 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All bookmap, limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure. Trading futures, equities, and options absolves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Give me just a moment. I may need to make an adjustment on YouTube. 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 traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. And by the way, yesterday I spoke in more detail about my planning process and exactly what I'm doing and why. So if you want more background information, again, I spoke about that yesterday and the recording is available in the Bookmap YouTube channel. And the second step in my process is execution. And I look at real-time order flow in the Bookmap and real-time market maker hedging flow and Spont Gamma Hero to confirm my thesis. And for setups for entries and exits. And when I talk about setups, I will be talking about a setup in an underlying asset. And setups can be taken with options, shares of stock for a stock, or futures. Questions and comments are welcome, and I will be watching both the Options-Doug chat channel and Discord and the chat in YouTube for your questions and comments. And by the way, there was a comment yesterday in YouTube about my volume in YouTube. I've checked that. I've done everything I can. My microphone is right under my face. The Windows setting, I have the microphone gain set at 100% as well as the same 100% max setting in OBS, which I use to stream to YouTube. Alright, so if you do have a problem with volume in YouTube, please feel free to join us in Discord. Bookmap Discord is free to everyone, whether you have a Bookmap subscription or not. Alright, so I'm getting confirmation from Richie James, DM Vancouver, all volume, all good. And hello, KarmaFX. Glad you're here. Great to see you. Great to see everyone. And thank you very much for your kind words, KarmaFX. Alright, so again, looking for your questions and comments, I'll be glad to try and answer your questions. My agenda for today, first of all, I want to go over news items, economic data events and earnings. Then I'll go through my positional analysis. And then I'll review a few setups from this morning. And then I'll talk about the live market. And also, there's a question about the Vana model yesterday, and I want to talk about that in a little bit more detail, just to go over, make sure everybody understands what I was talking about yesterday. And also, when we get to the live market, I'll be glad to take a look at these stocks that anyone wants me to take a look at. Alright, let's get started. So first of all, news items for today. The PPI data came out. CPI yesterday. PPI data came out today. It was lower than expected, like the CPI yesterday, although there was a much more muted response to PPI today. And at least in the morning. And then tomorrow, consumer sentiment comes out at 10 a.m. and I believe bank earnings. Some large bank earnings come out. Karma FX. Thank you so much for your kind words. Alright, so that's news for today. Now let's start with my positional analysis. So I'm going to start with a book map chart. And before I take a closer look at this chart, so this is ES Futures in book map, before I take a closer look at it, I want to take a look at a thinkorswim chart just to get a bigger picture view. This is SPX in a 30-day one-hour chart and showing now SPX trading right around and above the 4500 level. Alright, let me point out some levels on this chart. First of all, the lower and upper weekly expected move, shown with the dash purple lines. That just comes from an options chain and I do that on the weekend for the upcoming week. So I look at Friday expiration for the upcoming week. Alright, so SPX is trading above that upper weekly expected move. Then the dash blue lines are showing the lower and upper daily expected move. SPX also trading above the upper daily expected move. Let me point out some spot gamma levels on this chart. First of all, the put wall at 4200, that's the strike with the largest net negative gamma that can be expected to act as support and that is not in play anytime soon. The next level up is the volatility trigger at 4,415. That is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative and a negative gamma environment, market makers have to trade with price to hedge their delta exposure and that tends to subdue volatility. On the other hand, like SPX is trading now in a positive gamma environment, above that level, market makers have to trade against price to hedge their delta exposure and that tends to subdue volatility. So in a positive gamma environment, I'm generally looking for more range day, lower trading range, lower volatility than in a negative gamma environment. So again, SPX trading well above that volatility trigger 4,415 level. The next level up is 4,500 and that is the absolute gamma strike and that absolute gamma strike is the strike with the largest absolute gamma and that did move up from yesterday from 4,400 yesterday to 4,500 today. So that is bullish and that is also the call wall, the strike with the largest net positive gamma. That can be expected to act as support and for the S&P 500, it should be support. Spot Gamma was talking about that being the upper end of the range into the July expiration next week, next Friday, not this week, but next week. So those are the levels and also the expected move for the day and for the week and for SPX, the, again, the volatility trigger did shift higher from 4,395 to 4,415 and the absolute gamma strike shifted higher from 