 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern time. And before I get started, I need to go through the Disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And JTT says, audio good, thank you. Thanks for the confirmation. That's always good to hear. As a reminder, the focus of my presentation and the focus of the options, Doug, chatroom 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 and 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 in Bookmap and real time market maker hedging flow on SpotGammaHero to confirm my thesis and for setups for entries and exits. And questions and comments are welcome and I will be watching the options, Doug, chat and Discord and in YouTube. So again, questions and comments are welcome. Okay, let's get started. And today I want to talk about, first of all, some news items, economic data this week as well as events. And then we'll go through our positional analysis and then finally look at setups. So first economic data this week and the key data that everybody's anticipating and waiting for is tomorrow, the CPI data, CPI report coming out at 8.30 a.m. Eastern time. So that's the big event for the week, then later on in the week on the 15th. So that was Tuesday the 14th with the CPI. And then Wednesday the 15th retail sales at 8.30 a.m. Eastern time. And then also on the 15th, that is the VIX expiration. And then on Thursday the 16th, the PPI. And that's at 8.30 a.m. Eastern time. And then Friday is the options expiration, the big monthly options expiration. And right now there's actually not a lot of gamma expiring. I think the spy gamma expiring was about 20% on Friday. And of course that will change during the week. So that's the data for the week. Again the big number is tomorrow and that is the CPI data. All right, let's take a look at our charts now. Let's start with book map and strong rally today. And before I dig into that, let's step back and take a bigger picture view. This is the 20 day one hour SPX chart. And this is in Thinkorswim. And all this is showing is price and the spot gamma levels they're updated for today. So this is showing here, there's one label obscuring this, but this is the 3,900 foot wall and the 4,000 key gamma strike or absolute gamma strike. And here is the 4,200 call wall. And then level some play. Today it looks like 4,150 up above. And then let's take a look at a shorter time frame chart. So we'll zoom in. So that was a 20 day one hour chart. And this is a one minute chart. So this is SPX for today. And one thing I want to point out. This is showing Friday and today. So this is showing the reversal on Friday at this level right here. And this is SPX 4060. And that was actually right at SPY 405. So SPX tested that level on Friday morning. And has pretty much continued to rally up until right now heading up again to the 4,150 level. And it's shown here. And then these levels, this is the 4,100 level was in play today. And we'll look at a SPY chart and see that the SPY 410 level was in play as well. So today, SPOT Gamma noted several support and resistance levels, essentially around SPY. So SPY 405 noted a support 410, the key Gamma Strike, as a pivot level. And then 415 as resistance. So looking for that range of support to resistance. SPY 405 to 415 with 410 a pivot. So that's a closer look at the levels in play on an SPX chart. And again for today here, the 4,100 level is in play. And SPX is working its way up to, or appears to be working its way up to the 4,150 level. Alright, so here's book map. And here is the, there's the 4,100 level. And that's also noted as a pivot level. And it's actually up here at 410. And what I'm showing on this chart, I've got two columns of levels. This is SPOT Gamma Cloud Notes provided to SPOT Gamma subscribers. And it's showing the big major SPX levels like this L2 4,100 level. That's SPX 4,100 converted to an equivalent ES number. And right now SPOT Gamma is using a 10 point difference between ES and SPX. And then it's also showing combo levels. And this is a combination of SPY and SPX levels. Converted to an equivalent SPX number. And then converted to an equivalent ES number by adding 10 points. So those are the SPOT Gamma levels. And then the second column here, this is my cloud notes, C levels. And I'm noting the key SPY numbers. So there's the SPY 4,100 key Gamma Strike. And then this level noted as a pivot level. That was the lower end of the pivot. And this 4,10 was the higher end of that pivot range. So again, the 4,100 level was in play this morning. As well as the SPY 4,10. So the 4,100 level acted as support. Retest, acted as support. Price moves higher up above the 4,10 SPY 4,10 level. And then continued higher. Okay, there's a question in YouTube. Can you share the script for the thinkorswim chart? And sorry, no I can't. That is a script that is provided to SPOT Gamma subscribers. And it's actually something that's updated every day. So you have to be a subscriber to SPOT Gamma. And again, it's updated every day. So you have to go in and manually update that script every day in thinkorswim. So it takes a couple of minutes. And all right, so there's a question in Discord. Does that mean that we might see 4,110 today? Well, we've already, if you're talking about ES 