 Hello everyone, welcome to Options with Doug, streaming live daily on BookMap Discord and the BookMap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures, General Disclosure, all BookMap limited materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice nor recommendations. Disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel in Discord is Options, Order Flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading, 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. And I look at real-time order flow in BookMap and real-time market maker hedging flow in Spontagama Hero to confirm my thesis and for setups for entries and exits. And I will be talking about setups today. And the setups, I'll talk about are an underlying asset. And the setups can be taken with futures, shares of stock or options. My analysis is based on the options markets, hedging flow, order flow, but the setups, again, can be taken with futures, shares of stock or options. Questions and comments are welcome, and I will be watching both the Options-Doug chat channel in Discord as well as the chat in YouTube for your questions and comments. So please feel free to post. And hello, CARM FX. Glad you're here. Welcome. And hello, Jordan. Glad you're here. Welcome, as well. All right. What I want to talk about today, my agenda for today, first of all, talk about economic data, news, economic data events, earnings for the week. Then I want to talk just a little bit about my background information, why I look, why I'm using positional analysis, why I take this approach to the market. And then I'll go through my positional analysis for the day, then I'll review some setups from this morning, and then we'll take a look at the live market. So when we get to the live market, if anyone has any stocks they want me to take a look at, please let me know. And hello, Gray. Good afternoon to you. Glad you're here as well. All right. So first of all, news items, economic data for the week, pretty light week, early in the week. And then the most significant events are Thursday and Friday. Thursday, CPI data comes out at 8.30 a.m. Eastern time. And then on Friday, PPI data comes out at 8.30 a.m. Eastern time. And then Michigan consumer sentiment at 10 a.m. And note I'll talk about this in just a few minutes, but the gamma notional for the market, for market makers position is still negative. And in a negative gamma environment, you can expect larger moves, especially around economic events like CPI. And that was definitely true last year when the market was in a persistent negative gamma environment. The reactions after CPI data were quite large. All right. So that is the economic data, again, coming out later on in the week. All right. Let me go through a little bit of background information. So I talked about this a little bit on Friday. And for those of you who may be new here, again, I'm using a new way of looking at the market spot gamma calls of positional analysis. Again, I'm looking how traders and market makers are positioned in the options market and how those positions change from day to day. And then I'm also looking at market maker hedging flow and order flow. So let me just point out something here. So I believe one of my key tenants for trading is that the options market is a key driver of price action in futures and many stocks. And here's some evidence. And I'll just focus on stocks today. It's a little bit simpler. So this chart is for AMD. This is the risk reversal chart shown in spot gamma equity hub. This is a fairly new chart to equity hub. There are two lines on this chart. And this is going back to 2021. So it is a longer term chart. This is 2021. There are two lines on this chart. First is the risk reversal line. That's the, I guess, kind of the bluish purple line. And what this risk reversal line is showing is the implied volatility of a 25 delta call minus the implied volatility of a 25 delta put. So implied volatility, well, basically when traders are buying calls, demand for those calls increase and price increases. And then implied volatility increases, implied volatility is an output of the options pricing model indicating that there is a demand for calls. So this line is not perfect tick by tick, but this rising light blue line is showing a persistent demand for calls. And this kind of grayish white line is showing price. So as there's a persistent demand for calls, price increases. So demand for calls, when there's demand for calls, again, the price of the calls is increasing. The implied volatility is increasing. The implied volatility relative for a 25 delta call is increasing relative to the 25 delta put. All right, and I've just picked out a few examples that may be somewhat cherry-picked that show this fairly well. So here's Netflix. And by the way, these are with the exception of Netflix because the bid-ass spread is so wide. These are the stocks that I like to trade that are heavily driven by the options market. AMD, NVIDIA, Meta, Tesla, all right. So here's the risk reversal line for Netflix and then price response. So again, high demand for calls, persistent demand for calls, implied volatility of calls versus puts is increasing. So that's Netflix. And then we'll take a look at one other example. There's