 Hello everyone, welcome to options with Doug, streaming live daily on bookmap discord and the bookmap youtube channel at 1 30 p.m. Eastern Time. Before I get started I need to go through the disclosures. General disclosure, all bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Excuse me, 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. And hello, she and I glad you're here. The focus of my presentation and the focus of the options dash Doug chat channel and discord is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step of my process is execution and I look at real time order flow and book map and real time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And just to be clear, I will be talking about setups today and I'll be talking about just the underlying asset, but those setups those trades could be taken any number of ways with futures with shares or options single options or option spreads and questions and comments are welcome. And I will be watching the options dash Doug chat channel and discord and the chat and YouTube for your questions and comments. So please feel free to post will certainly make the presentation more interesting for me and hopefully for everyone else as well. All right, let's get started. The agenda for today. What I want to talk about is first of all go over news items for today and for the rest of the week. And then I'll talk about my positional analysis. And then finally I'll talk about setups. So today, Apple reports earnings after the market closes today. And then tomorrow, the employment situation report comes out at 8 30 am Eastern time. So those are the remaining key events for the week. All right, let's start with positional analysis now. And this is the S and P 500. Yes, futures. And before I dig into this chart, I'm going to take a look at a larger timeframe. And let's take a look at the SPX. See if I can find that chart. There it is. And this is showing SPX and key price levels for the last for the month of April, beginning of the beginning of April. And what this is showing is that SPX is traded in a pretty narrow range up until last week. And then that range begin to expand up, down after trading in this narrow range for quite some time. All right, so that is the price action, the structure. And this chart is also showing key gamma levels. These are provided to spot gamma subscribers for a variety of platforms. And again, this is thinkorswim. And it's a one hour chart starting at the beginning of April. And there is the spot gamma put wall. That's the strike with the largest net negative gamma that can be expected to act as support. And here's the 4000 level. And that is the strike with the largest absolute gamma. That's the absolute gamma strike. And then up here at 41 10. This is the spot gamma volatility trigger. And that is spot gamma's proprietary gamma flip level. Below that level, like SPX is trading now, market makers position on the gamma curve is negative. And that means they have to trade with price and the directional price to hedge their delta exposure. And that tends to enhance or increase volatility in a negative gamma environment. And that level has hovered around 4100 for quite a while. And above that level, market makers position on the gamma curve is positive. And in a positive gamma environment, they have to trade against price, opposite the directional price to hedge their delta exposure. And that tends to subdue volatility. And other levels that I'm showing on one other spot gamma level, there's the call wall. And that's the 4200 strike. That's the strike with the largest absolute or net positive gamma. And that can be expected to act as resistance. So the put wall, the key gamma strike volatility trigger and the call wall are the primary key daily levels that I follow. And just to point out a couple of other levels, this is the SPX. Lower edge the expected move that dash blue line just right at 40 50. And that was set at the beginning today. So that was set at the using the expected range for the day and then added and subtracted to the opening price of SPX. So that's the lower edge the expected move for the day. And there this is the upper edge of the expected move for the day. And then note that SPX is trading below this dash purple line, which is the lower edge of the expected move for the week. And Sheena is asking how I get the expected move range for the day. And give me just a moment and I will show you. Right. So that is those are the key levels for SPX. And now let's take a look at a shorter timeframe and I'm doing this just to show price and the levels. So this is another thinkorswim chart. It's a one day one minute chart and showing the same levels. So the level primary level that's been in play today is this 40 50 level. And that was noted as support in the spot gamma AM founders note. And so far that has acted as support twice today along with the lower edge of the expected move for SPX. So really the key is this 40 50 level acting as support. Right. So Sheena asked how do I get the expected move for the day and I'm using thinkorswim. And this is SPX and I just I do it very quick and simple. I just look at the this options chain and probably most if you don't have thinkorswim other other brokers most likely have this. So I'm just looking at this number over here. You may not be able to see it. But the number for the zero DTE the four