 or with a little bit of ES here, NASDAQ trading on the book map. All right, excellent. Well, this is a pro trader webinar. Very happy to have Options Millionaire here today. We've had you once before. And you stream weekly on our Discord channel and YouTube on Thursdays at 1 PM East Coast time on YouTube. And you will be here also on this Thursday. So anyway, if you guys don't know who Options Millionaire, well, Andrew began trading 11 years ago. I became intrigued with all things related to investing. The love of helping others intertwine with accomplishing such a difficult task as trading has brought him to where he is today. He's a volume price analysis options trader. The strong emphasis on supply and demand, he believes the best indicator is the market itself, which works perfectly with us and Bookmap. So here's his contact information as YouTube, his Twitter, special offers from Bookmap here. I will put these into the chat in both Discord and YouTube so you can click on the link directly. You don't have to copy it down. All right, got to go through the disclosures and we'll turn it right over to Options Millionaire and let them take it away. 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 digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. All right, Andrew, why don't you take it away and I'll broadcast your stream here. Excellent, excellent. I appreciate the intro. Yeah, it's been awesome being a part of Bookmap and utilizing the tools, man. It's been eye-opening to watch over the past couple of years. So welcome, welcome. It's been a pretty great morning for liquidity. The book has been shifting all over the place with great levels that the NASDAQ in particularly has been wiping clean here. And as we were kind of set up here, I noticed a couple of major downside levels. Sorry, Andrew, I do not see your screen here. I believe I'm rebroadcasting it, but I don't know what you're presenting. Okay, I am, yeah, and Bookmap I am, yeah. Okay, I just see your icon here. Okay, yeah, I've got the screen broadcasting on the Bookmap, on the Bookmap application. Okay, yeah, no, I do not see it at the moment. Hold on a minute. All right, let me see, let me see. Okay, now I got it, now I got it. Excellent, excellent. Okay, thank you. Yes, sir. Yeah, so as I was kind of setting up there, I saw, if you see the screen here that we're putting it in Discord here, that a lot of liquidity was putting on a lot lower. And they put on this major level at $14,850 on NASDAQ. And if you look on the ES, they put this guy way down here, $4,290. A substantial amount of orders, too relative to what we're normally seeing, $825, it's not massive, but relative to what we have up here, that is definitely an outlier. So I wanna pay attention to that book that was not on there yesterday and rolled up on us this morning. In terms of today, they've put on this 4,400 retest. That is about a normal type of level. In fact, they've reduced the amount of liquidity sitting at that order this morning. But the 4,400 is, would be a retest of where we came to yesterday. We rejected right at 4,400 yesterday before dropping back off. I think we actually got up to 4,403 before another reduction off of that level. And from here, I would, if once we closed over the pre-market levels, I'd look for a possible reclaim of that level. But however, unless I see that order managed or something like 4,405 come up top here, I'm not really, in fact, look, they just took it off as we're talking about it. I'm not really looking for a move up here unless I see more, more strength throughout liquidity at this level. So for now, I'm really trying to figure out, especially we just had data come out at the top of the arrow with, which liquidated a lot of liquidity, not liquidated, but they just canceled a lot of liquidity and put it back on right here. And then immediately took off. So a lot of liquidity we were dealing with this morning has been wiped a lot of order flow. And right now the only thing left is 4,390. In terms of price action on the 15 minute, which is something I normally track, there's a lot of doji's going on here. ES is putting on a doji at the moment of rolling over to the NASDAQ here. The NASDAQ has got a big old doji and the NASDAQ has been heavily whipped. And the reason why I was tracking the NASDAQ this morning because the past couple of days, even until last week, ES has been chopping relatively flat, about five to seven point range while NASDAQ in the morning, the first half hour or so, has been putting on significant runs on liquidity. So that is why I've been heavily focused more on the NASDAQ early in the morning. And right now the NASDAQ has been pretty erratic. Although it is 80 points higher, it's done so in a lot of a wiki motion. They've grabbed liquidity higher and then dropped. They've grabbed liquidity higher and then dropped. And it's forced us to really plan our heels here and be careful. So the first half hour is now done or we're coming up on the second half hour, which is going to be the third 15 minute candle. And from there, I'll be looking to see how they deal, especially now that they've wiped out this top liquidity here. They've taken out this 43.97, 43.90s up top here. NASDAQ has got this guy down here, 43.94. That's coming off and on, but that's pretty light stuff here. I'm not really focused on this. This is more bit in the ass type activity. We've got this 14.9, 7.5 and 15,000 here. And there's another drop back over. So in terms of price action and market awareness, the big player here is Apple. Apple was kind of a single point of failure this morning on tech with NASDAQ. Microsoft in Amazon, Amazon's right now is flat. Microsoft has had some green, but a lot of drops. Apple was pretty much straight up. And then finally only in the past 10 minutes or so, his Apple started to face a little bit of red, which is bringing NASDAQ down here a little bit. But now it's bottom wicking up. NASDAQ is again bottom wicking back up. So you came on down here. Look, right after we start coming up here, we put on this liquidity back on. You see this 14.9, 40 players coming back on. The CVD is dropping still on this move and not really spiking. So the buyers aren't hitting this necessarily. Is this more of a balance between the buyers and sellers? Every time we make a move up, the sellers hit. And we're really waiting for the auction house to start to skew to one side or the other. I don't have a major skew on the book except for this 940. If we start to move lower, I wanna see the liquidity shift lower to show that skew to sell at the sellers are now ready to refresh this baby back lower. In terms of the broader picture, if you don't already know, then we have the JPMorton caller finishing out this week, which doesn't necessarily pertain to NASDAQ, but it does pertain to the S&P. And down to 43.20 here expiring in three days, well, most likely we'll be facing a role in the upcoming days. And once we do face that role, we'll track that OI on the September contracts on the SPX and seeing where those contracts are gonna shift. But if they were to move that down, then history says we've got about 50 points or so on SPX to drop before 30 to get under that caller if they were to do so. And look at that big drop on NASDAQ right there. So we came back over on the way up. And the big thing I'm seeing is on the way up, they stick on this guy, this 940, immediately come back down liquidate, drop back over and promptly put on this iceberg. But again, I need to see more liquidity stack lower to see if this is actually going to be a trend down or a big drop through the day's lows. Cause NASDAQ now just put on a move back then to the pre-market levels, which is about 92900. And they're quickly dropping on back down and pre-market lows is gonna be all the way down to 863 on NASDAQ. ES just came off about 10 points as well. And we have a major pivot on ES here at 43.82. So about this 43.82 level, 43.80 is a major, major pivot level. And with this one, you see that they came up and on the top here, in fact, just as we were talking about it, you see them remove this guy, this, they remove this order flow altogether and then promptly shifted his lower right when they did that. So move this down here, you see this guy, come on 43.70, this player, come on. A couple of stops filled, nothing crazy here. This is all pretty light order flow that I'm seeing except for this 43.70 guy. So right now, I'm gonna play this as a range date until otherwise noted. If they come on down to white 43.70 and continue to wipe lower, then I will look for more added liquidity lower and to potentially trend this baby down. But until then I will play this as a range date. CVD became promptly red, about 6000 red. And you see that the sub chart here is showing the CVD decreasingly red. XLF, another player, the financial sector of the S&P is overall flat. I had a little green, little red, but it's chopping flat. Not as big as mover as yesterday. Yesterday, XLF was a big mover in the market. And I was able to play a little bit of the S&P. We netted about 107% on puts yesterday. And the big number for me was XLF rolling over through a certain support, which allowed me to take a put. Today, XLF is not really telling me much, it's dead flat. And so I can't really front run an S&P move with the XLF not really moving, which is the financial sector. Same thing with bonds, the VIX is hanging out at 14. Apple's rounding it back over here and Amazon's starting to finally come down a little lower. So we may see a little bit more weakness here on NASDAQ. And with the S&P coming on, trying to grab 43.70, which is about a seven point move down. Yeah, there goes NASDAQ is Apple still rounding over and they're gonna go for this 14.900 here. And once 14.900 shift, you watch this 980 wipe coming down even lower and watch for any kind of managed liquidity order flow lower for the level two to represent lower transactions. But right now it's just 14.9. And that'll finish off about an 80 point move or so. A 90 point move on NASDAQ coming on down. Ice burst coming on, ES has 43.70, 43.60 and is tracking a couple of things here, 43.36 SPX, June 27th. All right, so we have 43.78 right here. Once again, bouncing back up, but we can't get away from the 43.80 main pivot here. We're gonna need volume to do it. 43.80 is a major, major pivot, both on price action and on the volume profile. Volume profile node is setting right at 43.80. It's not the main one because the POC is much lower but on the daily chart. But the 43.80 is the main high volume node participation that we need to watch here on the S&P. And that's why we keep on pivoting. Yesterday we retraced it back down to 43.80. We spent a couple of minutes overnight below it, pinning back up. But this is our first good retracement below it of the trading session. And we're trying to hold lower right here. And there's another break lower. NASDAQ just went lower right there, which is a good little move, good little move down. NASDAQ is about to put a new low of the day in, which is a big bearish move. Taking out a low of the day from that kind of high and breaking lower is a substantially bearish move there coming on down NASDAQ, 43.75. So now that they've come on down to 43.70, we have 43.65, which is five points lower there on the S&P. NASDAQ just dropped back over to 887. This thing is gonna drop even more. They're gonna wipe this baby down. So I'm not seeing any more liquidity come up top. In fact, they're chasing these liquidity levels lower. So you see this liquidity shift, which is an indication of trend down here. At least for a cycle, not necessarily trend down day, but a trend down cycle is when you start shifting this liquidity lower, you see them. And the way I, you know, obviously we all know what book map is, you know, it's a representation of liquidity and order flow. But when I see this stuff chase