 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. First 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an options-dougge chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment and note that Bookmap Discord is a very large community. There's a wide variety of content there, options, stocks, futures, crypto, also a wide variety of languages, great content, traders working together to help each other learn to use Bookmap and to help become better traders. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. Here are the key tenets of my approach to trading. Excuse me, here are the key tenets to my approach for trading. First of all, I believe that options trades and market maker hedging activity are key drivers of price in many stocks and futures and definitely the stocks and futures that I follow, large cap tech stocks as well as equity futures. And for the SB500, SPX is the underlying index, SPX is the SB500, SPY is the ETF version of that index, and ES is a derivative of SPX. So when traders buy and sell puts and calls and SPX and SPY, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And for the NASDAQ, NDX is the underlying index, and QQQ is the ETF version of the NASDAQ 100, and NQ is a derivative of NDX, so just like the SB500, when traders buy and sell puts and calls and NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NQ futures. The focus of my presentation today, and the focus of the options-dog chat channel, is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading at 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 the directional bias. And the second step in my process is execution. I look at real-time order flow on book map 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 focusing on an underlying asset. And setups in those assets can be taken any number of ways. For example, the SB500 setups can be taken with ES futures, SMI shares, SMI options, SPX options, or even ES options. Questions and comments are welcome, and I will be watching both the options-dog chat channel and Discord, as well as the chat and YouTube for your questions and comments. Please feel free to post, and I'll do my best to answer your questions. And hello NC40G, welcome, glad you're here. Afternoon for me. All right, here's my agenda for today, Tuesday, February 27th. First of all, I want to go over news items, economic data for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today. Then I'll take a look at the live market. 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'll be glad to take a look at them. Let's start with economic data. There were a couple of data reports this morning. First of all, the durable goods orders report came out at 8.30 a.m. Eastern time, and that was less than expected, less than previous, and also negative number, lower than zero. And I really didn't see a whole lot of reaction to that data. And then at 10 a.m., consumer confidence came out. There was more of a reaction to that data release. It came in lower than expected and lower than the previous number. So that was today. The rest of the week, GDP report comes out tomorrow, 8.30 a.m. Eastern time. That's the fourth quarter second estimate. And then Thursday, the big data release of the week is the PCE data comes out at 8.30 a.m. Eastern time, could be a market mover. And then on Friday, 9.45, there's manufacturing PMI data, also at 10 a.m. more manufacturing PMI data, and then consumer sentiment also at 10 a.m. on Friday. And note the jobs report that normally comes out on the first Friday of the month. Looks like that will be next Friday, not this coming Friday. Also a variety of Fed speakers during the week. All right, let's take a look at the S&P 500. Let's go to ES Futures and Bookbamp. And let's just take a look at the... This is the reaction to the 10 a.m. data release. Initially a bullish reaction than a reversal lower. Again, that was consumer confidence. And hello, Steven. Welcome. Glad you're here. Just if somebody in YouTube could let me know, can you hear me? Anirag says hello. He... All right, he has... He or she is able to hear now. All right, hello, welcome. Anirag, glad you're here. All right, so this is the S&P 500 Futures and Bookbamp. Before I take a closer look at this chart, I want to step back, take a look at a larger time frame. I'm going to go to the underlying index. And this is the S&P 500. And let's take a look at S&P X. So this is the rally that began last year, October 30th. And that rally... S&P X rallied for just a little over a thousand points so far from the low to the high. All right, so that's the context. S&P X still moving up in a very strong rally. Now let's step back and look at a one-hour chart. That was a one-day chart. We'll take now a look at a one-hour chart, 30-day one-hour chart. I'm going to focus on the expiration dates. This was the Friday expiration for January. January 19th expiration. S&P X broke out above the 4,800 level. That's right there. And then on the February expiration, there was also a call-dominated expiration. There was a little bit of a consolidation as expected in a call-dominated expiration. And that was broken up by the NVIDIA earnings released last week that propelled S&P X to just a little over 5,100. And so far, marking the all-time high for S&P X as well as the high of the current rally. So during this year, 2024, the call walls for S&P X have moved up from 4,800 up to 5,100 where that's the current level of call wall. I'll talk more about that in just a minute. All right, so now let's take a look at the levels on this chart. I'm going to zoom in just a bit. Actually, that didn't help because the put