NVIDIA. Again, this risk reversal line is increasing, indicating a persistent demand for calls and prices responding higher. All right, so again, my key tenant is that options trades and market maker hedging activity are a key driver of price action in many stocks and also futures. But this doesn't happen all day, every day. But these are a few examples of that. All right, let's go through our positional analysis now. Let's go back to book map, ES futures. And before I take a closer look at this chart, I'm going to take a look at the S&P 500 SPX in a 30-day one-hour chart. And note the trend break here. And this was the Fitch downgrade of US debt last Wednesday after the market closed, SPX gap down. I'm going to zoom in on this chart just a little bit so we can see what's going on today. Let me point out the levels on this chart. This is the lower and upper weekly expected move shown with the dash purple lines that's based on the options market. And then the dash blue lines are showing the lower and upper daily expected move. And right now, SPX looks like it's trading up just at the upper daily expected move. All right, let's take a look at some spot gamma levels. So first of all, the SPX put wall is at 4,400. And note that level did decrease from last Friday. It was at 4,500 on Friday, and it moved down to 4,400. And I interpret that as bearish. That traders are looking for lower prices and the potential floor for price is lower. So that is the put wall at 4,400. And then the next level is 4,500 right here. And that is the absolute gamma strike. That's the strike with the largest absolute gamma. And by the way, the put wall is the strike with the largest net negative gamma can be expected to act as support. And then the absolute gamma strike is at 4,500. That is also the volatility trigger. That is the strike spot gammas proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they have to trade with price to hedge their delta exposure, and that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure, and that tends to subdue volatility. All right, so the volatility trigger also dropped lower from 45,20 to 4,500 today. So drops lower in the put wall and the volatility trigger for SPX and SPY. And then here is the call wall at 4,600. That strike, that remains the same. That's the strike with the largest net positive gamma, and that can be expected to act as support. So the key levels, key daily levels for SPX are 4,400. The put wall, the level expected to act as support, absolute gamma strike and volatility trigger at 4,500. And SPX is trading above that level. And that is also kind of spot gamma's pivot level, a key level. And then the 4,600 call wall. All right, those are the levels, all the key daily levels. Now let's take a look at another SPX chart, a shorter time frame, so we can focus on the levels that are in play for today. So here is the volatility trigger, absolute gamma strike at 4,500. And then the upper daily expected move. And notice how accurate that is, acting as resistance. And this is based on the options market. So that is the SPX, the levels in play. Let's take a look at the ES futures and book map. And on this chart, I have my own cloud notes. I'm showing the SPX levels, there's the 4,500, absolute gamma strike, volatility trigger. And I'm also showing SPI levels. And I've got some support and resistance levels noted here. First of all, the SPI 448, this is not a gamma level, but it did act as support earlier today. And then the upper daily expected move for ES, as well as the SPI 450, absolute gamma strike volatility trigger, that's for SPI, did act as resistance, this kind of cluster of levels, the upper daily expected move, the SPI 450 level, as well as all the liquidity shown in the order book here. Let me just dial that in. You can see all of the liquidity, again, liquidity in the order book. These are resting sell orders, limit sell orders, waiting right at that level to sell. Looks like I had a little bit of an interruption in data. Can everyone hear me? If somebody could just confirm, I want to make sure my connection is still good. So I did lose data briefly. All right, karma FX, thank you. Okay, great confirms in Discord as well. All right, great. So it looks like it may have been just a data issue. Okay, so those are the levels in play for today. The S&P 500 trading in a range between SPI 448 and 450, we'll take a look at setups in a few minutes. Let's go to NASDAQ, right, NASDAQ, let's start with QQQ chart. So for QQQ, the 374 level earlier today did act as resistance, acting as resistance now. All right, let's go take a look at, and now QQQ looks like it may be moving above that 374 level. All right, so those are the levels the NASDAQ trading roughly between the NQ15, 350 level and the QQQ 372, and the NQ450 and QQQ 374 level. No gamma levels in play, actually there was one, looks like it was not a round number. Let's go back to that QQQ chart, yeah, this combo L5 at 372.04, all right, let's take a look at some other information. Let's go take a look at Gamma Notional to see how market makers were positioned at the beginning of the day. This is Gamma Notional, market makers position on the Gamma Curve for SPX by NDX and QQQ. And hello, trading sale, glad you're here, welcome. All right, so