lower, that tells me that we're gonna in the process of coming down. They're wiping the book lower. They're adding lower here. And you know, what are these? These are orders. They're ready to be transacted. So I'm gonna play this into the downside here to wipe out 43.70 and down to 44.365. From a price action standpoint, we have a good amount of volume coming in on this 15 minute candle. Right now it's a big old doji. And we need this candle to fill down. This bottom lick here is still kind of a sticking point as we still pin to this 43.80 area. And until this candle fills down, because now it tells me the buyers are defending that we'll watch for this 43.70, 65 white. NASDAQ finally put in a day's low, not the pre-market low, but they did put a new low the day in there for 14.888 before bouncing back up here. Back to 43.80, right there on the yes. Pin to it. That's what I'm looking for there. NASDAQ here, 14.9 to 9.20. Another player I'm tracking closely is oil. Oil is in a bit of a consolidation phase for the past couple of days as they've been bounding between 73 and 67. And oil here, that's why I've got it up, but 69 and change is their main liquidity shift there. So I'll be looking for a move in the upcoming sessions to 69 and change to wipe that liquidity, not to mention. There's also an imbalance at 69.93 on oil looking to be filled. And I'm bounding between those. A great opportunity to get to trade some oil. I only trade oil on breakouts or breakdowns. I don't trade them in consolidation pivots. And they've been between 73 and 67 for a number of weeks now. Removing liquidity and back to 43.82. All right, sorry about that. So POC session, POC shifted around to 43.80. And what are we looking for outliers? That guy's still down there, 42.90. So with this little bit of a bounce right back to mid, if this candle fails, that's where I'm looking for to play the downside because we had a large amount of influx volume on the 15 minute to bring us back up to 43.80 after that moved down to 43.75 on ES. But if this candle fails, that'll tell me that the bulls are just kind of temporary, a little bit of closing out of liquidity here. And there's not any true bounce sentiment V recovery that we're normally looking for. So this is decision time. Either we're coming back up to 43.90 or down lower, which is obvious, but that's the decision point I'm looking at here. We're right back to the 43.80 pivot. And they've got liquidity come on to 43.90 as well as this 43.70 down here as well. Let's see, NASDAQ is 14.910 down to 43.70. So in a bit of a range so far, we do have, we had some decent catalysts this morning, nothing crazy, but to draw a lot of liquidity management. But tomorrow we've got J-PAL speaking it right at the market open. So most likely there'll be a little bit of shaking to bacon tomorrow as I believe he's discussing the banking sector. Watch the NASDAQ here. They also put on a hammer, but they've got a little bit of a shaky green. Apple is putting on a weak bounce at 186.2 under declining volume, which does not show bullish sentiment there. VIX is down to 13.9 as they are right on the day. More liquidity 43.70. So this looks like it's going to retrace a little bit here. XLF is 32.81, coming back up too high of the day. All right, there's the topic on NASDAQ rolling back down. Light, but watch this shift lower here. 43.82, now Apple is 186.73 and they are holding on barely right here under declining volume. Amazon is 127.8. Microsoft is coming back down on a pretty strong trend down here, trying to attack their lows of the day and NASDAQ is top wicking. So we got to get away from this 43.82 in order to do so. We have to imbalance the book. There's too much of an auction here going on 43.82 with balanced buyers and sellers. We need to get away from it. And the only way to do that is to skew the book with a little bit of action on one side of the other. Whether or not we're coming back over 4,400 or we're gonna come on and finally get under that JPMorgan collar, their protection collar for the quarter. We need some action lower. And that's really what I'm looking for here. So they did put on 43.90, but they also restacked 70. The CVD is pretty flat right now. It's not declining. It's overall negative, quite negative, but it's overall just trending sideways at the moment on the sub chart. There's not really any major stops or icebergs. So nothing crazy going on at the moment. NASDAQ has a slight iceberg, very small, lower. And they just came down to attack it right there. And boom, they filled it. Still small, not a very big one, but it's there. And they got this 14.850 lower. There goes Amazon down. There goes Apple, a top wicking down lower, 14.900 and an iceberg coming off here as well. We're just kind of treading water here, but I'm looking for this move shift down to 43.70. 43.70 would take out the pre-market low for ES and it would start attacking yesterday's low and the weekly low at 43.6850, which would be a decent move. That would be a changer on the daily chart. I like to track the daily chart right now. Obviously we're putting on some red candles on the daily. And then this 43.70 area, the 43.82 mainly, is the next pivot here to deal with. Watching right here. There goes Microsoft down. Coming on down to low of the day. XLF is now kind of flagging higher, which is showing a little bit of a pushing and pulling here on ES, all throughout the market here, mostly green. Nine of the 10 sectors of the S&P are all green and they're green by about half a percent, except a few. XLV is quite red today. XLK is coming off, XLF is going up green. So there's a lot of definitely pushing and pulling here, which is showing the S&P overall flat on price action today with the NASDAQ a little bit more heavy in terms of today's session. Obviously they're green and they're actually more green than the S, but because they had a stronger pre-market. But they have now dropped about 80 points or so and looking to come down a little bit more here on NASDAQ. Amazon and Microsoft are both coming down. Apple is still hanging out at 186.7. There's another topic on ES holding. So in terms of the 15 minute, that 15 minute bottom week that presented high volume at 10 o'clock, the 10 to 10, 15 candle. And now we have the second 15 minute candle, which I'm kind of sitting on the 15 minute here. I try to do that when I'm trying to translate what CHOP is doing. The ES is still paying 43.82 and it's providing a lot of oscillation at price here with not very little volume and not conviction either way. Yeah, we've got a question over here in YouTube with the removal of liquidity and looking at the range at a range day. I'm sorry, let me just try that again. With the removal of liquidity and the first hour's action, do you think you might be looking at a range day or is the potential for trend down day still strong? Well, that's a good question. I'm looking right here and we got a couple of factors going on. One, we've got 43.82 and 43.82 is the main pivot in the POC and typically I don't like the market look for the market to go binary on me, which means I don't wanna see it go like strong down, bounce and go strong up. I need the auction has to occur. And we've came on down the past couple of days into 43.82, which we've been looking at for a couple of days now. 43.82 is that main level. So now that we've come down to 43.82, now the buyers and sellers gotta get together and they gotta have an auction. All right, are we too low? Are we low enough? Are we not low enough? What are we gonna do? And that's really depending on the order flow and what the buyers and sellers do. If a plethora of buyers come in, then yeah, that's low enough. We bounce, go back up to 4,400 Baht of Bank. If we go lower, then yeah, we already know that there's not enough sellers. We need to come down. The price is not low enough and they need that lower. And that's what we're figuring out today and yesterday. We've touched down to 43.82 yesterday. Today, now we're oscillating right around it with no real conviction or volume. Not to mention, we do have J-PAL tomorrow and we've got the J-PAL working caller down to 43.20 going into June 30th. So there's a lot of factors here to show that we could very well consolidate today into tomorrow morning session because J-PAL starts the day off strong tomorrow. Right at the market open, boom, he starts yapping. So most likely we're gonna have some volatility centered around what his comments and his worries and what he's gonna be talking about. On top of that, we've got a lot of cross currents today. We've got a lot of the X sectors that are up. We've got the main big dog, which is tech, is for the most part up, although a little bit of red. XR, Apple is up, Amazon and Microsoft are both down. Tesla's shaking and vacant. So there's a lot of cross currents today. And all I'm seeing here is just more oxygen. I don't see any indications of strong trend up or trend down. I have some outliers lower. NASDAQ and ES both have major outliers lower than we're at it today. And that's a big point for me. If you come down here and look at this guy, NASDAQ has an equivalent level. In fact, we've got this too, but this is a big level. If this was on here for a couple of weeks, whatever, I'm not really focused on too much. It'll come when it comes. But this thing being added more recently, it kind of has me perked. Not to mention that'll bring us down to 4290, which will bring us, I don't know, that'll be what, about 4270 or 4250 or so on SPX. So that would be a significant drawdown and would put us under the collar. But I'm not gonna look to make towards that move. Obviously we've got a long way to go and we've got a lot of liquidity to get through, but that's definitely a data point we have to watch. Answer your question in short, it's most likely gonna be a range day. We have a big catalyst coming up tomorrow, potential catalyst, not to mention we are the main pivot of 4382. So nothing, in my opinion, on the market is coincidence. We're consolidating where we should, 4382, right ahead of a major catalyst and right before JP Morgan Collin roll coming up here in a couple of days. So yeah, I think there's a good chance we could consolidate in a somewhat range. Whether it be a 30 point range or not, I think there could be a good chance of consolidation going into today. Not to mention if you look over on the daily chart. The daily chart yesterday, it started to look like a bit of a doji until that late day break. We broke off last night under increased volume. With the increased volume on June 26th yesterday's daily chart, it could possibly look into entering into some sort of demand, but there was no bottom week on the candle. The candle is fully bearish all the way down, top week. Today we are following up with a little bit about 12 points or so worth of buying on ES, but I'm gonna need more to show that buyers are stepping in. I need more and it's purely price action standpoint. I need a little bit of price action to reclaim somewhere in the ballpark of 4390 to 4400 to tell me that the buyers are about ready to step in with a little bit of volume to show that we've now entered demand. If you think about supply and demand on the chart, if you've got a range of demand lower and the sellers enter into that, now you're gonna have sellers and buyers participating, which is going to show an increase in volume on the charts and that's what I'm looking for. And until I see that, it's gonna be more of the same weakness into the possible June 30 roll. So NASDAQ is coming back up, ES is coming back up, right back up to high of the day. Now that move on ES set my lower bound of the range and I do track the morning first hour range, the high and low of the first hour. And that allows me to play the bounds of the market whatever the algorithms want to do for the current session is usually done in the first hour. And I like