the day for the ES futures. This is the ES futures in book map, SB 500 futures. So there's the reaction again at 8.30 a.m. eastern time, and so far, marking the high of the day. As price shot up, then started to move lower again. All right, tomorrow, PCE data comes out at 8.30 a.m. eastern time. Also, durable goods orders and PCE data could be a market mover. And hello trading for a living. Welcome, glad you're here. All right, so that's news that will wrap up the week tomorrow with PCE data, durable goods. All right, now let's take a look at, let's go on, move on to positional analysis. So this is the ES futures, SB 500 futures in book map. Before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to start with a one-day chart for SPX, the underlying index for the SB 500. And this is the, the current rally began October 30th, and the rally continued for a variety of reasons. Ivy claps put Vanna Rally, following Treasury yields, FOMC announcements and comments, benign CPI data, led to, has so far led to a huge rally, up almost, almost 700 points, starting around 4100, and so far, turning lower right around 4770. And notice this, this is the upper weekly expected move for this week, and that acted as resistance yesterday. And we'll talk about that move lower yesterday in just a few minutes. All right, so this is the rally that began October 30th, and so far, yesterday was the biggest drop in the rally. All right, let's take a look now at a shorter time frame, still sticking with the SPX, the underlying asset. This is a 30-day one-hour chart, and I'm going to zoom in on this just so we can focus on the levels that are in play for today. So here's the upper weekly expected move, and it looks like the high of the day was actually 4778 before SPX broke below that level. All right, so that is the upper weekly expected move, shown by the dash purple lines. Here's the lower weekly expected move. So the lower and upper weekly expected move, shown by the dash purple lines. That's based on the options market updated once a week, SPX trading within that range. Then the dash blue lines are showing the lower and upper daily expected move. Also based on the options market, I update that once a day, and SPX found resistance around the upper daily expected move earlier today, and now is trading in the middle of that range, the upper and lower daily expected move. All right, so those are the expected moves. Now let's focus on the SPOT gamma levels. So first of all, I want to... These are the dark red lines. These are proprietary levels available to SPOT gamma subscribers. SPOT gamma has their own algorithms. They apply to open interest data to come up with these levels and other information. So let's take a look at the key daily levels. So the first level that I want to take a look at is the poop wall, and that you can't really see the label here, but it is at 46.95. There's kind of a cluster of levels there. So the poop wall at 46.95. That did move lower from yesterday. That's the strike with the largest net negative gamma that can be expected to act as support. And the next level up just right above that is the absolute gamma strike at 4700. That's the strike with the largest absolute positive and negative gamma. And that level also moved lower from yesterday, from 5000 yesterday down to 4700. And then finally the volatility trigger just above that at 4710. So including the volatility trigger at 4710 and that a SPOT gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they 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, 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 decrease or subdue volatility. That level also moved lower. So I had a trick for SPX. Volatility trigger, poop wall and absolute gamma strike all moved lower. And while I'm at it, for spy those same levels moved lower as well. So I had a trick for spy as well as bearish all those levels moving lower. And then finally the call wall remains at 4800. That's a strike with a large net positive gamma that can be expected to act as resistance. And if price had continued to move higher, that would have been the next upside level. So 4800 marking the potential ceiling and today 4695 marking the potential floor. Let's take a look at one other chart. Now let's continue to go to smaller timeframes. Take a look at a one minute chart. So far today SPX trading in a pretty narrow range, chopping around the upper daily expected move earlier today. Then looks like today finding support at the 4710 volatility trigger. All right, let's take a look at book map now. On book map I have my own cloud notes. So I can show SPX levels. There's the SPX 4710 volatility trigger. And just below that the spy 469 volatility trigger. Acting as support. I also have again spy levels on this chart. There's the 470 absolute gamma strike. And acting as resistance today more or less the upper daily expected move for ES. Note there is a difference in price between ES and SPX. And today it is somewhere between 48 and 49. This morning when I was setting up my charts it was closer to 49. That's what I'm using. Now it looks like it is closer to 48. So the 4710 volatility trigger is shown should be at ES 4758. There's a 48 point difference between ES and SPX. All right, so those are the levels in play for today. For the SP500 futures trading in a very narrow range. Again I talked about shifts and levels, hat tricks for both SPX and spy, volatility trigger, volatility triggers, put walls and absolute gamma strikes all moving lower. All right, let's take a look at NASDAQ. All right, Zachariah, you can ask any questions. Any questions are welcome. There are no dumb