4,400 to 4,500. That alone is bullish, but at least according to Spot Gamma, the SPX is near or at or near the upper end of the range, at least into July expiration unless that call wall moves higher. All right, let's take a look at another chart now just to see a closer look at the levels that are in play for today. So this is SPX in a one day, one minute chart just showing the levels that are in play for today. So here is the 4,500 call wall and then this 4,499 combo L1. So that's an important combo level combining SPX and SPY and gamma into one level at, again, SPX 4,499 and note this 4,499 level did act as resistance earlier today. Support and now SPX SPX is trading above the that combo level, the call wall level and the upper daily expected move. So SPX traded in a pretty narrow range this morning really chopped around for quite a while and it looks like around the European close then it broke above for the last time above the upper daily expected move and is now above all the levels on the chart. Let's take a look at book map now. So here's this chop zone this morning up till around the European close chopping between SPY 448 this is what I have it showing on my cloud notes and this upper end of the range now SPX above that and Floyd's garage as so we I assume meaning SPX or above 4,500 so it becomes support now not necessarily I think spot gamma statistics show that price will trade lower after testing the call wall. So those are the levels that are in play for today for SPY there were quite a few shifts higher in levels first of all the volatility trigger did shift pretty significantly higher from 440 to 440 to 446 put wall shifted higher from 420 to 425 and then most significantly the call wall shifted higher from 445 to 450 so the SPX call wall is the first kind of upper end of the range if you look at let me just we'll scroll up on the chart just a little bit clean this up scroll up a little bit more so here's the SPY call wall the new call wall so that could be potentially the the final upper end of the range and really what spot gamma was looking for was a range 4500 to 4515 which is right around the the SPY call wall so from this point of view there really there is a kind of an upper range from the SPX call wall to the SPY call wall at 450 alright we'll take a look at set ups in a few minutes so again for SPX shifts higher in volatility trigger in absolute gamma strike for SPY shifts higher in volatility trigger put wall and most significantly the call wall so that is that's bullish looking at that information that is that is bullish alright let's take a look at NASDAQ now NASDAQ a little bit more bullish today and we can just see that in the this is the market watch heat map we'll just take a look at NASDAQ 100 and you can see the large cap tech stocks Microsoft, Apple, Nvidia, Google, Meta, Amazon, Tesla all pretty green today driving NASDAQ higher alright so the levels in play let's take a look at a QQQ chart first so for QQQ it is trading above the call wall that's the new call wall that shifted up from 370 yesterday to 375 today and QQQ gapped up above that level other QQQ levels have been in play for today and the morning chop the 377 level did act as resistance and then acted as support a little bit of resistance at 378 and now QQQ is trading above that level and QQQ also trading above its volatility trigger that shifted higher from yesterday to 366 to 372 today so bullish shifts higher for the volatility trigger and call wall for QQQ and note the upper daily expected move for NQQ acted as support also VWAP here that light blue line alright so those are the levels that are in play for NASDAQ here's the QQQ 377 level that acted as resistance then support 378 level resistance and now NASDAQ is trading above that level once again we'll take a look at setups in a few minutes so I've talked about shifts and levels and for NDX the volatility trigger put wall and call wall actually the volatility trigger and put wall shifted higher and yesterday the levels for NDX were a little bit odd so they kind of synchronized back call wall and absolute gamma strike for NDX back at 15200 alright so those are the levels the shifts and levels all bullish or mostly bullish let's take a look at some additional information first of all gamma notional this is market makers position on the gamma curve I like to look at this everyday to understand how market makers are positioned and again I talked about this in a little bit more detail but I want to understand how market makers may trade may react with changes in price and implied volatility so all these numbers are negative I'm looking at gamma notional for SPX SPI, NDX and QQQ and these numbers all shifted actually they did not for SPX NDX and QQQ shifted higher and for SPI actually shifted a little bit lower but still all positive so market makers position on the gamma curve for all these NDX products is positive indicating they have to trade against price to hedge their delta exposure that tends to subdue volatility and lead to more of a range day trading range day alright let's take a look at Vana model now when I'm doing my preparation I this is pretty much what I look at I'm looking at the Vana model to illustrate to my audience here give a visual representation of what this means so this is SPX and this is the Vana model for SPX this chart is showing market makers delta notional on the vertical axis and how that changes the price on the horizontal axis there are two curves on this chart the first the gray curve is showing how market makers delta notional changes with changes