 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 general disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. This 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 and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step in my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow on 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. As the 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, Karma FX, glad you're here and welcome. My agenda for today, I want to talk about news items, economic data events and earnings for today and for the rest of the week. Then I'll go through my positional analysis. And I want to review some setups from this morning. And 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 and I will do that. All right, let's get started. News items first, economic data. The data that came out this morning was the CPI data. And that was at 8.30 a.m. Eastern time before the cash open. And that came in about in line. And initially there was a bullish reaction, kind of an up and down reaction. And then after the RTH open, a bullish reaction that reversed about a half an hour later. We'll take a look at that when we get to setups. All right, let's go on to positional analysis now. So data coming out tomorrow, PPI data at 8.30 a.m. Eastern time and Michigan consumer sentiment at 10 a.m. So that's tomorrow. And that should wrap up the data for the week. All right, I'm going to start with my positional analysis now. So of course, a lot of this was dependent on the CPI data and the reaction to that data. Again, that came in mostly in line. All right, before I get started, this is the book map chart for ES futures. And before I take a closer look at this, I want to take a look at a larger time frame. I'll take a look at an SPX chart. Larger time frame. Let me just zoom out a little bit to get some context here. So this is SPX in a 30-day one-hour chart. And this is showing the downtrend that began after the Fitch downgrade. That was last week. And note this morning that the SPX moved up above that downtrend as now trading below that level. All right, let me point out some other levels on this chart. First of all, the upper and lower weekly expected move. This is based on the options market shown with the dash purple lines. And then the lower and upper daily expected move, again, based on the options market. And note this was quite wide, plus or minus 37 points yesterday. So that's because of the CPI data and the higher implied volatility for today based on the CPI data report. All right, so again, quite wide and also the negative GAM environment. I'll talk more about that in a few minutes. So the lower and upper weekly expected move dashed purple lines and the lower and upper daily expected move with a dashed blue line. So SPX did trade above the upper daily expected move earlier today. And then now it's trading more or less in the middle of the range. All right, let me point out some spot gamma levels on this chart, shown with the dark red horizontal lines. First of all, here's the poop wall at 4,400. This is a, all of these are proprietary spot gamma levels indicating levels of high gamma where market makers are expected to react. This is the poop wall. This is strike with the largest net negative gamma. It can be expected to act as support. And note that level did drop lower from yesterday. Yesterday the poop wall was at 4,500. Today it dropped down to 4,400, moving that potential floor for price down 100 points lower for SPX. And that is, that is bearish. All right, the next level up is the 4,500 level. That's a key level for the SPX. That is the volatility trigger first, that is 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. And note that SPX gamma notional was negative at the beginning of the day, SPX did trade above that level and is now trading below that level, back in the negative gamma environment. And we'll take a look at the Vana model in just a couple of minutes to get a graphical representation of how that may be working. All right, then 4,500 is also the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. So again, a very important strike. And then the call wall is at 4,600 and that is the strike with the largest net positive gamma and that can be expected to act as resistance. So the range there for SPX is the put wall at 4,400 and the call wall at 4,600 potential ceiling and floor. All right, let's take a look at another SPX chart just for today just to see the SPX levels that are in play for today. So this is SPX in a one day one minute chart. And this is showing, let me zoom out just a little bit, I'm going to zoom into just today. So this shows the sharp move up, the gap up, and then the sharp move after the open until about 10 a.m. up above that trend line, the upper daily expected move as well as the volatility trigger and now SPX is trading below that level, below those levels. All right, let's take a look at book map now. And book map, I have my own cloud notes and I have, first of all, SPX levels. So there's