 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. The focus of my presentation and the focus of the Options-Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step in my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow on Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And just to be clear, I'm using the options market as the basis for my planning and I will talk about setups and underlines. And those setups can be taken either with shares or futures or options. Again, I'm just looking at the underlying and basing my thesis and plan on the options market, but the trades can be taken any number of ways. There are advantages and disadvantages to each. And finally, questions, comments are welcome. I will be watching the Discord options-dog chat channel for your questions as well as the chat and YouTube. So again, on-topic questions and comments are welcome. Please post. All right, let's get started. And what I want to talk about today, first of all, go over news items, economic data, and events for today and the remainder of the week. And then I'll go through my positional analysis and talk about my plan for the day. And then I'll talk about setups. Okay, so news. Today there were a couple of PMI reports that came out at 9.45 a.m. and 10 a.m. Eastern time. Both were less than expected, lower than expected, but still greater than 50, so still showing expansion. This was the services PMI. And then on Friday, the employment report comes out, the monthly employment report, the first Friday of the month at 8.30 a.m. Eastern time. However, that is a stock market holiday on Friday. So I will not be presenting no, there will be no book map presentations during the day, but the futures market is open. I don't know what time the futures market closes probably midday. All right, so that is the news, the economic data. Now let's go through our positional analysis. This is the S&P 500 futures, ES futures. And before I dig into this chart, I'm going to take a look at a larger time frame. This is SPX, the S&P 500 index, showing just price and spot gamma levels. And these levels are provided to spot gamma subscribers showing the key gamma levels. And they're provided for a variety of platforms. Again, this is thinkorswim. This is a 20-day one-hour chart. And let me just point out a couple of the primary levels, the key levels. Here's the put wall. That's at 3,800. That's the strike with the largest net negative gamma that can be expected to act as support. Here's the 4,000 level. That is the absolute gamma strike. The strike with the largest absolute gamma, positive and negative. And here is the 40-50 level expected to act as support today, as well as the 40-55 level. That's the volatility trigger. That's spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. They will trade against width price to hedge their delta exposure. And that tends to enhance volatility in a negative gamma environment. And then above that level, their position on the gamma curve is positive. And they will trade against price to hedge their delta exposure. And that tends to subdue volatility. And then finally, here is the 41-50 call wall. That's a strike with the largest net, positive gamma. And that can be expected to act as resistance. So those are the primary levels. And then there are some other levels. And we'll take a look at now a one-day chart, again from Thinkorswim, and showing the levels that are in play for today. So this is a one-day, one-minute chart. And this is showing this combo L2 level. And that may be just a large gamma level, L2 level, 4100. That was acted as resistance earlier today. So that's just a large gamma 2 level. And here's the combo L5 level at $40.92. And that also acted as resistance. So price has made a series of lower highs until it reversed higher. It looks like around 12.45, 1 PM Eastern time. So those are the levels in play for today. Notice there's a pretty big gap below to the 40-50 support level and also the 40-55 volatility trigger. And SPX is trading above the volatility trigger in a positive gamma environment. Again, indicating that traders, market makers, will need to trade against price to hedge their delta exposure. All right, so that is the one-day chart. Again, just showing price and levels. Now let's take a look at book map. And I have two columns of notes here. Here's the spot gamma cloud notes. And then these are my own notes, my own cloud notes. Right now, spot gamma is using a 38-point difference between ES and SPX. And I calculated that difference as 27.5 points. So around 27, 28. So I'm showing these levels down below where spot gamma is showing the levels. So here's the 4100 level that acted as resistance. And notice it acted as resistance several times today before the cash open as well as after. And then initially this 4092 level acted as support and then as resistance as price traded below VWAP. And so far it looks like the ES4100 shown here acted as support. All right, so that's the S&P 500. Those are the levels that are in play for today. And let's talk about shifts and levels. So for SPX, the only level that shifted was the volatility trigger. And that shifted higher from 4,005 to 4,055. And for SPI, the volatility trigger also shifted higher