Gamma Notional, market makers position on the Gamma Curve, still negative at the beginning of the day for SPX, SPY, and QQQ, and really NDX does not change that much. So these numbers did change a little bit from Friday, Gamma Notional for SPX became more negative and became less negative for SPY and QQQ, but still this Gamma Notional for SPY is pretty significantly negative at minus 1.6 billion. All right, let's take a look at the Vana model now. I've got this for SPX, let's see where SPX is trading. Give me just a moment. I've got SPX at 45.10, so right around the bottom of the curve. So there's not, at this point, not much of a Vana tailwind. So what I'm looking at, let me go into more detail. So this is Market Makers Delta Notional and this chart is showing how it changes with changes in price that is shown by the light gray curve and also how Market Makers Delta Notional changes with changes in price and implied volatility that's shown by the purple curve. So this is typical of a negative Gamma environment. Market Makers lower skew to the left showing as price decreases and implied volatility increases. Market Makers will have to sell futures to hedge their delta exposure. On the other hand, as price increases and implied volatility decreases, they can buy back their short futures. So in either case, they're trading with price and that tends to enhance or increase volatility. Just a moment. Check on the price of, all right. I want to take a look at SPI as well and also a Gamma Notional negative Gamma Notional chart for SPI. So this is SPI the lower the day around 448, right where I'm holding my cursor, not much of a Vana tailwind today, but again, a curve very typical of a negative Gamma environment. And then SPI is trading right up around 450 today. So there will be not much of a tailwind, not much of a boost as price increases and implied volatility decreases. And at a certain point, Market Makers will have to start selling futures as price increases, but that is not a significant headwind either. All right, so based on that, my thesis for the day was looking for higher volatility, wider trading range based on the negative Gamma position for SPI and QQQ and also bearish specifically for the SMB500 based on the drops in volatility trigger and put wall for SPI and SPI. And so far, that's not necessarily playing out. Although there were some good setups short and certainly the options traders here shown by Spot Gamma Hero are looking for prices to move lower. They're taking negative Delta positions. What this chart is showing is price. Again this is Spot Gamma Hero, H-I-R-O, hedging impact real time options showing price with a white line for SPX and then this purple line is the hero signal and that is showing options trades and Market Maker hedging activity for a combined signal SPX, SPI, XSP and ES futures. And if you trade any form of the SMB500, whether it's ES futures, SPI shares, SPI options, SPX options, this is the signal that you want to take a look at. And note it is, excuse me, it looks, it is definitely bearish. Alright, let's zoom in on this. Alright, so based on this, based on this signal, let's talk about some setups. So first of all for the SMB500, based on my thesis for the day, the falling put wall volatility triggers for the SMB500. Based on this falling hero signal, the setup that I was looking at was this reversal lower right between 1030 and 1045. Alright, let's go take a look at BookMap. Go back to the SMB500, let's zoom in here. And by the way, I thought there were much better setups and stocks. Alright, so let's take a look. And remember that options traders are taking negative delta positions, starting around 1030. And then this, let's, looking at this trend break here, right around the point of control. Oops, wrong tool. Good short entry. So here you can see the shift in order flow, aggressive sellers start to come in right at that cluster of liquidity and levels, right around ES 4530. Trend break, retest of that level, point of control, shown by the purple line there. And then aggressive sellers start to come in and move price lower. And then as price starts to move lower, sell stop orders help to feel the move lower as well as aggressive sellers. You can see with the pink dots there. Those are market sell orders. And then here are the sell stop orders, helping to fuel the move lower. Alright, so it didn't play, it was a good short setup. But you know, obviously at price reversed and moved higher. As aggressive buyers came in, shown by the shift, the aggressive buyers shown by the green dots, and then buy stop orders, helping to fuel the move higher. And it continues higher. Multiple stop runs, that's shown by the rising yellow line. That's pretty typical behavior. As price approaches a key level, that's where traders put their stops. Alright, so that is the SMB 500. Alright, there are a couple of questions in YouTube. Lead and sale ask, do you use multiple screens? How do you organize your charts? Yes, I have two screens, I have two computers. One screen, my main computer has two screens. One is always book map, and the other is typically going to be a hero. Then I have another computer that I look at a variety of charts. And now during my live stream, I'm looking at the YouTube stream