4,110, that level has already been passed. That was support early this morning. So what, I guess the next level up above, if SPX ES by continues higher, are these levels up above? Here's the 4,150 level. And this was noted as resistant. So this is the upper end of that 4,05 to 4,10 to 4,15 range. And here it is in SPI, which is closer to SPX 4,160. So those are the levels that are in play. And the next thing is shifts in levels. And there were very few shifts in levels overnight from Friday. For SPX and SPI, both the volatility triggers dropped down slightly. SPX volatility trigger dropped from 4,095 to 4,060. And the SPI volatility trigger dropped from 4,08 to 4,07. And then the SPI call wall did increase from 4,15 to 4,20. And then there were no shifts in levels for the NASDAQ for QQQ. All right, let's take a look at the S&P 500 gamma charts. And these are the absolute gamma strikes. So what this is showing, this is the zero line, showing positive gamma or call gamma above, and negative gamma or put gamma below. So call gamma is shown with the black lines, and put gamma or negative gamma shown with the t-o lines. So this is showing the 4,000 strike here for SPX. That remains the dominant strike. And that's the key gamma strike. And that's the strike with the largest absolute gamma. And then 3,900 is the put wall. That's down here. And that's the strike with the largest net negative gamma. And that can be expected to act as support. And then the call wall is up here at 4,200. And that's the strike with the largest net positive gamma. And that can be expected to act as resistance. So note that the call gamma is concentrated above the 4,000 level. And it's really hard to say that the put gamma is really concentrated above and below that level. So that's the SPX. Let's take a look at SPI. And for SPI, the key gamma strike is at 4,10. And then the put wall is very obvious at 400. The strike with the largest net negative gamma. And then the call wall, again, moved up to 4,20 there. And note the concentration of call gamma primarily above the 400 level and a definite concentration of put gamma below that 4,10 level. And there's a comment and discord. Yeah, JEC says put gamma is really spread in SPX. SPI was a lot easier to read. And I find just about everything for SPI easier to read. There's just more gamma altogether and more options traded. All right, so that is the SPI. That's the S&P 500. Let's take a look at NASDAQ. This is the QQQ. And for QQQ, the key gamma strike is at 300. And it looks like the, well, first of all, the call wall is at 3,10. And the put wall at, let me just check this. Make sure I've got this right. For QQQ, no, the put wall did move down, well, I thought. So there was a change in the levels for QQQ with the put wall moving down to 285. So that's down here. The strike with the largest net negative gamma. So the put wall at 285, key gamma strike at 300, and then the call wall at 3,10. And the notable thing here is the concentration of put gamma below the 300 level. Okay, so those are the absolute gamma levels for the S&P 500 and NASDAQ. And let's take a look at the data now. And I'm going to look at gamma notional. And this is Market Makers position on the gamma curve. And the left column is SPX. The middle column is SPY. And then the far right column is QQQ. So these levels have shifted from Friday to more positive or less negative. And for SPX, right now, gamma notional. And this is, again, Market Makers position on the gamma curve. And a negative gamma indicates that traders are long puts, market makers are short puts, and they have to sell futures as price drops to hedge their delta exposure. So in a negative gamma environment, they are trading with price to hedge their delta exposure. And as price increases, they can buy back their short hedges. So in a negative gamma environment, that tends to increase volatility. And just the opposite in a positive gamma environment. And I would say this, right now, SPX is neutral and SPY is still pretty clearly negative. So gamma notional for SPX on Friday was minus 151. So that was negative, and it shifted to slightly positive today, positive 50. And on Friday, gamma notional for SPY was minus 1284 and shifted to less negative today to minus 1061. And then there was, according to this, no shift in gamma notional for QQQ from Friday to Monday. And that may just be some anomaly in the data. So I mainly watched the S&P 500 anyway. So a shift to slightly more positive or less negative for gamma notional. And one other thing to note here is this is SPOT gamma's implied one-day move. This is for the SPX, and this would be from the opening print was plus or minus 37 points. And at one time it was trading a bit higher than that. And we'll take a look at the expected move and think or swim as well. All right, so that's the data, the gamma notional. And according to this, I would take the SPY number and assume that, yeah, JC, we will look at Microsoft. So assume that market maker's position on the gamma curve, the S&P 500, is negative. All right, so let's take a look at the gamma charts. And that is a visual confirmation of what I was just talking about. So here's the SPX. And this is showing market maker's position on the gamma curve and how it