 Hello, everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel in Discord is Options, Order Flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading in the first is planning and I use positional analysis. I look at how market makers and traders are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step of my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups for entries and exits. And when I talk about setups, I will be talking about setups in an underlying asset and setups can be taken with futures, shares of stock, or options. My analysis is based on the options market and hedging flow and order flow. And again, the setups can be taken with futures, shares of stock, or options. Questions and comments are welcome. And I will be watching both the Options-Doug chat channel in Discord as well as the chat on YouTube for your questions and comments. And hello, Jordan. Glad you're here. Welcome. Hello, Carm FX. Glad you're here as well. Welcome. I believe you said you sent me a DM yesterday. I'm sorry, I never received that. Maybe try again. My name in Discord is Doug P. Capital D-O-U-G, Capital P. Alright, again, questions and comments are welcome. My agenda for today, what I'm going to cover is the news items for today, wrapping up the week. Then I'll go through my positional analysis. Then I want to review some setups from this morning. And then we'll talk about the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know. Alright, great, Carm FX. You know where I am at Discord. Alright, so news items for today. There were a couple of economic reports that did have an impact on the market. So let's just take a look at that now. Let me go to the S&B 500. So this is the ES Futures in Bookmap. And I'm just going to point out the reactions to the economic data. So first, PPI came out at 8.30 p.m. and it was a little bit higher or hotter than expected. Again, that was at 8.30 p.m. And there was an initial bearish reaction that continued lower until about 9.45 p.m. And just before the 10.00 a.m. data came out, the S&B 500 started to move higher. And then the 10.00 a.m. report was the Michigan Consumer Sentiment, 10.00 a.m., and as far as I can tell that was in line. Alright, so 8.30 a.m. data, PPI, very important, hotter than expected, bearish reaction, and then price reversed higher, starting just before the 10.00 a.m. Michigan Consumer Sentiment came out. So pretty strong market reactions to the data today. So that's why I talk about that every day, the key data reports. Alright, so on Monday I'll cover the news items, the events for next week. Alright, let's get started with the positional analysis now. So again, this is the ESB 500 Futures in Bookmap. Before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to take a look at an SPX chart. This is a 30-day one-hour chart. I'm going to zoom in on this so we can see current price action a little bit easier. Alright, so this is the, again, the ESB 500 SPX index. What this is showing is the trend line break first, this trend line that began after the Fitch downgrade of the US long-term debt. A gap down and then this downtrend, the ESB 500 tried to break above that downtrend yesterday and is still now below that downtrend, that trend line. Alright, let me point out some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move and SPX is trading well within that range. Really, it looks like there is not a whole lot of change for the week. And then the lower and upper daily expected moves are shown with the dash purple line, blue lines and SPX is trading inside that range as well. So SPX is trading within the daily expected range as well as the weekly expected range. Alright, let me point out some gamma levels on this chart. So first of all, here is the 4400 put wall. That's the strike with the largest net negative gamma that can be expected to act as support. And again, all these are proprietary spot gamma levels. These are large gamma levels where market makers can be expected to react. So there's the 4400 level. And the next level up is 4485. That is the volatility trigger. That spot gamma is proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. And SPX is trading below that level today in a negative gamma position for market makers. And the next level up is 4500. That's been a very key level. That is the absolute gamma strike. That's the strike with the largest absolute gamma, absolute positive and negative gamma. And then finally, the call wall is at 4600. And that is the strike with the largest net, positive gamma. And then finally, the call wall is at 4600. And that is the strike with the largest net, positive gamma that can be expected to act as resistance. And that was in play for a long time, not so much right now, more concerned about the put wall. As far as shifts and levels for SPX, the only level that shifted lower was the volatility trigger. Slightly lower from 4500 yesterday to 4485. And that level has been trending down most of the week. Otherwise, the put wall, call wall and absolute gamma strike remain the same, indicating pretty much a range of 4400 as the floor and 4600 as the ceiling, with 4500 kind of being the pivot in between. And note, there is, with a break of 4450, next gamma level below is the 4400 put wall. So that would be, again, the next level of support. Let's take a look at another SPX chart. And this is a one day, one minute chart, just looking at the levels, price action for today, turning out to be a kind of a range day, up and down, and price, traded below the 4450 level. That