 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. This disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step in my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about an underlying asset and that setup can be taken any number of ways with futures, shares of stock, or options. Questions and comments are welcome, and I will be watching both the Options-Doug chat channel and Discord as well as the chat and YouTube for your questions and comments. So please feel free to post your questions and comments. Hard rock, lobster roll, hello, glad you're here. My agenda for today, first of all, I want to go over economic data coming up for the rest of the week, then I'll go through my positional analysis, then I'll review some setups from this morning, and then we'll take a look at the live market. So when we get to the live market, if anybody has any stocks that they want me to take a look at, please let me know. All right, so first of all, economic data. As far as I know, there was nothing significant that came out today, but tomorrow the fireworks begin with the CPI data at 8.30 a.m. Eastern Time, and then there are more Fed speakers during the day. So the CPI has been a pretty big market mover in the past, probably not as much now, but it definitely should move the market. So that is tomorrow at 8.30 a.m. Eastern Time, and then on Thursday the PPI data comes out at 8.30 a.m. Eastern Time, and then finally on Friday consumer sentiment at 10 a.m. All right, let's start with the positional analysis now, and I'm going to start with the S&P 500. So this is the S&P 500 futures in BookMap, and before I look closely at this chart, I'm going to take a look at a larger timeframe so we can see all the levels that are in range. So this is a thinkorswim chart showing SPX in a, this is a 30-day one-hour chart. Let me point out some levels on this chart. First, the dash purple lines are showing the upper and lower daily, weekly expected move. I'm sorry, the weekly, lower and upper weekly expected move, and then the dash blue lines are showing the lower and upper daily expected move. And note that SPX traded right up to that level, and that level did act as resistance. And these come from the options market. I just look at an options chain and thinkorswim to get this at the close every day for the next day. Let me point out some other levels on this chart. These are spot gamma proprietary levels. First, here's the put wall at 4,200. That's the strike with the largest net negative gamma that can be expected to act as support. And obviously that is not in play. The next level up is the absolute gamma strike, and that's at 4,400. That's the strike with the largest absolute gamma. And then the next level up is the volatility trigger. And that is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure, and that tends to enhance or increase volatility. On the other hand, when SPX is trading above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure, and that tends to subdue or decrease volatility. And note that SPX is trading above the volatility trigger now. And the next level up is the call wall at 4,500. That's the strike with the largest net. Net positive gamma is expected to act as resistance. So those are the SPX spot gamma key daily levels. There were no changes for SPX from yesterday to today, so no shifts in levels for SPX. All right, let's take a look at one other SPX chart just to see the levels that are in play for today. So this is a one day one minute chart showing just around the 4,410 volatility trigger acted as support. And yesterday that level was resistance. And then here's the upper daily expected move for SPX. And that level definitely acted as resistance earlier today. Let me check for questions. All right, so Michael asked, are you exporting your custom notes to Thinkorswim? And no. So in Thinkorswim, I'm showing, first of all, SPX levels. They provide a think script. You have to manually update it every day. There's no automation there. I just go into the SPX think script in the studies, delete the text that's in there and paste in the new text. It takes a couple of minutes. And then these levels, the daily and weekly expected moves, I do that manually as well. All right, so I hope that answers your question. So that's all done manually. All right, let's take a look at book map now. And a book map, book map uses cloud notes. So it's a little bit more, I guess a little bit more friendly. I do, again, I'm using my own cloud notes. I fill out a spreadsheet in the morning with the updated levels. And I'm showing, let me clean this up just a bit. Forgot to refresh. So this is how I do it. This is the spreadsheet that I use an add on in the book map marketplace called Price Lines. All right, so busy morning, I forgot to clean that up. So let me point out some levels. First of all, I have SPX levels. There's the 4410 volatility trigger that around that level acted as support. I also have key SPI levels. There's the 440 absolute gamma strike. Then the SPI 441 level. And then here's the ES4450 level. And Michael asked, do you ever share your cloud notes? And no, I can recommend Price Lines, the add on and book map marketplace. But, you