in price only and this is showing as price increases market makers will have to sell futures their delta notional is increasing they want to remain delta neutral so they have to sell futures to hedge their delta exposure and that is typical of a positive gamma environment that's what I mean by a positive gamma environment and then the purple curve adds implied volatility to the equation that's showing how market makers delta notional changes with changes in price and implied volatility and that change in delta with a change in applied volatility is the Vana effect Vana is a second order Greek as price decreases market makers will have significantly more delta to hedge as predicted by the price only curve the gray curve so this is showing this is typical of a negative gamma environment that market makers have to sell futures to hedge their delta exposure as price decreases so there was a question about the Vana model today yesterday I think it might have been from yoga mat asking saying that it looks the same every day and that is that's generally true the for SPX market makers position on the gamma curve has been mostly positive since about April 1st and this is typical a typical curve of a positive gamma environment and my example yesterday was looking at the CPI report so this is yesterday screenshot for SPX from yesterday so the CPI report was was very very good much less than expected across the board and after the initial pop higher the SMB500 traded in a pretty narrow range and this is typical of a positive gamma environment there was really no Vana tailwind so if you recall from last year the SPX gamma notional was negative spy gamma notional negative for most of the year and there were when CPI reports came out less than expected there were huge rallies so looking at last year let's say spy SPX was on this portion of the gamma curve in this negative gamma environment if price increases and implied volatility decreases market makers can buy back short futures and that tends to enhance or increase volatility and another way of looking at that last year typical expected moves for the day of CPI report was plus or minus 70 or 80 points yesterday SPX expected move was 32 plus or minus 32 33 points something like that so really half or maybe even less of the expected move from last year for CPI report so in this case looking for a more subdued response to the CPI report and that's based on market makers position on the gamma curve and you know to bring that chart up again so the way to use that in your trading is giving you more confidence to to fade this high move it might be hard to see so it doesn't fade the upper end of the range and then fade the lower end of the range so sell at the high end buy at the low end alright so that's why I look at this that is why I look at it so let's just see where SPX is trading now give me just a moment bring up my watch list so SPX is trading right around 4500 so somewhere between these two lines so what this is showing is if price continues to increase market makers will have to sell futures to hedge their doubt exposure so I'm using this to give me a better idea of how market makers react may react to changes in price implied volatility if SPX was trading here I would look for market makers to aggressively buy back short futures as price increases but with SPX trading here I'm looking for market makers to sell futures as price increases so here on the negative portion of the gamma curve they're increasing or enhancing volatility and then on the positive portion of the gamma curve they are subduing volatility alright let me take a look at questions so John 412 says hello Doug love your work thank you thank you for your kind words this morning the call wall and hedge walls on the QQQ and put wall marked a lower a bit lower from 60 to 330 how do you read that? I read more importance in the shift higher in the call wall that level is is more in play it's closer to current price so I read that as bullish alright so that is the Vana model that's why I look at it that's the information that it can provide so I hope that clarifies that for anyone who had questions we'll just take a quick glance at the Vana model for spy and QQQ and for spy and QQQ they're lost positive so this is there's a little bit of a shift in the Vana model for QQQ and spy alright let's take a look at some setups so well let me get to my thesis first so the thesis for the day I think obviously with the positive gamma for all indices I was looking for a lower volatility day and for my directional bias was bullish for the S&P 500 and NASDAQ based on the shifts higher in levels traders were looking for higher prices and positioning themselves in the options market for higher prices so they were expecting higher prices alright so let's take a look at setups now I'm going to start with the S&P 500 let me zoom back out so this is the hero signal for the S&P 500 what this signal what this chart is showing is price for SPX that's the white line and the purple line is showing options trades and market maker hedging flow hedging activity for a combined signal for SPX spy, XSP and ES futures all under one combined signal and spot gamma does provide separate signals for all of those instruments as well so this is the combined signal and this is generally what I look at when I'm trading the S&P 500 alright let's take a closer look at this chart so first of all from the open the hero signal was making generally making lower highs while the SPX was chopping around in that range from 448 spy 448 up above let's see look map so spy trading