questions. This is something that is new to a lot of people. Please do not feel intimidated at all. What I suggest is for definitions for these levels beyond what I comment on. Go to spotgamma.com. Go to the free resources, the support center. Spot Gamma has a great resource center, a help center that is free and available to everyone. So if you want more information about any of these levels, that is your resource. All right, this is NASDAQ in Q Futures and Bookmap. And before I take a closer look at this chart, I want to take a look first of all at a QQQ chart. This is a one-day chart, one minute chart for the day showing the volatility trigger for QQQ at 405, more or less acting as support. Yesterday was all about call walls. I'll talk more about that in a few minutes. And today appears to be more about volatility triggers. All right, so that is QQQ, also creating a narrow range during the cash session. Let's take a look at NDX and NDX. Now trading back above its 16,650 call wall acted as support earlier. And now NDX trading above that level again. Also in a very narrow range for today. All right, let's go to in Q Futures again. Again, I have my own cloud notes, so I can show QQQ levels. There's the 405 volatility trigger. And then here's the NDX, absolute gamestrike call wall at 650. And note the QQQ 408 level acted as resistance. This is before the cash open, the reaction right after the 8.30 a.m. data. So Zachariah, again, the volatility trigger is a volatility flip level. Below that level, market makers position on the gamma curve shifts to negative. In a negative gamma environment, they have to trade with price to edge their dealt exposure above that level. Market makers position on the gamma curve is positive and they have to trade against price that tend to subdue volatility. So we're looking for enhanced volatility, higher volatility below the volatility trigger and lower volatility, more narrow trading ranges above that level. And again, go to spotgamma.com for more information. All right, so here's the NASDAQ. We'll talk about setups in a few minutes. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. This is market makers position on the gamma curve at the beginning of the day for the S&P 500, NASDAQ, and Russell 2000. Note several of these numbers, they all shifted lower and now gamma notional for SPX, SPI, and QQQ are all negative. These are the main numbers that I look at. So in a negative gamma environment, this means on this portion of the gamma curve, traders are long puts, market makers are short puts, and again, they have to trade with price to hedge their delta exposure. And these are all mildly negative, but shifted pretty sharply from yesterday. For example, gamma notional yesterday for SPI was 1.8 billion positive, and it shifted to 294 million negative. All right, so all shifted lower, gamma notional remains positive for the Russell 2000 and negative for the S&P 500 and the NASDAQ. Mainly looking at QQQ, NDX is not really significant. All right, let's take a look at the... I'm going to skip over the VANA model again. There's nothing to see here. I'm going to shift to the... first of all, this absolute gamma strikes for SPX. There's quite a shift. As I mentioned before, there were shifts in levels for the SPX. So let's take a look. First of all, the absolute gamma strike yesterday was at 5,000. Which art is showing gamma notional? Market-makers' gamma notional. Orange bars showing positive gamma, called gamma, and the blue bars showing put gamma or negative gamma. All right, so that was the absolute gamma strike yesterday at 5,000, and it has now moved down to 4,700. So that's the strike with the largest absolute positive and negative gamma. It's pretty obvious. That's the strike with the largest orange bar and blue bar. Put wall just below that. And that is really by definition the strike with the largest net negative gamma. Although there's substantially more put gamma at 4650, 4600, the zeros and the fives, basically. And then the call wall remains at 4,800. That's the strike with the largest net positive gamma. So the orange bar minus the blue bar, and that is the call wall. All right, there's one other chart I want to take a look at. This is part of the new volatility tools available to spot gamma subscribers. What this is, is the term structure, the volatility term structure for SPX. And this yellow line is showing the volatility term structure from two days ago, from the 19th. And the blue is showing this for today. So you can see that volatility has shifted higher across the entire range of expiration dates. That's what's shown on the horizontal axis. And the shaded range is the recent range. I think that's the 10th percentile of the 90th percentile. So even though the volatility term structure has shifted higher, it's still low in this recent range. And note that there was a substantial shift higher right here. Let's just check those explorations. So that's today and that's tomorrow. So a substantial shift higher in the SPX implied volatility for today and for tomorrow. And then the term structure for next week is close to the term structure that was a couple of days ago. I just shifted a little bit higher. All right, so my thesis for the day was, first of all, looking for higher volatility, wider trading range. So far that's not really playing out, but that was based on the shift to negative gamma notional for the SP500 and NASDAQ and also bearish for the day based on the shifts lower in the levels. Now I forgot to mention shifts lower for the NASDAQ, for QQQ, volatility trigger and absolute gamma strike shifted lower, put wall shifted