know, other than that, I don't do that. So a lot of these levels are, they are spot gamma levels. So I don't want to share that. And now spot gamma also has their own cloud notes. I just like my own. So those are the levels in play for today, a pretty narrow range today. Again, I think, you know, this may be the calm before the storm tomorrow with the CPI data that comes out in the morning. And we'll talk about setups in a few minutes. So the main, really the main level in play for today is the SPX 4410 volatility trigger that was resistance yesterday, support today. All right, let's take a look at NASDAQ. Look at levels in play. And before I take a closer look at this chart, I want to take a look at a QQQ chart to show the QQQ levels. So this is a one day, one minute chart. And again, here I'm using the ThinkScript that spot gamma provides to their subscribers. Let me point out some levels here. The 365 level, that is the absolute gamma strike for QQQ. And then the 366 level is the volatility trigger. And that level did shift lower. So yesterday the QQQ volatility trigger was at 368, so it shifted lower to 366 now. And that level did act as support just before noon there. So the range really for NASDAQ for QQQ has been around 365 to 367. And oh, I forgot to mention on the SAP 500 spy levels did shift lower pretty significantly. So the volatility trigger shifted lower, put wall shifted lower, and then the call wall, and that's really the most significant shift lower, shifted lower from 450 to 445. So that's bullish. I'm sorry. That is bearish for the spy when all those, when the multiple levels shift lower, that is definitely bearish. And for the QQQ volatility trigger again shifted lower, the put wall shifted higher. And for NDX, the volatility trigger and the put wall both shifted higher. Let's take a look at levels in play. Again, I have my cloud notes here showing QQQ levels. There's the 365 absolute gamma strike, 366 level, the volatility trigger. And then here's an NDX level, the 15,000 level. And then I also have just the big round numbers for NQ, the zeros and the fifties. All right, so those are the levels for NASDAQ. I talked about shifts and levels. Again, SPX, there were no shifts and levels. For spy, volatility trigger put wall and call wall shifted lower. I interpret that as bearish. And for NDX, the volatility trigger put wall did shift higher. And for QQQ it was mixed, volatility trigger lower and put wall higher. All right, let's take a look at Market Makers position on the gamma curve. So we can understand how that might respond to changes in price and applied volatility. So first of all, what I want to focus on here is gamma notional. This is Market Makers position on the gamma curve for SPX, spy, NDX and QQQ. So what this is showing is for SPX, Market Makers position on the gamma curve at the beginning of the day is right around 280 million. And that did shift higher from yesterday. So for SPX, Market Makers position on the gamma curve became more positive. And all these numbers actually shifted higher. So for spy, Market Makers position on the gamma curve became less negative. And then for QQQ, that number also became less negative. So to me this is indicating lower volatility trading range today, especially considering CPI data coming out tomorrow. All right, let's take a look at the Vana model now. This is for SPX, the Vana model for SPX, the Vana based on the Market Makers position on the gamma curve at the beginning of the day. What this chart is showing is Market Makers delta notional on the vertical axis and how that changes with changes in price shown 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. What this is showing as a price increases, Market Makers will need to sell futures to hedge their delta exposure. And that's typical of a positive gamma environment. And then on the second curve on this chart, the purple curve adds implied volatility to the equation. That's showing how Market Makers delta notional will change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. Vana is a second order Greek, hence the name of this chart, the Vana model. And what this purple curve is showing is price decreases. Market Makers will have significantly more delta notional to hedge as predicted by the price only curve, the gray curve. So this is showing as price decreases, they will need to sell futures to hedge their delta exposure. And that is typical of a negative gamma environment. Let me check on the price of SPX right now. So right now I've got SPX trading at around $44.21. So that's right about here, pretty close to the bottom of the curve. So what this is showing is if price increases, there will be really no Vana tail end to price. You can see as price moves to the right, this curve really flattens out up to a certain point, looks like about around $44.50. And at that point Market Makers will have to start selling futures more aggressively to hedge their delta exposure. And then on the other hand, if price decreases in applied volatility, if price decreases in applied volatility increases, Market Makers will need to sell futures to hedge their delta exposure. So this gives us an indication of how Market Makers