 Hello, everyone. Welcome to Options with Doug. Streaming live daily on BookBap Discord and the BookBap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All BookBap limited materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice, nor recommendations. Risk Disclosure. Training 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on BookBap Discord, there's an options-doug chat channel that is a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. And by the way, BookBap Discord is free and available for everyone. Whether you subscribe to BookBap or not, there's a lot of great content there. Everyone is welcome again. The focus of my presentation today and the focus of the options-doug chat channel 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 the directional bias. And the second step in my process is execution. I look at real-time order flow in BookBap and real-time market maker hedging flow in SpotGamaHero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset and those setups can be taken any number of ways. For example, the SOB 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES 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. Please feel free to post and I'll do my best to answer your questions. Alright, here's my agenda for today, Thursday, November 30th. First of all, I want to talk about news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis from this morning. Then I'll review some setups from earlier today. Then I'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 will be glad to do that. Alright, let's get started with news items. So first of all, there was some economic data report out this morning, PCE. So let's go take a look at that. So I didn't bring that over. Just a moment. So this is the PCE data that came out at 8.30 a.m. Eastern time, mostly in line with forecast and lower than the previous number. So inflation continues to cool. And there was really no market reaction at all to this information. But again, mostly in line with forecast and lower than previous. Alright, then Friday, PCE data comes out at 10 a.m. And then Jerome Powell will be speaking at 11 a.m. Eastern time. And that should wrap up the week. Alright, let's start with positional analysis now. And hello, Joel. Welcome. Glad you're here. Alright, I'm going to start with the ESP500. This is the ES Futures in Bookmap. Before I take a closer look at this chart, I want to take a look at a larger time frame. So I'm going to go to an SPX chart. This is a 30-day one-hour chart. I want to point out a couple of key turning points on this chart. First of all, this is October 30th when the current rally began. The Friday before, traders were loading up on puts concerned about weekend risk. Then after the weekend, price started rising, implied volatility dropped. Market makers could buy back short futures. And that led to a huge IV collapse, put-van-a-rally, starting with a very negative gamma position. Again, market makers could buy back their short futures as implied volatility dropped, price increased. And during this time, market makers position on the gamma curve was shifting from negative to positive, and now may be shifting back towards negative. We'll talk about that in a few minutes. And then the next key turning point was the CPI report that came in better than expected. That was on Tuesday, November 14th. And then the positive gamma grind-up continued after that big jump up with the CPI data. Alright, I'm going to zoom in on half of this chart so I can just focus on the price action today and the levels on the chart. So first of all, I do want to point out levels on the chart. I'm going to start with the lower and upper weekly expected move, shown by the dash purple lines. And SPX is trading within that range. That's based on the options market. That changes once a day. Hello, Don. Welcome. Glad you're here. The dash blue lines are showing the lower and upper daily expected move, also based on the options market. That changes once a day. I update that every day. And SPX is trading within both of those ranges. Alright, the next levels that I want to point out are the spot gamma levels. These are proprietary spot gamma levels provided to subscribers showing on a variety of platforms. Here we're looking at thinkorswim. I'm going to point out the key daily levels. So first of all, the put wall has moved. So first of all, the again, the level that what I want to start with is the absolute gamma strike 4500. That's a strike with the largest absolute negative and positive gamma. And then kind of strangely up above that is the put wall at 4530 probably won't remain there. And we'll I'll take a look at the absolute gamma strikes in just a minute, and we'll we'll see why that's kind of an I guess anomaly. The 4530 put put wall. Again, that did move up from 4400 yesterday. The next level up is the volatility trigger at 4560. That is spot gamut proprietary volatility 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 hitch their delta exposure. And that tends to enhance or increase volatility. And note that