is a combo L2 level, and is now trading above. So not a lot of SPX levels directly in play for today. Alright, let's take a look at book map. So in book map, I have my cloud notes here, and I'm showing SPX levels. There's the 4450 level, noted the support of the spot gamma and founder's note, as well as the 4451 C2 level. And note, there is a price difference between ES and SPX. And that level, that price difference is somewhere between 16 and 17 today. So I'm using, I used 17 at the beginning of the day. So this 4450 level, for example, is actually shown at ES 4467. And then I also have spy levels shown on this chart. And here's the spy 445 level. Note that level was the put wall yesterday, and it acted as support the day before, and yesterday, as well as overnight. And now price is trading up and down around that level. Alright, so shifts in levels for spy. There were quite a few. First of all, the volatility trigger also shifted lower. And the put wall, as I mentioned, shifted lower from 445 that used to be the put wall to 440. Call wall actually shifted higher back up to 460. And the absolute gamma strike dropped lower to 447. So overall, for the SAB 500, I interpret the shifts mostly lower as bearish. And we'll talk about, we'll talk about setups in a few minutes. So pretty narrow range today, really, for the SAB 500, somewhere trading below spy 444 and above the SAB 500. And then spy 446. Alright, let's take a look at NASDAQ now. So here are the NQ futures in book map. And levels are a little bit easier to read for NASDAQ today than the SAB 500. A little bit wider trading range. Let's take a look at a QQQ chart before I take a closer look at this chart to see the QQQ levels in play for today. So most importantly, here's the QQQ 365 put wall. And that level more or less has acted as support. And note the 368 level did act as resistance this morning. So QQQ gamma levels as well as round number levels in play for today. Let's take a look at, go back to NASDAQ and QQ futures. And note on my cloud notes here, I have the QQQ levels. There's the 365 put wall as well as NDX levels. So that is this 14,978 combo two level that did act as support more or less. Not perfect support. And then the NDX 15090 volatility trigger, 15090 volatility trigger more or less acted as resistance as well as the, and there's the 368 level just above. All right, I'll talk about setups in a few minutes. All right, shifts and levels. So I talked about shifts lower mostly for the SAB 500, except for the spy call wall. And then as far as shifts and levels for the NASDAQ, there were none in NDX. And then for QQQ, the volatility trigger did shift lower to 370. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. So this gives us a sense of how market makers may react to changes in price and applied volatility. And we'll take a look at a graphical representation of that with the gamma, Vano model in just a moment. So first of all, let's start with gamma notional. This is market makers position on the gamma curve at the beginning of the day for SPX, spy NDX and QQQ. And note, I primarily look at spy SPX and QQQ. So gamma notional market makers position on the gamma curve at the beginning of the day was negative for SPX, spy, and QQQ. And these are pretty negative numbers, especially for spy and QQQ. And these numbers did shift slightly less negative than yesterday, so shifted up, but still quite negative. So what this means when market makers position on the gamma curve is negative, it means that traders are long puts, market makers are short puts, and as price decreases and applied volatility increases, they have to sell futures to hedge their delta exposure. And when price increases and applied volatility decreases, they can buy back their short futures. So in a negative gamma environment, they're trading with price as it moves down and up. So let's take a look at an illustration of that. So here's the Vano model. And let's take a look. I looked at QQQ yesterday, and we'll look at spy today. So again, gamma notional for spy today was almost 1.8 billion negative. All right, spy at the lower of the day was right around 443, so pretty firmly in the negative gamma portion of this Vano model. So what this chart is showing is market makers delta notional and how that changes with price. There are two curves on this chart. The first, the light gray curve shows how market makers delta notional changes with changes in price only. And then the purple curve shows how market makers delta notional will change with changes in price and applied volatility. And that change in delta with a change in applied volatility is the Vano effect. Vano is the second order of Greek. So what this is showing is if price decreases, market makers delta notional will increase. They want to remain delta neutral, so they have to sell futures to hedge their delta exposure. And then on the other hand, if price increases, they can buy back their short futures as price increases and applied volatility decreases. And that is a put Vano rally. All right, so again, spy traded down around 443 at the lower of the day. And right now it's trading somewhere between 444 and 445. So a little bit of a Vano boost as price has increased. So what this is showing is that there will be a tailwind if price moves back up towards 450. Market makers can buy back their short futures as price increases and applied volatility decreases. And then on the other hand, if price drops, they will have to sell futures to hedge their delta exposure. So this curve