 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 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 involve substantial risk of loss and is not suitable for all investors. Pass performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me if you have questions especially after the webinar or any time other than the webinar is through Discord. My name at Discord is Doug P and also Bookmap Discord, the option stash jug chat channel. That's a great place to ask questions, post content. If you have any content related to options, order flow, hedging flow, great place to post that. I welcome a discussion in there. And then finally X, formerly known as Twitter. My name in Twitter is at Doug Plus and I did post a screen shot, an annotated screen shot last night. Alright so again the best way to get in touch with me is through Discord. My name is Doug P. The focus of my presentation and the focus of the options stash jug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step of my process is execution and I look at real time order flow and book map and real time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today I'll be talking about an underlying asset and setups can be taken with futures shares of stock or options. Questions and comments are welcome and I will be watching both the options stash jug chat channel and Discord as well as the chat and YouTube for your questions and comments. My agenda for day what I want to cover first of all go over news items, economic data and events and earnings for today as well as the rest of the week. Then I'll go through my positional analysis. Then I want to review a few setups from this morning and then we'll take a look at 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 and I'll be glad to do that. All right. So first of all news economic data for today. There were a couple of data releases at 9 45 a.m. PMI data came out and the some was I'm sorry. Manufacturing PMI less than expected and composite and services PMI also less than expected but greater than 50 and the manufacturing PMI less than 50 so still indicating contraction for manufacturing PMI. That was at 9 45 a.m. And then at 10 a.m. Home sales came out. That was greater than expected. All right. So the big event for today. Everyone's talking about NVIDIA earnings after the close today and the last time I checked spot gamma was showing a plus or minus 9.3 percent move for NVIDIA after earnings and then think or swim for Friday is showing the last time I checked plus or minus 48 points the expected move by Friday. Right. So that's today. Big event is NVIDIA earnings after the market closes and then tomorrow durable goods orders out at 8 30 a.m. Eastern time and then the Jackson Hole symposium of central banks begins on Thursday tomorrow and then concludes on Friday. I believe it would draw and Jerome Powell be speaking. I believe at 10 0 5 a.m. And then also on Friday. Michigan consumer sentiment at is reported at 10 a.m. Right. So that's the events for the today as well as the rest of the week. All right. Let's let me go through my positional analysis now. Oops. Take a look. Start with the S.B. 500. And this is the ES futures and book map. Nice steady uptrend all day. I'll talk more about this in a few minutes. Let's focus on the levels right now. And before I take a closer look at this chart. Want to take a look at a larger time frame. This is S.P.X. in a 30 day one hour chart. And note this was the. Right here this Friday. Was the August monthly options expiration and the trend that began on Friday. Is now continuing. The uptrend the reversal from the downtrend that began. On the Friday of expiration again. After a brief pause yesterday continuing higher. 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. This is based on the options market. And S.P.X. is trading right around that upper weekly expected move. At forty four thirty eight looks like they're slightly above. So that is the weekly expected move. And again S.P.X. is up there by midday on Wednesday. Then the dash blue lines are showing the lower and upper daily expected move. And S.P.X. is trading well above that upper daily expected move. Right. Let me point out some spot gamma levels. These are proprietary levels to spot gamma showing key gamma levels. First of all. The forty three hundred level. That's the put wall. That's the strike with largest net negative gamma. They can be expected to act to support. And the next level up is forty four hundred. And that is the volatility trigger. That is spot gammas proprietary gamma flip level below that level. Market makers position on the gamma curve is negative in a negative game environment. Market makers have to trade with price to hedge their delta exposure. Then on the other hand above that level like S.P.X. is trading now. Market makers position on the gamma curve is positive in a positive game environment. Market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. Right. So there are a lot of dynamics in play for today driving the S.P.V. 500. I will continue to talk about that. And this gamma positioning is certainly one of them. And also forty four hundred is the absolute gamma strike. That's the strike with largest absolute positive and negative gamma. And note the volatility