may that's today May 4th. At the beginning of the day it was plus or minus 32 points. And I added that and subtracted that from the opening print for SPX opening price at 40 82.55. So she know that's how I do it just very simple. And you can do that for any instrument that has zero DTE options. So here you can do this for the you can do the same thing for the yes futures. And RJ I have not tracked our RJ ask have you tracked the close versus the open values for daily range. And I have not. I will I try to do that at the close but sometimes I get distracted with other things I'm doing in the evening and forget to do that. So I think the going from the open is probably gives you a better read you know that the SPX does not trade overnight. It begins trading at the RTH open at 9 30 a.m. Eastern time. So that is that's when I'm doing most of my market market prep before the market opens. So I I know the when I start doing my market market prep in the morning. I know the the expected range the plus or minus the volatility for the day plus or minus points. And then I when once SPX opens I just add that and subtract it to the SPX opening print. And then the for the futures I do that as well and I do that the day before. Alright so that's where that number comes from. So that is the SPX in a 20 day one hour chart showing all of April as well as the chart for today. And then the key for today again was this 4050 level acting as support. And again that was noted as support in the spot gamma am founders note. And this is showing the SPX number 4050 converted to an equivalent ES number. And today I calculated that that point difference at 15 points. It looks like spot gamma in their cloud nodes here is showing a 17 point difference. And it looks like that that difference has narrowed a little bit today to four 15 points. So that's what I'm using and that appears to be pretty close. So the key for today and we'll look at setups in a few minutes and we'll see that options traders were taking positive delta positions. And that supported a long entry at this 4050 support level. That's one of my favorite setups. Hero divergence hero rising while price falls to a key support level and then moves higher. And I posted this first one in discord this morning the first one at 10 30 am eastern time. Alright so a couple of great long setups here in ES and again I will talk about those setups in more detail in a few minutes. The point now is to point out the the levels that are in play for today. And also this 4060 level has been in play it acted as support early. And it's also been attracting price acting as support after the second reversal higher just after 12 noon. Alright so that is the S by 500 again I'll take a closer look at this the setup setups in just a few minutes. Now let's take a look at NASDAQ and for NASDAQ there were a lot of levels in play for today. So what this is showing and I have all of these levels shown in my cloud nodes column. And let's just take a look at QQQ separately for just a moment in a thinkorswim chart a one day one minute chart for thinkorswim. So let's go find that chart there's QQQ and this is thinkorswim and it looks like they have looks like this has been corrected. So this level right here it's a combo level right at 315 1213 spot gamma was showing that level at 315.13. But anyway this combo level is what acted as support. And other levels that are in play today are the 315 key gamma strike and put wall. So a variant this is a very important level for the NASDAQ QQQ and NDX again that combo level combines NDX and QQQ numbers. Then this other combo level at 316 and then finally 318 large gamma two level. So those are the QQQ levels that have been in play for today. Right now let's go take a look at book map again. So on book map I am showing the combo levels the NDX levels and QQQ levels. And the QQQ levels that are labeled white with a red number are the gamma strikes the spot gamma gamma levels. So there's the 315 level and then this is also the 12,939 combo two level and that's the level that acted as support. As well as that QQQ combo level and note the lower edge of the daily expected move also acted as support. And remember how the S&P 500 went down and checked its initial support level. The NASDAQ was stronger today and retraced down to around this 12,978 combo one level as well as the QQQ 316 level and is continuing to move higher. So a lot of levels in play for today and they have been working very well especially this primary support level at this combo level as well as the lower edge of the expected move. Alright so that's the NASDAQ and the S&P 500. Important levels in play today, helping to guide trades and RJ says great to look at VIX options again today, big moves there today versus expiration. So yeah when I get the setups we'll take a look at that. Alright and Sheena you're welcome, hope that made sense. Alright so those are the levels that are in play for today and now let's talk about shifts in levels. So first of all for SPX there were no shifts in levels and for SPY the call wall shifted lower from 420 yesterday to 415 today. And the key gamma strike also shifted lower from 412 yesterday to 410. And then on the other hand the QQQ put wall shifted higher from 310 yesterday to 315 today and the call wall also shifted higher from 325 to 330. So bearish for the S&P 500 and bullish for QQQ. So those