wall is way down low. All right, so first of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market, updated once a week. These levels stay on the chart for the entire week. And then the dash blue lines are showing the lower and upper daily expected move. Also, based on the options market, I update those levels once a day. They're based on the closing price from yesterday. So I post both of these levels, the lower and upper weekly and daily expected moves and discord the evening before. So I posted the current levels yesterday evening for today. All right, note S&P X is trading within both of those ranges, both of those expected move levels. All right, the other lines on this chart are showing spot gamma levels. These are proprietary spot gamma levels. They're provided to spot gamma subscribers. They're based on gamma weighted open interest. I'm going to point out the key daily levels. First of all, here's the put wall at 4,500. That's the strike where the largest net negative gamma that can be expected to act as support. And note that level dropped pretty substantially from yesterday from 5,000 down to 4,500 down. So if you recall from yesterday, the range of levels for S&P X was very narrow with the put wall at 5,000, potential floor, and the call wall at 5,100. All right, so now the put wall is back down to 4,500. The next level up is the absolute gamma strike. That's at 5,000. That's the strike where the largest absolute positive and negative gamma. That's where most of the gamma weighted open interest is concentrated. And above that is the volatility trigger. VT, that's at 50,70. And that is the strike. That is spot gamut's proprietary gamma and volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hitch their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hitch their delta exposure. And that tends to subdue or decrease volatility. And note that SPX, it looks like it is trading now below that level today. Then the next level up is 5,100. That's the call wall. That's a strike with large net positive gamma. And that can be expected to act as resistance. And the call wall has remained at 5,100 for several days now. So the potential floor at 4,500, the put wall potential ceiling for price at 5,100, that's the call wall. Alright, shifts in levels, the only shift in level for the SPX was the put wall shifting lower again down to 4,500. Alright, let's take a look at, let's wrap up our view of SPX by taking a look at a one minute chart. This is three days worth of data. Note the rejection. This was last Friday. Rejection at the 5,100 call wall. And since Monday, SPX has been trending lower. Now down below the volatility trigger. Alright, let's take a look at book map now. So in book map I have my own cloud notes shown in this column, C levels column. So I can show SPX levels. There's the 5070 volatility trigger. And then the SPY 506 volatility trigger is just below that. So I'm showing SPX levels and SPY levels. And then other key ES levels they're done on this chart. Alright, Faro Fias asked what happens below volatility trigger when market makers position on the gamma curve shifts from positive above to negative below and that's really a volatility flip level. Below that level, that's where market makers will have to start trading with price to hedge their delta exposure. We'll take a look at the Vana model in just a minute to get a graphical representation of that. So again, below volatility trigger we're looking for higher volatility, wider price, wider trading ranges and market makers trading with price to hedge their delta exposure. Alright, so the SMB 500 is below these SPX and SPY volatility triggers. And note there is a difference in price between ES and SPX and right now that offset or ES to SPX difference is about 10 points. So I'm using 10. So I'm using ES minus SPX equal 10 and so the volatility trigger 50-70 volatility trigger for SPX I'm showing at ES 50-80. And Ragn asked what are the bottom two levels? Alright, so that's another SPX level also a SPY level. Alright, this is the 50-60 SPX level that was noted as support in the SPOT GAMMA M Founders Note. So I put those levels on my chart and what SPOT GAMMA is doing is looking at combo levels and then picking out key levels that they think will act as support. And then that is the SPY 505 that's a large GAMMA 2 level and that is also the zero GAMMA level. So that is where the GAMMA actually shifts from positive to negative. Even though below the volatility trigger market makers will start to need to trade with price to hedge their delta exposure. Alright, so very narrow range today in the morning session up until about 11 a.m. So the first 90 minutes I thought was pretty difficult to trade. Price chopping up and down around the two volatility triggers until finally moving lower 11 to 1130. We'll talk more about setups in a few minutes. Alright, let's move on to NASDAQ. Oh, shifts in levels I mentioned SPX and for SPY the volatility trigger shifted lower. You saw that on the chart. And also the put wall shifted lower. Same as SPX. Alright, here's NASDAQ. NQ Futures and Bookmap. And before I take a closer look at this chart I do want to take a look at the underlying index charts. I'm going to start with QQQ. This is a one minute chart. Right shaded portion showing data for today. And this is a gamma level. Large gamma two level acting as resistance earlier today. And then earlier 436 acting as support. And then not price didn't quite make it down to the 435 zero gamma level. Alright, so those are the levels in play for QQQ to date. Note also the volatility trigger at 437. So right now QQQ trading below its volatility