is very typical of a negative gamma environment. And I think it makes for better trading. Wider ranges, higher volatility and wider ranges during the day. All right, so based on that, my thesis for the day was first of all looking for higher volatility based on the negative gamma position in the SPX, spy and QQQ. And then slightly bearish or bearish based on the drops lower in the volatility trigger put wall and absolute gamma strike for spy. All right, let's take a look at some setups. I'm going to start with the SP500. And this chart is the spot gamma hero chart. Hero stands for hedging impact real time options. What this chart is showing is price SPX price with a white line. And this is the hero signal of the purple line. And this is showing options trades in real time and market maker hedging activity based on those options trades. And this is for a combined signal for SPX, spy, XSP and ES futures. And this is a signal that you want to take a look at. If you trade any form of the SP500, whether you're trading ES futures, spy shares, spy options or SPX options, if you're using this to help with your trading decisions, this is the signal that you want to take a look at. All right, so let's take a look at the morning setups. So today there was a very good confirmation for long at the open as traders were taking positive delta positions. And then there was this divergence short as heroes started to drop lower and price made about an equal high before following lower. So it looks like that was about a 15 minute lead for this hero signal to indicate the move lower. All right, so a long setup and a short setup this morning. Let's go take a look at Bookman. Go back to ES. Let's zoom in. So we're going to look at the clues and order flow here. So remember just really from the open options traders were taking positive delta positions price chopped up and down around a little bit. What I want to point out here is the is the heat map. This is really interesting. This heat map shows a history of the limit orders in the order book. And notice all of the limit buy orders there helping to move price higher. Definitely traders wanted to get long around that area right around 4460 to 4465 62 something like that. Then aggressive buyers started to come in just a few minutes before the data and then they really stepped in just after the consumer sentiment report and note that once price started to move higher it was fueled higher by buy stop orders. Those are shown by the small green dots there as well as this rising yellow line. And then the rising pink line that changes to dark blue that's cumulative volume delta showing aggressive buyers. You can also just see that with the green volume dots. There's a good pullback entry just before 1015 a.m. and you can see the pretty the very clear shift in order flow aggressive sellers shown by the by the magenta dots and then aggressive buyers start to come in shown by the green volume dots. Those are market buy orders by by the cell. Green dot indicates more buyers than sellers more aggressive buyers. All right. So that move price up to about 4492 so about a 30 point move higher and remember options traders started taking negative delta positions right around 1030 price made it equal high and then reverse lower and note that a lot of aggressive sellers start to come in no more aggressive buyers CVDs shifting lower as well as the stop orders no more buy stop orders moving the price higher. And one last thing to note is this falling light blue line showing that large traders were selling this move higher with iceberg orders these iceberg orders to hide their size and they're not a lot of big events here but they were steadily selling into the move higher so good long set up in the morning and a good short set up. Excuse me. One thing to point out here is this 4470 level a lot of buying interest here both with large traders with iceberg orders and the events are shown with this blue indicator here and you can see this level the interest in icebergs really started right around here. See these are these light blue horizontal lines that showing an order that has been has not been completely filled yet so they remain they get partially filled remain in the book I believe that's that's correct that's been a long time since I looked at that but there's a lot of a lot of interest in this level large traders with iceberg orders looking to buy so what this number is showing is there were 1360 contracts executed in nine different transactions or nine different executions so that's what that number means and also note the limit by orders there concentrated right around the 4470 level so there's a lot of buying interest at that level so those of you who may not be familiar with book map that's how to read it and this is the value of the information that you get here in book map knowing exactly why price is reacting at that level because of the interest from larger traders with iceberg orders as well as these limit by orders let's take a look at NASDAQ all right so NASDAQ pretty similar to the SB 500 today let's go take a look at hero for NASDAQ see what options traders were doing and note let actually before we do that let's take just one closer look at hero for SB 500 note overall for the day the notional value is positive let's separate outputs and calls so traders are buying calls that shown by the rising orange line as well as the positive notional value traders are buying calls they're also buying puts that shown by the falling blue line and then the negative