were the shifts in levels and now let's take a look at those levels that will take a look at the absolute gamma levels. Refresh this page. We'll start with SPX. So these are the absolute gamma levels for SPX. And the orange bars are showing the positive gamma or call gamma above the zero line. And the blue bars are showing negative gamma or put gamma below the zero line. And this is market makers positions at those strikes. So this is the 4000 strike and that is the strike with the largest absolute gamma. And there's the put wall, the strike with the largest net negative gamma expected to act as support at 3900. And then here's the call wall up at 4200 the strike with the largest absolute positive gamma. So that is the SPX. Now let's take a look at SPY. Zoom in on this chart. So for SPY 410 is the key gamma strike. Again the strike with the largest absolute gamma. And the put wall at 400. That's pretty obvious the strike with the largest net negative gamma. Blue bar minus orange bar. And that should be the floor for SPY at 400. And then the call wall at 415. Strike with the largest net positive gamma should act as resistance. So the floor at 400, the ceiling at 415 for today. And RJ asks, does gamma the same as open interest in these charts? And no it's not. It's gamma weighted open interest. And SPOT gamma has their own proprietary method of doing that. So I suggest going to the SPOT gamma website go to the help center. They have expanded it greatly and there's a ton of information there. And so I suggest doing further research there. So again it's a gamma weighted open interest. So these numbers update once daily based on the change in open interest that is provided once daily sometime overnight. And SPOT gamma uses those numbers in their calculation. Alright so that is SPY. Let's take a look at NDX. Do a refresh. So this is NDX. Oops. This is NDX. This is the 12,975 strike. That is the call wall and the key gamma strike. It's been in that level at some time. And then this is the, oh that's the 12,800. Let's see where's the, so there's the 12,775. And that is the volatility trigger for NDX. While I'm on NDX, I want to take a look at the combo strikes. And there's that combo strike combining QQQ and NDX into one strike converted to an equivalent NDX number. And remember that's the level that acted as support today. And I think NDX maybe traded one point lower to 12,938 something. Maybe not even one point lower. So that was the level that acted as support today. That combo level. And we'll take a look at that same level in QQQ in just a moment. So speaking of QQQ, let's go take a look at the, first of all, the absolute gamma levels. And for QQQ, here's the 315 key gamma strike. That's pretty obvious as well as the put wall. So that's the strike with the largest absolute gamma as well as the strike with the largest net negative gamma. And then the call wall moved up to 330. The strike with the largest net positive gamma. So that's the QQQ absolute gamma levels. And now let's go take a look at the combo strikes again. And their spot gamma is showing this strike at 315.13. And remember thinkorswim was showing the low of the day for QQQ at 315.12. And no coincidence that is the, that's that large combo level. So with this information, we know where price is likely to react or market makers likely to react prior to the open. All right, let's take a look at one other thing. I'm going to take a look at the Vana model. This is for SPX. And I do dwell on this chart. I think it's very important to understand how market makers are positioned. At the beginning of the day and how they may react. And that's what this Vana model shows how they may react to price changes in price and implied volatility. So first of all, this chart is showing how market makers delta notional shown of the vertical axis changes with price shown on the horizontal axis. And the gray curve is just showing how their delta notional changes with changes in price, not accounting for anything else. So this is showing as, oops, wrong tool. So this is showing as price increases, market makers delta notional increase and they'll have to sell futures to hedge their delta exposure. And that is in a positive gamma environment they're trading against price. And then on the other hand, when price decreases, they have to sell futures to hedge their delta exposure. And that's a negative gamma environment they're trading with price to hedge their delta exposure. All right, the other curve, the pink-purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. That's a second order Greek, again showing how delta changes with changes in implied volatility. And what this is showing in a positive gamma environment is price increases, market makers will have less delta to hedge as price increases. That's the true line that we want to look at is the pink-purple line. And then on the other hand, as price drops, market makers will have more delta to hedge based on changes in implied volatility. So over to the right, positive gamma environment and to the left, negative gamma environment. And remember, SPX is now trading below its volatility trigger. Also the spot gamma index that we'll look at in just a minute was negative at the beginning of the day. And let's see where SPX is trading now. Just a second, let me bring up a watch list and I'll see where SPX is trading. So right now SPX is trading at