 Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. 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. Here's my contact information. If you have questions, especially for those of you in YouTube, if you have questions after the webinar, the best way to get in touch with me is through Discord. My name at Discord is Doug P. There's an option stash Doug ChatChannel and Bookmap Discord. That's a great place to post your questions about my webinar, about the content, as well as post your content of the webinar, as well as post your own content, your own setups using order flow, hedging flow, and market maker hedging activity, and options trades as a basis for your trades. And also Bookmap Discord is free and open to all whether you have a Bookmap subscription or not. So again, the best way to get in touch with me is through Discord, Doug P. Also the option stash Doug ChatChannel and Bookmap Discord. And then finally, I'm on X, formerly known as Twitter, as well. My name there is at Doug Pless. The focus of my presentation today and the focus of the option stash Doug ChatChannel 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 at the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. And the second step in my process is execution. And I look at real time order flow in Bookmap and real time market maker hedging flow in spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset. And setups can be taken with futures shares of stock or options. For example, S&P 500 setup can be taken with ES futures with spy share spy options or SPX options. Questions and comments are welcome. And I will be watching both the option stash Doug ChatChannel and Discord, as well as the chat and YouTube for your questions and comments. So please feel free to post. And hello, Gray. Welcome. Glad you're here. Yeah, it should be an interesting week. Starting on Wednesday, we'll talk about that in just a moment. All right, my agenda for today. I want to cover news items, economic data events and earnings for this week. Then I'll go through my positional analysis. Then I'll review a few setups from this morning. Then we'll talk about 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. All right, let's start with news items. So I'm just checking the earnings calendar. So it looks like Oracle reports earnings after the close today. The expected move is four and a half percent. And then Adobe reports on the 14th on Thursday. Also after the close, the expected move is five percent. So that's earnings for the week. Now let's go over economic data. It really starts on Wednesday with CPI data. And that's at 8.30 a.m. Eastern time. It should be a market mover. And then on Thursday, PPI data comes out as well as retail sales again at 8.30 a.m. Eastern time. And then Friday is the big options expiration. Let's just take a look at something here. Back to SPX. This chart is showing SPX expiration concentration. And note this is for the expiration this Friday. That is the September expiration. That is the quarterly expiration and typically a very large expiration for SPX. The quarterly expirations March, June, September, December. And note this is fairly evenly distributed between calls and puts. Slightly call dominated. So slightly more call delta. That's shown with the orange bar above the zero line. And the put delta is shown with the blue bar below the zero line. That's market makers delta notional. Slightly call dominated. So that's SPX. Let's take a quick look at SPI. And here's the 15th, the September expiration. Much more call dominated for SPI. And the same for QQQ. Even more call dominated. And we'll keep an eye on this as expiration approaches this Friday. We'll take a look at this every couple of days to check on this expiration concentration. So what this means is in a call dominated environment we're looking for more mean reverting price action. And as those calls expire on Friday that should open up. That should free up some of the this delta and maybe potentially lead to larger moves and also possibly a call game unwind. As those calls lose value as they expire, market makers may be able to sell some of their hedges. All right, so we'll keep an eye on this as expiration approaches. So that is the Friday expiration and just one over note. The next week is the FOMC meeting on Wednesday. So I'll talk more about that next week. All right, let's take a look at some charts. Now we'll start with positional analysis. This is the ES futures in book map. And before I take a closer look at this chart, I want to take a look at a larger timeframe. This is SPX. This is a 30 day one hour chart. Just showing price and key levels. So first of all, let's focus on price. This was the options expiration in August, August 18th. And this was a very negative gamma, slightly put dominated expiration. And that as those puts expired, market makers could buy back short hedges. And that led to a put Vanna rally after after the expiration on Friday, August 18th, until finally, gamma notional shifted to positive on the 30th. And then on the 31st shifted back to negative gamma. All right, so SPX still in a negative gamma situation, but leading up to a call dominated expiration this Friday. All right, so this is price action for SPX really the uptrend still continues after the August options expiration. Let's take a look at some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. That's based on the options market. That's for the week that