trigger did shift slightly lower from forty four ten yesterday to forty four hundred. So that was the only shift in levels for the S.P.X. And then finally the call wall. Up at forty six hundred. That's the strike with largest net positive gamma. That can be expected to act as resistance. Right. So that's the big picture for S.P.X. Now let's take a look at an S.P.X. chart just for today in a one day one minute chart. I want to zoom in so S.P.X. gapped up today. Trading above the volatility trigger that show more clearly here. Also the absolute gamma strike note the consolidation around the upper daily expected move. And then the breakout right here after the consolidation around that level the breakout driven by by stop orders. So kind of a short squeeze above that level. And then it looks like also there was a stop run up toward the upper weekly expected move. We'll take a you know of course we can see all that in book map. So those are the levels in play for today S.P.X. Trading again above the volatility trigger upper daily expected move and upper weekly expected move. All right let's go to book map now on book map. I have all those levels shown. In my cloud notes that's this column right here. And I do have the upper daily expected move. This is for E.S. a little bit different than than S.P.X. I also have S.P.X. levels. There's the 4400 level. That's the absolute gamma strike and volatility trigger. And note there is a difference between the price of S.P.X. and E.S. And today it is between 11 and 12. I'm using 11. So that's why I have the S.P.X. 4400 level shown at E.S. 411. So right now I see it's actually somewhere between 11 and 11.5 or around 11.5. It changes a little bit. So anyway this was the somewhat of a launching point for the move higher this morning. Also have S.P.I. levels here. Here's the S.P.I. 440 absolute gamma strike volatility trigger. And note for S.P.I. the volatility trigger did shift higher. And also the call wall shifted higher. Yesterday it was at 441 and it shifted higher to 460. And that is a lot of that is likely due to filling in of positions after the expiration last Friday. So after expiration typically it takes a few days for the new positions for September expiration to fill in. So anyway that is bullish though. The shift higher in the call wall for S.P.I. moving that potential ceiling for price up higher. All right so those are the levels and play for today in the S.P.I.500. Again key levels. There's the upper daily expected move, upper weekly expected move. Note the consolidation and breakouts around those levels. A lot of that driven by stop orders. We'll talk more about setups in a few minutes. All right so that's the S.P.I.500. And I've talked about shifts and levels. The key really was the shift higher in the call wall for S.P.I. I did interpret that as bullish. All right let's take a look at NASDAQ. Really a very strong uptrend today. And we'll talk more about the drivers of the uptrend. So in the morning it was stop orders, aggressive buyers and also large traders with iceberg orders that has leveled off some. Before I take a closer look at this chart, I want to take a look at first of all QQQ. So note this uptrend and QQQ began before the cash open. And here is the 365 volatility trigger. That level did shift higher from 363 yesterday to 365. And that was somewhat of a launching point for the move higher in QQQ. Up to the 370 level may be acting as resistance now. And that is a large Gamma 1 level, L1 level. One being the most important level of Gamma. And also for QQQ the put wall also shifted higher from 350 to 360. So shifts higher and QQQ for put wall and volatility trigger. Let's take a look at NDX. And here's the 15,000 level. Yesterday I posted this in Discord as well as YouTube. This was a level that acted as resistance for multiple short setups. It acted as resistance three times. And the last time was good for about 100 point move lower. And today it acted as support. So the 15,000 level, somewhat of a pivot level. Alright, so that is the those are the levels on QQQ NDX. I've got all those shown in my cloud notes. So there's the QQQ 370 L1 level. And then here, you really can't see the label. But this this line right here is the NDX 15,000 level. And then this right here, this line is the QQQ 365 level. So very bullish day in NASDAQ. And as we'll see in a few minutes, really driven by the Magnificent 7 large cap tech is very strong today. Alright, so those are the levels in play. And again, NASDAQ trading well above its upper weekly and daily expected moves. And not barely just really no pause at all at those levels just slight sliced right through. Alright, so those are the levels in play for today. Very strong uptrend. Let's take a look at some additional information that I use in my planning process that I take a look at every day. First of all, gamma notional. Oops, let me gamma notional for SBX, spy, NDX and QQQ note all these numbers. At the beginning of the day, this is market makers position on the gamma curve at the beginning of the day, all negative. This is indicating market makers position on the gamma curve. Again, it's negative. Traders are long puts, market makers are short puts. And if price decreases, they have to sell futures to hedge their