SPX is currently trading below its volatility trigger. And then up above that, the next level is the 4600 call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. All right, those are the key daily levels. All right, let's take a look at a one day chart just to get a closer look of the levels. Look at the SPX levels that are on play for today. This is about two days worth of data for SPX. Here's the volatility trigger 4560. Note that level acting as resistance early in the morning. Just after the cash open, then here's this 4550 level kind of in the middle of the big range. We'll take a look at in just a minute between the I guess that kind of really the narrow range, but the range of concentration of gamma weighted open interest 4550 being in the middle, a lot of oscillation up and down around that level earlier this morning, but generally lower highs trending lower. All right, so that is a one day level. One day chart. All right, let's take a look at these absolute gamma strikes. Let me zoom in on this chart. So this is SPX absolute gamma strikes orange bars above the zero line showing call gamma and blue bars below the zero line showing showing put gamma. All right, here's the range that I'm talking about 4500. That's the absolute gamma strike 24600. That's the call wall. And note the put wall is the strike with the largest net negative gamma expected to act as support. And let's see if we can find that. So it's really put gamma minus call gamma. So it just so happens this 4530 strike meets that criteria, the largest net negative gamma. But it certainly does not have the largest overall negative gamma. All right, let's go back to bookmap now. So bookmap. This is ES futures. I have my own cloud notes so I can show the SPX levels. There's that 4560 volatility trigger acting as resistance from about 9am Eastern time up to the cash open when price started to drop. And note there is a difference in price between ES and SPX. And today it is right around 8 points. So ES minus SPX slightly above 8, but I'm using 8. So ES minus SPX equals 8. That changes a little bit every day and it gets smaller and smaller as the contract roll over approaches. So I'm showing SPX 4560 at ES 4568. And here's that 4550 level that I mentioned before. In the middle of that range of gamma, concentration of gamma weighted open interest between 4500 and 4600. I also have spy levels on this chart. Here's the spy 456 volatility trigger. So this is showing that SPX, the S&P 500, trading both below the spy and SPX volatility triggers. All right, shifts and levels. SPX, as I mentioned before, the put wall shifted higher. Also the volatility trigger shifted higher to 4560. So two shifts higher for the SPX. Again, that kind of strange strike for the put wall probably won't will not remain there. Then also for spy, the volatility trigger also shifted higher to 456 as shown on this chart. All right, those are the levels of play for today. Resistance shown above before the cash open at this 4569 level. That was a level SPX level noted as resistance in the spot gamma AM Founders note. And then after the cash open, the 4560 level also noted as resistance in the spot gamma AM Founders note. So they nailed those two resistance levels. Support level yet to be determined today. All right, let's take a look at NASDAQ. All right, this is the NQ Futures and Book Map. And before I take a closer look at this chart, I want to take a look at a larger time frame. I'm sorry. I want to take a look at a QQQ chart to isolate the QQQ levels and play for today. So this is QQQ, a one-day chart. Note 390, the absolute gamma strike that was in play yesterday, acting as more or less resistance or a launching point for a short today. 389 is the volatility trigger, acting as resistance. And now this 386, 386.02 combo L1 level that combines QQQ and NDX. Gamma weeded open interest into one combined level and in this case in terms of QQQ price. So that may be currently acting as support, may be support for the day. We'll see. All right, so that's QQQ. There were no shifts in levels for QQQ. And again, note that QQQ is treating below its volatility trigger, just like spy and SPX. All right, let's take a look at NDX. So here for NDX, this 16,000 level that is very close to the QQQ 390 level. It's been in play for the last few days now acting as resistance. And here's that combo level acting as support. In this case in terms of NDX price, let me zoom in on this. So the combo level and right around that is the 15,825 level. That is the call wall and the absolute gamma strike for NDX. So a very important level for NDX acting as support so far today yet to be determined for the day. So here's that cluster of levels, the 386 combo level. I think that was 386.02 as well as the NDX 15,825 absolute gamma strike call wall. And here's the 389 level QQQ 389 level acting as resistance. So I have my own cloud notes here for NQ. So I'm showing NDX levels, 16,390 QQQ levels, 389 volatility trigger, as well as the big round numbers for NASDAQ, the zeros and the fifties. Note that NQ is trading below