 Hello everyone welcome to options with Doug streaming live daily book map discord and the book map YouTube channel at 1 30 p.m. Eastern Time Before I get started I need to go through the disclosures General disclosure all book map limited materials information and Presentations are for educational purposes only and should not be considered specific investment advice nor recommendations risk disclosure training futures equities and options Involve substantial risk of loss and is not suitable for all investors pass 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, you can post questions comments content related to my presentation as well as the option stash Doug chat channel in the book map Discord option stash Doug chat channel So that's a great place for questions comments as well as your own content related to options order flow and hedging flow and For those of you in YouTube again if you have questions, especially after the webinar The best way to get in touch with me is through discord And then finally I'm also on X formerly known as Twitter My name there is at Doug plus the focus of my presentation today and the focus of the options stash Doug chat channel is Options order flow the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action 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 changed from day to day to develop a thesis regarding the expected trading range and volatility 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 and book map and real-time market maker hedging flow and spawned gamma hero To confirm my thesis and for setups for entries and exits and when I talk about setups today I will be talking about an underlying asset setups can be taken any number of ways for example the SME 500 that can be taken with the Yes futures with spy shares spy options or SPX options Questions and comments are welcome and I will be watching both the options stash Doug chat channel and discord as well as the chat and YouTube For your questions and comments, please feel free to post and I'll do my best to answer your questions All right, let's get started My agenda for today. First of all, I want to go over news items economic data events and earnings For the upcoming week for the rest of the week, there is nothing today Then I'll go through my positional analysis my planning process for the morning Then I'll review some setups from this morning and then I'll talk about the live market and when I get to the live market If you have any questions Any stocks you want me to take a look at please let me know so again when I get to the live market If you have stocks, you want me to take a look at please let me know Alright news items Really the news for the week begins tomorrow The CPI report comes out at 8 30 a.m. Eastern time Then on Thursday the PPI data comes out and also retail sales again at 8 30 a.m. Eastern time and then Friday is the big September quarterly expiration so this is really the monthly expiration but the a lot of Open interest is concentrated in the the March, June September and December Monthly expirations. We'll see that in just a minute And then also on Friday the Michigan consumer sentiment is out at 10 a.m. All right, so that's the news for the week We'll wait for CPI and PPI data out coming up Tomorrow and Thursday. Let's take a look at Some additional information That may inform us about This upcoming expiration, this is spx expiration concentration What this chart is showing is delta notional on the vertical axis and then the Expiration date on the horizontal axis. So this is the September expiration coming up this Friday and The orange bar is showing called delta notional and the blue bar is showing put delta notional and Just by looking at the appearance of the bars. It seems that this As this expiration is slightly call dominated we can hover over and see the numbers there And it looks like that is definitely call dominated there more There's more a call delta notional than put delta notional and that can That will can potentially have an impact after expiration those calls that are supporting the market and a more of a positive gamma Environment mean reverting environment will expire and that could lead to increase volatility and potentially a short-term drop after the expiration that's the opposite effect of an put dominated expiration like Like August we'll take a look at that in just a minute. All right, so that is SPX slightly call dominated. Let's just take a look at spy much more call dominated for spy and the same for QQQ even more so for QQQ much more Call dominated again. We may look for increased volatility after expiration as those calls that are Supporting the market expire all right. Let's So that's news just pointing out the potential For this call dominated Call dominated Expiration coming up Friday and a potential for increased volatility after the expiration All right, let's start with positional analysis now. I'm going to start with the SMB 500 This is ES futures and book map And before I take a closer look at this chart, I want to take a look at a larger time frame I'm going to go to SPX and a 30-day one-hour chart and think or swim and note. This is the August Monthly expiration 818 and this is what I was talking about more of a put dominated very negative gamma expiration and puts Expired Market makers could buy back short hedges leading to a put Vanna rally after that expiration We may look for the opposite in a call dominated expiration and note that As the rally continued This negative