may be expected to react to changes in price and applied volatility. Let's take a look at SPI. So we know that at the beginning of the day, SPX, Gamma Notional was positive, slightly positive. For SPI, slightly negative. SPI is trading right around $44.41, right around here, pretty similar position, just indicating really there's no Vana tail end if price increases. And then on the other hand, if price decreases, Market Makers will need to start selling futures pretty aggressively. A very similar curve for QQQ, which is trading at around $366, right around here. Maybe a little bit of a Vana tail end if price increases. Alright, so based on that, I was looking for a, based on this information, looking for lower volatility day, trading range, and for the S&P 500, a bearish directional bias. And remember what I said at the beginning, I always confirm my thesis with order flow and hedging flow. And for the setups that I'll show, the order flow did not confirm my thesis. Alright, so speaking of that, let's start with setup review now. I'm going to start with the S&P 500. This is the hero chart. Hedging impact of real-time options, H-I-R-O, that's what hero stands for. What this chart is showing is price, that's for S-P-X and options trades and Market Maker hedging pressure, hedging flow for a combined signal, S-P-X, spy, X-S-P and ES futures. One of my key tenets of trading is that options trades and Market Maker hedging flow are a key driver of price action in the equity indices, especially S&P 500 and NASDAQ, as well as many stocks. So that's why I've placed so much importance on this. When options traders are buying or selling puts and calls in all these instruments, Market Makers are hedging with ES futures. Alright, let's zoom in on this chart, take a closer look and note that, again, this is a combined signal and Spot Gamma does provide the individual components if you want to look at those, S-P-X, spy and ES futures. Again, go to this combined signal. So the setup that I want to point out is right here, just around 10.15 and that was when price was down just around the S-P-X 44.10 volatility trigger and note that at that point options traders start taking positive delta positions pretty aggressively. Let's just zoom in on that a little bit. Note the sharp increase in the hero line and price responds just about at the same time. So let's take a closer look and see what traders are doing. So first of all we can separate outputs and calls. That really does not provide a lot of clarity. They were buying calls and buying puts. I think in this case the total line gives more clarity. We can take a look at the next expiry which would be the zero DTE options and note the notional value here. Let's just turn all trades off so it looks like really the notional value for next expiry, the green line is positive and for the purple line it is negative for all expirations. Let's just take this off the chart and this is showing the very strong correlation between zero DTE trades and price action. So this zero DTE trades are a key driver of price action and SpotGamma has talked about this frequently. These zero DTE traders often have a mean reverting influence on price action. They're at lows they start to take positive delta positions and at highs they start to take negative delta positions. They're fading the moves and at least for this setup right now this appears to be what has happened. So let's go take a look at book map. I'm going to zoom in on the morning. So we'll focus on order flow here and oops that is Nasdaq sorry. Let me go back to the S&P 500. I don't know why these green lines are staying on the chart. Let me try that one more time. I turned off the wrong lines. Give me just a moment. Alright that's better. Alright let's zoom in on this. So we know right around 10.15 right around here options traders started taking positive delta positions pretty aggressively and this is the so that is I've talked about building an error so that is one piece of the narrative. We know that options traders are taking positive delta positions and the second piece of the narrative is this key level that we expect to act as act as support when tested from above. So that's what's happening here. That's the second piece of the narrative. Third, watching order flow. Note the shift from pink volume dots showing market sell orders, aggressive sellers moving price down to this key level and then aggressive buyers start to come in shown by the green volume dots. And there were also some larger traders. It's going to mess this up. Okay. Alright the second thing that we so we know the level we know that options traders are taking positive delta positions. Here's the third piece of the narrative. Large options traders, large traders are coming in with iceberg orders they use to hide their size. So that's showing 2100 contracts, 7 different executions, 683 contracts, 773 contracts. Large traders in there with iceberg orders buying and that's enough for a reversal higher at that level. Options traders taking positive delta positions as price approaches and reverses higher at a key SPX level. Larger traders coming in with iceberg orders and order flow shifts bullish at that