doesn't change during the week. Then the dash blue lines are showing the lower and upper daily expected move. And note that SPX is trading above the upper daily expected move. The dash red lines are showing spot gamma proprietary levels. These are available to spot gamma subscribers. Let me point out the key daily levels. First of all, there's the put wall at 4,400. That strike did move up from 4,300 on Friday to 4,400 today. The next level up is the call wall. I'm sorry, the volatility trigger at 4,470 that a spot gammas proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative and negative gamma environment market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, like SPX is trading now, this is indicating that market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And actually I missed the absolute gamma strike. That's at 4,450. So that's below the volatility trigger. That is the strike with largest absolute negative and positive gamma. And then finally the call wall is at 4,550. And that level did shift down lower from 4,600 on Friday to 4,550 today. So the call wall shifted lower, the put wall shifted higher. The ceiling and the floor are kind of closing in on each other. So the shifts from 4,300 to 4,600 today. Now the floor is at 4,400 and the potential ceiling at 4,550. And also the volatility trigger did shift lower from 4,495 down to 4,470. All right. So those are the levels, the key daily levels for SPX. Let's just take a look at a one day chart for SPX just to see the levels in play for today. Here's the volatility trigger acting as support in SPX now trading above the upper daily expected move. Let's take a look at book map. In book map I have my own cloud notes. And note also I'm looking at the December contract, now the Z contract. So on this chart I in my cloud notes I have spy levels, also SPX levels. And there's the upper daily expected move for ES. A little bit different than SPX. And then here's the 4,470 level, the SPX 4,470 level that did act as support. One important thing to note here is the ES to SPX difference did widen out substantially with the new December contract. So with the September contract on Friday the ES to SPX difference was three and a half points. And today the ES to SPX difference using the December contract is about 52 points. So a substantial shift in the price difference between ES and SPX using the December contract. Also the ES to spy ratio did increase quite a bit as well. Alright so this is the the levels in play for today, the main level in play really is this 4,470 volatility trigger level acting more or less as a as support with this what pattern that appears to be a reverse head and shoulders. Alright as far as spy goes shifts and levels just the put wall shifted higher just like SPX from 442 to 445. And otherwise the other levels all remain the same. Alright let's take a look at NASDAQ now. This is the NQ futures in book map. And I'm going to take a look at a QQQ chart to see the levels in play for today. So the main thing is this volatility trigger for QQQ. So also acting as support more or less just like the SPX volatility trigger. And I'm not I'm gonna skip over the NDAQ NDX chart there are really no NDX gamma levels in play for today. Alright in book map again I have my cloud notes. I have QQQ levels. There's the 374 volatility trigger that did act as support. Actually let me just check on one thing. I may be wrong about that. Let's go back and check. Alright so there's a little bit of a discrepancy between the thinkorswim script and what is showing on QQQ 374 is the zero gamma level. And the volatility trigger is at 375. Alright so a little bit of discrepancy we got that straightened out. So 374 is the zero gamma level. And 375 is the volatility trigger. 374 is zero gamma. 375 volatility trigger. They're both important gamma levels. Alright so QQQ round number levels gamma levels definitely in play for for NASDAQ today. We'll talk about setups in a few minutes and Ellis Radar I don't know if I'm pronouncing that correctly. Yeah we can look at meta. It was not one of the stocks that I planned to take a look at but we'll take a look at that. Alright shifts in levels for for NASDAQ. The for NDX put wall and volatility trigger shifted higher. Absolute gamma strikes shifted lower and for QQQ volatility trigger shifted higher. And the absolute gamma strike also shifted lower. And again we'll talk about setups in a few minutes. Alright let's take a look at some data here that I use in my positional analysis. Take a look at gamma notional. This is market makers position on the gamma curve at the beginning of the day. For SPX and spy the numbers are negative indicating traders are long puts market makers are short puts and they have to trade with price to hedge their delta exposure. This is at the beginning of the day it will if this rally continues market maker this delta notional will likely decrease especially with SPX and spy trading above their volatility triggers. And this number is also negative for QQQ. So again this these numbers will most likely if this rally continues will most likely become less negative or even positive tomorrow. Alright let's take a look at take a look at the Vana model. For SPX go over this quickly this chart is showing how market makers delta notional on the vertical axis how that changes with changes in price shown on the horizontal axis. There are two curves on this chart. The light gray curve shows