higher, and then for NDX, the volatility trigger and put wall shifted higher. So for NASDAQ, the shifts were not as substantial as the SP500. All right, let's take a look at some setups now. So I'm going to start with the SP500. Let's see what options traders are doing today. So this is the hero signal for the SP500. So everything that we've looked at so far, other than book map, is based on static data. As I mentioned before, spot gamma takes open interest data that's updated once a day sometime during the night. They apply their own proprietary algorithms to this data to come up with the gamma weighted open interest, the levels that we talked about, the model, the term structure, where they take volatility data for that. So everything that we've looked at so far, other than book map, that I use in my planning process, is based on static data. So now I'm going to start taking a look at real-time data. So first of all, this is the hero signal, hedging impact real-time options. Excuse me, this is showing what options traders, and this is showing options trades and market maker hedging activity for the SMB500. There are two lines on this chart. The first, the white line, is showing price for SPX and the purple line, that's the hero signal. Again, hedging impact real-time options. That's showing options trades and market maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. So when traders buy and sell calls and all these instruments, market makers hedge those trades with ES futures, and that shows up on this chart. Again, it's real-time data. All right, let's zoom in on this chart. Take a closer look. So in the morning, the options trades, hedging activity, were more typical of a positive gamma environment. This mean reverting price action, selling highs, buying lows. So there was a short setup this morning. Let's zoom in on this. And note that I have turned off extended hours trading on this chart. So I'm just showing this hedging flow and price action beginning at the 930 cash open. So here was a short setup this morning. That was at the upper daily expected move. Traders started taking negative delta positions and price responded lower. And then right around 1010, hedging flow shifted positive and market makers started taking positive delta positions. And one thing I forgot to do, let's go take a look at book map and then I'm going to jump back to yesterday. So there was a short setup this morning, long setup, and then we'll take a look at those two setups. Let's go back to ES. Let me just check hero again. So the first short setup was right around 950 and the long setup about 30 minutes later, 1010. We'll zoom in on this. So trading in a pretty narrow range this morning. So here's the short setup this morning. It looks like there were about five tests of the upper daily expected move. The volume dots are showing market buy minus sell. Green volume dots indicate there are more buyers than sellers. And magenta dots indicate more sellers than buyers. You can see the shift in order flow here right around 950. Aggressive buyers on the way up and then aggressive sellers start to come in. There were some additional clues here in the sub chart. Note the falling yellow line. Those are stop orders. A falling yellow line indicates sell stop orders. That's often a very good directional indicator. Also CVD, sloping lower, that's cumulative volume delta. Alright, so that's the short setup and then notice in the sub chart buy stop orders and aggressive buyers come in and you can see the shift in the volume dots again. Aggressive sellers on the way down magenta volume dots, aggressive buyers come in at that 4727 level and take price up above, up to the upper day they expected move again and then a little bit above that. So short setup and long setup. Not a lot of range. Alright, I'm going to step back and take a look at yesterday. And I meant to do that first but we'll get started with that now. So this is the screenshot from ES yesterday, the entire day. And notice the key level here. This is the 475, the SPI 475 call wall. The SPX 4800 call wall is still above. So price moved up to this level. A lot of chop before the cash open and as I put it yesterday, ready, set, go. Traders start buying aggressively at the cash open. Take the ES up above the SP500, up above the 475 call wall and really can't make any progress above that. So yesterday, when I was talking about setups I called the theme of the day was call walls. So there's the first, the SP500 stuck for quite a while. Looks like about four hours or so above the SPI 475 call wall then breaks lower. We'll take a look at the hero signal in just a minute. So there's the first call wall acting as resistance as expected. The 475 call wall. Alright, the next, let's take a look at NASDAQ and a screenshot from yesterday. And this, you can't see the label here but this is the QQQ 410 call wall. One of these white lines here. Also acting as resistance. So there's the second call wall and price made it, the SP500 made it a little bit higher than the 475 call wall but NASDAQ was really stuck mostly below that level. The 410 call wall. Alright, I also talked about yesterday I don't have any screenshots. But again, I talked about the theme of the day was reaction to call walls. Netflix finding resistance at its 500 call wall. NVIDIA finding resistance at the 500 call wall. And Tesla finding resistance at the 260 call wall. So a lot of call walls in play yesterday acting as resistance and also acting as an early warning signal that price, you know, definitely not going to move higher resistance at all those call walls. Alright, now let's take a look at