about 40-70. So that's around here is where SPX is trading now. Still at a negative gamma environment, at least based on the information at the beginning of the day. Indicating that market makers will be trading with price to hedge their delta exposure and that tends to increase volatility. And Sheena asked, but from what I recall with positive gamma, the SPX trades more in a range. Yes, typically that is correct. That's what I expect in a positive gamma environment. Lower volatility trading range type of day with a negative gamma environment. I'm looking for larger moves and more trending days or just wider trading range. So yeah, that is correct. Thanks for the question. Alright, so that's the Venom model. And this is where SPX is trading now about where this vertical line is showing. Alright, one other thing that I want to take a look at is the shift from day to day. So let's step back one day to a more positive gamma environment. And yesterday the SGI was 0.24, so slightly positive. And then this is two days ago, May 2nd. And the SGI spot gamma-gamma index was 1.1, so more positive. So note how the Venom model shifts as the market makers position becomes more negative. Alright, let's take a look at the spot gamma index and then we'll look at some setup. So this is the data that I'm looking at now as a reference for market makers position on the gamma curve. The spot gamma-gamma index. And this is a proprietary number, a measurement of the total amount of market gamma. And a positive reading indicates market makers position on the gamma curve is positive and look for, as Sheena just pointed out, lower volatility days. And then on the other hand, when it shifts to negative, look for market makers position on the gamma curve is negative and look for a wider training range and more volatility. Alright, so that is the positional analysis for today. And now let's take a look at some setups. So I'm going to start with HERO for SPX and this is showing a combined signal for SPX, SPY, and ES. So this is the SAP500 combined signal. Again, for SPX, SPY, and ES futures. Showing options trades and market maker hedging activity. And again, combined signal for all these instruments. So for those of you who may not be familiar with this chart, the white line is price. And this is shown in terms of SPX, it looks like. And then the purple line is showing options trades, traders buying and selling, puts and calls, and market maker hedging activity. And I'm going to zoom in on this in just a moment and let's take a look at the individual components. So first of all, we know this total, we know this total notional value at 2 billion, positive 2 billion. Now let's take a look at SPX, positive 1.13 billion. Traders have been taking positive delta positions in SPX, pretty much from the open until about, until about 1.30 or so when my presentation began. SPY, same thing, still total notional value 1.43 billion. And then ES futures. And here in this case, negative, negative 578 million. Excuse me. Alright, so let's take a look at the total signal. We'll zoom in on this. So up until 1.30 Eastern time, this was positive. Traders taking positive delta positions. Let's just see what they were doing. So mainly buying calls. So they're buying calls and buying puts, buying calls that's shown by the rising orange line and buying puts shown by the falling blue line. And the notional value for the calls, positive 3.1 billion versus negative 1.17 billion for puts. So the call buyers are winning, price has been rising. And this set up a couple of great longs that I talked about before at that 40-50 level. There's the first one and there's the second one. So when I, and this doesn't always work, but it definitely worked today. So when I see, I'm going to zoom in to the first set up. So looking in the morning and seeing hero rising, price falling. I'm looking for a divergent set up. Again, this doesn't always work. It certainly did today. So there's hero rising, price falling. So the next step is to look at book map. So let's go to book map now. The S&P 500 and look for a level potential reversal level. So there it is. Let's zoom in on this. And there's that first move higher. And again, I posted this in discord. So there's the reversal higher at the 40-50 level. And note the shift in order flow as more green volume dots start to come in. There that first move higher. And then I'm not sure what this is. There must have been some news. I think that was some sort of news about the, one of the regional banks, Pacific West, I think. And order flow does shift bullish and one of the keys to this setup were these iceberg orders buying large traders using iceberg orders where they used to hide their size, taking pretty large positions here. So there's a couple of executions of a thousand contracts. One more this looks like. I'll zoom in and see what I can see on this number. But you can also see this with this rising light blue line. Large traders again are buying weakness as price approaches the 40-50 level. And that's the SPX 40-50 level. So we know that options traders were taking positive delta positions as price was moving down toward the 40-50 support level. Again noted as support in the spot gamma AM founders note. Large traders were buying with iceberg orders. They used again to hide their size. And spot gamma is able to detect these orders as the execute and then