from 409 to 410. And the call wall shifted down. Recall the call wall. We'll take a look. Actually, let's take a look at Equity Hub while I'm talking about that. And we can see how the call wall has moved in SPI. And recall the call wall is the strike with the largest net positive gamma. It can be expected to act as support. And this is also an indication of a bullish indication. And note, I've never seen anything like this. I talked about it yesterday. The increase over the last few days from 402 to 405, 407, 410 and 420, and then enough is enough. And then a shift back down to 414. So very bullish move higher in the call wall for SPI up till today. And then a move lower. So looking for more consolidation today in the S&P 500. All right, let's go back. So those are the shifts and levels for the S&P 500. Again, for SPI, the volatility trigger shifted higher and the call wall shifted lower. All right, there's a question in YouTube. All right, so there's kind of a note about Twitter off-the-chart trading. If you can contact me in Discord, I will respond. And I'll take a look in Twitter for that. So I prefer to communicate just in Discord. OK, let's talk about QQQ now. And I'm going to go back to Equity Hub, look at QQQ. And I'm looking at, this is the 10-day history of the key daily levels. And these numbers disagree with, and I need to contact Spot Gamma Support, disagree with these numbers. These numbers are posted several other places on the site. So this is what I'm using. And based on this, this pop-up in these levels, there were pretty significant shifts in the key daily levels for QQQ. So first of all, the volatility trigger dropped down from 319 to 310. The put wall dropped down from 285 to 270. The call wall moved up from 330 to 350. And the key gamma strike dropped down from 320 to 300. And when we look at the gamma levels for the different indices, the absolute gamma levels, we'll see that the numbers that I just gave were right. So based on this, my thesis for the day for QQQ for the NASDAQ was bearish. Based on the shift lower in the volatility trigger, the put wall, and the key gamma strike. All right, so now let's take a look at these charts for the indices. Let's start with SPX, and we'll talk about the gamma levels that I was just talking about. So starting with the SPX, and this shows where those levels come from that I was talking about, the key daily levels. This is for SPX. This is the key gamma strike or absolute gamma strike at 4,000. It's been there for quite some time. That's pretty obvious. The strike with the largest absolute gamma. That can be expected to act as support, resistance, or a magnet for price. And then the put wall, the strike with the largest net negative gamma, can be expected to act as support. And then the call wall at 4,150, the strike with the largest net positive gamma. So that is the SPX. Let's take a look at SPI. Zoom in on this. So for SPI, the key gamma strike, and that's pretty obvious, remains at 4,000. And I forgot to mention, failed to point out that this is the zero line here, the zero line. And above that line, shown with orange bars, is positive gamma or call gamma. And below that line is negative gamma or put gamma. And for the 410 strike, the absolute gamma, you're adding the absolute value of put and call gamma. That's the absolute or key gamma strike. And then the put wall remains at 400. And now the call wall has moved back down to the 4,414 strike. All right, so those are the levels for SPI. And let's take a look at QQQ. I may have to refresh. Let me just go ahead and refresh the screen. I usually do to see QQQ. All right, so here's QQQ and we can see the levels that I showed in the pop-up. So let me just bring that back up. So first of all, it doesn't show the key gamma strike here, but that is at 300. The strike with the largest absolute gamma, that's pretty obvious, mostly put gamma, but still the strike with the absolute gamma. The put wall down at 270. And that's also pretty obvious from this chart. Strike with the largest net negative gamma. And then here's the call wall at 350. Also pretty obvious, the strike with the largest net positive gamma. So those these levels shown here do make sense based on this chart. All right, let's take a look at the Vanna charts now. And this is showing delta notional market makers, delta exposure on the vertical axis and strike price on the horizontal axis. So this is showing how market makers delta notional changes with changes in just in price. That's shown by this light gray line here. So what this is showing is above the, it's hard to tell exactly what this level is. Maybe 40, 50 or so, and that makes sense. That is actually the volatility trigger at 40, 55. What this is showing is above this level in a positive gamma environment. Market makers position on the gamma curve, their delta notional is positive. Their delta notional increases and they have to sell futures to hedge their delta exposures. Price increases and then if price drops, they can buy back their, buy back their short futures. So this is typical on a positive gamma environment shown here above the, above the volatility trigger around 40, 55. So again, market makers delta notional will increase as price