gamma position Gradually shifted to positive gamma back to negative gamma and then again today back to positive gamma That's market makers position on the gamma curve Currently slightly positive for SPX I'll talk more about that about that in a few minutes. All right, let's take a look at some Levels on this chart. First of all the dash purple lines are showing the lower and upper weekly expected move That's based on the options market and Then the dash blue lines are showing the lower and upper Daily expected move again based on the options market that changes every day once a day. Let me point out the Spot gamma levels on this chart I'll talk about the key daily levels. These are spot gamma proprietary Gamma levels spot gamma levels. These are gamma weighted open interest The first is the put wall That is the strike with the largest net negative gamma that can be expected to act as support that is at 4400 the next level up is the volatility trigger and That is at 4,480 and that a spot gamma's proprietary 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 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 Subdued or decrease volatility The next level up Is the 4,500 level that's the absolute gamma strike That's the strike with the largest absolute gamma negative and positive and note that level did shift up from 4,450 yesterday to 4,500 so a positive shift higher in the absolute gamma strike for SPX The volatility trigger also shifted higher from 4,470 yesterday to 4,480 today And then finally The call walls at 4,600 that's a strike with the largest net positive gamma that can be expected to act as resistance So that level also shifted higher from yesterday from 4,550 yesterday to 4,600 So for SPX the volatility trigger call wall and absolute gamma strike all shifted All shifted higher So bullish shifts higher in the key daily levels for SPX All right, let's take a look at one other SPX chart just to get a sense for the levels that will play for today This is a one-day chart just quickly point out the SPX traded down below the lower daily expected move for the day and As now Did find resistance at the 4,480 volatility trigger Now it may be finding support at that level So those are the primary SPX levels and play for today the lower daily expected move also that 4,480 volatility trigger All right, let's take a look at Book map now and book map I have my own cloud notes and I show I'm showing the SPX levels. There's the 4,480 level Resistance now maybe acting as support There's the lower daily expected move. That's for ES That's a little bit different than then the SPX and then here's the spy levels There's the spy 447 volatility trigger And then also the spy 448 level the that's a large gamma-2 level all right, so those the SPX and and spy levels that are in play for the S&P 500 note that I am Looking at the December contract now the the Z contract So the difference the ES to SPX difference has widened out quite a bit Last week with the September contract that difference was about three three and a half points and today It is 51 points. So ES minus SPX using the December contract is 51 points today. So that's what I'm using Actually, yeah 51 points So that's why I'm showing the SPX 4,480 level at ES 45 31 Alright, so that's the the levels SPX levels shift higher also for spy volatility trigger also shifted higher But while actually shifted lower and the absolute gamma strike shifted higher alright, so overall for the S&P 500 Bullish shifts higher and levels and these are the levels on play for today Let's take a look at NASDAQ This is in Q futures and slow to Zari. I'll get to your question in just a moment. And yeah, there is a higher Expected moves for tomorrow Actually on the CPI event. I'm not sure about the the Apple news event, but for CPI there is All right, so this is NASDAQ Let's take a quick look at a QQQ chart just to isolate the QQQ levels and play for today and none really and this other than this L3 level at 375 and If you recall yesterday QQQ Seemed to have more respect for the round number levels not so much today All right, so that's QQQ and for QQQ the volatility trigger did shift higher to 377 so QQQ is trading below its volatility trigger the put wall shifted lower From 370 to 360 today and the absolute gamma strike shifted higher and actually this 375 that is the absolute gamma strike It's labeled an L3 here, but that is the absolute gamma strike and just for completeness Let's take a quick look at an NDX chart So here's NDX there are a couple levels in play for today It looks like this 400 level 15,400 large gamma 2 L2 level did act as resistance and now NDX is trading below Its volatility trigger at 390. All right, let's go back to book map So again, I've got my cloud notes here showing QQQ levels There's the 375 absolute gamma strike and there's the 400 and 390 NDX levels. I've also got the big round numbers for NQ the 650 level Did act as resistance and it looks like now the This NDX 400 level acted as resistance right shifts and levels for NDX volatility trigger shifted higher absolute gamma strike shifted higher and Again for QQQ volatility trigger shifted higher put wall lower and absolute gamma strike shifted higher so overall bullish shifts higher and in the key daily levels and Volatility trigger did shift higher across the board for all instruments and also the absolute gamma strike also Shifted higher across the board We'll talk about setups in a few minutes And let's wrap up the positional analysis. I'm going