the 4,500 absolute gamma strike volatility trigger. And note there is about a 16 or 17 point difference between ES and SPX. I'm using 17 points here. So this SPX 4,500 is at shown here on this chart at ES 4517. And that number changes a little bit during the day, but when I was checking it this morning, it was at a 17 point difference. All right, so I have the SPOT gamma levels shown on the SPX charts. And then I also have some additional SPOT gamma levels like this 4526 resistance level. This was noted as resistance in the SPOT gamma AM founders note. So I add those to my cloud notes as well. And then I also have SPI levels. And I believe the SPI, let me just check, let me just check something real quick, just a moment. Some of the, there's an overlap between some of the SPX and SPI levels. So right around here at 4510, that is also the SPI 450 level. That is the volatility trigger and the absolute gamma strike. So just above the 4500 strike level for SPX up here at 4510. And that was noted as a resistance level as well. All right, so the key level, key levels here. First of all, the, initially in the morning at the cash open, this SPI 448 level did act as support. Quick, sharp move up to this 4526 level and then the SOB 500 continues lower. And I'll talk about setups in a few minutes. This was a pretty clear read in both order flow and in hedging flow and in hero. All right, so a lot of SPX and SPI levels in play for today. All right, let's take a look at NASDAQ. And again, shifts in levels. I mentioned the, for SPX, the volatility trigger and put wall both shifted lower. And for SPI, the call wall actually shifted higher from 452 to 455. So that's bullish for SPI. All right, let's take a look at NASDAQ now. This is in QFutures, in Bookmount. And I'm going to take a look at a QQQ chart first. Zoom in on today. So QQQ, for QQQ, the resistance was around the 374 level this morning. Note that 370 is the absolute gamma strike. Excuse me, 370 is the absolute gamma strike. And that strike did move lower from yesterday, from 375 yesterday. Put wall is down at 365 now. It was at 370 yesterday. So another move lower for the put wall for QQQ. And then finally, the volatility trigger is at 375. And that also moved lower from 376 yesterday. All right, so shifts lower in the volatility trigger, put wall, and absolute gamma strikes for QQQ. Definitely bearish. All right, again, I have my own cloud notes here. NQ traded up above its upper-dayly expected move earlier, is now trading lower. There's the QQQ 370 absolute gamma strike. And it looks like NASDAQ is down to the NDX, 15090 volatility trigger. All right, so I talked about shifts and levels for NASDAQ, for QQQ, volatility trigger, put wall, and call wall, absolute gamma strike, shifted lower. That's bearish. And then yesterday, I don't know if anyone recalls, for NDX, all the levels shifted lower. And they all shifted higher today. So not really in play today, other than this 15,090 volatility trigger. And again, I'll talk about setups in a few minutes. I just want to go through the levels, the shifts and levels, and what is the levels that are in play for today. All right, let's take a look at some other data, some additional information I use in my planning process. This is gamma-notional, market makers position on the gamma curve at the beginning of the day, for SBX, SPI, NDX, and QQQ. And I really don't pay much attention to NDX. It's never very significant. But for SPX, gamma-notional is negative. Again, market makers are trading with price to hedge their delta exposure. That's because traders are long puts in this portion of the gamma curve. Market makers are short puts, and they have to sell futures as price decreases to hedge their delta exposure. We'll take a look at the Vano model in just a minute. All right, so for SPI, this is minus 2.08 billion, very, very negative. This is significantly negative. And then for QQQ, also very negative, at minus 919 billion. So these numbers all shifted lower from yesterday. SBX, SPI, and QQQ, gamma-notional all shifted lower. Let's take a look at the Vano model now. I'm just going to go to QQQ. And first of all, this Vano chart is very typical of a negative gamma Vano model. Let's see where we take a look at a chart of QQQ and see where it is traded today. So at the cash open, QQQ was around 371, traded up to 374, and is now down around 368. So first of all, let me explain what this chart is showing. This chart is showing market makers delta-notional on the vertical axis and price on the horizontal axis. There are two curves on this chart. Excuse me. So the first, this light gray curve, is showing how market makers delta-notional changes with changes in price only. And then this purple curve adds implied volatility to the equation. That's showing how market makers delta-notional changes with changes in price and implied volatility. And that is the Vano effect. Vano is a second order Greek. So what this chart is showing is when price decreases, market makers delta-notional will increase. So price is decreasing, implied volatility increasing, market makers delta-notional increasing, and they have to sell futures. They'll sell NQ futures, in the case of QQQ, to hedge their delta exposure. Then on the other hand, as price increases and implied volatility drops, they can buy back their short futures. And that was in play earlier today. Let's check some levels here. So QQQ opened around 371. So that's showing if price increases a very slight Vana tailwind, market makers can buy back some of their short futures up to a certain point. And then on the other hand, let's go up to 374 now. Whoops. 