the hero signal from yesterday. There was a lot of commentary about this yesterday. So we know that SP500, NASDAQ, Netflix, NVIDIA, Tesla, probably more were finding resistance at their call walls could not move higher. And then right around 1 o'clock the hero signal started shifting lower. This is for the SP500, that combined signal for SP500. Now on this chart, I'm showing two lines. The purple line is showing the hero signal for all expirations. This is all trades. Anything expiring from the day that would be yesterday up until, you know, weeks or months in advance. And then the green line here, the teal line, is showing zero DTE trace. So that's really next expiry. And for the SP500, that would be zero DTE trades. And note the very strong correlation between these two lines, how closely they are together, indicating a lot of the trade yesterday was, options trades was zero DTE trades. So focusing on the zero DTE trades now, makes a peak, hero signal makes a peak, just right around 1 o'clock, starts moving lower, and then right around 1 30, 1 35, starts moving sharply lower. So when traders take negative delta positions, buying puts and or selling calls, market makers take the opposite side of those trades, and they have to sell futures to hedge their delta exposure. So this, a lot of the flow yesterday was zero DTE trades. So the early warning signal was the resistance at all the call walls, and then really the catalyst for the move lower was the large trades in zero DTE options. Driving price lower, and again market makers had to sell futures to hedge their delta exposure. All right, so there you go. There's my review of yesterday. And gray, I hope that makes sense. And also for you spot gamma subscribers, Brent has commented on that in the founder's notes. All right, so I talked about setups short and long for the SAP 500. Let's take a look at NASDAQ now. So let's go back to hero. Take a look at the NASDAQ signal. Not sure what's going on. I need to refresh this. All right, here's the signal for NASDAQ. So similar up and down to SAP 500. First of all, a short setup. Instead of at 950 for NASDAQ, it was at the cash open. Traders started taking negative delta positions. Then around 1010, they start taking positive delta positions. So again, short and long. On the case of NASDAQ, the hero signal has continued to trend higher. And excuse me, so hero continues to trend higher and traders are buying calls. They're also buying puts. Call buyers more aggressive. Call buyers shown with the orange line and put buyers shown by the blue line. All right, let's go take a look at book map. Zoom in a bit. All right, so short setup. And this is just focusing on this earlier portion today. I need to actually zoom in a little bit more. And actually, I was wrong. It looks like the best entry for the short was right around 950. Multiple tests of the... And I'm looking at the wrong index. No wonder. Sorry about that. Let's go to NASDAQ. All right, that's better. All right, short setup from the open. NASDAQ made a series of lower highs. There's 950 entry at the upper daily expected move. You can see the shift in order flow with each of these lower highs. Aggressive buyers on the way up. Aggressive sellers on the way down. And then right around 1010, the hero signal shifts to positive. Very clear signal here. Aggressive buyers start to come in shown by the green volume dots. Getting support at the 650 level. Absolute gamma strike. Call wall. And moving back up to the upper daily expected move. Then, of course, the big move of the day was after 1130 or so. Let's go take a look at... Go back to hero. And that was also signaled in with hero here. Right around 1135, we started taking negative delta positions. Let's take a look also at the Magnificent 7 signal. This is a combined signal for all the 7 stocks and the Mag7 Magnificent 7. Pretty choppy signal here today. Confirming the short at the open. The long right around 1010. And then the short again here. Showing the sharp move lower right around 1150. Alright, let's take a look at some stocks. And the first I want to take a look at is Apple. This is one reason I like to trade stocks. The signal is often much more clear. So this is Apple. And the hero signal is definitely moving lower from the cash open. Traders taking negative delta positions. Note the timely flow alert here. Getting your attention signaling significant options activity. Let's go take a look at the book map. Go to Apple. And Apple continues lower. Note 195 is the key gamma strike. Support then resistance. The targets are typically very clear in book map for stocks. The heat map and book map is showing history the limit orders in the order book. These dark bands, these are indicating resting limit orders. Below price, they're limit buy orders. They act as a magnet for price. Apple makes a sharp reversal just after the cash open. Brinks below VWAP. Makes a series of lower highs, good entry points. As traders take negative delta positions and market makers take the opposite side of that so they have to sell stock to hedge their delta exposure. The next is AMD. Just the opposite. Let's go take a look at hero for AMD. And WRB, I'll take a look at IWM. I don't have it in book map but we can take a look in hero. AMD, the orange line showing call buyers. Takes a little while but right around just before 10-15 traders start aggressively buying calls and AMD breaks out of the chop. Note the flow alert again signaling significant options activity. Traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. Let's go back to book map. Note there are a lot of aggressive buyers starting to come