its lower daily expected move. Oops, that kind of obscured that label. This purple line is the lower weekly expected move for NQ. All right, so those are the levels in play for today. Primarily the QQQ 389 and now the NDX 15,825 and the QQQ 386 level. And again, there were no shifts and levels for QQQ or NDX. All right, let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. This information is updated once a day available to spot gamma subscribers. I'm looking at the data that's included at the end of the AM founders note. Note with the exception of spy. These numbers are all positive. So I'm looking at gamma notional market makers position on the gamma curve at the beginning of the day for the SME 500 NASDAQ and also 2000. Again, all numbers positive, except for spy. For the SME 500 and NASDAQ, these numbers did shift lower. So over the last few days, these numbers, especially for spy, have been shifting gradually more negative. Excuse me. So again, for today, SME 500 gamma notional both shifted either less positive or more negative in the case of spy. And for the IWM, the Russell 2000, these numbers did shift slightly higher. So on a positive gamma environment, market makers position on the gamma curve is is positive positive gamma environment. That means that they are long calls, traders of short calls, market makers of long calls, they have to trade against price to hedge their delta exposure. And for spy and a negative gamma environment, this means that traders are long puts, market makers are short puts, and they have to trade in the direction of price to hedge their delta exposure. All right, let's take a look at the VANA model so we can get a graphical representation of what that means. This is SPX. We'll start with SPX. What this chart is showing is market makers delta notional on the vertical axis and the spot price for SPX on the horizontal axis. There are two curves on this chart. The first curve is showing how market makers delta notional may change with changes in price only. And the purple curve adds implied volatility to the equation. That shows how market makers delta notional may change 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, and that's the curve that we want to take a look at. All right, so let's check on current price. Price for SPX, right around $45.38. So remember SPX is currently trading below its volatility trigger, potentially shifting to a more negative gamma environment. So what this means, if price continues to decrease, market makers will need to sell futures to hedge their delta exposure, and that tends to enhance or increase the move lower. All right, let's take a look at SPY. Remember SPY gamma notional is negative. SPY currently trading right around $453. So also on this negative gamma portion of the VANA model, indicating if price continues to drop, implied volatility increases, market makers will need to sell futures to hedge their delta exposure. Again, enhancing or increasing the move lower. On the other hand, if price increases, market makers can buy back short futures, and that tends to enhance or increase a rally. And let's take a look at QQQ. QQQ currently trading right around $386. Right around the lower of the day, that combo level. So right around here. So pretty firmly on this negative gamma portion of the VANA model. All right, so based on this, my thesis for the day, I was looking for volatility to start picking up. Gamma notional has been gradually decreasing, becoming more negative for SPY, and gradually decreasing for SPX, also gradually decreasing for the NASDAQ. So looking for volatility to pick up as gamma notional becomes less positive and starts to shift to negative. All right, let's take a look at some setups now. I'm going to start with the SMB500. First of all, I want to see what options traders are doing. So this chart is the hero signal. Hero stands for hedging impact real time options. So everything that we've looked at so far, other than book map, has been static data that's updated once a day. The most of the information is based on open interest that is updated once a day, sometime during the night. Spot gamma applies their own proprietary algorithms to this data to come up with the levels, the VANA model, and all the information on the website. This on the other hand is real time data. So this chart is showing price for SPX with the white line. The purple line is the hero signal. Again, hedging impact real time options. So it's showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures, all under one combined signal. And spot gamma does provide signals for these individual components. I like to look at the combined signal. Assuming on this chart, overall notice the very choppy action. And this is exactly what spot gamma anticipated today. Mean reverting price action, but with a I guess a bearish bent looking in a mean reverting market, we'd be looking to buy dips and sell rips. And spot gamma was leaning bearish. So they were looking at really just selling the rips, not buying the dips. The hero signal is really showing that mean