374. So at that point, there was really no more Vana tailwind. It was near the bottom of this curve. So 371 to 374, no Vana tailwind. And then on the other hand, as price started to drop, this is showing that market makers needed to sell futures to hedge their delta exposure. And this, again, this curve, this very sharp skew to the left, Vana increasing, delta notional increasing to the left, indicates that market makers will need to sell futures. And this is typical in a negative gamma environment. And this leads to larger moves in, again, a negative gamma environment. So right now, QQQ is trading around 368. So from near the bottom of the curve, this is starting to steepen. So again, showing market makers need to sell futures to hedge delta exposure. Let's just take a look at spy, pretty similar curve, NSBX, not as extreme. All right, so that is the information. That is those are the things that I look at to develop my thesis. So again, any directional move was really dependent on CPI data and the reaction to CPI data. But I was definitely looking for higher volatility today based on the very negative gamma for SPX, spy, and QQQ. All right, let's start with some setups now. I'm going to take a look first at the SAP 500. This chart is showing price for SPX shown with a white line and the hero signal, hedging impact, real-time options. This is from Spot Gamma. It's showing options, trades, and market maker hedging activity for combined signal for SPX, spy, XSP, and ES futures. So if you trade any form of the SAP 500, whether it is futures, ES futures, spy share, spy options, SPX options, this is the signal that you want to take a look at. Let's zoom in on this chart. And note is now out of sync. But this morning, this led to a great short setup, nice divergent setup. And this is a setup I gave it a name some time ago called a hero kickoff, where the options traders seem to initiate the move lower, and then other traders come in, and the options traders leave the field, and other traders come in and take over. All right, so here's the, again, the hero signal. Zoom in just a little bit more. So this, right here, this is the cash open, 9.30 AM Eastern time. And note the chart move higher. And just a few minutes after the open, options traders started taking negative delta positions. And it took about a half an hour for this to play out. But initially, and we'll take a look at book mapping just a minute to see what happened. But after that initial move higher, the S&P 500 started to move lower. All right, so let's see what traders were doing. So this is showing puts and calls. Let me zoom in on this just a little bit more. OK, so I'm going to about 11.30. So what this is showing, the blue line is puts. And up until about 10.45, traders were aggressively buying puts. That's shown by the falling blue line. And initially, at the open, they were buying calls, not aggressively. And then that level, that activity stopped. It's leveled off. So right around 10 AM, traders stopped buying calls. And they continued to sell futures. And price really started to reverse lower. All right, so let's go take a look at book map now. Go back to ES. I'm going to zoom in just a little bit. OK, sorry about that. So we know that really from the open, traders were aggressively buying puts. Around 10 AM, they stopped buying calls. That activity leveled off. And you can see the shift in order flow. This is somewhat of a stop run with aggressive buyers moving price higher up to this level 45.26 that we expected to act as resistance. So stop run and aggressive buyers moving price right up to an expected resistance level as traders were taking negative delta positions, options traders, and then aggressive sellers started to come in. Whoops, wrong tool. Aggressive sellers started to come in. You can see all the pink dots, CVD and stops, those level off. I'm showing stop orders with the yellow line, cumulative volume delta or CVD with the blue line there, the dark blue line. And then aggressive sellers continue to come in. And then price finally reverses lower right around the, I think that is the SPI 451 level and also the SBX 4509 zero gamma level. And then price reverses lower below the upper daily expected move. So I thought this was pretty much a softball just lobbed, the S&P 500 lobbed a great fruit at you. Pretty easy read here with this hero divergence, options traders leading the way, and then as price