trigger. And that is also the absolute gamma strike. So that volatility trigger for QQQ shifted higher. And the absolute gamma strike for QQQ also shifted higher. Alright, let's take a look at the index chart real quick. Last time I looked there were no gamma levels in play for today. I don't see any. The 18,000 level is up here above. Let's take a look at the index chart. There's the 18,000 level up above. Alright, back to NQ futures and book map. Again, I have my own cloud notes so I can show index levels. There's that 18,000 level. And there's the QQQ. Large gamma two level acting as resistance 436. That's also right on top of the NQ 950 level acting as support. There's the volatility trigger 437. And then just about one o'clock the 435 level acting as support. Let's see what that is. That's a combination of levels there. So it's a large gamma three level also the zero gamma level. And then it was also noted as support in the spot gamma M founders note. And they were spot on did its job acting as support. Again, as noted in the spot gamma M founders note. Alright, so those are the levels in play. For Nasdaq primarily the QQQ levels from 435 to 438. 438 acting as resistance and so far today 435 acting as support. And for NDX again just to wrap up shifts and levels. Volatility trigger shifted higher put wall lower. And for QQQ volatility trigger higher and absolute gamma strike shifted higher. So slightly bullish shifts higher for QQQ. Alright, let's take a look let's wrap up. Wrap up positional analysis by taking a look at gamma notional. To see how market makers were positioned on the gamma curve at the beginning of the day. This is the data table at the bottom of the AM founders note. Noting gamma notional this is market makers position on the gamma curve at the beginning of the day. For the SP500, Nasdaq and Russell 2000. Note for SPX at the beginning of the day market makers gamma notional was still positive. So on a positive gamma notional this indicates traders are short calls market makers are long calls. Hence the positive gamma and they have to trade against price to hedge to their delta exposure. And if price continues lower and trades probably ends the day below the volatility trigger. That gamma notional may shift to negative tomorrow. And it did shift to negative for SPI. So from yesterday to today gamma notional did shift lower for the SP500. Still positive for SPX and now shifted to negative for SPI. And then still slightly positive for Nasdaq. Let's take a quick look at the gamma model so we can get a graphical representation of what that means. Let's take a look at our SPX chart again. Low of the day right around 50, 57. High right around 76. Let's see. Alright so here's 75 that's pretty close to 76. Alright so let's back up. Let's take a quick look at what's on this chart so we can understand it. So on the vertical axis this is showing market makers delta notional. And the horizontal axis showing the spot rise for SPX. There are two curves on this chart. The first curve is showing how market makers delta notional may change with changes in price only. And the purple curve adds implied volatility to the equation. This shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the van effect. Alright so let's go back to the chart and we want to look at the purple curve. We're going back to the high of the day right around 74. So as price was dropping, as price was dropping, this curve shows that market makers delta notional was increasing. Market makers want to remain delta neutral. So in this portion of the Vana model here, this is showing that market makers delta notional again was increasing and they had to sell futures to hedge their delta exposure. And that tends to enhance or increase volatility. And that's typical of a negative gamma environment below the volatility trigger. And if price moves higher, price moves higher, implied volatility drops, market makers delta notional will decrease and they can buy back their short futures. Alright the curve is similar for SPX and SPI and QQQ. Alright let's wrap up positional analysis now and move on to execution. So other than book map, everything that we've looked at so far is based on static data, the levels that I showed on the chart, the key daily levels. Now we're going to take a look at real-time data. Move on to execution, the second part of my trading process. I'm going to start by looking at what options traders have been doing today. So this is the hero signal in book map. Hero stands for hedging impact real-time options. So what this chart is showing is options trades and market maker hedging activity for a combined signal for SPX, SPI, XSP, and ES futures. And a falling hero signal indicates traders are taking negative delta positions. That means they are buying puts and or selling calls. Market makers take the opposite side of those trades and they have to sell futures to hedge their delta exposure. And then a rising hero signal indicates traders are taking positive delta positions. They are buying calls and or selling puts. Market makers take the opposite side of that. Stop ESH for CME by 330. So market makers take the opposite side of these trades and they have to buy futures to hedge their delta exposure. Alright, let's zoom into this chart. So this morning I thought this really this choppy range here was very difficult to trade. There were better trades in NASDAQ and elsewhere earlier today. So I do want to point out a short. It took some patience. So around 1020 the hero signal made a high. Then made a lower high right around 1050. And then started moving lower. One thing that Spot Gamma has pointed out. One