changes with changes in price and implied volatility. And that's shown by the green line. That's the current expiration. And that's the VANA effect, the change in delta notional with change in implied volatility. So again, this is showing how market maker's delta notional or delta exposure changes with price and implied volatility and this is showing a very neutral stance here, showing that market maker's, according to the SPX, will not need to hedge aggressively if price moves in either direction. And for SPY, it's a little bit different story. This is showing that market maker's delta exposure will increase as price drops and that means they have to sell futures to hedge their delta exposure. As price drops and as price increases, they can buy back those short hedges. And then finally, the black line is showing how their delta notional changes as time passes. And that's the charm effect, which is the change in delta as time passes. Okay, let's take a look at, again, at the data and we saw that spot gamma data was showing an SPX move of plus or minus 37 points today. So let's take a look at thinkorswim and see what thinkorswim was showing. Let's take a look. So this is, and this may be hard to see. I'm looking over at the upper right hand corner here and this is the expirations for today, tomorrow, and then Wednesday and Thursday. And just showing that for today. And this is, you know, this changes during the day. And earlier today I was looking at plus or minus 21 points for today and now it's showing down to plus or minus 13 points. And then the thing to note here, really, is the implied move for tomorrow. And this is what the options market is showing, is notice how the implied volatility increases to 38.5%, showing an almost plus or minus 70 point move for tomorrow. All right, so that is the, that's what the, again, what the options market is showing for today in both Spot Gamma and Thinkorswim. Let's just take a look at, this is a watch list right here showing that now the move for today, here's SPX, plus 45 points has exceeded both the Spot Gamma and Thinkorswim, what the options markets were expecting for today, up 46 points right now. So to me it looks like they're kind of pulling forward the CPI, post CPI rally to today, anticipating a better than expected number. All right, let's take a look now at, the last thing I want to take a look at is my Key Gamma Strike List. And this is a list of stocks that I track. This is stocks on my watch list. And I track this every day. And I note the Key Gamma Strike for the previous day. So this would, this previous Key Gamma Strike column is showing the Key Gamma Strike for all these stocks from Friday. And then this is the current Key Gamma Strike for today. And I keep track of whether the Key Gamma Strike for these stocks increased or decreased from the previous day. And then I color code the, color code that green. For example, if the Key Gamma Strike increased from the previous day, and then red, if it decreased from the previous day. And that's just an indication of a, let's say it helps me to develop a directional bias, a directional signal that if, if the Key Gamma Strike moves higher, traders, I think that traders are expecting higher prices and accepting higher prices and just the opposite if the Key Gamma Strike drops. And that's only, that's just a quick visual reference. If you're interested in trading any of these stocks, I suggest you take this as just a first pass. And then you can, for Scott, Spot Gamma Subscribers, dig in to more detail here, looking at the five day history. And just as an example, recall that we saw in video the Key Gamma Strike was red. And we can dig into that further and see that the Key Gamma Strike dropped, the Key Delta Strike dropped, and this is from the previous day, the hedge wall dropped, the call wall remained the same, and then the put wall dropped. So just given that, my thesis for the, for NVIDIA would be bearish for today. And like I said in my introduction, I always confirm that with order flow, real-time order flow and book map, and real-time hedging flow with Spot Gamma Hero. So that's how you might use these tools to, to dig in a little bit more, get more information. So based on this, the, all this data that I just presented, my thesis for the day was, was pretty neutral for the S&P 500. I was really thinking that, that traders might, might not want to move a lot and wait for the CPI data. But again, it looks like they are, they've kind of pulled forward the rally, any potential rally from yesterday. Although we'll see in a, a minute in Hero that they are actually buying puts today. So actually why don't we, why don't we start with that? Let's take a look at Hero here. And this is the S&P 500. This, this used to be the ES Futures, and now, now the, Spot Gamma is just calling this SPX plus SPY. And this is the combined signal of SPX and SPY. And this is what they, you would use for the ES Futures. So let's take a bigger picture view here. And note Hero dropping all day. Let's see what, what traders are doing. Separate out the put and call signal. And the blue line shows that even as price is rising, they're buying puts, positioning for tomorrow. And that again is the combined signal for SPX. And notice