notional value here so so far today the call buyers are more aggressive and it looks like they had a pretty strong influence on price as for that first morning long setup up until about 1030 and note that when we dig into this a little bit more and see what traders were actually doing when we separate outputs and calls so this is showing right around 1020 that traders stop buying calls that shown by this orange line that flattens so they were buying calls and then they stop and about the same time they start buying puts and that shown by the falling blue line and then price moves lower so very clear picture of what traders were doing so again in the morning they were buying calls and selling puts moving price higher and then the activity shifts right around 1020 and price moves lower right around 1040 so that some very clear indication of hedging flow and price action in the SB 500 today from hero let's take a look at NASDAQ and NASDAQ this is similar to the SB 500 this chart is showing price for NDX and then showing a combined hero signal with purple for NDX and QQQ zoom in on this chart so after a little bit of up and down this morning very similar to the SB 500 there was a confirmation of a long right around 945 and then confirmation of a short just before 1030 so traders were taking positive delta positions market makers were taking the opposite side of that so they were buying NQ futures to hedge their delta exposure and then when that activity stopped traders started taking negative delta positions market makers had to sell futures to hedge their delta exposure let's go take a look at the book ma'am NASDAQ zoom in on this so during this move up primarily driven by options traders and aggressive buyers here not much indication with the stops shown by the yellow line except right for this last push higher driven by that stop runs by stop orders shown by that rising yellow line and it looks like large traders were somewhat fading this move shown by the falling light blue line so really aggressive buyers and options traders fueling the move higher until the final stop run right up to the 15,090 level for NDX and the QQQ 368 level and then there's the reversal lower as options traders were started taking negative delta positions and note that larger traders were selling more aggressively on the slash push up with iceberg orders they used to hide their size there's one shown with that pink symbol there magenta whatever that is note the the numbers are going to be much smaller for NQ then for ES alright so similar setups for the SAP 500 and NASDAQ let's take a look at a couple stocks now so first is meta and if anyone wants we can take a look at any of these other stocks or any other stock so here's meta white line showing price for meta and the hero line in purple and this was a nice divergent setup you had to wait for patiently but as price was rising or chopping around generally making higher lows in the morning options traders were taking negative delta positions and then they that behavior became more aggressive they started taking more negative delta positions and price responded lower let's go take a look at book map so that reversal was right around 1040 just the same as the SAP 500 and NASDAQ so here's the reversal lower in meta and you can see all of the aggressive sellers here in the low end of this range just right around 304 up and down around 304 so nice short setup divergent short for meta and Karma FX as can we take a look at Palantir and URA I'll take a look at Palantir I can almost guarantee that URA is not available in hero and I so I wouldn't have anything to look at alright so we will try we'll try Palantir we'll take a look at that in just a moment right the next is Microsoft alright let's go take a look at hero Microsoft and another divergent short here just about 10 minutes after the open traders started taking negative delta positions and price moved up in reverse lower about the same time 1030 1040 let's just see what traders are doing zoom in just a little bit so we're just looking at the morning so in the morning they were selling calls that shown by the falling orange line and they were also buying puts notion of value looking at this this time of day both negative net traders were buying puts and selling calls let's take a look go back to the total signal and again falling really after about 945 and looks like this was maybe a push higher right after the consumer sentiment number came out and that was just provided a good opportunity for short let's go back to book map so here's your short in Microsoft after this sharp move higher just setting up a good short as options traders were fading that so karma F F X asked what exactly determines what will be available in hero and spot gamma determines that so they're looking for stocks that have very active options markets that tend to drive price I have picked out my own watch list that I know for sure options are a key driver price action on a daily basis the large primary large cap tech stocks the magnificent seven and you know of course the hero list and spot gamma is a little bit larger than that but these are the stocks that I think maybe the the top stocks for in a list of stocks that are driven by by options but I know Palantir is in the list and again the spot gamma makes the decision and we'll take a look at the entire list and just a moment right so there's Microsoft the next is Nvidia and pretty bearish order flow in Nvidia you can see all the pink dots coming in at the open and really