starts to move lower, aggressive sellers and sell stop orders shown by the falling dark blue line, the falling yellow line, move price lower. That is, that's 1800 and 16 contracts, sell stop order, helps to fuel the move lower, more stops on the way down. And initially, large traders were coming in with iceberg orders and that did have some impact, slowing price down from time to time, the zoom out. So really the downtrend continues lower. So now, S&P 500 definitely, SPX and SPI definitely on the negative gamma portion of the Vana model. And market makers having to sell futures to hedge their delta exposure. All right, so that led to, again, what I thought was a pretty clear short setup this morning with that hero divergence, that hero kickoff, and then aggressive sellers and aggressive sellers and sell stop orders. And overall net, large traders with iceberg orders, all moving price lower. Note all of these numbers, these cumulative numbers, all negative for iceberg stops and cumulative volume delta. All right, let's go back to hero. I'm going to go back to the total signal. So I'm looking at cause and put combined. And note that this hero signal, very choppy, but has trended up from around 1040 up to about 1240 for about two hours and then is starting to move lower again. All right, so great hero kickoff short in the morning. All right, thank you, Eric. All right, Ben asked, says, what's up? Hello, Ben, glad you're here. Same to you, Eric. Hello, glad you're here. Is there logic behind why a trader may flip their large liquidity from the offer to the bid and vice versa? So that's a great question for Bruce. He's the director of education at Bookmap. That's his area of expertise. And he presents on Monday, Tuesday, and Friday at 10 and he's the Bookmap order flow expert. So I suggest asking him that question. He'll be able to give you an answer on that. All right, so that was this great short setup this morning. Hero kickoff, divergent short. And if you bought a put up at the top and held on to it, you're having a great day. Or sold futures or spy shares and just held on to a runner. Yeah, you're having a great day. All right, let's take a look at NASDAQ now. All right, for NASDAQ, the same divergent short. Short move up. Options traders fading that. And then price starts to reverse lower. We'll take a look at this setup in Bookmap. So Jordan asked, do you need to subscribe for Spot Gamma to obtain information like this? Yes. So go to spotgamma.com. There are several subscription levels. And this chart that I'm looking at now, the hero chart is included with a Spot Gamma Alpha subscription. So this is a subscription service. I think it provides very valuable information and I use it on daily. All right, so there's the setup for a NASDAQ short. Let's go take a look at Bookmap now. Go to NASDAQ. So overall, this overall trend, again, cumulative volume Delta stops and iceberg orders all negative, although some larger traders are starting to come in right at the spy 445 put wall. That's kind of obscured by this SPX signal, but this is the spy, right here is the spy 445 put wall. Let me just confirm that on another chart. Yeah, that's right, that is the put wall. And I believe that level did act to support yesterday. And let me check that as well. I'm just looking at a spy chart on another screen. And that is right. Yesterday, the spy 445 put wall was the support level right around 12 noon. So the SB500 has made it all the way down to that level and it looks like it is reversing pretty sharply higher. All right, let's go to NASDAQ now. All right, so NASDAQ pretty similar setup around the same time. Aggressive buyers fueled the sharp move higher from the open up to right around 10 a.m., the QQQ 374 level and then aggressive sellers start to come in. You can see the shift from green dots, green volume dots, those are market buy minus sell. So there are more buyers than sellers with a green dot, more sellers than buyers with a magenta dot or a pink dot. Then price reverses lower as options traders continue to buy puts and aggressive sellers continue to move price lower. So it looks like now the NASDAQ has made it down to the QQQ 367 level. Let's just get a quick check on VIX. So let's look at VIX for today. So note that initially this is VIX, you could probably, you know, for NASDAQ look at VXN. Initially VIX trading lower and reverses higher right at 10 a.m. just as the S&B 500 was moving lower. So confirming the short setup and contributing to the, remember the Vantel model includes changes in price and implied volatility. So contributing to that move lower as implied volatility increases, market makers have to continue to sell futures. So for S&B 500 in particular, always important to pay attention to implied volatility. All right, here's the NASDAQ. And if you bought a QQQ put, you're doing pretty well today. Or sold futures or sold QQQ shares. All right, let's take a look at some stocks. I'm gonna start with Apple. Let's go back and take a look at Hero. See what options traders were