price reverses higher. So there was the first long setup in the S&P 500. And note also the cumulative volume delta starts to rise and then by stop orders start to feel the move higher. That shown by this rising CVD is the rising pink to dark blue line. And stop orders is shown with the rising yellow line. And that is showing that by stop orders help to feel the move higher. Those are also shown by these small green dots with the numbers helping to feel the move higher. So there's the first long setup in the S&P 500. We'll just take a quick look at the second. And we know again that options traders were taking positive delta positions. So we'll zoom in on the second setup. And we know the 40-50 acted as support before. And the shift in order flow is pretty apparent here. Note all the green dots showing aggressive buyers starting to come in at the 40-50 level. Moving price higher. CVD is rising and also by stop orders fueling the move higher. So there's the two great long setups in the S&P 500 today. And there were any number of ways to enter those trades again. Take those trades. Futures, spy shares, SPX, spy or ES options. All right, let's take a look at NASDAQ now. And NASDAQ the reversal again was at the, I know there's a lot of levels on this chart, was at the lower edge of the expected move as well as this combo level. Again that I showed in the gamma levels charts. There's the reversal higher. And there is a shift higher in order flow. You can see all these big green volume dots, aggressive buyers, market buy orders coming in, confirmed by this rising dark blue line that's cumulative volume delta. And also some by stop orders fueling the move higher. All right, let's go take a look at hero for the NASDAQ. And it was not as clear as the S&P 500 today. So this is the combined signal for NASDAQ and it for NDX and QQQ. Let's go back and take a look at book maps. So that reversal was at 1030. So we'll focus in on 1030. So there was kind of a lagging confirmation here. Note that price starts to move up first. And then the hero signal for the combined signal NASDAQ signal moves up about 10 minutes higher. So the reversal at 1030. And then the hero signal starts to move about 10 minutes later. So a little bit of a lagging indicator there. And again, that's why I'm saying that the S&P 500 was a little bit more clear, much more of a leading indicator today. All right, any questions? Zoom out. So now it looks like for NDX traders are starting to take negative delta positions for the NASDAQ. Let's just see what they're doing for S&P 500 now. And same thing, they have still net positive for the day but shifted down. All right, let's take a look at some stocks. And the first one that I want to take a look at is Tesla. And one thing I want to point out, why that's not working. Let me refresh this page. All right, so there we go. What I want to point out is this alert. Tesla put wall breached at 1024. And I think it's a good idea to keep an eye on these. So again, we know now the Tesla put wall was breached at 1024. All right, let's go take a look at hero. And note this is the, that's the 160 level. It's the put wall, the key gamma strike and the hedge wall. So a very important level for Tesla. All right, let's zoom in a little bit. And note that hero, the total signal starts to rise as price approaches that key level, that 160 level. Let's take a closer look and see what traders were doing. And they were buying calls. And that's shown by this rising orange line here. So another nice reversal setup here in Tesla. Let's go take a look at book map now, Tesla. And there's the reversal at the 160 put wall, hedge wall and key gamma strike. And you could have played this two ways. First of all, pretty choppy, wide range down to that 160 level. And note the liquidity at that level acted as a target. And then price reversed higher as traders were taking positive delta positions. All right, so that is a, another reversal setup in Tesla. Again, we have a key level of support. And again, traders taking positive delta positions as price approaches that level and price reverses higher. Let's go back and take a look at hero again. And here I just thought the, in this view, looking at this timeframe, the total signal provides a more clear signal showing hero rising and a good setup entry right here around 1040. That second test of the 160 level. Hope I'm pronouncing your name correctly. So clear, NQ, negative delta. Yeah, the NASDAQ signal was not as informative today as the S&P 500. So that's why I traded the S&P 500 today. I thought the signal and that 40, 50 level were very clear. And this, this setup for Tesla was also very clear. All right, so again, this is just something to keep an eye on these alerts. For those of you who have a spot in Yama. All right, let's take a look at a few other stocks and RJ wants to look at VIX options. So let's zoom in. Let's just see what they're doing. So not doing much with puts that's shown by this fairly level or flat blue line. And in the morning, they were buying calls shown by the rising orange line. And then starting just after 12pm Eastern time around 1215, they started selling calls. And again, the put line is fairly flat. So there you go RJ, hope that helps. All right, let's take a look at some other stocks. Apple, let's zoom in on this just a bit. So we can just see up until the morning session. This is showing