to set the high and low I just did the high is 4389, the low is 437450 on ES. We've got liquidity back on at 4390 and they're just shifting all over the place here, which is all conducive to range. This is all what a range day looks like. Maybe what kind of articulate some of the option strategies you're looking for in a range bound setup for today? Yeah, definitely. So I have been historically I have done some zero DTE call credit spreads and put credit spreads before, which is normally what I would execute in a range type day. However, I've stepped away from those and I've been doing weeklies. So in a day like today, what I'm gonna, there's two things I'm really looking for. I've got the premium riding side, which is gonna be trotting in or managing my iron condor for Friday, which I put on every week. I just collect the premium as data takes its toll. The other side of the coin is patience in looking for a two to three, one to two, high confidence setups pinned around the morning range, 4389, 4374. Most likely in this environment, not really gonna put on options trade. I'll probably do more of a futures trade just because ES is only in a 13 point range and you have to be very precise with options to make any kind of money, especially if you're doing shorted data options. So today, what I'd be looking for is playing any kind of weakness off of 4390 and any kind of strength off of 4374 off of that. Now, I need to be very cognizant of the breakaway volume. If we have any kind of influx of volume to get us away from 4382, which is smack dab in the middle of the range, you know, the high volume node, that's where I'm gonna look to play extension away from that, but I need the order flow and I need volume to tell me it's time to move away from that. Until then, I'll be playing my VPA patterns, which is the top week, bottom week, off of either rejection or support. So supply and demand and playing off those levels. What I did yesterday is I ratio it into a PCS lower because I wasn't quite set on the fact that we would hold overnight and I wanted to put on my Friday premium for my iron condors. So instead of going one to one, I ratio it in two to three to kind of just give me a little bit of confidence to sleep well overnight and not have to worry about the market rolling over 100 points on me. There's always that risk with this collar roll coming up this week. Andrew, how do you deal with like fundamental events? You have an iron condor on weekly, but yet tomorrow we have a Powell speaking, so there's gonna be volatility. Absolutely. Yeah, that's the pretty common question is how do you deal with events like that when this on here? And it's more of being confident in the strikes that I choose with the deltas and being confident in my abilities to hedge. Now, I've already got the upside iron condor, the call credit spread on, which is much higher, which very well could be tested as well, but the PCS came on here. So the first step in managing that spread is entering of the ratio. Is the fact that it's longing more deltas or longing more of the long legs than the short legs to kind of offset some of the exposure to the downside. Will I still lose money if we go down? Yes, but not as much money if I went one to one. And this allows me a little flexibility. So the first step in building that structure is that one, if we do start to drop back off, I have two options. I could close the thing all together and take a lesser loss because it's ratio or two. I can start to long more of the long leg of the PCS and flip my portfolio to net long to the downside and actually make money. It's actually an inverse debit spread on the downside here to make more money as we drop. And then if we do, if whatever he says comes out and we have a bullish reaction, I can then flip the ratio back into a one-to-one ratio and now turn it to a full-blown credit spread. And on the way up, I'm actually making money on the way up. Now, if I don't do anything and I just want to hedge dynamically with a zero DTE, for example, if tomorrow he comes out and he's very hawkish and he's saying, all right, we're hiking the next two times and whatever he says in banking policy. And we need to, and I need to hedge very aggressively, I can hedge dynamically with zero DTEs, most likely 10 to 20 points out of the money and hedge as needed on the way down. So what I care about is honestly, I could care less if the individual position is down 1,000%. I don't care. It's all about my bottom line P&L. So if I can make more money on the hedging, then I'm losing on the PCS and that's really what matters. And I think that's a big hang-up that a lot of people think because they see that big loss on the PCS or the call credit spread and they freak out about that and they just forget that, there's a thousand different ways you can hedge that position. Now, there is a certain point where I wouldn't, obviously that's an extreme example. I would never let a PCS get 1,000% loss like that, but it's just an example. It's like, at a certain point, I will cut it, but I am perfectly capable and comfortable in hedging that position against a strong trend down. And that's really about, one, having the account size to manage a trade like that and two, having the confidence and expertise to be able to hedge a trade like that. And I know a lot of people freak out about writing premium against volatile events and rightfully so. But at the same time, if you have the tools at your disposal, then there's no need that there's no reason why you couldn't hedge a position back to flat even or coming into profit. So, and of course, 2022 taught me a lot of lessons. You know, I got blown out on a call credit spread, March of 22. And it taught me a lot about hedging, both with features and options dynamically and a strong trend market that we haven't seen in 15 years since the recovery of 08 is when we will have saw movement like that. All right, so we are coming back up to the high of the range and we've got 4390 up top. We've got a lot of liquidity here at 43 straddle in the movement, 4385 and 4390 with a little bit being put on lower, taking off this stuff lower, shifting higher to 4390 up top. We have another volume influx top wick. The second we touch 4387, we have a top wick with increased volume. Interesting movement. NASDAQ down to 14910. I'm going to flip over to my NASDAQ charts real quick. Man, there's the fifth, the five minute on NASDAQ is just wick central, wicks all over the place. If you're tracking NASDAQ, that was also all night long. The pre-market consolidation was 886. So it was just a good amount of demand there. And we just bounced right off of it, although it's still very wiki on the way up or through the bottom of the hour here, coming up to the top and ES is still holding 4386. So this is game plan here. I need to see how we're going to deal with this 4389 high of the day. It's the pre-market high. It's the current session high. And it's the pre-market rejection area as well, where we have that big green pop on ES into power hour yesterday. We sold back off into the end of power hour. So is that 438586 level? There's a lot going on here in terms of micro supply and the 4385 to 4390 range. And we're now facing the fifth test of that level. On a micro scale. If you're tracking volume profile, the main POCs here is about 4383 with the lower high volume node topping out about 4389. So there's a lot going on in this range. And on book map, we've got lighter liquidity here, 43950 on NASDAQ, but a whole bunch on ES, 4395 and 4390, relative to what we're seeing. Obviously these aren't big numbers, but relative to the environment, these are the highest spikes in liquidity. So what I'll be looking for here as the buyers are not or the sellers are not coming off of this level, large absorption bubbles here to come out and transact this liquidity. And then we'll test 4395, 43 to seven. So we have a high volume doji at 1030, 15 minute chart or a five minute chart, 15 minute has a doji, the volume is still increasing here, although we're only halfway through the candle right up through there. Watching Apple as well. XLF is coming up here. So we're finally starting to have a lot of correlation and price with the XLF and tech. Microsoft is still down, but Apple's still maintaining the 186 level. I'm gonna flip over to a couple of the other tech names here. Google is still flat. Meta is still up. Tesla is still flat, although up overall. JPMorgan's still getting hosed. XLF is up, that means mean, that must mean the other players are gonna be up. Bank of America is highly up, yeah, up to 28.2. Goldman Sachs is down here as well. So there's a lot of cross currents today. And here we are, another topic off of 4389. I'm gonna start planning some positions here because this could be a good risk reward on a play, especially if Apple starts coming off. And we'll look for a move here, if this thing breaks 4390 and 4395 up top. So this is my timeframe. I do like to categorize my trades in certain timeframes and we're coming up on that. We've got top of the hour coming up and then that'll initiate the good hour to trade. But as we start getting deeper into the morning is when I need to do one of two things, either stop trading altogether or reduce my position sizing. Because after about, we're coming up on 11 o'clock, after about 1130 into 12 o'clock, 1230, the volume of the market starts coming off and the price action becomes a little bit more erratic. Even on a trend up or trend down day, the price action is more erratic in the trend in the last half of the day than in the front half. And I have a little infographic about certain timeframes to allow you to trade a little bit more comfortably at certain times because it's crucial. In addition to price action, the times of the day is crucial. So ES wants to wipe out this 4390 and shift higher, not to mention CVD has come back to green from being pretty red up to 95. NASDAQ not the same strength though. They're shifting this guy to 905. I'm keeping a close eye on Apple. I'm monitoring Apple live as we're trading to see where they're gonna break because that'll be the tail time. With Amazon being down, with Microsoft being down, Apple's the big dog to hold up here. In the past couple of days, they've been rallying very early in the day to give back a lot of profits in the last half of the day. And if they come down, that's when we'll see the drop back down to load the day. Not to mention, if you're looking for a range day, this is where we're looking for a consolidated rejection back down. If you're looking for a trend up, then we need to look for a breakthrough resistance, flipping to support, hold it, and then transact higher with liquidity being managed above. So that's what we're looking for. If we want a trend up day, we need this thing to break, transact, hold, retest, and then come back to 4290 and go higher. Also with the addition of more liquidity higher, but right now we're just hitting right up against the prior high. So Andrew, a question here. So I mean, with the options trading, I mean, you're very closely monitoring the market and stocks and futures here. But what is it, you know, some of the positions that you're in or how long do you stay in them? And are you, you know, actively managing them every like 15 minutes? Or is it every hour? Or you know, how does it work? How are you translating all of this order flow information into an options trade? So it's a blended, at any given time, I've got a blended portfolio with short premium, swing trades, and then day trades or even gone down to scouts. They're certain, there's some times I'm only in a trade for 10 seconds, there's some times I'm in trade for an hour or two, and there's times I'm in trades for days and then of course the iron condors that are in for a week. I'm really trying to balance everything into a risk reward on my P&L. And I've got, you