level. So there's your long set up, price targets above, primarily liquidity targets today, just around 4458 shown in the heat map here and also just below around 4460. Alright so that's the long set up in the S&P 500. Let's take a look at NASDAQ now. Alright and it looks like NASDAQ reversed right around the same time. Let's go take a look at HERO for NASDAQ. So for NASDAQ there is a combined signal. This is for NDX and QQQ and this was just a beautiful divergent setup and this is really the kind of thing that I like to look for with HERO, this divergent set up. So what I'm talking about is options traders start taking positive delta positions oh just right around before 945. Start taking positive delta positions and it takes a while for price to move higher. Maybe 25, 30 minutes later price starts to move higher. Great divergent setup there for a long again. Let's go back and take a look at book map. I'm going to zoom in. So we know there was the divergence that as price was moving down options traders started taking positive delta positions and then we're just watching for the shift in order flow at a key level and that level was the QQQ 365 level or around that level. NQ over shot that level just like the ES over shot the 4460. Or 10 level and you can see the shift in order flow. Aggressive buyers start to come in and then iceberg orders. There are 301 contracts of course the number for NQ is going to be much smaller than for ES. Also the shift in CVD here starts rising. So really the key to this the most clear setup was the divergence in hero that really set this up. You just had to wait patiently for the shift in order flow for this setup. Price targets up above primarily the QQQ levels. 366, 67 and 68. Let's take a look at a couple of other setups for stocks. I want to do the same thing that I have been doing for the last couple of days looking at these new volatility alerts. So let me point out a couple of these and I'm going to go back to the morning. So the first one and there were only a couple good ones that I saw today. So first of all meta. So what this does, let me go back. I forgot to check the time. I think that was around 950 that came in. So right around zoom out. So that was a bullish volatility alert right around 950 and that turned out to be a very good set up. Note the target above at the 300 call wall key gamma strike. Let's go take a look at book map. So we know that we got this alert at around 950 as the hedging flow shifted from negative delta to positive delta. Let's go take a look at book map. Go to meta. So remember 300 is the target, the primary target at the call wall key gamma strike and then here's the alert right around 950. So another very timely alert from these new volatility alerts. I've talked about the last few days really good alerts in Tesla and NVIDIA and Apple. Primarily Tesla and NVIDIA also QQQ. So today meta was the setup. The first one that I want to talk about with the call wall and note the liquidity at that level as the final target. These down just a little bit. And note the liquidity at the 298 level. Typically it comes in right at the cash open but there was liquidity at the 298 level below before the cash open. Normally it comes in like this at the cash open. In this case at the 300 level that is the highest level of liquidity. Those are the mid-sell orders and those orders tend to attract price. Alright so that's the first stock setup in meta and then the next one was NVIDIA. So let's go back and check for the alert NVIDIA and NVIDIA. And note there are a lot of alerts that may or may not work. Actually here's one for SPX. Let's just see when that came in. Right around 1015. So that was the pretty close to the long setup there at the 4410 level. So that was a good setup for SPX. I've already talked about that, the SP500. So let's go back and take a look at these again. And then here's NVIDIA. Right around the same time 1015. Let's zoom out and look at the entire chart. So that turned out to be a very good alert as well. Alright let's go take a look at the book map chart for NVIDIA. And again remember that's right around 1015 right here. So pretty sharp reversal there. V-spike reversal. So you would have to be quick for that one. But that was good for about five points. Alright so Yogamask. SPY Gamma Alerts. Can they be sound enabled not that I know of. So this is something that's new. So the put wall and call wall breach alerts have been around for a couple of months at least maybe a little bit longer, two or three months. These volatility alerts as far as I know they were just added last week. So I'm sure SPY Gamma intends to enhance these, provide additional ways for these alerts. Additional notification whatever. I just don't know at this point what additional plans they may have. So I would assume at some point yes they will be sound enabled. But as far as I know not right now. Alright then Sampan asks, wants me to show again where the alerts came from. So I'm going to go back to SPY Gamma. And they're on the dashboard and any dashboard page on the upper right corner. So see that small bell icon. You just click on that. Click on that and it shows you all the alerts. Okay Sampan great you