in. AMD, starting right around 10 a.m. Notice all the green volume dots. Market buy, minus sell, aggressive buyers. And then finally, AMD breaks out of this chop. This final move. Test of liquidity right around 137.50 as traders start aggressively buying calls. AMD breaks above VWAP above the 138 level. Aggressive buyers and call buyers help to move AMD higher. Let's take a look at meta. Let's go to hero. And today meta had trouble at its call wall at 355. To move lower, the 355 call wall set up a short. As traders started taking negative delta positions heroes started to make a series of lower highs. Let's just break out puts and calls see if we get any clarity from that. Not a lot really. Taking a look at the total signal. It is choppy. A little bit hard to read in real time so that's why I look at hero and book map at the same time. Here the order flow is pretty clear. Sharp move higher, aggressive buyers shown by the green volume dots and then aggressive sellers starting to come in by the magenta volume dots and meta breaks below the 355 call wall doing its job and acting as resistance as expected. The next stock I want to take a look at is Tesla. Let's go take a look at hero see what options traders are doing. Tesla. So Tesla there was a short early in the morning but really the best trade was this long right around 10-10. Note the timely flow alert again signaling significant options activity and as spot gamma points out these flow alerts often are good for mean reverting trades and that was certainly the case today. Initially traders were taking negative delta positions and right around 10 o'clock they started taking positive delta positions price responded higher. See what they're doing. So starting right around 10-10 they started buying calls and selling puts. Buying calls shown by the orange line sorry about that and selling puts shown by the rising blue line and when all when these lines are moving in the same direction that's a very powerful directional indicator and it's hard for price to move in the other direction. When traders are buying calls and selling puts it's highly likely that the stock price is going to move higher. Let's go back to book map. So here's the reversal higher magenta dots on the way down aggressive sellers, aggressive buyers start to come in. Tesla makes a series of higher lows final reversal at the 250 level and price moves higher that was good for three or four points in Tesla. Let's just take a look at hero again. Alright so 250 is the key gamma strike. Alright so long set up in Tesla. So mixed picture today Apple negative AMD and Tesla positive. Alright IWM, WRB wants to take a look at IWM. Let's go to hero and hedging flow in IWM is negative today. Let's see what traders are doing. So they're buying calls that's shown by the positive notional value here. They're also buying puts, put buyers much more aggressive than call buyers. So net for the day the total signal is negative. Call wall up above at 200. Another timely a flow alert here indicating significant options activity. And Michael asked does this work for ES futures as well? Yes so I talked about futures earlier today so for futures this is the signal that that I take a look at. Let me turn off the extended hours. So this is the combined signal for the SB500. SBX by XSP ES futures. So when traders buy and sell calls and all these instruments market makers will hedge those trades with ES futures. That's the most efficient way for them to hedge the SB500 with ES futures. So that's why I look at this combined signal for ES futures. And that's also let's go back to book map. That's why I convert the SPI and SPX levels to equivalent ES levels. So I can see everything on ES. So as I mentioned at my introduction if I show setups when I'm trading any form of the SB500 this is the chart that I look at. There's the most information on this chart. I have the SPI and SPX levels on this chart. Also book map shows stops and iceberg orders. Order flow very easy to read here in ES. And then I'm looking at the hero signal when I'm trading I'm looking at the hero signal on one screen and the ES for example or book map whatever I'm trading on the other screen. So this provides the most information for trading the SB500 whether it's ES futures or SPI shares, SPX options. All right Michael I hope that answers your question. All right so it looks like the ES still trying to recover finding support at the volatility triggers. Let's check NASDAQ. All right Michael you're welcome. Zachariah you're welcome as well. All right NASDAQ also finding support around the 405 level. That's the QQQ volatility trigger. Maybe now trying to break that down trend. Let's see what options traders are doing. And last call for stocks. Does anyone have any other stocks they want me to take a look at? Hero signal pretty much flat for the afternoon for NASDAQ for SB500. Let's check NASDAQ. Hero signal continues to move higher for NASDAQ. Traders taking positive delta positions for NASDAQ. Notion of value positive for the day. Let's check MAG 7. Pretty much flat for the day. Slightly negative. But starting around 120 something like that started taking positive delta positions again. So so far today there's not been a repeat of yesterday with that mini flash crash. All right everyone I'm going to wrap it up now. I want to thank you very much for watching. Thank you for your questions and comments. Thanks for watching. Remember tomorrow PCE data comes out at 8.30 a.m. eastern time. Could be a market mover and we'll talk about it tomorrow afternoon. All right thanks everyone. Have a great afternoon and I will see you tomorrow. Bye.