know, certain parameters that I'm looking for per day to meet my goals. But overall, it's based on my VPA. So it's really what the market gives me. I haven't been doing too much swing trading recently just because of the nature of the market and what the VIX doing a little bit of weird thing. I'm a big VIX player, but normally the past couple of things I've been swinging heavily are going to be energy swings in oil or even in the S&P. But mainly it's like the past couple of weeks I've taken trades that we've held for anywhere from 30 minutes to 40 minutes to an hour with puts and calls. And then sometimes I'll throw in a little scalps that are some speculation stuff. But that's normally what I've been doing. I've been trying to focus on anywhere between four to five, maybe 10 main trades a week that allow me to pay the goals that I need. And in addition to the iron condor short premium trades that I'm taking. Got you. So you may have a position on for maybe a few days that or a few hours doesn't matter, but you would be kind of gamma scalping it like adding to the Delta? Exactly, exactly, yeah. And the big thing, what I'm trying to do here and I've since started another venture the past week and looking outside of specifically just the S&P and more looking to down the Russell names to try to drive more opportunity in looking at beaten down names. Because we all know that like for example, with the current environment we've got names like Anhyzer Bush and Target are beaten down. And algorithms typically tend to overreact very quickly with those, especially as like the bad earnings come out. But in my opinion, I look for those in opportunity for beaten down names. I wanna look across the board and what is relatively weak against the market and is there any value there to buy low? And that's kind of what I'm looking at. It may only drive one, maybe two opportunities a month. But if you can, if you could strike big on those one or two opportunities a month, then you can make your quarterly goals with that. You don't need to be slinging trades every day. And that's what I'm looking for now because obviously we all know that tech has been rallying out of the top for the past two months, three months now. Mainly NVIDIA and now Apple and Microsoft knew all time highs, but I wanna also try to drive stuff that's relatively weak against the market to see if I can drive value on the downside. And if I could find one, two setups a week and hold those for a week or two, three weeks, then that's what I really wanna try to focus on now in addition to my S&P plays. Okay. So, and then a question too, like how do you manage your, if they're too personal, that's fine, just let me know. But like, how are you managing your margin when you're adding to Delta or picking Delta away? In a trending environment, for example, how are you managing risk within that? Are you offsetting it with small scallops, et cetera? Yes, yes. And I'm normally a pretty conservative player. I do not utilize a majority of my portfolio at any one time. I have a long-term portfolio I trade off of with stocks only and any kind of associated hedges. But then I've got my options trading portfolio which I do all my day trading and scalping and swing trading with. I don't usually leave myself overexposed. I'm a pretty conservative player unlike a lot of people in the market nowadays. So it's not too big of an issue for me. The big thing for me is if we go directional and I'm positioned short against that move or whether it be up or down, then I need to make sure that I'm not gonna get blown out. I'm not gonna overexpose myself. And that's where the big issue is for me, especially if I have to start shorting more premium and I need to start utilizing more and more margin and dive deeper into my capital requirements, that's where it gets sketchy. And the last time I really had a big problem with it was back in March of 22 when I was hedging out of the gills and I pretty much utilized 100% of my portfolio in terms of capital requirements in order to hedge my portfolio. And even then it was still pretty tough. Normally though, yeah, normally though, I don't expose myself to the point where I have to worry about it. My iron condors are pretty small relative to my account size. I'm just going for weekly income generation in addition to the swing and scalps plays. I've found that in the past five years where my account has grown relative to where it was the first five to seven years, that every time I turn up the risk too much relative to my account size, I get blown out. Like I just, I'm not a good high-risk player. So I have to keep things conservative relative to my account size for me to be consistent and successful. Yeah, no, that's fantastic. So like, I think this is a really great question for a lot of newer traders introduced to this style of trading. So how do you manage the risk? I mean, obviously if it goes against you, you can always add more Delta or subtract more Delta or hedge with a scalp, but that may turn around and go the other way. And then now, I mean, it's a loss on top of a loss or it's tricky with options. And you've got the time decay as well. And so how do you cut losers? It's a good question. Are you asking specifically about writing premium or just any, just opt to trading in general? I think just using, going over the strategies you're just mentioning, like just a hypothetical scenario on how you would manage something. Okay, okay. All right, so I have, I give four rules out. I'll start this conversation. I could talk about this all day, it's great. So I have four basic rules I tell my followers in terms of how to hedge a position. I'll start out with the writing premium, but this pretty much applies to everything. One is to simply cut the position. If you see price action going against you in a way that's making you uncomfortable, just close it out, be done with it. That's the best hedge you can do. The second one is to set a predefined stop loss and forget about the position. If it trips a stop loss, so be it. And then if it hits, if it doesn't, it goes your way. You scale out and manage the trade as needed. The third one is to hedge with longer data positions against the position. So for example, if you ride a PCS and we start to sell off aggressively, you take a mid-dated expiration contract and you'll hold that position against it to offset the losses. And the fourth one is the advanced technique, which is Delta hedging, which is you need to learn to, and it's a little more advanced in your knowledge and it takes more capital. But if you've got a position, like a PCS on, the market starts to roll, you need to know to long enough Delta to offset the short Delta to now make your position profitable on the downside. And you could do that a plethora of ways. You could long your long leg, long more of your Delta's in your long leg, you could take closer to the muddy Delta's, which is something I tend to do often, at least to start out the hedging discussion. But then deeper into that, it's really depending on the move. And the zero DTSPX options that started the past year have really opened up the hedging game, which I think deeper conversation is reason why we're seeing the movement on the VIX. I think it's allowed you to dynamically hedge on demand instead of worrying about, is this move going to continue for two or three days? Because if I've got a Friday expiration on, on a PCS, and I keep using that as an example, I'm just picking one out of my brain and the market continues to roll, I can either do one of two things. I could put on a, like a three or four day output, long put to a long, not long enough Delta to flip my portfolio to long Delta as the market drops and make money. And, but then I'm going to have to worry about, well, what if this market bounces heavily overnight? And then I'm going to lose on the hedge and then I'm going to make more, I'm going to lose more money on the hedge than I stood to make on the original position. Nowadays, I usually start out hedging with zeros. And then if the move becomes too aggressive, I'll start building into a mid-dated expiration. So for example, if it's Monday and I've got a Friday expiration PCS on, I'll usually start out with zeros to hedge. And then I'll add Wednesday or Thursday explorations to hedge against the Fridays because they're a little bit more aggressive but they're obviously not quite aggressive with zero DTs. And I'll hedge dynamically with that. But that's the, that's the great thing about zeros is that it's allowed me to hedge dynamically in certain environments day to day. So if we have a big red day on Monday, I can hedge with zero DT puts. But then if we have a big green day on Tuesday, I don't have to worry about it. Now we come back up and I kind of call it baking in profit. All I'm doing is transferring my short credit that I'm losing into my long puts. And then when those short puts decay completely, then I've now backed all that profit back into my P&L. And it's all really away. It's just transferring water from one bucket to the next. And if I've got a bucket with a bunch of holes and it's filled with water and it's starting to drain, all I'm trying to do is take another empty bucket, put it underneath it and catch all that water. And it's transferring profit from one position to the next. And then when that PCS fully decays, then I can collect all that premium in the back end. But all I have to do is buy time until the market moves in the direction I wanna do. Because the market never is not gonna go down five days in a row unless we have some sort of major event which at that point I'll just close out the position. So all I'm trying to do is just buy me enough time where the market goes in the direction I wanna go on a position like that. And I'll be able to collect the premium. Yeah, yeah. It's a fascinating discussion. I mean, it's like you can never take a loss basically. And the longer day to trades, I mean, if you're savvy enough, and I have known guys that seemingly never take losses on short premium because they're very savvy and they can back themselves out of any kind of move like that. Obviously you need to have the account size to do stuff like that. But if you're savvy enough with writing premium in those type of environments, then yeah, you could back yourself out of a lot of different hairy situations unless the market just moves so aggressively so fast that you don't have time, which was frequent in 2022. Good stuff. Thank you. Yes, sir. Now in terms of long premium, there's a couple of different ways. I've tested a lot of different ways with day trades and swing trades with the community. And for example, let's say you take a two week dated swing trade. Let's say you wanna take a put on Apple right now. Let's say you take a, it's currently priced at 187, 186.5. Let's say you take a 180 put, that's three week dated out. And Apple either continues to consolidate sideways or it can start to go up. Well, there's a couple of things you could do there. You can close the put altogether, which is an option most people actually do choose. The second thing is you have to turn to a PDS or put debit spread, which means you could start shorting Apple puts against your long put and lock in some premium there instead of just watching your long put decay as Apple chops sideways. You can collect premium on the short put side. And if Apple starts to come up higher, you could actually short enough Apple puts to now turn this into a PCS and then just make money on the upside until you're ready for the Apple start to find the start roll over and then you could close out all the short puts, leave on your long puts and then Apple falls and now you're making money on both suites. Obviously it's, you know, takes a little bit of expertise to do that, but there's a couple of different ways to do that to hedge any kind of losing position. What