increases in a positive gamma environment and they have to sell futures to hedge their delta exposure. And it's just the opposite below that level in a negative gamma environment. This is showing that their delta notional will increase and they have to sell futures to hedge their delta exposure as price decreases below that level. And then finally this line, the pink line, is showing how their delta notional changes with changes in price again and also with changes in implied volatility. And that's the VANA effect. The change in delta with a change in implied volatility and what this is showing is as price increases, there's not much change in the pink line and the light gray line indicating there's no VANA tailwind. On the other hand, as price drops below this level, there's an enhancement to their position, their delta notional. It increases due to a change in implied volatility meaning they will have to sell futures more aggressively than just based on pure delta. So right now, again, SPX trading in a positive gamma environment above the volatility trigger. So right now SPX is on this, this part of the curve. Alright, let's take a look at SPI now. And there's a slight shift in SPI. And again, recall the volatility trigger for SPI is at 410. So pretty similar to SPX, typically gamma notional and delta notional are greater for SPI than SPX. And then finally let's take a look at QQQ. An interesting curve for QQQ, fairly neutral just based on delta alone. But what this is showing is as price decreases and implied volatility kicks in, market makers will need to sell futures, probably NQ futures, to hedge their delta exposure. Alright, let's take a look at the data real quick and then we'll look at some setups. Alright, so just to point out quickly, this curve that we are just looking at, the Vana curve, just as an illustration of this gamma notional here, this is SPX, gamma notional market makers position on the gamma curve for SPX, SPI, NDX, and QQQ. And I usually look at just SPX, SPI, and QQQ. So these levels did shift higher for the S&P 500. Yesterday gamma notional for SPX was 3.7 billion and it shifted higher to 3.9 billion. And for SPI it shifted higher from 7.8 billion to 9.4 billion. So market makers position on the gamma curve for the S&P 500 more positive. And for QQQ it did shift down pretty significantly from 3 billion yesterday to 271 million. So still positive but closer to neutral for QQQ. So again all these indices at the beginning of the day were positive indicating market makers position on the gamma curve is positive and they have to sell futures to hedge their delta exposure as price increases in a positive gamma environment. So that is my planning for the indices. And based on this I was bullish for a bearish for QQQ. And then finally let's take a look at my startup planning for equities. These are the stocks on my watch list. I track the key gamma strike every day and compare it with the previous key gamma strike. So this E column is the previous key gamma strike that's from yesterday. And then the current key gamma strike is for today. And then I color code these green or red, green indicating that the key gamma strike moved up from the previous day. I interpret that as bullish. And then the key gamma strike, if the key gamma strike dropped from the previous day, like here NVIDIA and QQQ, also IWM, I interpret that as bearish. So that's just a starting point for a plan for equities. So my plan for today was bearish QQQ, NVIDIA and IWM. Alright so let's take a look at some setups now. And I'm going to start with Spot Gamma Hero. This is the, for those of you who may not be familiar with this chart, this is one of the tools available to Spot Gamma Subscribers. And it is the hedging impact of real-time options. So everything that we looked at up to right now is static data that's updated once a day. It's based on, a lot of, based on open interest that is updated sometime during the night. And that's what I use for planning. And this is the second part of my process. I use this for my execution once the market opens. And here this is again showing hedging impact of real-time options. The white line is price. The purple line is showing options trades, puts and calls, and market maker hedging activity. And this is overall bearish. Hero trending down. Market traders are taking negative delta positions. And let's just take a look at, get more detail about what they're doing. And this is pretty typical of an index. SPX by QQQ IWM. Traders are buying calls that's shown by this slightly rising orange line. And they're also buying puts. But it looks like the put buyers are winning. And you can just compare the slope of the line as well as the numbers here. So this is a notional value. 