delta exposure. And then on the other hand, like what's going on today, if price increases and applied volatility drops, market makers can buy back their short futures. And that is a put that is a put banner rally. So note these numbers did shift more negative from yesterday. And at the beginning of the day, again, this is market makers position on the gamma curve at the beginning of the day, spy gamma notional, for example, was quite negative at 1.87 billion minus 1.87 billion. Alright, let's take a look at graphical representation of this. Let's take a look at spy. So this is the Vana model for spy. What this chart is showing is market makers delta notional. Remember, they will always want to remain delta neutral. And this is showing how market makers delta notional changes with changes in price only that's shown by the gray curve. And then the purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the is the Vana effect. That's a second order Greek. Again, the change in delta with a change in implied volatility is the Vana effect. And this chart is showing price on the horizontal axis. Let's see where spy is trading right now. 443. Let me check something. So spies right around 443 now, and low of the day was about 439. So let's see if we can locate those those prices. So there's 439. Here we go. 439. So they're what this showing is there still a slight Vana tailwind. As price increases, let's check VIX. So this is VIX for today. Let me just zoom in on this. So we know that prices have been by price has been increasing, implied volatility dropping back to the Vana model now. And as price has moved, the spy has moved from 439 to 443. Let's locate that. There's definitely been a Vana tailwind, meaning the puts. So again, traders long puts market makers short puts, as those puts start to lose value due to increase in price and a drop in implied volatility, market makers can buy back their short futures. And that is, again, that's a put Vana rally, helping to fuel the move higher. So that is one of the drivers of the of the rally today. Alright, so based on this based on the the shift higher in the, especially the call wall volatility trader for spy, my thesis for the day was bullish based on the shifts higher and levels, and also looking for the put Vana rally to continue. So based on that price increasing implied volatility dropping, looking for a put Vana rally. So that was one of the drivers of the rally today. Let's just take a look at one other thing. Go to thinkorswim. And notice this is the heat map for the SB 500. And when these stocks are green like this, Google, Meta, Apple, Microsoft Nvidia, Tesla, Amazon. I think it's a pretty good bet that whatever index you know that SB 500 and NASDAQ are gonna gonna move higher. Alright, let's talk about setups. So let's go to the SB 500. So I've talked about some of the drivers first of all the magnificent seven large cap tech stocks, driving price higher. Let's just see what options traders are doing. This is the SB 500. Let me get back to that. Alright, so what this chart is showing, I'm going to look at the entire day so far. So what this chart is showing is price for SPX. And this hero signal, this is hedging impact real time options, showing options trades and market maker hedging activity for a combined signal for the SPX, SPY, XSP and ES futures. And earlier today was not really giving much of a signal options traders were were fading the move higher. And they were not not a key driver of price. Assuming on this. So again, I'm showing this for the entire day. This is the 930 cash open right here. And of course, SPX and ES options trade before the cash open. So up until about 1230. Overall, this hero signal has been been bearish. And still looking at up until about 1230 definitely bearish notional value minus 2 billion. And let's zoom in. Then if we zoom in and just look at the current data, then options traders, let's say around 1230 started to get on board with the with the move higher. So they got a little bit more aggressive buying calls that shown by the rising orange line. And also selling puts shown by the rising blue line. So up until about 1230 options traders were not on board with the move. So let's see what was driving price. Let's go to back to book, ma'am. So I talked about the magnificent seven large cap tech stocks, all being very bullish today all in uptrends. Those are large components of both the SMB 500 and the NASDAQ. And now let's take a look at some of the other drivers. First of all, this dark blue line is showing cumulative volume delta that has been rising since the cash open. Aggressive buyers. Also the rising yellow line showing by stop orders. So really, the large cap tech stocks, aggressive buyers and by stop orders have been all fueling in the move higher. And I've highlighted here a couple of couple of events really showing this this stop run the breakout above the upper daily expected move. And again, and that's also shown by the yellow line on the sub chart, I have that in some mode. So that's showing cumulative stop orders for the day cumulative volume delta and cumulative iceberg orders. So we'll break out a squeeze above the upper daily expected move. And the same thing, after a long period of consolidation, almost two hours