I don't want anyone to do is to simply be sedentary. Don't just sit there and let a position decay, decay, decay and hope and hope and hope until you've taken out taking 100% loss because we all know what happens when you reach like a 70% loss on options. Forget it, you know, it's already 70%. I might as well just hold it. And now you take 100% loss and you add up, you know, 10 of those a quarter and how many 100% losses you're gonna take on an option before it starts destroying your account. It's very difficult to do that. Typically I don't like to hedge with futures, although some people like to do that because you're trying to, you're trying to hedge a exponential product with a linear product in terms if you get a major explosion of price action against your position and options will decay very fastly or very quickly but futures are only, you know, when you get one point of price action you make, for example, on ES $50 per point. So it's, it's linear. So I tend not to try to hedge with futures. I have done so in the past but I try to hedge options with options and futures. Yeah, makes sense. Yeah, great, great stuff. And love the way you're using liquidity together all just makes a really sense. You know, I love it. I've been very, very selective with what tools and softwares I add into my repertoire because I'm a big believer of less is more. I do not want to overburden myself. That's why my charts are very clean. That's why I use very, very few indicators on my chart, if any. And Bookmap is one of those that just made sense. I'm a VPA trader and liquidity management is something I always use with level two. And now with the introduction of Bookmap over the past couple of years where I can actually track that live with volume it's a no brainer for me. It's huge and it's been a game changer for my charts. There's been times, although most of the time Bookmap isn't like it's a helper of my analysis. There have been times where it's been the loan cause for me to take a trade because I'll see something on the Bookmap that I just don't see on the VPA and I'll trade off of it and it pays very well. So it's been awesome. I love it. Yeah, yeah. I mean, it makes really good sense, especially like suppose that you know, like this move up right now in the ES. Suppose that in a traded into high liquidity, just yeah, right there. And you know, you would kind of assume that after it meets those sellers, some sideways action, but let's suppose it keeps on going up. And let's suppose at that time you hedged even more and maybe you bought some puts or something like that around that 4390 area there, but it continued to go higher. Well, you can look for the next level and then you can just get more delta or reduce your delta up as some of those areas. Like you said, and you can like the buckets and to be able to kind of balance that water back and forth. Absolutely, it definitely helps because now that I've seen we come up and transacted is 4390, which, you know, let's talk about what 4390 means to me if I didn't have Bookmap. If I'm just looking at my charts, what does 4390 mean to me? It means pre-market highs, with 4389 is pre-market highs. Now the current session high is 4389 on the money. So I know 4390 is a major pivot, but now I could use the charts which has obvious 4389 pivots. And I could see, all right, well, on the order flow, they've got major liquidity sitting here at 4390 relative to the open market. And we just came out and transacted and now, although we had a slight little drop off of this but we're not really coming off of it. In fact, we've got more liquidity being added higher. So if I could tie this in with what I'm seeing here on the charts, this could potentially look for a move up to come up and grab this 4,400, which would be a weekly high retest, that 4,400 from two days ago, retest. We did go higher than 4,400 overnight, I believe. No, I'm sorry, we got to 4402, we got to 4403 overnight on Friday night. So this would start attacking weekly highs. And this allows me to see that order come in to see that there is a good argument that we could come up and move this higher to 4,349 than 4,400 as they're now managing active order flow higher. So it's a beautiful dance between price action and order flow. All right, what are we tracking here on the options chain speaking of which? Which is, in my opinion, the options chain itself is an indicator in and of itself. It's not just a platform to execute orders off of, it's an indicator in and of itself. Currently, we've got a pretty low IV with options priced about six bucks out the money. Which is a bit low. It's a bit low. What do we have for tomorrow? Also low. Or $12 out the money with 12% IV. All right, so now we put a new high of the day in. We're coming back up. And we got up to 4,390 right there. So if this is gonna be the high of the day right here, which is about where it is. If I wanna see this come up and transact 4,395, 4,400, I'd wanna see this price action break and I don't wanna chase that move for the first time because chasing breakouts tended to get you beat. What I would wanna see is a move down to retest prior resistance and consolidate. And once that consolidation holds, then we could start playing a possibility of a trend update this way. But I would need to see one, a break, retest hold. I would need to see more liquidity added that supportive buyers and then move higher. And this is an SR, what I call an SR flip, a support and resistance flip. But I do not wanna play the first breakout. That tends to get you reversed if you do that. That's where you enter and then boom immediately downside and you start, holy crap, I just took calls at the very high. Don't wanna do that. I wanna play the retest somewhere in this area. If you see 4,385 coming on, watch this level. Still not much peen on up here, 4,390, but we are trickling up there. Apple's not moving. The S&P movement to the upside is driven by the XLF. Look at the difference between NASDAQ and XLF right now. NASDAQ is dropping, got a little pain here coming on NASDAQ, holding 14,937. ES is holding high of the day, but look at XLF. XLF is rocketing right now, 32,92 and just going out the top and Microsoft is down. Apple's not moving. So this strength and the ES here is driven by one XLF, two. XLV is putting on a little bit of green here. XLI, the industrial sector is rocketing. XLC, the communication sector is rocketing. So all of the X sectors that are not in the NASDAQ are coming out some quite green here which is showing ES hold 4,390 while NASDAQ is kind of puttering about here at 4,393 with a red candle. So a lot of pushing and pulling here in the markets here that's showing a little bit of different action here on the NASDAQ and ES. Not to say that the NASDAQ and ES should move in tandem but that's why you wanna define why those things are making those different moves. CVD is almost back to neutral here but it's still dropping. The sub charts showing that they decline and CVD has come on down on NASDAQ. ES still can't quite come up and grab that 4,393 aside from two different tries here. We have two different attempts to break through this 4,390 and so far both have failed. Overall, pretty slow day though, you know. ES is now only up about 14 points from that 10 o'clock bounce on pretty slow movement. It's taken all of an hour to get up there. NASDAQ coming back off 4,923. Ooh, look at that guy, 4,900. See a little bit put on ES but not correlated but yeah, this guy's got a big old number coming up here at 4,900. So definitely looking for some movement there which is about a 26 point move down on NASDAQ. This looks like it wants to wipe down, there we go. There's two absorbed, they're 4,900 as they're now coming on down to track this liquidity and they're stacking lower. So NASDAQ's about to move down. Microsoft is coming off dropping down nicely on that move lower. 916 coming down, 900, look at Microsoft. So Microsoft is a big telltale sign here. 329 and dropping, that's a new low of the day for Microsoft. Apple is gonna retest their bounce at 186. NASDAQ just wiped out this liquidity and not really much else put on and they're breaking lower down to 900. Watch this candle, a lot of weakness here. If XLF rounds back over there, this will be interesting. So I'm gonna bring up some NASDAQ futures and I'm not gonna play options on this because it's a little slow, not to mention I don't like playing in the ex options anyway. They're a little pricey, but I'm gonna bring up some NASDAQ futures contracts here and look for a move off this level. There we go. Coming on down, fill that liquidity lower. There's 14,909, dropping back off, coming down to 900, ES is dropping. And another 10 points and we'll touch this 14,900 liquidity and we can see what they're gonna do with that. 14,909, there's 908. Microsoft is rounding over, there goes XLF down. So the XLF will bring pressure on the ES. There's a move down to 905, they're shifting management liquidity over. Microsoft is still falling, Apple's joining the fund. Watch out for this area right here, 900. There we come on down, 904, 903, 902, 900. Give me one more push down, there's 904. Still can't get 900. That's a decent five point structure there. Come on, a little bit red. So they took off that guy down 95, but they're still holding pinned to 900. What are you gonna do? There's 908. Microsoft is still dropping. So what I'm gonna do is I'm still monitoring all of tech to see if it's gonna bounce. Cause the indices aren't really gonna bounce if the makeups aren't gonna bounce. And if Apple's still falling, Microsoft is still falling. All of this stuff then I can still see some pressure here, not to mention they're still doubling down here on 900. You see this liquidity come in with not much else. They chase this thing down. Don't see anything else, a vast expanse of lack of liquidity up top here. 907, 908, liquidity shifting down. There's another pressure down to 906. I'm just looking for that big move. One more push down to transact 900. CVD has flipped today to 1100. Bottom look on ES. CVD is still up, the SVP is still higher. So, but they're still holding 900 here. I'm watching the water flow come in. There's a next move down here. So, week by up opportunity. Come on down to 904, 905. I'm just waiting for a transaction of 900. Microsoft is still dropping off here as well. They're putting on more than 895. ES trying to make a move lower, but they are bottom looking all the way back up. Seems like they don't wanna come on down. That's two attempts to transact 900. So, we'll look for a third attempt and then we'll make our decision. All right, here's another slight move down here. This will be a third attempt. Here we go, 904, 905. There we go. There's a new low 903, 902. Still coming down and still can't transact it yet. Apple just top-wick down red. Microsoft still top-wick back down. So, those are the two big main players. If Apple wipes down, we'll finally get our 900 breach. There's a third attempt there. Still can't do it. I think there's a lot more opportunity in NASDAQ here than ES, the way that ES is moving so slow. Because if NASDAQ can break this 900 level, we'll come back down and test 857, which will give us a nice little 50-point win there down to 857. That's a third attempt failed at 900. There's another move. Apple's breaking a touch lower and they're at their pivot. So, Apple is at their pivot right here. They've already bounced here at 10.09. If they bounce again here, then more of the same we've been seeing all day. Another bounce back up low of the day, back up to high of the day. Liquidity up higher, shifted down lower. See that guy? Came up and shifted lower immediately, 14908. There we go. So, 902 coming on down about to wipe 900. Apple broke through the pivot right there. So, that's what brought NASDAQ down a touch. They still can't wipe out that 900. That's gonna be a bigger, I mean, that's a 00 level. So, that's gonna be tough for the sellers to wipe there without some say so from the buyers. But Apple just broke through their pivot of 18624, which brought NASDAQ for another test here of NASDAQ. And this is where we're looking for a move of a wipe. Eventually, these bouts are getting weaker and weaker. So, this looks like it'll break the 900 and move down to 895. There we go. There's 900, there's transaction. And here's a move down lower, 899 right there. So, I am, here's 894, 893, 892, 890, and dropping lower. And I'm gonna take my profits right there. Microsoft wants gap fill. They're going for it. They're going for it. So, that was a beautiful little attack on liquidity. You see them attempt it, attempt it, attempt it. Each bounce gets weaker and weaker and weaker. Once Apple rolled over, if you can go over and if you're not tracking Apple, go over and flip it and we'll look at Apple's chart right now. And you'll see that that weakness was induced when they broke that pivot of 186.2, which allowed NASDAQ to finally transact that pivot at 149 and come lower. It's beautiful. All right, what we got here, 14906. Now, that's another bounce off of that. They finally got through 900, but that also tested low of the day, which is 14888. We got down to 889 there with another bounce. So, that's the first pivot we need to look for here. I'm out of my trades, I'm flat. And I'll be looking for a move. If they do hold to 885 otherwise, we'll come in and test 977. What's ES doing? Ooh, stacking on 43.72. Look at that guy, 14955. Interesting. 