63.8 million positive for call buyers versus minus 222 million for put buyers. So the put buyers are winning. I have IWM and book map on another chart. If I have time at the end, I'll go take a look at that. So that was IWM. All right, the next was QQQ. And QQQ made a nice, nice downtrend in the morning. We'll take a look at this book map. But hero was no help at all. It was overall net hero. Traders were fading this move. And then finally joined the party down as QQQ made a low for the day. And let's just see what traders were doing here. So as usual, again, traders were buying calls shown by the rising orange line. And they were also buying puts shown by the slightly falling blue line. So this is showing in the case of QQQ for today. Options traders did not have much impact. So let's go take a look at book map now. So nice, really nice, straight downtrend and QQQ. Either if you didn't get in at the open, you can see all of the aggressive sellers here. These big peen dots, market sell orders, price trading below VWAP. There's a buy sweep that's shown by the small green dots up to VWAP. And then the aggressive sellers come in. Let me just zoom in on this. We'll go to about noon here. So just the morning session. Aggressive sellers right after the open below VWAP. A buy sweep up into VWAP. And then aggressive sellers come in again with the pink dots and continue to move price lower. So just watching order flow, this was clearly a bearish setup. Just there was not much confirmation from hero. So I think it was certainly a, even though there was no confirmation from hero, certainly a valid setup given the shifts in levels as well as the bearish order flow in book map here. All right, the next was Nvidia of the three stocks on my list that were bearish that I was looking for bearish setups. Let's go back and take a look at hero and then we'll look at this chart more closely. So let's go to Nvidia and there's a much stronger correlation between hedging flow and price action here. And this is what I prefer to trade. All right, so in YouTube, Andreas asked where can I find course for, I assume you mean book map. And I suggest going to the book map YouTube channel. And apparently you found that since you're watching and commenting here in YouTube. Just look for the educational course in the book map YouTube channel that'll get you started. It's a little bit old, but it'll get you started. And then also the features and components playlist and just work your way through the book map YouTube channel. Also watch Bruce's advanced webinars for just basic order flow. So there's a ton of information on the book map YouTube channel. All right, so this is Nvidia. I'm going to separate outputs and calls and let me zoom in on the morning here up until about 11 o'clock. And this was a nice divergent setup that you could see by looking at the put buyers. Notice this price was moving up initially in the first few minutes. Traders were also already buying puts. This leveled off. And then they continued to buy puts and then price reverse lower as soon as they started selling calls. So sometimes separating out these lines really gives gives more clarity. All right, so let's go back and take a look at book map. And recall the key gamma strike dropped and my thesis for the day was bearish for Nvidia. And either an entry point right at the open with a break below VWAP. Pink dots, aggressive sellers, market sell orders coming in. And then secondary entries here with multiple tests up to VWAP. And the third one finally worked and price broke lower to the 265 high liquidity target right here. All right, so that was the setup in Nvidia. All right, so those were the three setups based on my plan for the day. And I thought Nvidia was by far the best. I think there was some news out overnight. Nvidia gap lower. So note that it was trading lower before the open and then continued that move lower up until about 11am when it finally reached 264 in the liquidity at that level. And just one final note here for this is pretty typical equities, which something that makes equities pretty easy to trade these liquidity levels. These are passive by order shown in the heat map. This is a history of these passive by orders, liquidity, and these levels often act as targets for price. So you can see multiple targets at 266, 265, especially the big round number 265, the five level, and then 264. Let's go back and take a look at hero and see what options traders are doing now. Change this back to the total signal. And it pretty much looks like I interpret this as they've just leveled off a bit. All right, let's take a look at some other setups. The next was Apple. And for Apple, the only shift in level was the put wall, which actually shifted higher. And options traders were taking negative delta positions in Apple. Let's go take a look at book map. And Apple was another great short set up here. Note the reversal right at the open at the 165 key gamma strike. Price moves below the VWAP, below VWAP. And then there are a couple of tests of VWAP and price continues lower. And the price target at the price targets at the 163 liquidity level. And then also at the 162 put wall hedge wall. That's right here. And that did act as support as expected. So nice, very nice short set up in Apple. Nice uptrend pullbacks to VWAP and above at the 165 key gamma strike. All confirmed by hero. All right, the next is meta. And Johnny asked, do I have a discord where I give my morning analysis? And yes, Johnny, I have a room in book map discord. And you can just go to the book map.com website, join discord free for everyone, whether you have a book map subscription or not. And then look for me in the options dash Doug chat channel. Now