to go back Take a look at a little bit of data here to look at gamma notional This is market makers position on the gamma curve at the beginning of the day. This gives gives us a sense of how How market makers may react with and we'll see a graphical picture of this in just a minute with changes in in price and applied volatility and What this is showing its market makers position on the gamma curve at the beginning of the day for SPX Was slightly positive so shifted back to positive still negative for spy and Then slightly negative for QQQ. This is market makers position on the gamma curve at the beginning of the day Again slightly positive for SPX now at the beginning of the day indicating that in This part of the gamma curve Traders are short calls market makers of long calls and they have to hedge Against price to hedge there they have to trade against price to hedge their delta exposure So overall a pretty neutral picture for gamma notional these numbers all did increase from yesterday either becoming positive for SPX or Less negative for spy and QQQ Let's take a quick look at the Vanna model so we can get a graphical illustration of what this means Let's go back to SPX and they're all pretty similar Zoom in on this chart what this chart is showing is market makers delta notional on the vertical axis price on the horizontal axis Two curves on this chart the first like gray sure Curve shows how market makers delta notional changes with changes in price only and The purple curve adds implied volatility to the equation. This shows how market makers Delta notional changes with changes in price and implied volatility and that change in delta with a change in implied volatility Is the Vanna effect and Vanna is a second order Greek All right, let's take a look at some prices on this chart so first of all SPX the low for the day was around 44 63 Somewhere around here between these two lines. So what this is indicating is as price moved up lie volatility drops and market makers could Buy back short hedges So this is a slight Vanna tailwind Up to a certain point We'll see where SPX is trading right now about 44 77 All right, so much less if price continues to increase Some of that put Vanna fuel has already been burned up And I'll ask anything on your chart showing reasoning behind the NDX pop And subsequent drop we'll take a look at that in just a minute I I don't know if there's any news or not. All right, so the Vanna models are pretty similar for QQQ spy as well All right, let's get to Setups now before I do that. I want to take a look First of all at slow to desarys question and discord Says there is volatility during the current Apple news event On Apple stock and ES so I I'm not quite sure I understand what you're What you're looking for there. Let's take a look So first of all, this is uh This is an options change for chain for SPX You know, I don't this is let me just Isolate this so I'm showing Just today and tomorrow here. So this is SPX And at the beginning of the day today the expected Range for the day Actually at the end of yesterday at the close yesterday was about 20 points plus or minus 20 points today will I'll take a look at this at the close, but right now the expected move for This would be for tomorrow Is plus or minus 31 points So I'll make a note of that at the close today This is based on the CPI data tomorrow. So about the Apple news event. I doubt there's any Any additional volatility I will take So without daily options for Um for apple, it's hard to hard to say so right now For the end of the week the options market is pricing in Plus or minus 4.8 points All right, so I'm not sure I understand that All right, so let's take a look at setups now Well, maybe there is uh, maybe that is the cause of the move. We'll we'll take a look in just a moment All right, so let's go to book map all right, so this 130 move in nasdaq And es could be related to apple So thanks for pointing that out All right, so also a sharp drop in apple there Right around 130 So it appears that the uh apple Uh event apple news is disappointing Let's just see if they're that move is any Shows up in any other stocks. We'll take it. Maybe it take a look at tesla also a sharp move lower Not so much in envidia A little bit of microsoft Meta All right, so disori. I'm not quite sure what that means Google a little bit maybe amazon This move actually preceded the move All right, let's get to some setups now. Let's go back to the sab 500. So ollie Maybe that answers your question. Maybe this has something to do with the the apple event apple news And holy trinity. Hello glad you're here. Welcome All right, so let's take a look at Hero now I'm gonna start with the sab 500 So what this chart is showing is spx price And the spot gamma hero signal a hedging impact real-time options This is showing options trades and market maker hedging activity For a combined signal for spx spy xsp and es futures So if you trade any form of the sab 500, this is what you want to take a look at Or let's zoom in on this chart and point out a couple of things here. So it looks like Options creators really had a mean reverting price Mean reverting activity today in the options market meaning they were Selling highs buying lows So let's take a look at a couple setups. So first of all very similar to yesterday options traders fading the move higher Started taking negative delta positions price move lower And then started taking positive delta positions price responded higher So those are the two