the call line is pretty flat, not doing a lot with calls. So they're buying puts, even as price is increasing, positioning themselves for tomorrow. So that is the SPX plus SPY. And that's mostly going to be SPY. So they're SPY. And notice that the number here, this 2 billion, is pretty close to what, what was shown on SPY. And Panamets ask, I don't know if you're talking about the chart that JEC showed, or my chart, but the answer is they're both from Spot Gamma. So this is Spot Gamma Hero and then JEC was showing the Vana model chart. Again, both from Spot Gamma. And in YouTube, Bintmose says great content. And thank you very much. Thank you for your kind words. So here's SPX. SPY, Traders of Buying Puts. And let's just take a look. Well, we'll, let's leave it at this. So this is the, so Traders of Buying Puts. And SPY, as well as SPX. So that's how they're positioning themselves for tomorrow. So it'll be interesting to see what happens with Gamma Notional tomorrow. And, you know, of course this will happen at 8.30 a.m. Eastern time. So for you Spot Gamma subscribers, you want to look at Gamma Notional in the morning to see what level Gamma Notional is for the S&P 500 to anticipate any continued rally based on a Put Vana rally. All right, so let's take a look at some setups. And there were some stocks that were a lot easier to read today. So let's start with Apple. And the interesting thing to note about this chart is these large block trades. That vertical line, one big block trade institutions were in there executing large orders. And let's see what they were doing. So they're selling puts. So that does Apple. Let's take a look at... Let's take a look at Bookmap now. Go to Apple. All right, so JEC says, Notional tonight is so negative it could be a monumental movement. If Gamma Notional remains, let's say for spy below negative 1,000, yeah, that could help fuel a move tomorrow. I think if the CPI is not bad, better than expected or not as bad as expected, with all that Gamma Notional implied volatility will drop, price will increase, and that could fuel a rally even higher. And let's go ask if they expect a good CPI and the rally is happening today, does that mean that no matter what, tomorrow is a down day profit taking. It's hard to say. It depends on... First I'll have to look at the numbers tomorrow and look at Gamma Notional and other numbers, see how levels changed, and then make a decision from there. So it's hard to say. Again, it depends on the number and the data tomorrow morning. So here's Apple. Again, we saw those large block orders, positive delta trades and it looks like the 155 call wall is in play the next target up if Apple continues higher. So interesting to note how bearish the order flow was really for the first hour of this morning. Notice all the pink dots all the aggressive sellers coming in there, but they could not overcome the bullish hedging flow, the positive delta trades and price moved up, continues to move up potentially to the 155 call wall and all the liquidity at that level. The next setup that I saw was Amazon and for those of you who are new, I primarily trade large cap tech stocks. That's what I track. That's what I watch, but there are many other stocks that are in play today and I think the spot gamma hero watch list includes about around 200 stocks the last time I checked. But these are the stocks that I keep track of and they're in my watch list every day. But again, there are many other stocks that are in play. So this is Amazon another uptrend heading up first to the 99 hedge wall and then the 100 key gamma strike. So price moved up to first of all to the liquidity a little bit of liquidity at the 99 hedge wall and then at liquidity at 9950 and then may continue higher to the 100 key gamma strike. So let's go take a look at hero take a look at Amazon and there was a strong correlation this morning between option strange hedging flow and price action and notice how when hero drops off moves lower price action stalls and then looks like it's starting to continue higher as traders start taking positive delta positions again and let's take a look and see what so they're both buying calls and selling puts so that's Amazon and Coinbase this is on my other computer if I have time I'll take a look at this but this divergence long so this is something I like to look for I look at hero moving first so heroes moving up price shown by the white line is falling and then reverses higher as traders continue to take positive delta positions so this is one of my favorite setups looking for these divergences like this and again this is on my other computer if I have time at the EM we'll go take a look at it a couple of these so that's Coinbase the next is IWM and I saw a divergence here a divergence long that was first thing in the morning the first few minutes zoom in a little bit more and notice hero rising price falls and then reverses higher and continues higher and again that's on my other computer if I have time at the end I'll go take a look at that alright so the question in discord from a bear asked what do you mostly see on spy hero so spy was traders were mainly buying puts that's what hero is showing to me that's the primary activity and we'll take a look at