found it. Alright then hard rock lobster roll. Wants to look at the order flow around the drop around 1230 today on ES or SPY. So let's take a look at ES. That usually give us more information. Let's go take a look at hero and see what options traders were doing at that time. So really this, it looks like this move initiated somewhere between 1225 and 1230. So let's see if options traders had anything to do with it. So not really. I don't see much of a clue here in hero. Hero is pretty flat in price. I really don't see any lead effect here. Just more of a confirmation. Maybe it doesn't help. Put some calls. No clue there. So I don't see any real big clue in hedging flow there. I think the only really thing you could read into this here is the iceberg orders. Not necessarily knowing there was going to be a big drop like this, but larger traders were selling as price moved up under the my stop. So there was a by stop run shown by these green dots and these green dot icons are kind of obscuring the iceberg order shown kind of behind that. See there's iceberg order behind the green dots. You really can't tell what that is. There's another iceberg order. So they were selling as price was moving up. Then it could be just a lack of buyers. Iceberg orders, large traders selling with iceberg orders, shift in order flow came on pretty suddenly. So I would be even without knowing this was going to happen, I would be looking for an entry point for a short. We can take a look at spy. See if there's anything there. Now note my spy levels here. I did not have a chance to update those this morning. So those are not up to date. Definitely no additional information here for spy. I haven't checked what the total volume is today. It could just be a lower volume day. Large trader came in. So again the only clue, the clues were here, this pretty sharp run, stop run up to this liquidity at, that's at 44.65, 25. So stop run up to that level. We know that again, larger traders were selling with iceberg orders and hard rock lobster tail. You're welcome. Same pan as those are by iceberg orders. Then why go short? No, they're sell iceberg orders. So when the blue line is falling, I know that larger traders are selling. So when this blue line is falling, this is a cumulative number. So these are sell iceberg orders. And that's also shown by the, and this is all customizable. You can customize this in book map. So I'm showing sell iceberg orders with this pink color and shown that I'm showing that above price. So those are by stop orders running up to that 44.65 level as larger traders were selling with iceberg orders. And then note both the stop orders level off so they're not driving price any higher. Cumulative volume delta also levels off. Book map stuck a little bit. Let's go back to ES now. Take a look at the live market. First of all, let's see what options traders were doing. So let's go to the live market now. Take a look at what zero DTE traders are doing. See if it provides any clue. Not really. All right, so there's no, this is just a confirmation here. Looking at hero options traders are pretty much in sync with price action. All right, slow to Zari. Is there any change? Apple and other stocks making new lows so we can quickly scan through Apple moving lower. So meta rolling over Microsoft. And then video. So Tesla is doing also moving lower. Let's take a look at NASDAQ. Let's just see if we can look at a shorter rolling window period that really doesn't help that much. Still pretty flat. Go back to the one day look back period to zoom in a bit. So pretty much the same as the S&P 500. Strong correlation between options trades hedging flow and price action and BOG land landscape services wants to look at Costco. We can take a look at that. Costco is really not a name that I follow. I think the options market is pretty thin and Costco. And I don't have it in book map. But here's what options traders are doing in Costco. This is a positive notional value. And it's a positive notional value. It's a pretty small number compared to the S&P 500. For example, the notion of value for the S&P 500 is over one billion. And for Costco alone is 14 million. All right, so there you go. There's Costco. St. Pan wants to look at BABA. We can do that. So there you go for BABA. Pretty strong correlation between hedging flow and price action. Still a pretty small notion of value. So traders are buying puts and selling calls that's shown by the this orange number showing calls. That's negative. And then they're selling puts. I'm sorry. I don't know what I don't know if I said they were buying puts before, but they're selling puts. So that is that is positive. Positive notional value, positive delta, they're selling puts and selling calls. All right, so St. Pan, there you go. I did look at puts and calls. And BABA is still going high. Why? I don't have it in book maps. Or I can't say. You just have to look at order flow in book map to say why. So obviously there are some buyers in there. And one other way to look at this is just look at the slope of the line. So starting about, you know, that's a that's a notional value for the entire day, which includes this big drop here. But