14955, 14970. The tune of 142 after transacking that 900. I'm gonna flip out to the daily real quick. What do I think about that iceberg on NASDAQ? You're talking about this one here at 903? Yeah, it's a small little iceberg on there. Not to mention they are putting on this guy up here. This 955. So, there's a little bit of momentum to the up, potential momentum to the upside here after transacting 900 that looks like their target. Not to mention Apple's not really wanting to fall anymore. There we go, just transacted it, 906. So, that's a nice little 20-point bounce there. There goes the green and 955 up here. So, I'll take a perfect little exit on my shorts down there. So, came on down to Zork 900, grabbed that stuff at 895. And then after they grabbed it, come back up, they put on the iceberg. They put on the 8955, they put on the 925. And there's nothing else lower here except for the big dog that's been on there all day. 43.70 is still on lower. But also, looking at the charts, how many times have we bounced at 43.89, or 14.890 since midnight? One, two, three, four, five, six times. And all aggressive bottom wicks every time that we have touched that level on NASDAQ, we've aggressively bounced. And that time was no different. So, entered into demand. Now we're coming up. We had that iceberg and now we got 14.950 going. Look at that, oil came and did the same thing. That liquidity we were looking at this morning, that's market open right there, came up, transacted, fell back down. Still not trading oil yet though. Oil is still in my consolidation zone. I'll be looking for either 73 or 67 to play off of oil. But keep an eye out, oil treated is very well. The past couple of weeks, this is CL. Is ES rebounding? Let me go over and take a look. So on the 15 minute chart, they had a test of high of the day, the 10 o'clock or the 11 o'clock candle, all the way down with a large bottom lick but not really much volume. Now we have a green candle follow on and this looks like another retest up. So, that's what ES did. You know, ES came up and tracked the high of the day, fell back down, immediately bottom licked under some supportive buy volume here. They took off lower liquidity, put on 43.97. So this looks like a retest of 43.90. I don't want to necessarily think about, you know, a full on recovery higher until I see that. But it's been an obvious trend up and since 8.15, which was 15 minutes before the 8.15 central, 9.15 eastern up until this point with a lot of drops intertwined every hour. So about every 45 minutes to an hour, we have the drop. And if the pattern plays out, we've got 45 minutes of green up, which will put us roughly 43, 44400. But we got to take 43.90 first. I'm wondering if maybe you can go through your mindset a little bit on trading strategies. Like, what are you considering now at this point? You're flat, you have a clear mind. What are you thinking about in near future? Yeah, so right now I've got, I've now traded twice this morning. I've traded two NASDAQ shorts, one early this morning before the streaming one right there down. So, you know, I've got, I follow something called the POQ, which is power quitting and a power queue is a number derivative. So you set a definition for me, it's two to three. Where if I hit those two outcomes, then I try to force myself to be done for the day. Sometimes if there's a catalyst driven, I go further. But now what I've got going on here in terms of price action standpoint, we've got a 43.90 test, which looks like we're gonna hold here for a little bit more. We had our first attempt for the sellers to roll back down. I'm very comfortable right now because I've got no trades on, except for my iron condor. I've got two profitable trades on the day. So unless I see something very high confidence, I'm pretty much hands off for the rest of the day. We've got, we're entering into the lower, the lower confident time frames, which I could post the info graphic in the book map server if you wanna see it, something I go by in terms of time frames. And I'll post that in the options planner features channel. So y'all can see kind of what I'm thinking about in terms of times. And there it is. And my brain, when I see those times come up, I know that the volume's gonna shift and the price action is not gonna be conducive to high confidence trading. So right off the bat, I'm gonna reduce my position sizing. If I'm normally doing three to five contracts on Nasdaq, I'll turn it down to one or two. If I'm normally doing 10 to 15 contracts on SPX, I'll turn it down to two to five. Some more smaller where I know if I'm gonna take a trade, I don't have to worry about such a large risk. And now in terms of price action, this thing's coming up here, retesting 4390. So again, I don't like to chase. If this thing breaks 4390, I'll be looking for the root support resistance flip. So we break 4390, we come up and grab 4400, come back down, retest 4390 and hold it. Now this is where patience comes into play here because I don't wanna get the habit of chasing and break out, breakouts fail like 80% of the time. I wanna test the root 4390. If this holds it, now I'll be looking to take an at the money call or a long futures. With this type of price action, I don't wanna stray too far from at the money. Pretty much at the money or a two to three dated call position that's a little bit higher. But futures is a great way to go here or of course you could buy the SPY. Buy the SPY share if you don't wanna play futures or options, which a lot of people don't really talk about it, this is buy the shares. If we reject, then I'll just play the range back down. But right now this does look like it's gonna wipe. In fact, we just did and come up and hold or grab liquidity and then hold 4390. Microsoft is now recovering, which is providing a lot of Oomph on NASDAQ as is at Amazon. We're also nine minutes away from European market close. And we tend to get a little bit of the influx of volatility and price action around the closure of the European markets as money shifts between markets. You'll see the European market close here in about nine minutes and you'll see a little bit of volatility shift here in our price action. After the European market, we have 12 o'clock, which top of the hour, we'll get some fluctuation of price as well. So we got a couple of things to pay attention to as we're now entering into the high of the day, 4390 with a test of 4400, which is weekly high. 4403 is weekly high. And Andrew, in terms of like an outright position right here in options, would you just, let's suppose you're bullish here. Would you just buy calls directly? Would you go with a vertical spread? A credit vertical spread or like, what do you prefer? I'm just kind of curious and maybe it helps others understand some of these different positions. Sure, sure. Me personally, I don't want to be trading zeros on this. You're like short-dated options like that because the price action is a little too slow for me. Sure, we could turn into a pretty strong trend up if that were to happen and you'd pay it nicely. But with the price action I'm seeing here, it's not conducive to short-dated options success. So I'm either gonna probably, I'm probably gonna trade futures if I were to take this trade up here. You could do a call debit spread, call debit spread if you wanted to take something with options, which obviously is gonna reduce your risk and offset some of that in case you're wrong. I don't do that. I'm not currently playing any kind of zero DTE for premium writing strategies unless it's a hedge related. So from here, I would probably stick with either options or I'm sorry, futures or the stock itself trading SPY itself, just because it's moving a little bit slower and you don't wanna have data or you could take a five DTE or longer call. Obviously you're gonna have smaller returns, but the data value is gonna be, data effect is gonna be a lot less. So for me personally, I would trade ES here. And the benefit of trading ES as opposed to options in addition to what I just talked about is that I can set a very accurate limit order to enter this position. So if we were to come up, attack 4,400 and reduce down and hold 4,390, I could set a buy order 4,390 and I'll just take my hands off and set my stop loss on it once it executes and just see if the strategy plays out. And you could set your stop loss based on your risk reward. So if I'm gonna risk, let's say, if I wanna risk a thousand bucks, I'll enter the trade with my number of contracts and then I'll set a stop that's conducive to a thousand dollar loss and whatever that happens, then it'll fluctuate around and goes up and I'm okay, I know what my risk, I know what my predefined risk is, going ahead of times. And that's a better strategy to do on a move like this for me. Yeah, yeah, thank you. And that's what we're here for. We wanna hear what you have to say about it because there's so many different ways to slice and dice it with options. It's incredible. Absolutely, yeah, yeah. And it's been awesome because in addition to my experience the past decade, but adapting to the zero DTE market has been a learning experience for myself. And I've actually had to admit that this market could be a little bit different from what we've been expected to because of the zero DTE market in the late day rallies and the gamma rallies we've been experiencing with these call buyers coming in to the turn it to the all-time high options volume. And it's made these late day breaks pretty fun to play and watch. So it's, we gotta watch those, especially coming in the afternoon hours. But there are a different number of ways to play it for sure, right now I'm just watching. So the big, the big interesting item for me is the VIX, I'm a big tracker of the VIX and watching the VIX come off to the way it has down to 12, even into the 12s, 13 and it coming on down, attacking the 12s has been incredible. Watching that thing come down and we actually got down to what, 1276 and now back in the 13s and down and down and down because I'm waiting to pounce on a VIX call position. And it just, the setup won't happen because they continue to what I call kill the VIX scenario where every day they just roll the VIX which leads to a tailwind of the equities. And that positioning for downside just isn't there