I will say that I will occasionally post divergent setups in the morning. But I'm trading for myself. I'm preparing for this webinar. And I don't the information that I'm providing now is really the first time of the day that I'm providing this information. This is more for teaching purposes, post analysis to teach others how to use this information for their own setups. So this is all all free, all in book map discord. Okay, I hope that answers your question. Here's meta, another great short set up. Let's go take a look at hero and then we'll come back and look at that chart more closely. Now I'm looking at these are the stocks of my watch list. And I'm just looking at right now I'm picking out the best setups. So I talked about the setups that were my plan for this morning. IWM QQQ and NVIDIA. And then I'm pointing out some other stocks that were great setups as well. So here's meta very bullish hedging flow bearish hedging flow here falling hero price responds closely. Traders taking negative delta positions. Market makers are selling stock to hedge their delta exposure. And note both the put wall at 212 and the 210 key gamma strike both in play as targets. And we'll see that on the book map chart. Let's go back to book map. And these levels I have. I'm using my own C levels cloud notes to show these levels. So I fill out the new levels in a spreadsheet every day. Then they're displayed on this chart. The lines are drawn by this. It's an add on that I use from the book map marketplace. So here is the first target at the 212 put wall. And then the final target at the 210 key gamma strike price hit that target now is moving higher. So another really nice short setup and meta here. Let's go back to hero and RJ wants to see the put call breakdown and meta. Yeah, let's go take a look at that. I don't think there was much insight to be gained. So not really. Let's zoom in on the morning and see more of a divergence here with the puts. So initially for the first few minutes traders were buying calls. Then they started selling calls during that time they were buying puts. And then that accelerated a bit as they continued to sell calls. So RJ, I hope that helps. That does provide a little bit of additional insight. And Johnny and YouTube, you're welcome. Thanks for your question. All right, so that's meta. Let's take a look at Microsoft. And hero here was not nearly as clear as both Apple and meta. Let's just zoom in on this. So it took a while for the options traders to get in sync with what price was doing. Let's go take a look at book map. And I thought the setups that I've looked at before were better and easier to read. Really the only thing now to look at is this 282 put wall hedge wall still in play. If price reverse is lower, then that would be a target. Snowflake, let's take a look at that. And fantastic downtrend in Snowflake today. Not really, I didn't really have much of a clue in pre-market. The key gamma strike actually increased for Snowflake. But it's been pretty, it's been very strong the last couple of days. Looks like traders are taking profits here toward the end of the week. Let's go take a look at hero. Here's Snowflake. And very strong confirmation between hedging flow and price action. Traders are taking negative delta positions. Price response moving lower. And note the 145 hedge wall in play as a target. Let's go back and take a look at book map. And note the, here's the 145 hedge wall. Price overshot a little bit, but reversed higher soon after. So if anyone happened to, and note the reversal here at the call wall. A little slight move consolidation at the 155 key gamma strike. And then the final target at the 145 hedge wall. And if anybody saw this and bought a put, they made their week. Reversal at the call wall, acted as resistance as expected. As traders were buying puts and selling calls from the open. So these put buyers made off great. And notice how that put buyers that just levels off as price reached that 145 level. And then soon after the call sellers stop also in price. So hero is leveled off and prices leveled off as well. All right, let's take a look at the S&P 500 now. And I'm going to start with the total signal for the S&P 500. This is a combined signal for SPX, SPY and XSP. XSP is not significant compared to the other two. So it's really just SPX and SPY combined signal. So again, this is showing puts and calls for SPX and SPY. And here on the left edge of the chart, this is the RTH open. And note that hero is generally moving lower, price responds. And then there's a slight divergence, long setup. Price responds about 11 AM. And then hero starts to move lower as price moves back up. And then responds maybe 40, 50 minutes later. So it took a while for that divergence setup. So the thing to note here is the leading effect of this total hero signal. And let's just see what traders were doing. And as usual for an index, buying calls and buying puts. Let's just zoom to the morning here. So at about, at some point here, it was just about even put buyers and put sellers. So again, remember this is combined SPX and SPY. Let's take a look at SPX. I thought it provided a little bit more clear signal. So this is just SPX. And RJ, I know you