morning setups and then we'll take a look at this in just a few minutes. So Very similar to yesterday a Divergent short at the open and then a divergence long Let's go take a look at book map now zoom in All right. So yesterday was the playbook very similar So we know At the open there's a sharp move higher as options traders were taking negative delta positions price made series of lower highs Giving you multiple opportunities for short entry as traders were taking negative delta positions And also cumulative volume delta was falling So more and more aggressive sellers And then finally price Does not make it back up to the 4480 level And finds resistance at vwap. That's the light blue line and also point of control the purple line All right. So that's the short setup Then we let's go back to hero So we know traders started Taking positive delta positions Really around 10 10 10 Hero made a series of higher lows And then really took off and then price responded about 10 minutes later. So from the initial Move higher the or the low and hero it took an hour for S&P 500 to make a low and move higher So a divergence long again just like yesterday price find support At the lower daily expected move And aggressive buyers start to come in Oops wrong tool So you can see the aggressive buyers those are shown by the green volume dots. Those are buy minus sell Market orders You can also see the shift higher and kill native volume delta And it took took quite a while, but price finally made it back up to the 4480 level So divergent short divergence long In the sb 500 this morning And then the sharp reversal lower. We'll take a look and at hero and see what options traders were doing In just a few minutes Let's go to nasdaq now And uh slow to Zari says news just came out on adobe stock responding adobe warns of critical acrobat and reader reader zero dt Zero day flaw exploited Okay, so I think adobe reports earnings Later in the week. All right, so here's nasdaq So we saw when we looked at the in queue chart a few minutes ago that In queue found resistance at the 650 level that is in queue 650 Let's go take a look at hero for nasdaq And there really wasn't much of a clue In the options market for nasdaq I guess other than you could say that options traders really weren't supporting a move higher Up until about uh 10 25 And that set up a divergence long Right around 11 10 11 15 And then after that, uh as Just maybe 30 minutes later options traders started taking negative delta positions And we'll see in just a minute when we zoom into the current market that they started taking negative delta positions before Uh nasdaq dropped and by the way, this is a combined signal for n dx And q q q All right, so let's go take a look at book map again and here's the Drop in the morning not a strong clue from From the options market like the sb 500 but order flow pretty easy to read you can just see all the aggressive sellers coming in there There are also some large traders selling with iceberg orders Shown by those icons there And then there's a very Notable shift To aggressive sellers the magenta volume dots then for the this divergence Hero divergence reversal higher You can see at the same time aggressive buyers start to come in the shift from pink dots to green dots Also large traders buying these are pretty large For the uh nq especially 960 iceberg orders That is an aggregation of 34 different executions So overall a steady series of By iceberg orders large traders use those to hide their size And a rally up to the n dx 400 level Before price moved lower All right, let's take a look at some stocks and then we'll uh take a look at Take a look at the current market First of all, here's apple Let's take a look at hero go to apple All right, so this is showing that options traders were taking negative delta positions Pretty much from the open Let's take a closer look and see exactly what they were doing So they were selling calls And that activity has continued Let's zoom in on this So in the morning, they were selling calls also selling puts That's shown by the positive Number here on the blue line so the blue line is showing puts Horizon blue line indicates traders are selling puts And a falling orange line indicates they're selling calls So options traders selling volatility ahead of the event All right, let's go back to Total signal go back to book map So we know that traders were taking negative delta positions, especially selling calls That led to a great short set up in apple today reversal at the 180 level. Let's go back to hero Let's see if that was a So 180 is the key gamma strike. So the key gamma strike Shown here at 180 Did act as resistance Then 175 is the put wall potential support level. Let's go back to book map So here's the 180 level Key gamma strike did act as resistance And note the the order flow is pretty Just looking at the volume dots is pretty bullish here a lot of aggressive buyers But options traders, especially call sellers Definitely driving price today in apple All right, I headed a couple of other stocks. I want to take a look at The next is meta. Let's go take a look at meta zoom in on this Slice and dice slice and dice and we see that traders are selling calls In meta as well they're also Selling puts slightly That blue line put line is slightly positive, but it's it's insignificant Compared to calls 1.17 million versus minus 83 million for calls. That's the emotional value Call sellers driving meta lower. Let's go to book map meta Pretty