doing. So for single stocks, there's often a much clearer, a much more clear read with Hero. So a much stronger or direct correlation between options trades, market maker hedging activity and many single stocks. And that's why the single stocks that I have in my watch, that's why I have these stocks in my watch list, mostly the Magnificent Seven, large cap tech stocks. Price action is heavily correlated to options trades and hedging activity. So I can understand the drivers of price, whether traders are buying calls, buying puts. And I can see how that is driving price. So let's take a look closely at Apple. And initially traders were taking positive delta positions, confirming the move higher, and then that leveled off and started to move lower. As traders stopped taking positive delta positions, started taking negative delta positions and price reversed lower. And note that 180 is the key gamma strike. All right, let's go back to book map now. So there's the reversal lower for Apple. 180 is the key gamma strike. All right, the next is AMD. And another reversal lower right around 10 a.m. Let's see what options traders were doing. And another confirmation short. Let's just zoom in on that. So what I'm talking about is this move here right around 10 a.m. So traders were taking positive delta positions after a move lower or move higher. And then they started taking negative delta positions and AMD started to move lower just around the same time, just maybe a few minutes later than everything else. Let's go back to book map. And you can see the shift in order flow here in book map. Aggressive buyers attempt to move higher, price higher at VWAP. Tune down these volume dots just a little bit. So aggressive buyers try to move price higher at VWAP. Doesn't work as options traders started taking negative delta positions and then the aggressive sellers come in and move price lower down to the liquidity at 110. And then our price is chopping around that level. Let's go back to hero. So 111 is the hedgewall, but 110 is not a gamma strike. All right, here's NVIDIA. One thing to note here is the weak hero signal. So first of all, NVIDIA has been pretty weak recently. Maybe the AI bubble has burst at least for the time being. So this hero signal is showing the strength of the hero signal, comparing it with the last 30 days and that's shown by the entire length of the slider. That may be very difficult to see, but there's kind of the upper end of the slider and the lower end. So the white dot is showing the current signal pretty close to the lowest or the weakest signal in the last 30 days. Then the colored portion of this is comparing the signal to the last five days. So there's also in the weaker portion of the last five days. So that is one clue to look for for a short setup. All right, let's zoom in on this. So this also resolves lower just right after 10 a.m. as traders finally decide to start taking negative delta positions. Let's see what they were doing. So pretty much initially from the open, they were selling calls. So they were taking advantage of higher volatility and selling calls and then right around 10.30 they started buying puts, both helping to fuel the move lower. One thing that can happen to stocks like NVIDIA where there's a persistent demand for calls. If anytime there's a demand for anything price goes up and when price goes up implied volatility goes up. So that's a good indication that of a demand for calls when implied volatility for calls increases and can be higher than the implied volatility for equidistant puts. Equidistant out of the money. So there comes a point where traders no longer wanna buy the calls because the price is too high and they start selling the calls because of the high implied volatility. All right, so there's NVIDIA. Nice short setup after a sharp move higher in the morning. And let's go take a look at book map for NVIDIA. So there's the very sharp move higher from right around 420 to 435. So if you were fast and caught some of that move higher, nice quick 15 point move in NVIDIA and now NVIDIA reversed pretty sharply as options traders started taking negative delta positions and price is moving lower now consolidating somewhere between let's say 421 or 425. All right, so those were the setups that I saw this morning, but there were many, many short setups starting around 10 a.m. with the stocks that I follow. All right, so let's take a look at the live market now. And if anyone has any stocks, they want me to take a look at please let me know. Let's just take a look at Tesla. And for me, Tesla was a little bit confusing today. The note all the green dots there, aggressive buyers coming in, rising cumulative volume delta, but price moves lower. Let's see what options traders were doing with Tesla. So initially they took negative delta positions right around 10 a.m. Just like everything else, it took a while, but Tesla did move lower. And now they're taking positive delta positions and that does not seem to have that much of an impact on price. Let's just see what they're doing. So they're buying calls and selling puts with positive delta positions. All right, let's move on. Let's go back to the S&P 500. And another confusing signal. So we saw that options traders had a pretty strong impact on price this morning, but not so much this afternoon. Let's go back to book map. So it looks like a 2 p.m. reversal may be in play. Note the large traders coming in with iceberg orders shown by the rising light blue line. So there are some iceberg orders. 