on my other computer, so I can see the chat and answer questions. Alright, sorry, I can't pronounce your name. What kind of chart is this, he or she asks? This is book map. That's what I'm looking at. And if you're new to book map, if you don't understand this, just go to bookmap.com or the book map YouTube channel, there are great introductory videos there. Alright, so I hope that's what you're asking about. Alright, so that's the setup that I saw in the SMB 500. Let's take a look at NASDAQ. Alright, let's go to hero. Alright, so SMB 500 options traders, let's just see what they're doing. So options traders, and this is very typical for the SMB 500. They are buying calls, and they're buying puts. Put buyers are more aggressive, but they're not obviously not getting paid today. So I'm looking at the rising orange line, or slightly rising, kind of flat really. But the number here, the notional value is positive. Traders are buying calls, and they're also buying puts, that's shown by the following blue line, as well as the negative notional value here. So notional value for puts is minus 2.47 billion versus around 281 million positive for calls. So put buyers, definitely more aggressive. They may get their way later on in the day. Alright, let's take a look at NASDAQ. I'm going to zoom in. So for NASDAQ, the only shift in levels was a slight shift lower in the volatility trigger for QQQ. So looking for higher volatility, higher trading range, but no specific directional bias for the NASDAQ. Alright, let's actually... So there was a confirmation for longs and shorts today with NASDAQ. Very strong correlation between hedging flow and price action, up until about noon where Hero started to shift lower. Let's go back to Bookmap. Go to NASDAQ. So trades, just a moment, zoom in here. So far this morning, in the morning anyway, I thought the order flowing Bookmap definitely favored shorts. What I'm looking at is the falling yellow and pink lines. Yellow is stop order, showing sell stop orders. And the pink is the falling cumulative volume delta. Short set up, trend break. Right around just a little bit later than the... Or right around the same time as the SB500. Alright, there's another... Let's see, Abishak, not sure how to pronounce your name. I asked, do you also use candlestick chart? I look at a candlestick chart just to give me a sense of the overall trend, but I don't make any trading decisions based on a candlestick chart. So here's one thing that I look at. This is thinkorswim. These are the primary stocks that I trade. So I can add a quick glance, tell what all these stocks are doing, whether they're trending up, down, or sideways. So I like to see all these stocks at a glance. Alright, but again, I'm not making trading decisions other than looking at trend breaks. Alright, so trade and sale, I prefer... I'm trying to keep things as simple as possible, and I think trading stocks for me is a little bit simpler than trading futures. So I'm looking at book map on one screen and the hero signal primarily on another screen, and maybe looking at that chart that I just showed you with all of the stocks. So if I'm looking for... I see a trend break and look at book map, see the order flow in Nvidia, for example, and I see the hero signal falling. So I'm looking at a total of three different screens, and then I'll make my trading decision. Alright, I could definitely use more screens, but that might just add to complexity. Alright, so let's take a look at some stocks now. First is Apple. Alright, so you're welcome, trade and sale. I'm not sure. Trade and sale asks, so you don't chart hero on the same chart as book map. The initial version of hero was an add-on for book map, but that was deprecated some time ago when Smart Gamma that turned that off, and before then they had been focusing on the web-based version of hero that I'm showing now. So there is no hero available, so I have to look at hero on one screen and book map on the other screen. Those are... That's primarily what I'm using to make trading decisions. Alright, so I'm showing... Again, I can only present on one screen, but this is the... Primarily I'm looking at this screen, and let's go back to hero. So this is what I'm looking at on my other screen. So I can see at a glance what all of these stocks are doing, stocks and indices. I can also rank this hero signal list. My weakest to strongest. Sometimes that's helpful, sometimes not. Alright, so here's Apple. Alright, so trade and sale says he was looking for the old version, could not find it. I assume you're talking about hero, again that was deprecated some time ago. So it was available at one time on the book map marketplace, no longer there. And Abhishek says, Fibonacci strategy is trending nowadays. What's your view on this? I don't look at Fibonacci at all. That is... Let me just say I don't use Fibonacci's, and we'll leave it at that. I look at the options market, like I talked about at the beginning of my presentation. I think the options market is a key driver price action. I'm looking at what is actually driving price, and that is the options market on specifically the stocks that I showed with that risk reversal chart. So again, I'm looking at the key driver of price action, in my opinion, for many