how market makers delta notional changes with changes in price only and then the purple curve adds implied volatility to the equation. That shows how market makers delta notional changes with changes in price and implied volatility and that change in delta notional with the change in implied volatility is the Vana effect. Vana is a second order Greek. So what this chart is showing is if price decreases market makers will need to sell futures to hedge their delta exposure they always want to remain delta neutral. On the other hand if price increases they will have to buy back their short futures and that tends to enhance and volatility. So the trading with price in either direction in this negative gamma portion of the curve. Let's just check on the price of SPX. Let's go back and check. So SPX low of the day was right around 44.68 so that's right about here. So that's pretty close to the bottom of the curve. So this indicates to me there's really very little Vana tailwind meaning that as prices increases implied volatility drops and a put Vana with a put Vana tailwind market makers can buy back short short hedges but this is really not indicating much of a if any of Vana tailwind and the charts are pretty similar for spying QQQ indicating not much of a Vana tailwind. Alright let's take a look at setups. I'm going to start with the SAP 500. This is the hero chart. This is hero is hedging impact real-time options. This is available to spot gamma subscribers. What this chart is showing is price for SPX in the white line and options trades and market maker hedging activity for a combined signal for SPX by XSP and ES futures. A rising line indicates that traders are taking positive Delta positions that they are either selling puts and or buying calls indicating whatever net for the day for this rising portion of the curve is positive Delta and when traders take positive Delta positions market makers are taking negative Delta positions and they have to hedge their Delta exposure by buying futures ES futures. Let's take a closer look at this chart. I'm going to zoom in. We'll talk about some setups here so the first was right at the cash open. Here's the cash open at 9 30 AM Eastern time and traders were taking negative Delta positions right from the open. Let's go take a look at a book map. I'm going to zoom in and after this quick surge right at the open a lot of aggressive buyers there that show them by the green volume dots that show buy minus sell and that order flow quickly shifted negative as traders started taking aggressive traders started selling. Again the volume dot showing buy minus sell a green dot indicates there are more buyers than sellers and a magenta dot indicates there are more sellers than buyers and you can see that with this CVD line there the dark blue falling shifts from positive to negative shifts from dark blue to pink or magenta and notice also the falling yellow line indicating sell stop orders helping to fuel the move lower so we know I already know that traders were taking negative Delta positions from the open that set up a nice short right down to this 4470 volatility trigger and then price made a series of lower highs reverse made a series of lower highs and then did a retest a couple times of the 4470 level zoom in a bit so let's go we'll take a look at hero first and see what options traders were doing zoom out a bit and we can see right around 11 a.m. traders started taking positive Delta positions and then that behavior persisted there's the three the retest of around the 4470 level and then price started to move higher as options traders were taking positive Delta positions let's go take a look at book map and see there are some additional clues and note these numbers are pretty light but not a lot of orders here but large traders were taking positive Delta positions with iceberg orders that shown by the blue line here in the sub chart that was gradually increasing these numbers are small 32 not significant for the SP 500 but large traders were taking we're buying with iceberg orders so options traders really really driving price higher in the SP 500 again when traders take positive Delta positions market makers are taking the opposite side and they have to buy futures to hedge their Delta exposure let's go back and take a look at hero again and let's drill down a little bit and see we can see what traders are doing first of all I'm going to separate out puts and calls this rising orange line the rising orange line shows that traders are buying calls that's also shown by the positive notional value here they're also net for the day buying puts that notional value minus 1.91 billion indicates negative Delta traders taking negative Delta positions although that activity did level off started to level off looks like around 1040 1045 and then they actually started that line starts rising slightly they started selling puts and then that levels off again so they go from buying puts to slightly selling puts and then not doing anything with puts while they continue to buy calls let's take a look at one other thing let's go back to the total signal and let's get a sense of what the zero DTE traders are doing so they are it appears to be in large part in control most of the options activity appears to be in zero DTE options that expire today that's shown by the green line so this purple line is all trades all expirations and then the pink the green line here is isolating next