around the upper weekly expected move, and then stop orders, fuel the move higher. All right, so that's the key drivers for for the SMB 500 I've talked about this. Big part of my process is to identify what is driving price, who is driving price, and get on board with that. Alright, so that's the SMB 500. Let's just let's take a closer look at this. This is the I'm looking at the heat map now and book map showing a history of the liquidity in the order book. So liquidity above these are limit sell orders. And I'm looking right here so showing all the limit sell orders at around 4430, 4435 36. And this short squeeze slides right through those up to the liquidity just above the upper weekly expected move. As aggressive buyers continue to buy and buy stops continue to fuel the move higher. Alright, let's take a look at NASDAQ very strong uptrend and NASDAQ today. And the key drivers, pretty similar to the SMB 500 stop order shown by the rising yellow line, aggressive buyers shown by the rising dark blue line on the sub chart. And initially, in the morning, large creators were in buying with iceberg orders they used to hide their size. And then around noon they started fading the move higher. Let's take a look and see what options traders are doing. So again, this is SPX and right around 1230 options traders got on board with the move higher. Let's take a look at NASDAQ now. So this is a combined signal for NDX and QQQ and not as a clear signal as many stocks will take a look at in a minute. But this notional value is positive. Let's just zoom in on this. So again, combined signal for NDX and QQQ. Let's shift to puts and calls. So this makes it a little bit more clear. When we take a look at puts and calls. So traders are buying calls shown by the rising orange line, notional value positive 732 million. And they're also buying puts shown by the negative notional value. And just under negative 500 million. So call buyers more aggressive and definitely helping to drive price higher. Let's zoom in on this. So we can see what was going on in the morning. So up until about, if we go to, let's say go to noon, for example, put buyers were definitely dominating. But call buyers were on the right side of the trade. Alright, let's go back to book map. And again, key drivers, monsters of tech or large cap tech stocks, magnificent seven, aggressive buyers shown by cumulative volume delta steadily rising all the way day as well as by stop orders. Alright, so let's take a look at some stocks now. And what I'm going to do, I'm going to go back to back to hero. Let me change this back to total signal. And what I've done is I've ranked my hero watch list, ranked it by hero signal from strongest to weakest. And what this is showing is the strength of the hero signal is comparing it to the last 30 days, and the last five days. So here for Netflix, for example, the hero signal shown by the dot here is on the upper end of the range of the slider, it may be difficult to see the slider. So Netflix, the hero signal is on the upper end of the range close to the upper end of the range for the last 30 days, the colored portion is showing the hero signal for the last five days. So the the hero signal for Netflix is greater is greatest has been in the last 30 days, and greater than it has been in the last five days. So very strong signal for Netflix today. Note that it did trade above its call wall at 430. So Netflix breached its call wall. I don't have Netflix and book map. So sorry, I can't take a look at that. So there's Netflix. Alright, so in YouTube, Denilo asked this call and put wall relate to gamma exposure. Yes, in a way. So all right. So first of all, welcome. Glad you're here. Hello. Call wall shows a concentration of gamma at a certain level. Let's take a look at actually, let's go here to spy. So for for an index product like spy SPX QQQ NDX spot gamma assumes that traders are either long puts or long calls. So that would make market or short calls. I'm sorry. So for an index product, spot gamma assumes that traders are long puts and short calls, market makers on the opposite side of that. So market makers position for puts is negative. And for calls, it's positive. They're taking the opposite side. So here is the call wall. For example, for spy at 460. That's the strike with the largest net positive gamma. So the positive gamma shown with the orange bars. And that is positive gamma called gamma. And put gamma shown below the zero line with the blue bars with the blue bar. So that is the put wall for spy, largest net positive gamma. And for spy, the absolute gamma strike is at 440. That's the strike with the largest absolute positive and negative gamma. And then they're, you know, characteristics of these different levels. And just to point out here's the put wall at 430. That's pretty obvious the strike with the largest net negative gamma, largest blue bar compared to the orange bar. So the call wall expected to act as resistance. And the put wall expected to act as support. And then market makers gamma exposure just depends on let's take a look at one other thing. This is for spy. This is the gamma curve. Let's let me take a look at one other thing. So let's let's go here. We'll take a look at spy. Take a look at the gamma curve. So