in a range again between spy 448 and just below the S&P X 4499 combo one level while options traders were taking negative delta positions and then let me clean this up we'll zoom in a bit then finally the S&P 500 chart made a final test of that 448 level and moved higher as options traders started taking positive delta positions with a move up to the 4500 level so that was a long setup it took a while to setup a lot of chop in the morning which really worked a range day Vade trades worked in the morning and then finally this final test of the VWAP and 448 level and the price moved up to the 4500 SPX 4500 level and so we know that options traders started taking positive delta positions around this time and let's take a look at another clue alright so sorry we will take a look at UNH it may not but I don't have I don't have coin or UNH in book map we can take a look at HERO I know coinbase is in there I don't know if UNH is or not I kind of doubt it but we'll look for it in just a few minutes so here was the long setup just point out clues here in book map iceberg orders buying that's shown by the rising light blue line with iceberg orders setup that long there let's go back to HERO now scroll over a bit and then there was a nice short divergent setup here note HERO starts dropping and price chops around and finally moves lower for a short scalp just around 1250 so let's go take a look at that in book map we're just looking after 1250 at this short scalp it looks like there was a a stop run kind of a sweep up to around the 45-36 level just below the spy 449 and you can see this shift in order flow shown by the cumulative volume delta here that dark blue line falling as well as aggressive sellers coming in so a short scalp and remember in a positive gamma environment we're not looking for a lot of range today ok so let's go back to back to HERO now alright so Richie 38 asks what are your time settings on the spot gamma chart so let's take a look at that and I I generally use the default especially for trading in the morning I just keep it on all trades in one day the one day rolling window period so this is showing a cumulative value for the entire day which is negative so far so net for the day options traders are taking negative delta positions and let's just see what they are doing separate outputs and calls so they are buying calls that's shown by the rising orange line and the positive number there and then they are also buying puts that's shown by the falling blue line and the negative number there and so far the put buyers are slightly more aggressive but it looks like of course the call buyers are winning so let's go back to the total try that again so Richie asked what are the benefits of changing the time frames so I like to change the time frame or consider changing the time frame sometime in the afternoon let me take a look so uncle ask in discord do you use this part of the dashboard in your experience are these, he's looking at the hero signal so we'll take a look at that in just a minute are these good for same day setups or next day setups and I'm looking at intraday trading only and he's looking again at the hero signal and if you're looking for a bullish or a bearish setup you can rank your watch list by the hero signal from weakest to strongest especially for a bearish setup or from strongest to weakest for a bullish setup we'll take a look at that in just a minute so getting back to the time frames in the afternoon especially if let me see if I can find a better example of this so here's a good example right here here's NASDAQ here's the hero signal for NASDAQ so notice how it is pretty flat you're not giving a lot of information again this is cumulative for the day the one day rolling window period is accumulating all of the notional value for the entire day so let's change this now what Brent has talked about Brent Kuchuba the founder of spot gamma is he just scrolls in I think he used to change the time frame but now he just scrolls in like this I'm just rolling my mouse wheel to get a more clear view of current hero signal and price action and so you can see there's a pretty strong correlation between hedging flow and price action and this is just scrolling in but still keeping the one day time frame now if you want to a more up to date or more clear view you can change this rolling window period so now I'm only looking at the last 30 minutes of data and this is showing a little bit different picture of a hero signal making lower highs so to me this is a little bit more clear so in the morning I'm always looking at the entire one day look back period in the afternoon especially when I see a hero flat line you can zoom in or you can change your rolling window period here so let's go back to one day alright so let's take a look at the NASDAQ setup and the main setup that I want to talk about is right here at around 10.30 you know I guess the so Richie asked so if we were to interpret it we could possibly expect price to drop based on the 30 minute time frame yeah so I would when I see something like that a divergence then the next thing I do is look at book map watching order flow for clues of a reversal I'm looking for a level where price might reverse let's say where market makers need to change their their hedging or options or other traders may want to short watching again for clues in order flow in book map alright so there's the 10.30 reversal that is a typical time for a reversal a higher or lower the day around 10.30 so let's go take a look at book map go to NASDAQ and there's the reversal higher