expiry which for the S&P 500 SPXES spy would all be options that expire today so very strong correlation between the zero DTE line and the all all expirations line so zero DTE trades traders are very active today so far having a mean reverting action on price selling the open and then as price gets lower they start buying the dip so they were selling that move higher before the open and then they started buying as price moved down so buying the dips and selling the highs alright let's take a look at NASDAQ now so pretty easy read here and pretty easy read to see that options traders are having a very strong influence on the S&P 500 today and somewhat of a mean reverting price action so far again selling the selling the open that rally before the cash open taking negative delta positions and then as price dropped down around that 4470 level started taking positive delta positions take a look at NASDAQ pretty similar here a little bit more choppy but again right at the cash open traders fading that rally the the pre-market rally so let's go take a look at that first in NASDAQ and holy trinity hello happy Monday to you hope you have a great day to welcome glad you're here alright let's take a look at NASDAQ let's zoom in on this opening setup here very similar pattern to the S&P 500 kind of a final whoosh up in the morning looks like there were some large traders selling that with iceberg orders that show them by that try that again iceberg orders then aggressive sellers start to come in that show them by the magenta volume dots and you can see that just like the S&P 500 aggressive sellers some with shown with cumulative volume delta also sell stop orders fuel the move down to the and I'm looking at the S&P 500 no wonder it looks looks familiar sorry about that alright my apologies that we've got the correct instrument now so a similar move up reversal lower right around the 376 level down to the 374 level zero gamma level aggressive sellers you can see all the magenta dots volume dots also sell stop orders falling cumulative belt falling stop line that's the yellow line alright so that was the opening setup short in NASDAQ as options traders faded that move to faded the the pre-market rally let's go back and take a look at hero and then around 1030 options traders started taking positive delta positions and price started moving higher it looks like right now options traders and NASDAQ are fading this fading the move higher so we'll keep an eye on that let's just go back and check price action around 1030 so NASDAQ makes a series of slightly higher lows all the lines in the sub chart rising cumulative volume delta stop orders iceberg orders all rising then the aggressive buyers really start to come in about 1115 you can clearly see the the green but the shift to green volume dots there right so we know that options traders are right now started to take negative delta positions and looks like aggressive sellers are coming in so we'll take a look at this in just a moment I do want to cover a few setups in in stocks alright Ali I'll get to your question and in just a minute when we get to the live market so it looks like but we'll talk about that in just a minute alright so let's take a look at some stocks I'm gonna go back to hero well actually first let's take a look at take a look at this watch list and think or swim I have it ranked by percentage change highest to lowest there's Tesla on the top AMD and Nvidia on the bottom and Nvidia and Tesla the usual suspects if you're not much moving in the S&P 500 and NASDAQ today but definitely the again the usual suspects Nvidia and Tesla moving quite a bit in opposite directions so let's just go through and we'll take a look at AMD also so I'm gonna go take a look at AMD first so in AMD I'm gonna separate out puts and calls and it took a few minutes but traders right around 935 pretty started selling calls pretty aggressively as price was moving lower they started selling calls let's go take a look at AMD here and book map so very sharp drop in the first thing in the morning in AMD would have been unless you were really prepared for that would have been hard to catch alright let's move on to Nvidia another really sharp drop lower let's zoom in on this so here's your opportunity if you were very fast in the morning to take a short let's go take a look at hero so price quickly move below VWAP and stayed below VWAP take a look at hero go to Nvidia so Nvidia traders were buying puts and selling calls price moved through the hedge wall at 455 also 450 the key gamma strike didn't quite make it to the 440 put wall let's take a look at something else to see how we could have prepared for this and Nvidia I'm gonna go to this is equity hub spot gamma equity hub this is the key daily levels showing a 10-day history of the key daily levels and if you trade stocks this is a good thing to look at to see how the levels shift from day to day just like I do for the SB 500 SB X by Ndx and QQQ you can also look at this information for stocks so what this is showing is the key gamma strike dropped from 470 to 450 that's Friday to Monday the hedge wall also dropped lower and the put wall dropped lower so that I interpret that as bearish three levels shifting lower that is bearish so based on this I would be looking for a short setup at the open and the order flow and hedging flow definitely confirm that let's zoom in on this and from the open hero shifting lower traders taking