want to see zero DTE. So looking at just SPX here, I thought this was a little bit more clear. Divergence long, divergence long, divergence short, confirmation long. All right, let's take a look at the zero DTE options. So this is showing all trades, all expirations. Let's take a look at zero DTE. And definitely providing a good signal for today. Let's just compare this with all trades. So all expirations is, the number is dominating much higher than zero DTE. But there's a very strong correlation between price action and hedging flow for zero DTE. All right, let's go take a look at book map. We'll take a look at the S&P 500 futures, ES. And this is price action that can be expected in a positive gamma environment. Trading in a pretty narrow range today. So after the cash open, the range for ES, SPX has been just about 25 points. And there were times in month pass in last year and earlier this year were 25 points. That could happen in a few minutes. So this is just trading in a narrow range today. Again, the levels that were in play, the SPX 4100 level above, also the SPX 4092 level, and then ES 4100. And usually these moves are confirmed by order flow, the shift in bearish order flow to positive. And you can see here this kind of this double bottom at ES 4100. And the shift to these green dots here, aggressive buyers moving price higher. Let's take a look at SPI. And here this is showing the reversal lower just after the 10 a.m. data. This buy sweep up into the, again, the 4100 level. And I don't have that 4092 level on my chart. I do have the 408 large gamma 3 level for SPI and that acts as resistance. And then it looks like price found support at the 406 level. And let me, this is one option for trading in an environment like today. So this started as an SPX put spread and if held right now. And it was the price of a five point wide put spread 205. So the maximum risk is $205. And then there were a couple of options. One was just to take it off. And here when I looked at doing that, that would have given about a $195 profit. It looks like it has become a little bit more profitable as it's in the positive theta region. And notice as long as price stays above this blue line here, this or to the left of this blue line, the break even price. And this is today's expiration. Theta will take the profit potential profit up to $300. So that's one option just to a couple of options. One is to take it off when it's profitable. One is to hold it and this break even level. And I just in case somebody may not be familiar with what this is. This is a profit and loss diagram showing again this was a put spread for today. Showing this was a long 4100 put short 4095 put for 205 debit. And this blue line is the profit and loss diagram at expiration. $295 potential profit and a risk of at a risk of $205. And as long as price stays to the left of this break even price. Right there at $4098. Then you can expect to achieve the maximum profit. And another option was to sell and turn it into a butterfly. Sell the 4149.5 put spread. Turn it into a oops wrong one. Turn it into a butterfly. And so a price moves back up toward 4100 at the end of the day. You could turn that into a potential 300 to 400 maybe even $450 profit. And then the maximum the worst that you could do on this is make $150 profit. So this is just showing a way of trading a range and ending up with a risk pre-trade. Okay so that's the S&P 500. Finally let's go to Tesla. And Tesla is always a good stock to trade with a lot of directional movement and strong correlation between hedging flow and price action. So here again Tesla strong correlation between options trades hedging flow and price action. And note here the the put wall breach at the open. Here's the put wall at 190. And let's go take a look at book map. And here's the put wall breach right at the open. Oops wrong direction. Put wall breach right there. And this early in the day the put wall did not act as support. And price it act as an accelerant. Price move below that. And price accelerated down to the targets. Primary target would be the 185 high liquidity level. And then price overshot down to the 184 level. And note all the pink dots there definitely bearish order flow as well as bearish hedging flow. Alright so another great setup in Tesla there. Now for Tesla there were no changes in the key daily levels. So I did not really have a thesis pre-market for Tesla. It was just a matter of watching order flow hedging flow. Here there was a let's go back and take a look at the notices for the put wall breach. So there was a notice notification for Tesla here just after 9.30, 9.30 and 32 seconds. Put wall breach early in the morning. Price move lower acted as an accelerant. So if you were watching Tesla there you go. Okay that's all I have for today and one thing I want to mention. I want to welcome anyone who has any comments on how I can improve this webinar. Is there anything that you want to see that I'm not covering or if I'm spending too much time on one thing or another. I will I welcome your comments and your feedback to help improve. So again thank you. Thanks everyone for watching. Thanks for your questions and comments and I will see you tomorrow. Thanks again. Bye.