that traders were buying calls shown by the rising orange line. Note the notional value here at positive 50 million versus the put line showing that traders were buying puts, but at negative 17 million. So the call buyers were winning. Price was increasing. Note that it levels off or starts to fall as traders started selling calls and then starts to rise again as they start buying calls again. So let's go take a look at book map. We'll take a look at Apple and not a lot of range today in Apple, but it is rising. And remember that Apple does report earnings after the close today. So traders are positioning ahead of the earnings. Let's just take a let's go back and take a look at hero and just out of curiosity. Let's see, go back to the total signal and we'll take a look at the next expiration. So really it looks like they are the next expiration. So this would be the Friday expiration. Traders are taking negative delta positions that show by the negative minus 12.67. But the longer expiration, all expirations is positive 33.4 million. And that appears to be water's driving price today. The longer expirations, you know, that could be anything from that's all expiration. So anything from Friday on. All right, let's take a look at the next one. That's AMD. There must have been some news on AMD. Does anybody know I was I was making an eating lunch at that time when that happened. Didn't have time to check when I got back. So just like Apple, traders are buying calls. We're buying calls in AMD. Show them on the rising orange line. And note how price levels offer drops as traders stop buying calls. Let's zoom in. And let's zoom in on this afternoon. And really this does not look, I don't see any evidence of a large block order. But traders are still buying calls. All right, so that's AMD. Let's take a look at BookMap. I want a large move higher in AMD. All right, and YouTube Edwards says Microsoft is helping finance AMD's foray into AI. Okay, thanks for that. All right, so speaking of Microsoft. Let's take a look at Microsoft. We'll take a look at Hero and Microsoft. And positive Delta positions. And just like Apple and AMD traders are buying calls today. Show them on the again, again by the rising orange line. And there's the reversal higher. Oh, just before around around 1030. The liquidity targets above at 307, 308 and 309. This is the heat map showing resting cell orders in those orders attract price. So Microsoft made it up to the 307 level. And there are there's plenty of liquidity up above at 308 and 309. The next is Nvidia. And so it looks like the news about Microsoft and AMD had an adverse effect on Nvidia. Okay, so on YouTube, Sheena confirmed what what Edward indicated that Microsoft is helping finance AMD's expansion into AI processors. So thank you Edward and Sheena for that information. All right, so let's take a look at Hero for Nvidia zoom in. And we'll just focus on the actually this is showing heavy correlation strong correlation between hero and price action all day. And one thing to note about AMD it off Nvidia, it often chops around at the open for at least 30 minutes, sometimes more. So if you trade Nvidia, it's best to go go somewhere else do something else for the first half hour. But anyway, strong correlation strong confirmation with hero up and down. All right, so we have looked at the SAP 500 the NASDAQ and the SAP 500 especially was a great setup. And this morning showing two longs confirmed by options traders taking positive delta positions at the 4050 SPX 4050 support level. And also along in the NASDAQ and not as strong a confirmation but a good support level at that combo level as well as the lower edge of the expected move for the day. And then setups in Apple AMD Microsoft and Nvidia and Tesla and Tesla was alerted in these alerts in the spot gamma dashboard. All right, let's take a look at SAP 500 one more time. And now again, it looks like another here's a divergent setup short note that hero starts to flatten and move lower and then price responds. What around somewhere between 115 and 130. Let's go take a look at book map. And then we'll call it a day. So let's go back to the SAP 500. Yes, futures. And there's the reversal. No level here shown. Let's see if we there's a level on spy. Yep. So this is what I do. If I don't if I see a key change in the ES and I can't identify any liquidity or level that could be acting as resistance or support. I'll look at spy and there it is. There's the spy 407 level and price often reacts at the spy and the QQQ round number levels. So note just looking at spy and I've posted many charts like this and discord. So the 406 level acts as resistance. And this was the next to the SPX 4050 level, the spy 404 level acts as support. And again, the 406 level resistance and again, the 404 level as support note the chop around the 405 level price moves higher up to the 407 level. More chop around the 406 level and now prices moving lower. All right. That's all I have for today. I want to thank you for watching. Thanks for your questions and comments. And we will watch for Apple earnings after the close today. And then also again, remember the employment report at 830 a.m. Eastern time tomorrow. And we will talk about the aftermath of that report tomorrow afternoon. Thanks again everyone. Thanks for watching. Thanks for your questions and comments. And I will see you tomorrow.