reverting options trades, options traders selling the highs, buying the lows. And let's just focus on one setup from this morning is this short, right of the cash open. This is a cash open at 930 a.m. Eastern time. Traders were taking negative delta positions and price responded lower. Let's take a look and see what traders were doing. We can separate outputs and calls. And this is pretty clearly showing that from the open traders were buying puts that shown by the falling blue line. When traders buy puts, market makers sell the puts and they have to sell futures to hedge their delta exposure. Sorry about that. Spot gamma still working on this, this issue. So traders were buying puts in the morning at the open. So let's go take a look at book map. We'll take a look at that setup. Let's go back to ES. Let's zoom in a bit here. First of all, this is the, this was the reaction after the PCE data, an initial bullish response. You can see the aggressive buyers that shown by the green volume dots. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers. The magenta dots are showing more sellers than buyers. So price moves up just above that 45 69 level noted as resistance in the spot gamma AM founders note. And then aggressive sellers start to come in, move price lower. And then at 9 30 a.m. Eastern time, traders start buying puts, aggressive sellers start to come in, price reverses lower at the 45 60 volatility trigger resistance level. Also VWAP right there shown by the light blue line. Pretty choppy action on the way down. Again, remember that hero signal was moving up and down as traders were buying, taking positive delta and negative delta positions as price oscillated up and down. But as spot gamma called it the other really the best trades were to look to sell the ribs, not buy the dibs. Alright, so that's the setup in the SB 500. And so the Zari says Nvidia sharp, sharp move lower all day. Yeah, we'll take a look at Nvidia. That is on my list of stocks to take a look at. And hello, Floyd's garage. Welcome. Glad you're here. Alright, so that's the SB 500. So if you took a short at the at the open and are still holding a runner, you're doing pretty well today. Or just sold every one of these touches of this either VWAP or this trend line lower. Note these levels of high liquidity shown in the heat map book map heat map. The heat map shows a history of the limit orders in the order book. And initially there were some orders right around 45 48. Looks like those orders were consumed. So there's a limit by orders. And then now there are much many more limit by orders coming in anywhere from looks like 45 43 to 45 45. So that's the heat map and book map showing a showing a history of the limit orders in the order book. So it looks like now. Yes, is trying to break that downtrend lower supported by all this liquidity in the order book. Let's go back to hero. Let's see what options traders are doing right now. So it looks like overall now, at least for this swing, traders are taking positive delta positions. And hero has generally been making higher lows since about 1045. And let's take a look at a couple things. First of all, separate outputs and calls. I'm going to do this quickly. So far today, traders are buying calls. They're also buying puts put buyers more aggressive. These are pretty small numbers. Notional value 187 for calls minus 619 for puts. Alright, let's take a look at for a total notion of value minus 432. Again, a very small number that number typically for the SB 500 could be in the billions. Alright, let's take a look at see what traders are doing today. And a very different picture here. Looking at the green line. This is showing options trades that expire today. Zero DTE for the SB 500. And they are bullish. This notional value for zero DTE traders trades is bullish. Again, that's shown by the green line. Whereas the all trades all expressions is still negative, but is shifting, starting to shift positive. Alright, so SB X, the SB 500 may be finding support. Alright, let's take a look at Nasdaq now. Nasdaq has been a weaker today. Very different picture for this hero signal for Nasdaq trending down since about 1015. This is a combined signal for NDX and QQQ just like the SB 500. Zoom in on this. And right around 1015, 1020. Traders start taking negative delta positions. And so far today that is continuing. Let's see what they're doing. So they're both selling calls shown by the falling orange line and buying puts shown by the falling blue line. So unlike the SB 500, where they're buying calls and buying puts, in the case of Nasdaq, they are selling calls and buying puts about that. Alright, so we know that trader started taking negative delta positions right around 1015, 1020. There's another signal that provides very valuable information for really both the Nasdaq and the SB 500. This is the Magnificent 7 hero signal that's showing a combined hero signal for the stocks known as the Magnificent 7. Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. And this has been trending down all day. And there's this 1015, 1020 short setup. And it looks like now hero may be leveling off. As Nasdaq probably continues to find support at the QQQ 386 level, that combo level. So let's just take a quick look at what they're doing in Magnificent 7. So they are selling calls and buying puts just like Nasdaq. Show them by the following orange and blue lines. Alright, let's go take a look at the book map at Nasdaq. So remember, trader started taking negative delta positions about 1015, 1020. And there's that short entry point right at the QQQ 389 volatility trigger that acted as resistance. And you can see on the way up, aggressive buyers show them by the green volume dots. Then aggressive sellers start to come in. Show them by the magenta volume dots. Let me zoom in on this. We can see this more clearly. Aggressive buyers on the way up. Volume dots get smaller. Aggressive sellers. And Nasdaq starts to make a series of lower highs. And the primary price target at this cluster of levels, the 386 level, that is obscured, but it is showing the NDX 825 level, absolute gamma strike and call wall. And then that combo level is actually shown here in terms of the NDX that is also equivalent to the QQQ 386 02 level. Target there as Nasdaq continues to make a series of lower highs. So that was the morning set up in Nasdaq. So if you got short in the case of Nasdaq around 1015 or even at the open and held the runner, you're doing pretty well today. Let's take a look at some stocks. I'm going to start with Apple. Let's go take a look at Hero and see what options traders are doing in Apple. Note Apple the 190 key gamma strike acting as resistance. Zoom in on this chart. So in the morning, zoom in on this. Note the call line, the orange line is pretty flat. Traders not doing much with calls they weren't. Weren't buying or selling calls. Sorry about that. So we're not buying or selling calls. The call line is flat until right around 1040. A large block order comes in. Meanwhile, they were buying puts. When traders buy puts, market makers sell the puts and they have to sell stock to hedge their delta exposure. So let's go take a look at book map. So not a lot of range in Apple. That's pretty typical. It's not a big mover, but a very clear short set up as traders were buying calls and price reversed at the 190 key gamma strike. All right. The next is Netflix. I've got a few stocks I want to take a look at. And if anyone has any other stocks they want me to take a look at, please let me know and I'll be glad to do that. All right. Netflix. It's not shown on this chart. I only mark the round number levels for stocks. But 477.50 is the hedge wall and more or less acted as resistance today. Good launching point for a short. So let's go see what options traders were doing in Netflix. And Netflix is a stock that is very heavily influenced by options trading. When traders buy and sell calls and puts in Netflix, it looks like market makers hedge pretty quickly, hedge immediately. That's what Tesla used to trade like that. It still does sometimes. So notice here there are a couple of timely flow alerts. These are alerts that signal significant options activity can often signal mean reversion. Here's the 477.50 hedge wall that I mentioned. Just above that the 480 key gamma strike and price starts to move lower as price reverses down as options traders started taking negative delta positions shown by the falling purple line and price reverses at the hedge wall 477.50. Let's just see what traders are doing. So right around 10 10 a.m. they start selling calls and buying puts shown by the falling orange line and the falling blue line. And this is a kind of a mirror image of a very typical pattern and a bullish market at the open traders start taking positive delta positions often buying calls in these stocks and price will move up until about 11 or 12 and then options traders will take their foot off the gas and price consolidates. That is often a good place to sell a call spread or buy a put spread. And in this case it's just a mirror image of that traders options traders take their foot off the gas note the very flat hero line and price stops moving lower and consolidates. Let's go back to book map note that 470 is the put wall traders options traders take their foot off the gas just a little after 11 a.m. and now price is is moving sideways up and down around 472 473. All right Joel we'll take a look at VIX in a minute. All right so Sotozari pointed out NVIDIA if you're bold NVIDIA is not having a very good day today or the sea let's take a look and see what options traders are doing going down the volume dots just a little bit. So let's go take a look at hero for NVIDIA. So NVIDIA here's the 480 key gamma strike price of reverses lower at that level. Zoom in on this just a little bit note the very timely flow alert if you took a short when you got that alert you're having a very good day either buying a put or selling stock note there was some consolidation looks like just below the 477.50 hedgewall. So in NVIDIA today traders are primarily selling calls