negative delta positions again selling calls and buying puts both blue and orange line falling all right finally let's take a look at Tesla and just just the opposite Tesla was upgraded this morning I think this might be what has sparked this rally and note the rally is SB X is trading I mean Tesla is trading above the call wall 280 call wall so it took a little while there was about 15 minutes of chop before traders started what's wrong tool taking aggressively taking positive delta positions and price responded higher there's a flow alert that may be hard to see that small yellow dot indicating unusual activity in the hero signal and that would have been a good opportunity to look for a long price consolidated a bit as the hero signal flattened out and then started to move higher as traders resume taking positive delta positions all right so let's go to book map take a look at Tesla all right Truman says I checked mine at 9 ish and those numbers had not shifted yet for Nvidia is 9 11 not updated till later in the morning that those numbers should be available first thing a Monday morning or first thing in the morning that those numbers are based on gamma weighted open interest open interest is updated sometime in the evening like around round midnight so I think spot gamma does their calculations sometime very early in the morning 2am 3am something like that so those numbers should be available after that for the weekend I'm not sure if that's Friday night or Sunday night but it by evens 5 or 6am on on Monday morning the updated levels for today for 9 11 should be available so it's potentially potentially you needed to do a refresh on your browser or maybe maybe even clear cash clear your history and refresh your browser if you do not see the current levels for today in equity hub so Truman try that also you can contact info at spot gamma dot com with any questions concerns about that but my data was updated when I checked on it this morning all right so here's Tesla a little bit of a chop in chop in the morning for the first 15 minutes or so price breaks out as traders start aggressively taking positive Delta positions there's that alert than a retest of VWAP in the 263 level and then aggressive buyers start to come in you can see the size of the YM dots increases and aggressive buyers as well as options traders take price up to around the 272 level at right at noon 12 noon so yeah Truman I think the your first step would be to do a refresh clear your cash if that doesn't work get in touch with spot gamma info at spot gamma dot com all right so big move today for Tesla let's go back and take a look at hero again so really after about 945 again there's the when a trader start aggressively taking positive Delta positions that levels off consolidation pull back to VWAP in then aggressive buyers start to come in as well as options traders taking positive Delta positions and price moves higher and notice that options traders have taken their foot off the gas prices consolidating let's just see what they're doing today so calls call buyers definitely driving price action in in Tesla today again when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure all right so choppy range mount action in the SMB 500 and NASDAQ and then great short set up if you could catch it in Nvidia and AMD and then a great long set up in Tesla again the usual suspects all right let's take a look at the NASDAQ now there was a question earlier Ali asking about where would I expect a retracement from an NQ so so far NQ just appears to be moving higher even though options traders are taking negative Delta positions shown by the falling purple line although that does seem to be shifting higher now let's go to book map go to NASDAQ all right I could get I'll get to your question in just a minute so here if I was looking for a retake retracement in NASDAQ I would watch the QQQ and NQ round over levels so we saw that the hero signal was starting to turn up again so I would just watch this so far so we know that overall though the trend of hero started to shift lower around 130 that's right here right on 130 so that's right around here 130 we also know right around that time large traders started selling with iceberg orders shown by those icons there then aggressive sellers start to come in right below the 377 level now and it looks like there's still some aggressive buyers here so if I were looking for a short in NASDAQ I would I would wait for a lower high all right so I could yet ask does the 7270 call dominated level and Tesla play a factor as much as the call wall so let's take a look go to Tesla here and I'm going to go take a look at Tesla and equity hub let's take a look all right let's go back and see you Tesla is trading right around 273 274 all right so let's see what information that we can gather from this so we know that first of all we know that Friday is a major expiration and likely there will be a large percentage percentage of gamma expiring on on Friday these orange bars are showing call gamma gamma notional and when price increases like it's doing today we know that all of these calls so the assumption for stocks is that this is what spot gamma assumes that traders are long calls market makers are short calls and as price increases they have to continue to buy stock to hedge their delta exposure so we know that traders are buying calls today we also know that all these calls down especially from the 250 