spy again in a few minutes I want to go on to these other setups and the next is meta so here there was another divergence long and we'll take a look at this in book map this is on my main computer here so hero is rising continuously price drops and sets up a nice divergence long and both calls and puts but the divergence long was primarily with calls traders buying calls pretty aggressively right at the open alright let's go take a look at book map so here's meta and there's that let's just zoom in on this level here and here's that divergence long setup not really confirmed by order flow notice all the pink dots coming in down some greed dots some absorption at this 176 level but again remember that traders were primarily buying calls here and you have a nice price target above at the 180 key gamma strike alright let me check for questions and panamats asked do you find it difficult to spot all these trades like divergences and yes so I have several instruments that I prefer to trade so I'm showing a lot of stocks here but I typically prefer my favorite stock to trade is Tesla I think the order flow is pretty easy to read the hedging flow is almost always confirms price action so Tesla is my preferred stock then I look at the S&P 500 spy and today there was really no confirmation with hero so I just move on and I trade meta and Microsoft as well and sometimes QQQ so I'm showing what do I have here 10 stocks so I regularly trade about half of those and then concentrate on Tesla quite a bit and that's shown in my the stats that I keep that really spy and Tesla are my best stocks so anyway here's here's meta you know just judging by the pink dots pretty bearish order flow but hedging flow was showing something different so that's the setup in meta let's go to Microsoft and while we're waiting on this let's go there it is already let's go take a look at hero so again this is meta divergence long and one way to do this is to you know you can either find out what you like to trade where your record is best or you know for the first 10-15 minutes whatever scan through this another approach is to look for a weaker strong hero signal and I post this list and discord every morning somewhere between 9.45 and 10 a.m. and then you know if you're bearish on a stock you can you know look for a weak hero signal and that's what I saw this morning on Tesla and what I'm looking at and this is not the weakest not as weak as Nvidia but this is showing the hero signal compared to the last 5 days and the last 30 days so the entire range is the last 30 days and then the colored range here is the last 5 days so for example this is showing that the hero signal for Tesla is the weakest that it has been not quite in the last 30 days but definitely in the last 5 days so there are several approaches and you just have to you know I guess find out what works for you alright so we were on Microsoft I'm going to go back to alphabetical order here go to Microsoft and in the morning there was a very strong confirmation between options trades and and price action options trades hedging flows shown by hero and price action let's see what I know it's I don't have any difference in calls and puts we can do a quick check so actually it looks like calls are driving so notice in the morning traders are buying calls and price levels off drops a little bit as they stop and then when they start buying calls again price starts to increase alright let's go take a look at in book map now so there's Microsoft strong rally in the morning let's let's zoom in on the on this morning here and notice that the 270 call wall key gamma strike and the liquidity of that level that was the first target and then price moved up a bit consolidated and headed toward the 275 all the liquidity at that level and has not made it up there yet and notice the bearish order flow starting as price failed just below the 275 and started moving lower what I'm looking at is the cumulative volume delta and all the pink dots and let's see Panamats ask what setting for changing color on the dot I assume you're talking about my volume dots here and I just found something that I think the default color I found it not as easy to see it was closer it was too close to the color shown in the heat map and for those of you who may not be familiar with book map this is the color horizontal color lines this is showing the history of resting liquidity in the order book so this is sell orders a large number of sell orders at 275 for example so I just changed I think I left the green buy dots at the current level so then I just I picked something that that worked for me so this is how you can change that just right click on a volume dot go to colors and pick something that that works for you so I find this easier to distinguish visually so that's how you can change the color of your volume dots right so that's Microsoft good strong rally this morning let's go to QQQ and let's take a look at a hero for QQQ and there's a question about Tesla in YouTube and yes I will wrap it up with Tesla so here's QQQ and in the morning especially there was a strong correlation between options trades and hedging flow and price action and primarily calls so around 1050 traders started buying puts and they continue