similar chart to just more more choppy deeper pullbacks for meta All right, the next I want to take a look at is microsoft Now they're pretty pretty similar chart pattern. You look at microsoft And again call sellers driving price All right, so three great shorts and apple meta and microsoft I'm at c ask how do you Decide when to get out of a trade when it either hits my profit target or my stop loss And v who hello welcome glad you're here Does the he asked does the or he or she ask Does the cpi inflation data event make any impact on the options data for index and options? Yeah, so if you um if you miss this Miss that earlier I took a look at the options Chain For let's go back to spx so today based on the Today based on the options data. This is how I calculate my daily expected move. So this number For today at the close Yesterday was plus or minus 20 points And the number for today For tomorrow, I'm sorry tomorrow the cpi report is right now at plus or minus 31 points So a 50 percent increase. Well, I'll take a look at that number at the close today and um I you know, I expect it to certainly be close to 30 So a pretty pretty significant increase in the expected daily move between Today and tomorrow So yes the cpi inflation data Uh report does have an impact on on options Hope that answers your question All right. I'm I'd see I'm I'd see Sorry, I'm sure I'm not pronouncing that correctly Do you decide decide your target based on spot gamma levels? I decide my targets based on spot gamma levels liquidity levels and round number levels and it depends on the instrument So most likely for a stock it's going to be a liquidity level high liquidity And for the smb 500 it is going to be any one of those three spot gamma level Also expected moves And round number levels All right, let's take a look At the current market now So there were some some comments and discussion about the The move right around 130 and note the So this move sharp move up This could have been something in the uh apple event Not sure I wasn't uh I didn't see anything in my news feed. I wasn't watching it closely though, but notice they started taking Negative delta positions. They started fading that move Pretty sharply And it took a while Maybe about 10 minutes before price started to drop lower So definitely a lead effect In the options market for es as options traders continued to Sell highs and buy lows They continued that mean reverting activity And it looks like now they may be Starting to take positive delta positions again as price has reached a low point So if if hero starts to make higher lows then Then um We may look for price to move higher So let's go take a look at book map now Go back to es All right, so there's the the sharp move higher And remember options traders started taking negative delta positions This looks like a stop run. You can see the yellow line there Sharp move higher in the yellow line that's showing buy stop orders Also shown here with these Make clear that small green dots 885 buy stop orders 673 Large traders fading that move initially with Iceberg orders. That's not real. That's not extremely large for es But aggressive sellers start to come in you can see the shift from the green volume dots to the magenta volume dots So those are buy minus sell market buy minus sell All these traders on one side of the boat and then The boat tipped over And aggressive sellers came in and while options traders were taking negative delta positions When options traders take negative delta positions Options market makers take the other side of that and they have to sell futures to hedge their delta exposure So again, this sharp move higher could very well be Related to the apple event And the sharp move lower as well Let's take a look at nasdaq Very similar order flow stop run Showing by the rising yellow line also aggressive buyers up to the Indie x 400 level aggressive sellers start to come in And then the shift to all magenta dots price reverses lower at this cluster of levels here the 400 level That's indie x 400 the 390 volatility trigger NQ 600 level also the volatility trigger so this cluster of levels This shift from aggressive buyers to aggressive sellers And let's see what the options traders were doing Take a look at hero for nasdaq Zoom in a little bit on the afternoon and just like the sab 500 options traders Had already been Taking negative delta positions and then they start After a little pop start taking negative delta positions again And price reverses lower Right frank wants me to take a look at tesla. Sure. I'll be glad to Let's go to tesla And remember tesla had a big move higher yesterday After an upgrade Before the market opened morgan stanley upgraded tesla big move higher that move Did continue this morning Zoom in a little bit more just looking at the morning Traders buying calls that show them by the rising orange line They initially were selling puts Didn't that activity stop the blue line? Just flattens out and when they start selling calls Price responds lower So when traders buy calls market makers sell the calls And they have to buy stock to hedge their delta exposure and then when Traders sell calls start selling their calls They can sell some of their long stock edges So call buyers and sellers clearly driving price and tesla today Let's zoom out And note that after that sharp reversal traders have continued to sell calls And they're also Actually net for the day selling puts The blue number is positive But still now starting to decline