and it could be because of the dynamic ability to hedge zero DT positions because if dealers are being able to hedge on demand with zeros or ones, then why would they need to hedge with 30 day positions or 25 day positions and that will affect the option chain of the VIX. If they're still gonna be long-term positioning, yeah, but I think we're not gonna see that unless there's a substantial move in the market. If something happens where it's now it's time to start rotating 3, 400 points then we'll see that big 30 spike on the VIX but watching the VIX come down to 13 and 12 and hold and down and down every day shows that there's no really need to position the market for any kind of hedging ability with the market for long-term longer at least in a couple of days. Are you hedging using the VIX or just using it as a indicator? I personally use it as an indicator unless we're in a bull contango market. So if we're in contango, we're in a bull market I will use the VIX for positioning but usually I am hands-off on the VIX unless we're in a traditional bull market right now. Although, yes, things have been credibly bullish but there's still that underlying risk of a larger move to the downside and a spike in the VIX. We're still kind of at an environment until it's obvious that we're not or we have supportive monetary policy. So for me, I'm kind of hands-off on the VIX until we're in that traditional bull market and right now with the VIX being down at 13, I'm not really sure what's going to happen. I'm kind of retooling everything, watching that thing in curiosity here but the only place I'm really taking on the VIX nowadays is just VIX calls as needed, which hasn't been for a while. Right, okay. All right, so here's our break higher, 43.92 to wipe out 43.97. Like I said, I'm not chasing this move. I'm going to look for a retest of prior support which is 43.90. This thing is going out 43.93. 43.94, 43.95 coming up into this higher liquidity, which is weakly high. Look at Apple, Apple and Microsoft V Recovery, Amazon V Recovery there. So a lot of strength and tech here that is coming along here, which makes NASDAQ right there in 80 point bounce, 90 point bounce on NASDAQ as they came out down, retested 14.9 and then rocketed. We have 43.94 there into a bit of a stop, stop order, went to the large influx, large block here of liquidity, 44.4, 43.94. But if you're looking at tech here, that's the big mover. XLF is still maintaining but the big tech number name is rallied and now that got XLK back up to highs of the day. So now most of the X-sectors are flipping more and more green, which provided, yes, to get back up over the day's highs and now attacking weekly highs. 43.95, we have more liquidity coming in at 94.60. So watch this guy right there, we got 94.50 a lot of liquidity maintaining and not really coming off. Vic's still moving on down 13.68 and it's been on down all day long and ES has been steadily, steadily moving higher a little by little, 43.94. So watching these candles here on tech, and as that comes out, wipes out all those liquidity that were stacked on at the bounce. Wiped all through that and now consolidating here with the 15,000 on. But ES is still dealing with this 43.97 area. So when we come up and test the 4400, which will be the weekly high, go back and look at price action what happened at 4,400. So we came out straight out of the gate, Monday, on the week, we tapped 4,400 and precipitously sold off. And it's been down ever since. Now we're creeping our way back up into the 4,400 area and we'll watch how the price action reacts to that level because what happened at 4,400 when we rejected? We have weak buyers, people buying at 4,400 that are now stuck in a position and they're now sweating and begging for this market to come back up and touch 4,400. And what's gonna happen the second they touch 4,400? They're gonna transact, they're gonna close positions. Now, not to say we're gonna reverse, but I'm saying there's gonna be some market, there's gonna be some auction at 4,400 is that is shaking out. And then if we can absorb those weak buyers that are now getting out at 4,400, that'll be the time to start looking for a lot of strength. Now that'll be the macro push or a micro push. Right now I'd love to see a 4,390 test to buy 4,390 to get up to 4,400. Plus with NASDAQ coming along here too with Apple about to put a new high of the day in with Microsoft trying to eat up some of this red with Amazon about to put a new the high of the day in. Tech can now rally us back up to weekly highs. So I'm looking at NVIDIA's chart right now as well. NVIDIA consolidated for, man, about seven days or so and then they dropped hard yesterday. Yes, it's a little over 4,394. Got another question for you, I'm curious like you mentioned that you're using the option chain as an indicator. I imagine you're using it kind of like a bedding line. Can you maybe give a little bit of insight? Yeah, absolutely. So it's part of my morning analysis. Once I'm done tracking the major pivots and doing my morning analysis based on support and demand or supply and demand I open up the option chain, I'm tracking any OI and I track OI because it's relative to the prior close. Any kind of spikes on short and mid to long dated options I want to track, where's the main OI? And where's the main strikes at that the market is centered around? And I make note of those. And then I go all the way down to, well, what's the IV doing relative to the options premium? The premium super high is the IV super high. Do we have any kind of influx or outflow or of the IV and premiums? And that'll tell me, all right, what can I expect? So all I'm trying to do is paint a picture of what to expect during the day. Using the tools that I've got. So I'll back into it that way. If premiums are super juiced, you know, obviously there's going to be some sort of catalyst. If they're slightly elevated, then I can expect a little bit more of a bigger move. If I see a consolidation over the course of five, six, seven days, then all of a sudden premiums start to move up and up and up and IV is pumped up a little bit. I'll be looking for a possible move away from that consolidation zone. So it's relative to actually where we are on the charts as well. From a premium writing standpoint, deltas and gambas are going to be huge for me. I want to track, you know, obviously I want to know, just based, you know, basic arithmetic, how can I, which deltas do I need to be selecting to flip my portfolio where I need to to become profitable? So all the way down into from, you know, IV and Vega into a gamma and delta in terms of writing premiums is what I'm going to be looking forward to adding to my portfolio to flip it how I need to customize it, how I need. So I try to track those in it from a longer term planning. When I am tracking swing positions on the S&P, I want to track based around OY as well. I want to be tracking OY on the expiration. So, you know, if I'm tracking three to four week dated positions, I want to look at what OY do I need to be selecting relative to where my price targets are on the charts? By the way, VIX just rolled over here, big red on the VIX 1362. And now we're coming up for 43.97, just wiped out that liquidity going to 4,400. So let's suppose that in the options chain, all of a sudden, like I don't know, if you saw a lot of open interest come in that SPY, for example, maybe at 450, what would that mean to you? Or how would you play that? Or, you know, it doesn't have to be 50, just something higher. Sure. So on a zero DTE, I don't pay too much attention. I want to more track the options flow with a zero DTE for longer term stuff, that's going to be crucial to me. So if I am tracking a strike that's skewed higher across the entire chain of like three weeks dated out or two weeks dated out, then especially if we're, if we've been typically beaten down or consolidating, that could mean that we're going to start rotating back up as dealers who want to start hitting this thing to strike higher. But there's a flip side of the coin too. And once we get to a level, I have to think about the flip side of the market. There's two sides to the market. You got the buyers and the sellers or the premium riders. So if we're coming up to a strike, then the dealers don't want that to money, they don't want those to go in the money. So they're going to start defending those premiums, especially if we're coming up through an OPEX or quad-witching. Is that if I have a particularly high strike at a level, then the dealers want to mess over as many people as possible. So what are they going to do? They're going to pin the level. And if I have a significant amount of OI at a short strike on an option strain, then in the days leading up to that move, I'll look for a trend up. That's why we typically get those big moves on the days leading up to an OPEX, like the day prior or the quad-witching. And then once we hit that level, we pin. We have a consolidation day to pin, to really hammer over the entire market, because that's how premium riders make the money is to expire that baby worthless. So it's really the days leading up into an expiration of that OI and then the day of or the days of the pinning action. And that'll allow me to trade up into it and then exit positions or even run an iron condor right around those strikes. But that's why a lot of people talk about the market makers trying to screw over as many people as possible. Although technically I think it's true, but it's not quite as cloak and daggers people think. It's not like there's big old, big old Mr. Bad market makers. It's the fact that premium riders don't want the position to go in the money. They have to expire those worthless. And everyone else, all us buying up options, they are going to expire those worthless. So if you think about riding premium, you could try to think about how the option chain actually works. Yep, makes great sense. So nice little move up here. Got this 4,400 touch. Love the question though, it's good stuff. I could talk about this stuff all day. Yeah, yeah, I could too. It's a pure joy here. Anyone else have any questions? Please get them in on our YouTube or on our Discord. It's a hashtag options million or dash futures dash options Discord channel. All right, so we've got. So tracking the 15 minute, we've got 45 minutes and then a red cell, 45 minutes red cell. So we have this timing cycle here that I'm noticing. And we're coming up about halfway through that into 4,400. So the third cycle would put us right at 4,400 with a little bit of red down, which would give us our 4,390 retest. And that's the, you know, this is the hard part of FOMO and waiting is that we have our breakout. And yeah, although I could miss a move and this thing blast up to like 4,410, but I don't want to get in the habit of chasing breakouts. And I want to watch for this thing to have some sort of retracement down into the ballpark of 4,390 and give me a base structure where I can start entering for a move up. Because to me, a support resistance or resistance to support flip is a very bullish move. And if I could see that prior resistance now being used as support, that's a good time to give you a great high confidence entry, especially as we're driving deeper into the day of the lower high time, lower confidence time frames. Either way, regardless of what I do, everything from here on out will be small position sizing just because of the time frames that we're dealing with here. So the C Joe is asking, well, thank you for the stream learning pot. Do you do five all day on your private channel? I do, not all day. I do stream every day. I usually stream from market open until about 12 o'clock Eastern time, give or take depending on market movement. And then if any kind of catalyst I'll come on again, but I typically sign off easily about noon because the market gets a