to buy calls and price continued to move higher even though they started buying puts shown by the blue line there all right let's check on spy again and the hedging flow continues to be negative and notice the notional value here for the puts is quite a bit larger than for calls so this is minus 2.42 billion versus positive 163 164 million so again traders are buying puts we can take a look at SPX as well and there's actually a pretty substantial number for SPX and again remember the SPX the ES signal is SPX and spy combined so traders are buying SPX puts as well 561 is the notional value there minus 564 million so that's SPX and spy let's take a look at Tesla and this is what I saw in Tesla this morning and I posted this in discord and this was just the first 30 minutes or so zoom in a little bit more so this is the first 30 minutes then this hedging flow in and Tesla was was negative bearish and this set up several shorts until hedging flow reversed higher and price reversed higher around 10.10 and in the morning traders were buying puts and selling calls and then they reversed that and started buying calls a little bit more clear correlation between calls and price action let's go take a look at book map and we'll leave this first oh 90 minutes up and then go take a look at book map so there's Tesla from about 9 o'clock to 11 and these were the short setups and the order flow did not really the price action I would say confirmed is short lower lower highs but the order flow was actually somewhat bullish and that really confirms more this long setup later but again there were some shorts good short setups this morning and this is what I saw first thing in the morning this is what I was looking at and again offered a few short setups before reversing higher somewhere between 10 and 1015 and I would say this rising you can see all the green dots in here the aggressive buyers coming in except for this area right here this led me to cautious cautious shorts in Tesla if you see something like this and want to take it short you might reduce size or something like that and if you were patient and waited for this long setup this is worth you know if you got in right at the let's say the 189 level maybe you could have gotten 6 or 7 points out of that that's Tesla and let me do a final check for questions alright so looks like looks like JC says he took the long at 191 and yeah that was a good trade the pullback here pullback to 191 here would have been a good long setup target at 195 liquidity there and then you can clearly see the shift in order flow as price jumps up makes this buy sweep up into 195 all the way to 196 and then reverses lower and notice all the pink dots coming in in the CVD line shifting lower ok so that is that's Tesla good long and short setups today confirmed by by hedging flow by hero alright there's a let's see Paul ask about coat KO I don't know I'll take a quick look at hero and see if it's there I never look at coat again I focus on the S&P 500 and large cap tech stocks so now we're going to look at ES again I'm not sure not sure I would call that crashing just looks like price found some resistance there at the ES 4150 level and a couple things to note here on the ES chart is looking at stops versus icebergs versus cumulative volume delta so what I'm what I have in my charts here is I'm looking at cumulative mode or some mode for all these so I'm noting the yellow line rising and those are stop order so this is a definitely a stop-fueled rally which is pretty typical and then CVD was strong first thing in the morning and then has kind of tapered off but still rising and then so that's the dark blue line cumulative volume delta yellow is stop orders and then the light blue line is icebergs so large traders use iceberg orders to hide their size so this is an indication that larger traders are selling into strength here and I think the stop orders are often looked at as being smaller traders or retail traders and buy stops are firing so stop-fueled rally and we know that hero is definitely negative delta traders are buying puts and you can also look at the cumulative numbers here positive CVD positive stops and negative icebergs and then we can see that traders continue to buy puts and when you change the look back period to a shorter time frame this gives you more clarity you know if you're going to trade this now you can see that that hero is making lower highs and then prices finally started to move lower all right so let me take a look final look at one thing I'm over my time oh there's a problem with OBS studio hold on OBS studio is what I use to stream to YouTube so it looks like that appears to be working okay so this is the entire list of all the stocks that are available in spotgamma hero I don't see KO in here so I don't saw sorry Paul I can't make any comments on coke it's just not I don't think there I'm sure it does not have much of an options complex or it would probably be included in this list okay that's all I have for today I want to thank you for watching thanks for your questions and comments and remember CPI tomorrow out at 8 30 a.m. eastern time and we'll talk about it tomorrow thanks again thanks for your questions and comments and I'll see you tomorrow bye