this is showing the levels on this chart. And this is showing, you know, you can just look at the current price and see where market makers are positioned on the gamma curve. So right now, spy is trading at 443. So right around here, that's their position on the gamma curve. This is showing the gamma curve, as well as the the key daily levels for today. So this was all based on the market maker positioning and the gamma weighted open interest at the beginning of the day. So it does change over the you know, it certainly changes in today, but it is only analyzed once a day. So these levels are based on gamma weighted open interest open interest data is only provided once a day sometime during the night. So this is the key levels with the gamma curve showing how they're fitting on the gamma curve. Alright, so hope that answers your question related but different things just to keep that in mind. Alright, so let's let's go back to hero now. Come back to hero for Netflix. So now we're going looking at Microsoft. So the next one down on the next one down on the list, the hero signal, my watch list ranked by strongest hero signal. So then on this separate outputs and calls. So for Microsoft, you're welcome. Hello. Glad that helped. Alright, so for Microsoft, traders are buying calls and selling puts. Both these numbers are positive. Let's take a look at the total signal that combines both of those. So notional value is about 100 million positive. Let's go take a look at book map. So I do have Microsoft and book map. So one of the drivers of both the SMB 500 and NASDAQ today. And 330 is the call wall and the key gamma strike note the high liquidity at that level. These are these are limit cell orders. Typically for a stock, this liquidity comes in at the cash open note here for Microsoft. There were some sellers in before the cash open. And then that liquidity increased after the 930 cash open. These levels of high liquidity often act as magnets for price. We adjust these volume dots a little bit for Microsoft, especially the opening print is so large that you have to adjust the move the slider higher for the size of the volume dots to to see them more clearly. Because again, the opening print is so large and the point of control will remain at that level until the closing print. Right. So nice uptrend of Microsoft helping to drive NASDAQ and SB 500 higher strong hero signal traders buying calls and selling puts. And just like the SMB 500 and NASDAQ, the key today was just to look for an entry point look for pullbacks. Alright, let's take go back to hero signal now. So that's Microsoft. Let's take a look at Nvidia. Actually, I did skip Nvidia. So here we'll go to Nvidia. That was actually second on the list right now. Assume on this, see what options traders are doing. So just like Microsoft, options traders are buying calls and selling puts both numbers positive, call buyers much more aggressive, driving price higher. Alright, let's go take a look at book map, go to Nvidia and slow to Zari says important day for Nvidia. Yes, it is really an important day for the entire market. Nvidia has one been one of the key leaders higher all year. After a brief pullback down to 452. Nvidia has rallied higher. Let's go back and take a look at hero will zoom in. So in the morning, it took a few minutes for the options traders to start coming in with positive delta positions. Note the very strong correlation between options trades and market maker hedging flow and price action. You can see the reversal here right around 940. As traders shifted from taking negative delta positions to positive delta positions and Nvidia reversed higher. And let me just check on something there was a question about slow to Zari. I again, I hope I'm pronouncing your your name correctly, asking about selling premium and Nvidia. And we know that Nvidia reports earnings today. The IV rank IV percentage is going to be very high. First of all, let's take a look at this is a simulated trade that I want to take a look at. This is not a recommendation. If if I were to sell premium and Nvidia, this is something that I might do now why when I sell premium in the SB 500, I sell far out in time and very low deltas like a seven delta. So here's an example in a video if I were to do this, I put this on earlier this morning. It's a strangle in the 15th 15 December expiration. So this is the 15 December monthly expiration and an 810 call and a three 10 put. So this is not a recommendation. This is a simulated trade. I did not do this. I don't recommend doing this. I hope everybody realizes that. But if you wanted to sell premium in Nvidia, this is then approached. Now I know somebody who who might do this, not me. I'm a pretty conservative trader. And I this is the kind of trade that I do in the SB 500, not in Nvidia. So again, this is simulated trade. We'll take a look at this tomorrow. And so far it's up about $65 today selling seven delta call and put in December. So that's over 100 days to expiration. So we'll keep an eye on this. And we'll take a look at it tomorrow. So we know for one thing for sure, that imply volatility will drop. Alright, let's go back to the hero signal now. And the next on the list that I wanted to take a look at actually, you know, AMD, not