starting from this point, right around 1020, 1015, 1020, when everything else that we looked at started to reverse higher. From that point, the hedging flow has been positive. So this point on the purple line is lower than this point on the purple line. So again, from around 1015, the hedging flow, the options trades have been positive delta and hedging flow has been been positive. We'll go back and take a look at puts and calls. So really it's been calls that have been driving price action. Overall, the notional value is negative. It looks like the I'm not quite sure what the opening price is for Baba somewhere right around here. And it looks like price has recovered to just around the the open. So price moved lower in the morning as traders were selling calls shown by the sharp drop in the orange line and then started to recover higher when traders started buying calls. And really this the put line has been pretty flat all day. The blue line has been flat. So traders selling calls in the morning, driving price lower. And then they started, they changed started buying calls and price started moving higher right around 1015, 1020. And from that point on, the notional value has been positive. Alright, so this call drop at 1340, you know, that's pretty small. I don't know if I can come up with a definitive explanation for that without looking at order flowing book now. Alright, let's take a quick look at the indices and then we'll wrap it up. So now it looks like a divergence is setting up here in the hedging flow in the S&P 500. Alright, so so it's alright says Loretta and master Federal Reserve Bank of Cleveland president says two more rate hikes would be reasonable this year. I think that is pretty much priced in to the market. I don't think that is anything new. I think that's what the market is expecting. Alright, so this is looks like a divergent set up here in the S&P 500 note the hero line starts to rise right around 220 and then about five to 10 minutes later. Yes, S&P 500 price starts to rise higher. Let's go take a look at book map. So price reverses higher just above the ES 4450 level as options traders started taking positive delta positions, the shift in the order flow, pink dots to green dots. There were some iceberg order buys here. I need to change that change the settings on my icebergs and and stop order. So I the one is not obscuring the other. Alright, so that is the S&P 500. It looks like a reversal higher setup by a divergence in the and hero and options traders. Let's take a look at NASDAQ and then we'll wrap it up. Let's see if there's a similar divergence in NASDAQ. Yeah, it looks like it looks like but NASDAQ is rolling over again. Larger traders are coming in with iceberg orders. And if you're looking for a long and NASDAQ I would watch this pretty carefully. I probably wanted to make a higher low before I took a long setup. Alright, let me do a final check for questions. So SB TL one says hi Doug. Hello. Is this a preferred way to see divergence? I know you can wait for the alerts that sometimes will notify of a divergence. I just I focus most of my attention on the S&P 500 and NASDAQ and you just have to watch. And sometimes they're very apparent like the divergence that I showed for NASDAQ this morning and you welcome Sam Pan. Alright, so Karma FX says I would like assistance with my book map whenever you get a chance. Karma FX I do offer mentoring services and I can help you with book map. So contact me in book map discord or discord. My name in discord is Doug P. Or if you have a few simple questions you can post them in the option stash Doug chat channel in discord as well. But the best way is just to get in touch with me in discord at Doug P. Alright in BOG landscape services ask what is an iceberg order? An iceberg order is a specific CME order type and it is again this is for CME futures and rhythmic data is the only data provider that provides that information. Book map uses that information to show shows that information with this in BO bundle stops an iceberg order. So an iceberg order is just a specific order type for CME futures that larger traders use to hide their size. Again just like a stop order is a specific order type that CME keeps track of and typically used by smaller traders. Iceberg orders typically used by larger traders and you can just do a Google search for an iceberg order. Go to the CME website you should be able to find out anything that any more information. You can also look for MBO data market by order data that's where that comes from. So Karmus FX asks so they can seem smaller than they actually are yes. So again that's what they used to hide their size. So think of a tip of an iceberg and that's again larger traders want to hide their size. So they use these iceberg orders and book map with this MBO bundle detects those they can detect cancellations and executions transactions. All right my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments and I will see you tomorrow. Remember CPI data comes out at 8.30 a.m. Eastern time and I will be talking about the aftermath during my session and the afternoon. Thanks again everyone have a great afternoon and I will see you tomorrow. Bye.