1,433 contracts, six executions. Or 374 contracts. There's a very large order, 2078 contracts, two transactions, two executions. And that is the 445 put wall. So we know that traders are starting, have been starting to take positive delta positions, aggressive, or larger traders coming in with iceberg orders and buying at that level. So now they may be looking to take ES higher and what would be nice to help confirm that move is to see some buy-stop orders like that. And as well as large green dots, confirming the move higher or buy-stop orders and aggressive buyers starting to come in and move price higher. All right, so we'll keep an eye on that. Let's take a look at NASDAQ. So it looks like right around 2 p.m. NASDAQ trying to move higher as well. Let's see what options traders are doing. So net, this was the hero signal moving higher up until about 1250, leveled off and now aggressive buyers starting to come in again, taking positive delta positions. All right, so sorry, I don't know how to pronounce your name. Mivid, sorry, I'm not sure. So there were 200, 2078 iceberg orders that executed. So that was the total number of contracts that executed. And there were two, what book map is indicating there were two separate transactions. So that was a total of 2078 contracts and two transactions, at least at that level of aggregation. So let's go back and we'll see what he's talking about. So there's the 2000, again, that's execution, E means execution, 2078 contracts, two transactions. And I'm sure if we zoom in on that, that may break that down even further. So there you go. So 500 executed, this is showing C for cancellation, 1,578 canceled. So not sure if any of that 1578 executed. All right, so this is typically about as close as I zoom in. Let's go back and take a look at hero. So hero is overall pretty flat for NASDAQ. Let's take a look at the SB 500 and definitely much stronger, much more bullish here for the SB 500. So hero broke this trend as now moving higher, continues to move higher as traders are. So they're buying calls now, and it looks like they have stopped buying puts. So this blue line is pretty much flattened out and then they're buying calls, the total signal. So overall for today, this number is positive right around 755 million positive. All right, Mivin asked, says thank you for the explanation, you're welcome. Great, glad that makes sense. If you have more questions about iceberg orders and what the icons mean, go to bookmap.com. There's plenty of information in the knowledge base on the bookmap.com website. And then he also asked, what is hero again, hedging impact real-time options? That is showing real-time options trades and market maker hedging activity. And again, for SB 500, it's a combined signal for SBX by ES and XSP. And for most single stocks like Apple or Tesla, it's just showing options trades for that particular instrument. And Feng says, hello, hello, Feng. There are three versions of smart gamma subscription. What version do you have? I have the alpha version. And Obsess says, hedging impact real-time options. Thank you, yeah, that's what hero stands for. So that is showing again in real-time what options traders are doing, market maker hedging activity and the impact that has on price. We'll just take a quick look at some stocks here. See Tesla, so I like to look at these thumbnails here so I can see that the hero signal for Tesla is positive. Looks like there's a sharp move lower in AMD. So for AMD, options traders continue to take negative delta positions and it's flattened out for NVIDIA. So still positive for Tesla, check the NASDAQ. So still negative for NASDAQ. Leveled off not much. Options traders have been pretty quiet in NASDAQ as it is consolidating at the lows of the day. On the other hand, again, S&P 500 options traders continue to take positive delta positions. Let's just, so we'll leave it at that. Let's go take one final look at book map at the ES. So there's that 445 put ball just right above the 4459 support level that was noted as support in the Spot Gamma AM Founder's Note. And now they're trying to move price higher. Assisted by larger traders with iceberg orders. All right, my time is up. I wanna thank everyone for watching. Thank you very much for your questions and comments. I always love the interactivity, especially in YouTube. So again, thank you. Remember, PPI data tomorrow morning at 8.30 a.m. Eastern time and Michigan consumer sentiment at 10. And then we'll talk about it tomorrow afternoon. Thanks again, bye.