at 10.30 you can see the shift in order flow aggressive sellers moving price down just to the VWAP upper daily expected move and then aggressive buyers start to come in aggressive sellers shown by the pink volume dots aggressive buyers shown by the green volume dots price pulls back additional giving you additional entry points and note the rising yellow line that's showing buy stop orders helping to fuel the move higher as well as rising cumulative volume delta and Richie so far I don't see any signs of a reversal here this looks very bullish the move higher continues to be fueled by buy stop orders so for NASDAQ it trades in a pretty wide range if I were looking for a short setup I would look for a lower high before I took a short so far it's just making higher lows not lower highs so options trades and market maker hedging flow often but not always are key drivers of price action so that's why I'm looking at hero and spot gamma hero and remember the thesis for the day was bullish although QQQ is trading well above it's call wall alright let's take a look at uncle uncle wanted to take a look at the hero signal so I'm going to go back to hero so so far for today for NASDAQ and I this is one reason I think it may be best to look at this longer picture the one day look back period showing the general trend leveled off a bit but now it's moving higher let's take a look at the hero signals so what uncle is asking about is this hero signal right here and you can rank or sort your watch list or the entire list of symbols that support hero by this hero signal is not in this case not necessarily giving good information let's scroll down or let's sort it so SPX a pretty weak signal so what this means is this hero signal for today in the lower portion of where it has been in the last 30 days that's shown by the entire range of the slider here as well as the range for the last 5 days shown by the colored portion maybe it easier to see for Amazon here showing the signal for today shown by the dot is in the high end of the range that it's been for the last 5 days but still in the lower end of the range for the last 30 days shown by the entire slider so let's rank so here's a good example and this is a stock that I wanted to show Google so Google the signal and this would have been a very good thing to look at I'm looking at this hero signal for right now and I used to post this watch list in Discord ranked by hero signal around 10am in Discord if people want to see that I can start doing that again so here's a good example right here hero signal for Google is stronger than it has been in the last 5 days shown by the colored portion and then also stronger than it has been in the last 30 days shown by the entire length of the slider so let's take a look at see what traders are doing so they're buying calls that's shown by the rising orange line notion of value 174 million positive and puts they're actually selling puts but that is insignificant at positive 1.25 million so let's go take a look at BookMap for Google so uncle if you had sorted your hero list this morning and again I don't know what that hero signal looked at looked like for Google early in the morning I suspect it was on the high end of the range that would have been a good clue to look for a long in Google here so there's the setup in BookMap very bullish aggressive buyers coming in at the open and continue to move Google higher as traders were buying calls alright let me take a look at some other stocks so there was a request for UNH we'll take a look at that and I don't know if it's in there and by the way for Google that price target let's just take a look at that again the very obvious price target was the liquidity at 1.25 and now there was some liquidity in the order book at 1.25 before the cash open and the cash open at 9.30 a lot of sellers come in and those large sell orders excuse me tend to a track price so great price target there for Google at 1.25 as traders were buying calls and moving price up to that level alright let's take a look we're going to look for UNH then Coin, then Sampan wants to look at Nvidia go back to hero now we'll do a search for UNH oh it is in here alright so for UNH traders are selling calls and buying puts not a lot of notional value here but net they are taking negative delta positions so I without looking at UNH and book map I can't make any assessment further than that other than traders are taking negative delta positions so slow to sorry that appears to be how they are positioning for earnings if earnings are today let's just see if we can take a look at one other thing and we'll see so this green line is showing the next expiry so that is for stock that's going to be tomorrow expiration Friday so about a third of this is options that expire tomorrow and then the remaining portion is all expirations that's not known here just we know that about a third of this is options that expire tomorrow so traders making their bets whoops alright let's take a look at Coinbase alright so apparently there was so slow to sorry says coin had good news today doing well so it appears that that news came out about 1130 and at that time traders started buying calls so when traders buy calls market makers sell the calls and they have to they have to buy stock to hedge their delta exposure and that can tend to drive a price higher drive a stock higher alright so that's Coinbase and then let me take a look at Sam Pan's question alright so let's go to Nvidia so when Sam Pan asks can we look at Nvidia put call from hero looks like traders are buying calls and