starting right around 1015 price action dominated by aggressive sellers right so and video made a very clear series of lower highs before finally breaking low the last test of VWAP price breaking lower let's take a look at hero and see what what traders were doing go back to hero Microsoft divergence short just like in meta here's Nvidia so net for the day traders are selling calls and buying puts notion of value for both is negative let's zoom in on this naturally before I do that I'm going to take a look at something else this is equity hub showing the key daily levels and how they have changed over the last 10 days and this is something I look at for developing a directional bias and a stock and note that for the last 10 days this is the key gamma strike for Nvidia has dropped from 500 down to 430 today and move lower the last couple of days so that is bearish this persistent call demand that was available that was in play earlier this year is no longer in play there's that persistent call demand is not not there anymore and these gamma levels are dropping lower hedge wall which is similar to the volatility trigger for stock dropping lower call wall has dropped from 500 down to 432 and the put wall has shifted slightly lower as well so all bearish bearish trends lower for the for Nvidia traders are looking for and expecting lower prices and these key gamma levels are shifting lower based on traders expectations so let's go take a look at hero now and again strong correlation between options trades hedging flow and price action for Nvidia that's pretty typical let's go back to book map go to Nvidia again series of lower highs multiple short entries as price moved down towards first of all went through the first target which was at 405 note the high liquidity at the typically at the zeros and fives that was the first target at 410 next target at 405 and right before noon it looks like price started to recover trying to move higher let's go back and take a look at hero all right so really no gamma levels in play for below in Nvidia is below it's put wall at 420 all right let's look at questions now all right so karma facts wants to take a look at what stocks are available what stocks support hero or what stocks are included with this hero list so here's the list and that is you know they want to their criteria is basically to see stocks have stocks here that have active options markets that tend to drive price not every day all day and there are some here that definitely do and some that don't right so karma effects wants to see Ford so we'll scroll down so here's Ford as far as a hero signal I would consider this not or maybe consider it questionable not having a lot of influence on price action so the notional value here 5.6 million versus the you know in the S&B 500 it's in the billion billions billions with the B all right so there's Ford looks like a choppy day kind of making lower highs options traders not having a strong influence today so this that's one reason that I kind of stick to the same stocks that gives me enough variety but I know hero will be a and options trades market maker had hedging activity shown by hero will be a key driver of pricing those stocks on a very consistent basis so I'll just scroll through the whole list here I don't know if spot gamma provides this list somewhere else you know I just don't know that but this is this is the list and you welcome karma effects now as far as equity hub goes as far as I know every stock available to trade is in equity hub and then hero is just a very smaller subset of that list of stocks right so there's Palantir Palantir there appears to be more of a direct relationship between options trades and market maker hedging activity although this notional value is pretty small but I think Palantir has been in play maybe at one time part of the AI cohort traders are buying calls today is your mother rising orange line and the positive notion of value so traders are buying calls and that appears to have pretty strong influence on price action let's finish scrolling through the list alright so those are all the stocks on the list again I don't know if spot gamma provides a separate list that you could load into another watch list or a spreadsheet or whatever I don't I don't know if they provide that they did it one time I don't know if that's still available but I do not see that the ETF that you mentioned in there the URA I believe so that's not in there I didn't did not expect that it would be right Tesla let's let me go back to my watch list go to Tesla so as usual there's a pretty strong correlation with options trades hedging flow and price action in Tesla so I did not look at Tesla earlier today looks like a nice divergent short here as trader hero the hero signal was making lower highs as price made a higher high and reversed around 11 let's go to book map and take a look at that sometimes I forget to change my pen tool alright so here's Tesla and here's the divergent short let's go back and take a look at heroes see what options traders are doing and see if we can get any clue for potential setup and here it looks like Tesla is making higher lows higher highs maybe heading for the 245 level the hedge wall that may be a little bit far off for today but options traders really not not supporting that move higher so for today they are buying calls that's shown by the positive notion of value for the orange line and they also are buying puts that's shown by the negative notion of value and the falling blue