Let's go take a look at book map. So this reversal lower was right around Just right right at 10 a.m. Let's go to book map Go to tesla So you can see the shift in order flow here a lot of aggressive sellers Start to come in Good entry point for short Right at the 277 level Just before 10 30 As tesla makes a lower high options traders started taking negative delta positions And price makes a series of lower highs Next entry around vwap and the 275 level And tesla continues to make a series of lower highs All right, let's go back to the Sv 500 let's go check and see what options traders are doing Let's just check for the day to see Get some more clarity So this is pretty typical Of the Sv 500 traders are buying calls Showing by the rising orange line positive notional value. They're also buying puts Showing by the falling blue line and the negative notional value to the total signal But I would certainly not be looking for a long today With this hero line dropping So sharply traders Really the Looks like the call buyers are are taking their foot off the gas And the put buyers are Stepping down on the gas Let's just take a look at zero dte trades Sorry about that All right, so it looks like This notional value for the Zero dte traders. That's pretty large minus one billion More aggressive than the all expiration trades So this is all expiration showing the purple line The next expiry or for the Sv 500. This would be zero dte more aggressive With negative delta positions And you can see the The mean reverting price action Or activity of the zero dte traders Buying lows and selling highs Let's go back to the total signal All right, so slow north. Sorry says the apple event is over adobe still falling. Yeah, sorry I don't have adobe in in book map. I can't take a look at that Sv 500. Let's go back to book map So the way I I see this it looks like The Sv 500 has kind of been a no man's land here between this Lower daily expected move that it did act as support earlier today And then now below the spy 447 level Let's take a look at nasdaq Also in a bit of a no man's land here between qqq 373 and 374 Let's see what options traders are doing in nasdaq All right, so it looks like the hero line has leveled off Maybe starting to rise a little bit check on apple overall though today Options traders taking negative delta positions hero continues to make lower highs negative notional value So it appears that apple traders are unimpressed with the What apple presented at the event? Let's see. Let's take a look at adobe. I don't know how active The options market is in adobe So pretty good signal here in adobe note this flow alert that came in Just after 11 a.m. Eastern time So traders have been buying puts all day Shown by the following blue line negative notional value Also selling calls shown by the following orange line negative notional value All right, frank. You're welcome Yes, since spx is below the volatility trigger at 4480 Does it indicate spx drop toward this friday? options expiration So Above and below the volatility trigger i primarily i think spot well first of all spot gamma may have statistics that show A slightly negative or bearish bias below the volatility trigger and a bullish bias above i look at that as simply What to expect as far as volatility in a trading range go so Big rallies can occur in a negative gamma environment below the volatility trigger and So again, I look at the position of the index spx es spy qqq ndx Look at the relationship of the the price to volatility trigger as basically a basis for The expected trading range of volatility So I don't I don't think that that has any indication of Of drop this friday So what does have a potential implication for a potential drop after friday? Is a very heavily call dominated positive gamma? expiration Let's go back to Let's take a look at spy Just but it's a little bit more clear So this call Delta notional A lot of those calls are going to expire This is in a A call dominated environment that tends to support tighter trading ranges more of a A range type market those calls will expire And opening up the s&p5 either to potentially more volatility and potentially a drop after expiration just the opposite of a negative gamma put dominated Expiration you can expect a rally as all those puts expire market makers can buy back short hedges Just the opposite for a A call dominated positive gamma or more neutral environment All right, so frank. I hope that answers your question So we'll we'll keep an eye on this Especially after the cpi event tomorrow keep an eye on this Expiration concentration as well as the the gamma notional and the relationship of the different Index products to their volatility triggers book map All right, so nasdaq still chopping around below the 374 level s&p also chopping around Below the spy 447 level All right, i'm going to wrap it up for the day. My time is up. I want to thank everyone for watching Thank you very much for your questions and comments remember cpi data tomorrow morning Could be a market mover although there's not depending on How things end up today? There's not a lot of put vana fuel in the tank Like there was last year. So the expected move again for spx the last time we looked at it was about 31 points So we'll check that at the close today And then we'll we'll take a look at we'll talk about it tomorrow afternoon. So thanks again Thank you very much for watching. Thanks for your questions and comments And I will see you tomorrow. Thanks again. Bye