selling puts call wall also breached zoom in so here's the call wall at 450 so that's right where this light blue line that may be difficult to see that light blue right there so the call wall was breached just before 130 and that's as traders let's zoom in on this so really there was not much going on with hero traders taking negative delta positions in the morning that activity pretty much leveled off and it looks like price started rising and then options traders came in a few minutes later let's see what so traders start buying calls and separating this out we can see that call buyers were pretty much in sync with price action showing by the slightly rising orange line then they get more aggressive and price starts to move up more aggressively more sharply and then they also started selling puts right now both these numbers are positive so they're buying calls and selling puts all right let's go take a look at book map take a look at Nvidia and there was a gradual increase from around 12 o'clock on and then a start move higher just after one o'clock let's go take a look at book map take a look at Nvidia adjust this a little bit so there's the move in the morning this overflow looks bullish to me notice all the green dots there aggressive buyers in there price chops around and then starts to break out about 12 30 one o'clock prices just below the 450 call wall and regarding the the question about NASDAQ earlier with Nvidia rising like this so there here's the breach of the call wall right just before 130 right before I started and the stocks may treat call wall breaches a little bit different than indexes so if there's a breach of the call wall all the calls at that money at that strike that you know the highest number of calls those go in the money and as price continues to increase traders continue to buy calls the delta of those calls are increasing so traders are buying calls market makers are short calls so they're short the calls that traders are buying now also those calls at that 450 level their delta is increasing so they have to continue to buy futures to hedge their delta exposure alright so Sam Pan I hope that answers your question and I would again with a call wall breach you can look at that as potential acceleration point so if it doesn't act as resistance price could accelerate higher after that call wall breach as the calls at that level go in the money and market makers have to continue to hedge their delta exposure again remember there are short calls those calls go in the money alright and then Sam Pan ask ask about the green and red numbers alright so what this is is the absorption and sweeps indicator so the colors that I use for sweeps I use bright red so this is showing a sell sweep and also buy sweep so there was a lot of and you can just tell by the large volume dot there there was a lot of trading at that level a couple of buy sweeps that's really what I would focus on here that's shown by the bright green numbers these small bright green dots buy sweeps up into that level so that's the sweeps indicator and then these purple numbers are showing passive sellers so the buy sweeps those were absorbed by the limit orders the sell limit orders in the order book at the time so that's the colors that I use bright red bright green to show sell sweeps and buy sweeps and then I use purple and blue for the passive that's the absorption indicators let's see if I can go back and see so here's a this light blue number there also that light blue square showing buy absorption buyers are absorbing the sell sweep shown with the bright red numbers there so that is the absorption and sweeps indicator indicators I believe they're included with global plus all right my time is just about up let's take one last look at the at the indices we'll start with the SMB500 continuing continues to grind higher in a positive gamma environment by stops shown by the rising yellow line helping to fuel the move higher we'll take a look at NASDAQ and then we will take a look at hero for both for NASDAQ continues to move higher again fueled by by stop orders shown by the rising yellow line let's see what options traders are doing and then we'll then we'll call it a day so in video it looks like the call buyers have stopped now so they stopped buying calls at least for the moment and they've stopped selling puts and prices leveling off so that would be a good correlation to look at for for NASDAQ also at NASDAQ now traders are starting to take negative delta positions and back to Richie's question we are looking at just to confirm the one day rolling window period and I'm just scrolling in to get a better an up close view and see that traders are starting to take negative delta positions and then finally let's take a look at the SMB500 in the same trader starting to take negative delta positions and that could just be a swing lower alright so Florida garage says that was good info on going above the call wall thanks you're welcome and Sam Penn also says thanks for the explanation you're welcome as well alright that's all I have for today we'll take one class last look at and then we will wrap it up for the day I want to thank everyone for watching thank you very much for your questions and comments I hope I was able to answer everything if you have additional questions please feel free to post them in discord in the options-jug chat channel in discord alright I will see you tomorrow remember consumer sentiment out at 10am and we will wrap it up for the week tomorrow thanks again everyone thanks for watching and I will see you tomorrow