stocks, which is the I think the options market. Alright, so let's take a look at Apple. Here's hero, let's zoom in a bit. So earlier in the day, traders were selling calls and buying puts. So when traders sell calls and buy puts, market makers have to, they take the opposite side of those positions. So they're taking positive delta positions, and they have to sell stock to hedge their delta exposure. So that's why this is an important driver of price action. And one of the key things that I do is look at whether traders are buying calls or selling calls. So there's Apple, let's go take a look at book map. So again, this is screen one, hero screen two, nice short setup in the morning. Also in planning for Apple, I look at in other stocks, look at, let's go to equity hub, go to Apple, look at history. So I can see that there was a drop in the hedge wall, and also a drop in the put wall. And trading sales says different sorts, sources, each one clear and informative, but no mixing up, no confusion, so exactly. That's one of the many reasons I don't look at Fibonacci's. I'm trying to keep things as simple as possible and avoid conflict. So I'm focusing on the options market for my lower and upper daily and weekly expected moves, and also for the drivers of price action during the day. And I'm also looking at the gamma levels, the concentration of gamma, where market makers may have to change their delta, change their hedging, may have to hedge at those levels. The for stocks, the hedge wall, the put wall, the call wall, absolute gamma strike, that's where market makers, that's where market makers may have to hedge at those key gamma levels. All right, so this is the in planning for stock, very simple. I'm looking at the changes in these levels. I see that the put wall and the hedge wall both shifted lower. I interpreted that as bearish. All right, let's go take a look at book map. And Abhishek asked, please tell us about money management mindset building. So I'm sorry, I've got 15 minutes left. I'm focusing on this is what I do best. Talk about the options market and how the options market is driving stocks and futures. This is that's kind of beyond the scope of what I normally talk about and what people come here to see. So there are plenty of other traders that talk more about that. I suggest go to the book map YouTube channel and take a look at maybe JTrader. He presents once a week, he covers stocks primarily on Wednesday morning at 10 a.m. And he talks some about those topics. All right, so there's Apple. Let's go to the next one. Actually, let me take a look at AMD. Let's go back, take a look at hero, go to AMD. So note that these, let me zoom on this a bit, not as clear signal as some of the other stocks, but this was a good short set up right around 10.55 or 11 as traders continued to buy puts. Initially they were selling calls, started to buying calls, started to sell calls and price move lower. Let's take a look at the total signal and the divergence here is much more clear. Hero starts moving lower and then price follows. Really nice divergent short right around 11 o'clock. All right, let's go take a look at book map. So there's that short in AMD and there was another short, really pretty signal, signal pretty well with order flow right around 10 a.m., reversal at the 119 level. Notice all the aggressive sellers coming in there, the big pink dots, and then there's the second divergent set up right around 11 as traders started taking negative delta positions. And Abashak, you're very welcome, glad you're here, welcome. If you're not familiar with what I'm talking about, again, this is a new way of looking at the market. I talked a little bit about the basis of what I'm doing earlier today. So you can go back and watch the archive. And I'm watching a combination of order flow and hedging flow during the day. Just like I said on my introduction, my execution process, looking at real time order flow and book map and real time hedging flow and market make, real time market maker hedging flow and spot gamma hero for setups. So that's why I'm looking at order flow on one screen and book map or spot gamma hedging flow hero signal on the other screen. All right, so there's another short set up. Traders taking negative delta positions and price moves lower. Let's take a look at meta. Note the strong correlation between hedging flow and price action. So here was a divergent short in meta just right around 10 a.m. Options traders taking negative delta positions, price moves up, makes it around an equal high and then moves lower. And that was just around 10 a.m. Let's go take a look at book map, go to meta. So here's the short set up in meta. And then note around 11 that options traders started taking positive delta positions. Let's go back to hero, zoom out. Options traders started taking positive delta positions. And it looks like actually here, let's see if we get any insight separating out puts and calls. Not really. Well, maybe so. So they started selling puts, price started to move higher, then they started buying calls. So the total signal looks like it was delayed a little bit here. So in this case, price started moving higher. All right, let's take a look at Microsoft. Another short set up in Microsoft. And note all of these took a while to play out in the morning. 