that shown by the falling orange line when traders sell calls market makers by the calls and they have to sell stock to hedge their delta exposure and now NVIDIA is trading below its 470 put wall. All right the next is Tesla. Let's go to hero signal for Tesla kind of a choppy up and down today so Tesla is having its cyber truck event at 3 p.m. Eastern today. So we'll see how options traders are positioning themselves ahead of that announcement and event. So kind of a choppy day in Tesla here market makers responding very quickly to options trades as traders buying and sell puts and calls market makers are hedging that activity immediately so there's a very strong correlation between options trades market maker hedging activity shown with the hero signal here and price action shown with a white line. Let's go take a look at book map down the volume dots so overall negative down negative trend moving down for Tesla and yesterday Tesla was trading up above its 250 call wall. Good time to exit any long positions which is what I did. All right so there's Tesla looks like a lot of aggressive buyers in Tesla shown by the green volume dots as well as the rising CVD cumulative volume delta. Let's go back to hero. So net for the day traders are taking negative delta positions shown by the negative notional value there. All right let's take a look at VIX now Joel wants to take a look at VIX and again any I'll be glad to look at any stocks you want me to take a look at please let me know. So here's VIX so so far of the day traders are taking negative delta positions in VIX so they're buying puts and selling calls. Let's just see what VIX is doing today. So this is this is today right here so VIX was rising up until about 1 p.m. now dropping and only slightly higher for today just a little bit less than 1 percent higher. All right so options traders betting on a move lower in VIX kind of a strange trade giving considering the how low VIX is definitely in the lower end of its range. All right let's again 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 otherwise let's circle back to the first ESP 500 so hero definitely definitely moving higher price not responding that much note the floor alert here that could be a mean reversion signal. Let's go take a look at book map go back to ES and hello VHU welcome glad you're here. All right so the S&P 500 has definitely broken this downtrend broken above this resistance level here at 4546 maybe finding support there we'll see options traders taking positive delta positions they have been for for a while. Let's check on NASDAQ still stuck in a range between QQQ 386 and QQQ 387. Let's see what options traders are doing in NASDAQ as well as the Magnificent 7. All right looking at a very short time frame here options traders are taking positive delta positions looks like that it has flattened off leveled off now but the the drop in the hero signal is definitely slowed down maybe reversing we'll see let's check the Magnificent 7. All right so it looks like hero here making equal lows maybe trying to move higher some traders may be taking advantage of lower prices in these stocks to either take positive delta positions or just buy stock so NVIDIA continues to consolidate below its put wall Netflix also consolidating Apple maybe starting to move higher. Let's go back to book map. All right last call anyone have any stocks they want me to take a look at let's just take a look at one thing let's go back and check VIX. VIX may be reversing higher. All right so the SMB 500 looking a little bit more bullish than the than the NASDAQ. Let's just take a look at one thing here on thinkorswim look at the heat map so this is a heat map for the SB 500 this is pretty clearly showing what is the stocks that are moving with the SB 500 and NASDAQ lower NVIDIA, Broadcom, Google, Meta, Amazon, Tesla so most of the Magnificent 7, Microsoft also negative for the day and Apple as well but not not to the extent of some of these other stocks are the only standouts really today are CRM and a handful of enterprise software stocks CRM service now also cybersecurity has been very strong recently Palo Alto Networks. All right so Shane asking about socks I'm sorry that is I don't have that that's just an index I don't think that'll be an hero Joel wants to take it take a look at gold and USO I will do that quickly then then I'll wrap it up all right so let's go to go to hero again I don't have gold or USO and book map so we'll get a hero take a look at GLD choppy day and gold very very low notional value but there does seem to be a pretty strong correlation but you want between options trades and GLD and USO also very very small notional value but overall positive traders taking positive delta positions in USO. All right everyone my time is up I want to thank you very much for watching thank you for your questions and comments and remember tomorrow PCI data comes out at 10 a.m. and drone power will be speaking at 11 a.m. and we'll talk about it tomorrow afternoon all right thanks everyone and I will see you tomorrow bye