level and above they're all going deeper in the money their delta is increasing as they go deeper in the money so as traders are buying calls today those calls that are shown here in equity hub are going further in the money their delta is increasing and market makers have to continue to buy stock to hedge their delta exposure now another thing that we can gather from this chart as price gets up to this level note the slope of the this orange line indicating a very quick shift in gamma notional starts the slope starts to level off so this indicates that market makers are becoming fully hedged have a reduced need to hedge as price increases and this should indicate potential you know at least temporary ceiling for price as this curve starts to flatten out again market makers need to hedge starts to diminish so all this all this gamma is deep in the money and market makers again need to hedge will start to diminish right let me check for questions all right so Truman says hero for Tesla monthly and five-day range level was giving very negative signals this morning but Tesla rose all right so I'm not quite sure what all that means but remember there was news about Tesla this morning that this is something new that is new information that came out this morning with the upgrade this morning to Tesla so that is yeah we'll look for these levels to shift tomorrow but what this is showing based on the current current gamma levels that this market makers need to hedge is starting to diminish all this call gamma is starting to go deeper in the money all right Truman asked for stocks spot gamma uses short puts and short call model for stocks that is correct so for stocks spot gamma assumes that traders are long puts and long calls so market makers are short puts and short calls on the other hand for indexes like the SMB 500 and NASDAQ spot gamma assumes that traders are long puts and short calls so traders are short puts and long calls or market makers are for the index they are short puts and long calls all right so two different models one for stocks and one for the index products that's correct all right let's go take a look at Tesla and book map well first of all we'll take a look at hero let's go back to Tesla so Tesla continues to rise it looks like some aggressors crater started to come in right around 120 let's go to book map so it looks like the next target is the 275 level of high liquidity resting sell orders sell limit orders all he says the spot gamma stuff is crazy I'm gonna need to read up on this a bit more yeah this is something new this is a new way of looking at the market it kind of an options-based way of looking at the market my thesis one of my key tenets for trading is that options trades and market maker hedging activity are key driver of SMB 500 NASDAQ this is not every day this is not every minute every day but often and for certain stocks especially for Nvidia and Tesla stocks and replay traders are buying and selling calls and puts and market makers are taking the other side of those trades and hedging by buying and selling stock so Truman says and Ali there's a lot of information take your time spot gamma has a great website a lot of information there also a YouTube channel for the basics for spot gamma also I have a webinar every day 1 30 p.m. Eastern time archives are available in the book map YouTube channel and I show traders how to take this information and use it in their everyday trading how you can yeah I try and make it practical how you can utilize this information with book map and spot gamma to to plan and set up trades plan and execute trades all right so I hope that helps and Ali please come back and this will start to make sense after a while all right let's take a look quick look at the SMB 500 consolidating around the upper daily expected move and SPX also consolidating but above it's upper daily expected move all right no so NASDAQ consolidated around the 377 level now attempting to move higher let's see if that hero line continued to turn up and then we'll call it a day so let's go to NASDAQ so if we zoom in a bit we can see right around 2 p.m. that options traders started taking positive delta positions again all right Truman says the round number seemed to have as much influence as the option levels yeah they do I think especially for QQQ for NASDAQ you just have to watch it every day but I think that's where traders put their orders you know of course for options you can only buy and sell options at the round number strikes so for QQQ options you can only buy and sell options at the 375 376 377 level so the round numbers round number levels are very important all right then Ali you're welcome Truman says it goes faster if you have a subscription he says he didn't and did not learn as fast as I can am now Ali also spot gamma does provide a free seven-day trial so I would spend before you can take full advantage of that I would spend some time reviewing the spot gamma website and watching my webinars you know in attending live every day so once you have somewhat of a feel for it then maybe try that the trial all right my time is up I want to thank everyone for watching thanks for your questions and comments and remember fireworks should start later on this week with CPI on Wednesday PPI and retail sales on Thursday and then the big September quarterly options expiration on Friday all right thanks again thanks for watching everyone and I will see you tomorrow bye