10, 1030, even 11 for AMD. And here it looks like calls were driving. Craters are, at this point in the day, selling calls and selling puts. Call sellers more aggressive, price moves lower. Let's go take a look at book map. Maybe another way to interpret meta there was when that negative delta hedging flow shuts off, price starts to move higher. And here's the short set up in Microsoft. Turn and break. Options traders taking negative delta positions. Price moves lower, Nvidia. Great short setups in Nvidia today. And for Nvidia, my bias was negative as well based on the falling hedge wall and put wall for Nvidia. All right, let's go take a look at Hero. See what options traders were doing in Nvidia. So overall net negative delta, minus 64 million. Up until about noon the hero was definitely sloping lower. Leveled off. Let's see what options traders were doing. So they're selling calls and selling puts. That's shown selling puts by the rising blue line on the positive notional value. Selling calls, shown by the falling orange line and the negative notional value. And for stock like Nvidia, this is, I'm primarily focusing on the orange line here. If that steady stream of call buyers are not in here, you know, I think that again, that's a key driver price action for Nvidia. Those call buyers driving price higher. If they're not in there buying calls, then I'm really looking for a short in Nvidia. So let's go back, take a look at book map. So there's Nvidia, first trend break at price test the 455 level looks like that liquidity was consumed and then price moved lower. So that was for this move higher. That was the primary target at 455 liquidity at that level consumed. And then price moves lower as options traders were selling calls. Then a couple of more shorts at VGWAP and then note this liquidity came in just below 447 and that was absorbed. Well, let's see what options traders are doing now. All right, so I'm zoomed all the way to the current price and it looks like overall hero has leveled off. All right, trade and sale says I'm looking forward to starting my trial at spot gamma. Yeah, I recommend it. They offer a free seven day trial. Definitely worth a look. I think this is very valuable information, both the levels and the hero signal, Vana model. All right, let's take a look at the live market. Let's see if the options traders are starting to get their way in the S&B 500. Definitely negative delta. All right, so trade and sale. Which of the plans do you recommend pro or alpha? So the difference is pro, the basic or standard subscription does not include equity hub or hero and pro subscription does include equity hub and the alpha subscription includes equity hub and hero. So if you want hero, you need the alpha subscription. All right, so that is the S&B 500. This is pretty negative for the day and this is similar to Friday that options traders were taking negative delta positions and finally price rolled over on Friday. Let me just see if I can, let me take a quick look at something here. Yeah, on Friday it looks like right around between one and two o'clock price finally started to roll lower as options traders were taking negative delta positions, buying puts during the day that was on Friday. We'll see if the same thing happens. So they're really buying puts and now they're selling calls. Both numbers negative, put buyers very aggressive. Let's see what they're doing with zero DTE options. So I'm going to look at the total signal. So this is about, I'd say around half of the hedging flow options trades. Hedging flow today are zero DTE. Those options that expire today, that's shown by this green line and the notional value is about half of the total. This is showing all expirations options that expire today, this week, next week, next month, etc. All right, let's go take a look at book map. Go back to the ES. All right, so after that stop run, get rid of this. So after the stop run up above the upper daily expected move and the spy 450 level that's shown by the rising yellow line and aggressive buyers coming in, stop run up to the liquidity right around 3435, price reverse lower as aggressive sellers started to come in and options traders continue to take negative delta positions. And now the aggressive buyers are back in. All right, so we'll keep an eye on this this afternoon. Let's take one last look at NASDAQ and NASDAQ continues to move higher. Let's see what options traders are doing. Turn that off, go to NASDAQ and overall the trend for hero is negative as well and the number is slightly negative minus 388 million. And the same thing for NASDAQ, although the ratio is not nearly as extreme. So for NASDAQ they are buying calls and they're buying puts. The number for puts is about twice the notion of value for calls. All right, so NASDAQ back up at the highs of the day. All right, so the SMB 500 testing the spy 450 level again. All right, this is all I have for today. Trading sales says, I assume you mean you're going to be in Berlin tomorrow. I've never been there. We'd like to visit Switzerland though. All right, anyway, that's my time is up for the day. I want to thank everyone for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks again. Bye.