little bit of choppy by then and there's not really much value and talking about the chop. But I do stream every day Monday through Friday. And then of course I'll be I stream on Thursdays at one o'clock Eastern time along with book map as well in addition to our normal streams. Hey Andrew, well your call here is, I think as much time as you like, we're happy to have you. But it's been, I know it can get tiring. It's been an hour and 45 minutes so far. So I just let us know when I like to wind this down. Definitely, yeah, we'll come up here top of the hour and we'll see what this thing does in the 4,400 and we'll call it here at the top of the hour. That's good with you. Yep, sounds good. Sweet, sweet. Where do I normally stream? I stream normally on my Discord server and I've got a YouTube stream that I co-stream on as well. And the YouTube stream is open for everyone on Monday, Wednesday, Friday and then closed for the server on Tuesdays and Thursdays. So you have a couple of different ways to view the stream. And then at 1 p.m. on Thursdays, I do also on book map as well. Microsoft is 332.7 and going. So all that weakness in Microsoft that was really holding down NASDAQ is really coming along here. So now Microsoft is joining the strength of Amazon and Apple on up and it's providing a lot of upside for NASDAQ here as now NASDAQ is up 110 points in 30 minutes and putting a new high that's 1% going which is doing very well for my PCSs. But now I need to make a decision. Do I need to go one for one on that or just hold these for now and see what we happen to tonight? So 43.96, we've got another move up here coming up to 4,400. Apple is now flagging up against 1.87 which is the morning high and it looks like a slight flag here. So let's see if that thing breaks. Microsoft is certainly higher. Great question. I want to ask a question about the JPMorgan collar. I've always understood that this is a level the market is unlikely to go below or above but many seem to talk about it as a level. Well, you know, before we really answer that question we need to understand what the JPMorgan collar is. And it's a protection position on their underlying portfolio. So it's not a directional position like they're speculating. It's a protection hedge and it's derived of a three-part trade of a short call, short put, long put. And although most of the time I am looking for that thing, I mean it is a short call. I am looking for that thing to break under the short call or leg, the short call leg but you have to understand they're still protected to a certain degree up above that short call. I believe it's like 5.5% above and 20% lower. So they are protected up against that short call leg and we're slightly above it now but that position is hedging their underlying portfolio. And so their underlying portfolio is making money as this thing comes up here and that hedge is protecting them. So although everyone looks like, all right, we're gonna close into the short call or myself included, it doesn't have to do that. They can survive up here. We're only a couple of percentage points above the 4,300 here. So they can survive the 4,300 touch, not to mention they're just gonna roll into the next position anyway. So 4,397 here. Good question though. So we have popped up to 4,400 just under it and we're not moving too far. We have a little five minute doji here. We've got 4,400, which is just above us with an iceberg putting on lower. That iceberg is situated at 4,381. That'd be a little too much of a drop. In the event that we did, I wouldn't want that far if you're looking to go long. All right, 4,396, little bit of red here, although pretty slow price action. All right, there's our red down. Can't quite get that 4,400. Couple of touches. Microsoft has got a couple of reds. XLF has got a couple of reds here. So maybe this will be our little support resistance flip here to look for a position. How does the collar rolling generally affect the markets? Well, you know, the JPMorgan has got people way smarter than me doing their analysis and there's a reason why they're putting on those collar legs. And if you go back and look at all the collar legs, the short calls of all the times they've rolled, especially no one really pays attention to it unless the big players, until the coronavirus post recovery market, now everyone pays attention to it. And if you go back and look the past year, it's interesting how close we finish or at least attack that short call leg at the end of every quarter. So, which means their analysis is pretty spot on. So rolling the collar, that's why everyone pays attention to those strikes when they come up on the options chain coming up in a couple of days here, because we'll be able to track what they think about the market sentiment. You know, if you're starting to see short calls in the 4,800 range, I mean, that's pretty high up and they're gonna protect their portfolio up to 4,800, which obviously would be close to all-time highs. I mean, they're anywhere between 25,000 and 45,000 OI on those strikes. So I mean, that's a lot of premium that's got to expire before the end of the quarter. And the way you see the new collar is just where the largest call and put OIs, yeah. So go into the options chain on the end of quarter strikes and just look for those OI. And of course, if you're on Twitter, the second they roll, you know, all the main accounts on Twitter are gonna be posted and you can find that. But yeah, if you wanna do the all and work yourself, you go into the option chain and go to the end of the quarter strikes and look at those significant OI punches and you'll see, you know, 25 to 45,000 OI come on on those high outside the money strikes. 43,87 to 43,4400. Good question though, it's good stuff. All right, 43,97 to 4,400 to 4,387. Overall pretty slow stuff here. So I'm not sweating anything on this move here just yet. It's pretty slow, 43,98. Apple just finally broke a new high of the day right there. So 4,187, Apple finally broke up a bottom lick on ES to transact into 4,400 and then weekly high node. Do you think we should still be looking to see price in your previous caller? Was that likely out of play because it's already been touched? With that leg, we came on down and got close to it yesterday. We got very close to it. We bounced right off of it. There's still a lot of play left in the week and we're still three days left. So not to say we won't close above it but it would now take about 40 points down to get below it. So we're not that far away and there's still three days left and J-PAL is talking tomorrow. This could be a liquidity grab back up to 4,400 to put that little candle on for the week but it's not out of play. It's certainly not out of play. 40 points is nothing for three days of work here especially with J-PAL talking. All right, 43,97 there. Yeah, you're very welcome. Thanks for the questions, good stuff. Got to wrap it up here in about seven minutes. Do you have any, let me have if you have any questions, let me know. I'm monitoring here the chats in the YouTube channel. Do I follow any other market internal indicators? So in terms of the market structure, what I'm following here is the main components of the market through my watch list. I've got a very intentional watch list that's comprised of the sectors of the S&P, the top 10 of the S&P, all the relative futures and then the VIX products of the S&P and allows me to get a good litmus test of the market at any given moment. Do I track any internal indicators like TIC or add or anything like that? No, I don't. I just does something I don't track. Do I hold positions overnight? I do, I do. Not currently except for the iron condors that I take every week but I don't currently have any long positions on or holding overnight, except for my long term port. You don't hold over the weekend though just for the, during the... Correct, yeah. I typically don't hold anything over the weekend. All right, here's our 4,400 test. I'm always a big believer in what obviously less is more. I'm not looking to machine gun shoot transactions here. And for me, if I can pick out a couple of high confidence pivots a week that's allowed me to get in a position to make a high confident money, that's gonna lead to consistency because I'm not concerned about the one single day play. It's the, how can I drive continuity over the course of years? And I can only do that through a less frequent high confidence trades. And that allows me to do one, obviously wait for high confidence setups and be patient, but it allows me to disengage from FOMO because FOMO is a huge player in the market. And like for this, this move up here, for example, we're 10 points higher. And I'm just waiting for my high confidence move because I do not wanna chase this move up here into 4,400. TLT is 103.3. VIX 1366, not moving, Apple's breaking out. So strong move on Apple here. Apple's now at 1.5% and Microsoft is reclaiming all the days losses to be up 1.24. So starting to put on a pretty strong day for tech. Met is up 2.79. Google's making its way back to green. And here's our 4,400 coming up. I've learned more from over in the past six months than I have, then two years following. Oh, thanks, big next appreciate it. Thanks for the comments. All right, so you see the CBD go quite green on this move. Went from down about 2,400, 2,500 up until 3,270 and still can't transact it. All right, so a nice little trend up day here for ES. It's been on the move up with a lot of red inner twine since 815, just kind of slowly making its way back up. So it's all of now taken four hours to get up to this 4,400 range, which is the weekly high, which has now changed the scope of the daily candles and the weekly candle. The daily candle was looking a little bit bearish there and now is reclaiming this level. Tracking over to the weekly, we now have a decent hammer under some pretty light volume so far for the week. The monthly candle, which is obviously the end of June, which we had a pretty bullish month is a strong green with a small top week starting to form. So this week will be crucial to close out the week, both for the monthly candle and the weekly candle and the daily candle. A lot going on this week as we go into the end of month and end of the last half of the year. Might have a little S&P rebalancing. I think right now the options is pricing in about a percent move into the bell on Friday, which, you know, you could look for a pretty big move. Is UK closing the first and a half hour? UK's already closed. Euro's already closed. They closed at 1130. As we come up on the last half of the week, do your due diligence and make sure you're tracking the monthly, weekly, daily charts with, you know, S&P rebalancing coming up into the end of the month. We've got J-PAL coming out early tomorrow right at the market open. So right out of the gate tomorrow, we're going to be managing around that. So watch those names coming into play. Of course, the 4320 is the main ticker to the downside or the name strike to the downside here with the J-PAL Morgan. And they really look for those movements here. So top of the hour, I appreciate you all hanging out. Hope you learned a little something about how I'm tracking order flow here in this price action. Pretty slow day overall, although nice to trend up here, but in a very slow manner. Hope you'll be able to get your value out of the stream. Let me know if you have any more questions. You can post them in the Discord channel there or I come over to the server. I'll be happy to answer any questions you all have. Until next time, Bruce, I appreciate you having me out here. As always, I love being a part of the book map team here and streaming with you all. Thank you very much, Andrew. Definitely, definitely. So until next time, I guess I'll see you all on one o'clock, one PM Thursday, and I hope you have a good rest of the day. I'm out.