a very clear signal, but uptrend meta, pretty clear signal, traders buying calls and selling puts. And let's go take a look at book map, go to Nvidia, another big rally and meta today. I'm sorry, if I said Nvidia met met them. There's one or one other setup I wanted to take a look at this Amazon. This is a nice divergence long setup this morning. Back to hero, go to Amazon, note, the signal is just around the middle of the range. But we compared to other signals today, hero signal. And what I saw this morning was this, what I call a divergence long, so price moving lower. Meanwhile, hero was rising, traders were taking positive delta positions, as price was dropping. And then, right around 945 price starts to move higher as traders were taking positive delta positions. And they were buying calls and selling puts. Let's go back to book map. And you can see the on this down just a little bit. All the aggressive buyers coming in, all these volume dots green volume dots. So magenta dots on the way down. These are market orders by minus sell. So a magenta dot indicates more sellers than buyers. Green dot indicates more buyers than sellers. So as price moves down, and then options traders started taking positive delta positions, aggressive buyers come in around the 133 50 level and move price higher for Amazon. And note 135 is the key gamma strike. And that was the first target. And then if price continued higher, the liquidity at 136 would have been the next next target. Let's just see what options traders are doing now. So they have started taking negative delta positions, right around 1130. It became more aggressive around 1240. And then it took a while, but price started to move lower right around two o'clock. Let's go back to book map. And you can see the shift in cumulative volume delta. So initially, pretty strong move higher levels off starts to drop. So as options traders were taking negative delta positions, CVD was shifting to from positive from rising to slightly negative, and then became more negative. And note the shift from positive to negative the light dark blue to magenta price reversed higher, reverse lower, just below the 136 level. All right, let's take a look at the SB 500 and NASDAQ. See what's happening with the index products. Just clean up the drawings here. Alright, so the SB 500 more large traders selling iceberg orders, assume by the following blue line, and that may finally have been enough to push the SB 500 down a few points, aggressive buyers started to come in. Let's see what options traders are doing. Go back to the total signal for the SB 500, zoom in on this. So we know that Amazon was rolling over a little bit. So it looks like for this reversal lower options traders, we're now on the afternoon, stronger influence shown by the strong correlation between hero hedging flow and price action. And now they're coming in taking advantage of that dip to take positive delta positions. Alright, so that most likely just another just another pullback to get long. Let's take a look at NASDAQ. So a little bit of resistance at the QQQ 370 level. Whoops, wrong tool. Let's see what options traders are doing in NASDAQ. So when we zoom in, we see stronger correlation in the afternoon. So hero providing a good signal for that reversal. Now it looks like again, they may be taking advantage of that move lower to take positive delta positions again, just buying the dip. Alright, let's take a look at NVIDIA. Get one last look at what options traders are doing in NVIDIA before before earnings. So traders continue to buy calls. It looks like that may have leveled off just a bit in the last last few minutes. They just can continue to sell puts. Let's take a look at book map. Strong, very strong uptrend in the morning, then has leveled off a little bit after about 1030. Let's go back take a look at hero. Let's go back to the total signal. Alright, so traders have really just taken their foot off the gas. This hero line has leveled off price dropped a bit. And no indication of traders taking profits on their calls or puts so far. And probably just another dip in a move higher. Alright, for NASDAQ, hero continues to move lower. So this might have been a lower high and NASDAQ was a lower high and hero. Take a look at NASDAQ. Alright, so in NASDAQ, that's a little bit more clear. So we know that traders have started taking negative delta positions, potential resistance here at the QQQ 370 level. And the buy stop orders that have fueled the move higher have stopped now. So that line has leveled off cumulative volume delta dropping. You can just see the more magenta dots, volume dots coming in, and also large traders with iceberg orders starting to sell now. And the size of these are not nearly as large as the SB 500. Take one last look at SB 500. Take a look at hero and then I'll call it a day. Alright, so NASDAQ a little bit more clear to me. Alright, that's all I have. I want to thank everyone for watching. Thank you very much for your questions and comments. We'll watch Nvidia earnings after the close today. And we'll talk about it tomorrow as well as the data coming out tomorrow, durable goods. Everyone, again, thank you for watching. Thanks for your questions and comments. And I will see you tomorrow. Bye