line let's go back to the total signal still positive for the day go back to hero I mean book map thank you karma FX you're welcome thank you for your comments thank you for kind words and thank you for your request again I really love this interactivity interactive sessions so I'm glad someone has questions to ask alright so Tesla making a series of higher lows it looks like it may have slowed down a little bit 243 was resistance before alright let's take a look at that's all the stocks that I had so let's take a look at the indices we'll start with the SB 500 so the SB 500 continues to chop up and down around the 44 445 level the level spy level it used to be the put wall yesterday now making a push higher maybe toward the 446 level let's see what options traders doing so options traders are taking positive delta positions helping the fuel move up to move higher so they're continue to buy calls and they are buying puts net for the day but it looks like that activity at least has stopped or slowed down at least for the moment let's take a look at a shorter look back period see if we can get any more clarity so not necessarily this is looks like a little bit of a lead here for a long right around 1pm 110pm something like that price went back and checked the level wherever that was and now it's moving higher traders take positive delta positions to change this back and I'm changing it back to the one day look back period looking at the cumulative values for the entire day let's go to bookman so again ES found support at this high liquidity level 4470 as well as the iceberg level that I talked about before the blue line showing where the icebergs were and probably still are not a lot left it looks like 94 94 contracts and secondary entry here right around the spy 445 level as well as VWAP just above that alright Mike G says the agent was done buying thus done holding us in this range sorry I'm not sure what that means alright bin most ask how do iceberg traders affect price action they may or may not have an immediate reaction on price here you can see that they so you just have to look book map does is takes MBO data market by order data that's provided by CME for CME futures rhythmic is the only data that data provider that provides that MBO data so market book map has these stops and icebergs indicator that takes that actual data that is real data labeled the price of orders and displays it after they execute on in the order book here so book map is displaying this information after after these levels trade so again I talked about you can see very clearly here this blue line showing that some iceberg orders this was partially executed so there's no one one single reaction now there is a futures trader Scott Polsini he presents every Thursday at 10 a.m. on the book map channel discord and YouTube and he has very specific setups for icebergs I don't I like to just interpret what I see and that gives me of what might happen but this is very clear here showing in this area again that larger traders were in here buying and this is a good potential support level and this horizontal blue line is showing that some of these orders were transacted and not all so there were existing orders that were not transacted yet so if you look closely right here you can see this let me clear this so you can see this blue line stops right here and then it picks up again so this these orders were completely filled here and then new orders came in the blue line stops there and this is a very very good clue of potential support level in addition to the liquidity at the 4470 level you can see there's in this case we know there are existing iceberg orders at this level that have not been filled yet very good indication of potential support and again these are orders that larger traders use so you know their size behind this orders to hide their size but here with book map especially in this situation we can see where they are and that they have not been completed yet so we know from this this area right here so that liquidity at 4470 remains in the order book looks like the iceberg orders are front running that the iceberg orders just above that level and this is indicating 94 contracts still remaining alright so this is how I like to look at iceberg orders so I have the on chart indicator that showing the specific events with these numbers that icon and the blue lines and then I have the light blue line and the sub chart indicator activity for icebergs for the day and then I have the cumulative data for the entire day in numerical form shown here so far today this number is positive 6,320 by iceberg orders those are contracts have been executed alright so again Scott Pocini looks at this differently he is looking at specific events I like to look at this overall range of what they are doing and I can see the specific events here so this is a very good clue for potential support at that level and Ben asked what significance do canceled iceberg orders mean to you that is something that I don't look at specifically I'm typically looking at a bigger picture I'm looking at order flow and market maker hedging flow reactions at gamma levels in addition to iceberg orders and again I think Scott places much more emphasis on the stops and iceberg orders than I do alright great questions Ben and Mike thank you very much I want to thank everyone for watching thank you for your great questions and comments hope this helped everybody again thanks for watching have a great weekend and I will see you on Monday bye