thing to watch out for. A lot of flow alerts. This is indicative of CHOP. A lot of flow alerts. Alright, so really the clear setup in the SB500 really didn't take place until about 11 a.m. So let's go take a look at book map. ES, let's zoom in. So during this CHOP, ES was making a series of lower highs. And then really broke below these two volatility triggers. Several between 11 a.m. and 11 a.m. There were a couple of retests as the SB500 continued to make lower highs. Retest of the 506 level. And wrong tool. CVD started moving lower. Finally made it to the next target below. These two levels that Anirag had asked about. The 5060 support level. And the 5 large Gamma 2 level. Scroll over to the right a little bit. And note all the liquidity in the order book. This is the heat map and book map showing the history of the limit orders. And the order book. And these were all limit buy orders. With their below price limit buy orders. All those levels, all those orders consumed. Absorption here. With the final stop run. Down to the liquidity at 67. Stop run shown by the falling yellow line. And then price reversed higher. Back to hero. Right around one o'clock the hero signal shifts. Higher. And that's when price reversed. Trader started taking positive delta positions. All right, so that is the. That's the SB500. And again pretty difficult read in the morning up until about 11 a.m. At least for me. And as Steven says a tricky open today. Tricky first. First 90 minutes for me. All right, Steven also says slowly getting to understand that Vana curve graph. I don't know if spot gamma recently did a 30 minute webinar on Vana. I don't know if that's available on their book map on their YouTube channel or not. It's worth taking a look at provides a lot more in depth information on Vana so. It's worth taking a look at. If you want to better understand Vana and how that affects what market makers are doing. All right, Steven says he wants to this weekend. It's definitely worth a watch. Help you better understand Vana and how it has an impact on on market makers. Hedging activity. Let's move on to Nasdaq. Nasdaq was much easier read today. So let's go to hero first. See what options traders are doing. And for Nasdaq, I've been looking at this mag seven signal. Getting a little choppy now. Let's zoom in on the morning. So this was much more. I thought much more linear than the hero signal form. So what this is showing is options trades and market maker hedging activity for a combined signal for the stocks known as the Magnificent Seven. Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. And these stocks make up a very large portion of the Nasdaq 100. And they drive price. And we'll see in a minute that Nvidia tends to drive the mag seven, which tends to drive the Nasdaq. All right, so let's zoom in on this again. Go back to the morning. So this is what I saw this reversal in the hero signal right around 942. So note how that moves higher. And then just a couple of minutes later. This is using price for QQQ makes a low and price starts to move higher. So initially traders were taking negative delta positions and 942 they switch start taking positive delta positions and price moves higher. So let's go take a look at Nasdaq. We'll zoom in. All right, this reversal point was at now it's showing 436. That's QQQ 436. Right on top of the NQ 17,950. Let's take a look at order flow. The volume dots are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. So they're showing delta. So as price was approaching that level, remember traders started taking positive delta positions in the mag seven stocks. Also large traders were buying with iceberg orders. That's shown by the rising light blue line and also the on chart indicator there. Large traders buying with iceberg orders. The dark blue line is showing cumulative volume delta starts to increase. Aggressive buyers come in at that level and pretty quickly move. Move Nasdaq up to the QQQ 438 large gamma two level. Alternate entry point at VWAP and the 437 level. That was right after the data release. So jump up at the data release. Move back down. Then a nice deep pullback for an entry from 437 up to 438. So much easier trade, much easier read for me at least in Nasdaq this morning compared to the SME 500. Let's scroll over to the right. Let's go back to hero. So right around 1020. And let's keep track of the turning points. So 940, 1020, hero signal shifts lower. Nasdaq moves lower. A little bit of a divergence short set up here. And let's go back to bookbamp now. So initial short at 1020 and then a divergence short as hero continued to move lower right around 1035, 1037. So there's the initial entry for a short pullback for a short. One more pullback until Nasdaq finally made it down to the 435 level right at one o'clock. Let's go back to hero. All right, so here's the one o'clock turn around. All right, any questions so far? Let's take a look. We'll take a look at some stocks. Then we'll get to the live market. I'm going to start with AMD. Note 172.50 is the hedge wall. AMD found support at that level. Hero signal shifts from negative to positive as AMD tests that level. Let's see what traders are doing. So initially they were selling calls and buying puts. And at 950, they started selling puts and started buying calls. Price moved higher. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. Let's go to book map. Go to AMD. And I don't have the 172.50 level marked on this chart. You can see a little bit of liquidity here right at this level, this little bit of shade of region. And that was the low of the day. An aggressive buyer started to come in showing by the green volume dots. So traders started buying calls, started selling puts, and AMD reverses higher at the 172.50 hedge wall. All right, let's go take a look. Next one I'm going to take a look at is Netflix. I think Netflix was, oops, Netflix was upgraded today. Let's see what options traders were doing. Go back to hero. Go to Netflix. Traders were buying calls from the open, also selling puts. They continued to buy calls and sell puts. AMD made it up to the 600, Netflix made it up to the 600 call wall. And note how traders call buyers took their foot off the gas. Price did consolidate at that level and right around noon. So they've continued to sell puts all day. And right around noon they started buying calls again. And price has chopped up and down around the 600 call wall. Let's go back to book map. Here's the 600 call wall. Price shoots up to that level. Call buyers take their foot off the gas. A little bit of consolidation up and down around that level. Traders start to take. Positive delta positions again. Price moves higher. So that's Netflix. Let's take a look at Nvidia. Let's go back to hero. I'm going to go back to the total signal. Go to Nvidia. So I'm looking at the entire day so far for Nvidia. Let's note the key turning points. 940, 1020 move down. Then 1040 move up. So 940, 1020, and then 1040. So that's Nvidia. Let's go to mag 7. 940, 1020, 1040. And there as far as Nvidia goes the hero signal after the 1035, 1040. Reversal higher. Continues to move higher. Let's see what traders are doing. So in Nvidia they are, they are mainly selling puts today. Excuse me. So in Nvidia, net for the day, they are selling calls. That notional value for the orange line showing calls, still a little bit negative. Blue line showing puts. That's positive notional value they're selling puts for the day. So it looks like they're taking advantage of higher volatility in Nvidia. Let's go back to the total signal. Sorry, there's a bug in hero. I have to jump from one instrument to another whenever I shift from puts and calls to total. Alright, so let's go back to book map. Go to Nvidia. Another bullish day in Nvidia. Start reversal lower at the open. Then traders start taking positive delta positions and Nvidia continues to move higher. Let's go to Tesla. And a bearish day in Tesla here. Let's see what options traders have been doing. Go to Tesla. Starting right around, right around 10am, hero signal shifted lower. Traders are taking negative delta positions. Note the timely flow alert there. And Tesla was trading above its call wall at 200. Trader below that now trading just above it. 200 is the key gamma strike and also the call wall. So there's that 200 level. Alright, does anyone have any stocks they want me to take a look at? Alright, let's check on the SB500. Alright, now SB500 back above the volatility triggers. Let's check on NASDAQ. Also above the QQQ volatility trigger. Go back to hero. Go to the mag7 signal. So note the turn around of the signal actually started just about maybe five minutes before one o'clock. And then price reversed higher right at one o'clock. As traders continue to take positive delta positions. And the mag7 stocks. Back to book map. Let's take a closer look at this reversal at one o'clock. So we know in the mag7 stocks, traders started taking positive delta positions just about five minutes before one o'clock. And before that, large traders were buying with iceberg orders. That's shown by the rising light blue line here. And I'm showing that in some mode. I like to show the cumulative effect of all the iceberg orders. You can see on the on-chart indicator. These are not large numbers. But traders were buying with iceberg orders. They were fading the move down. And then also continued to buy as price started to move higher. That's all these blue icons. Again, not large numbers when you look at the individual events. But the cumulative effect is moving higher and adding up. And aggressive sellers stop run on the way down. It's shown by the falling yellow line. Yellow line levels off. And price reverses higher. Again, as traders start taking positive delta positions. And the mag7 stocks and aggressive buyers start to come in. Check on the SP500. Back to Nvidia. Let's go back to Hero or for Nvidia. Alright, so Nvidia 800 is the call wall keygam strike. So that's the next price target higher. Looks like traders started to take their foot off the gas right around 130 or so. Right now, Nvidia consolidating. Here's that next target above at 800. They'll have to get through the liquidity at 7.95 first. The heat map and book map are showing a history of the limit orders in the order book. Above price, these are limit sell orders. And this is very typical of a stock. These limit sell orders come into the order book at the cash open. Typically stay in the order book until they're filled. And again, these levels of liquidity often act as magnets for price. Again, does anyone have any stocks they want me to take a look at? Or any questions? Hey, Cesar, welcome. Cesar wants to take a look at Apple. Okay, we can do that. Cesar, what's their news about Apple? It certainly looks like it. Let's see what options traders are doing. Let's go to Apple. Note the flow alert. Alright, Slotarazzi. Thank you very much. Says Apple winding down electric car plans. Ending decade long for a some Apple car employees to be cut. Many will shift to AI. Alright, so that makes sense. And note, if you were watching Apple, this flow alert came in just right around 205. Something to get your attention. Let's go take a look at book map. Flow alert came in right around 205. And you could have gotten a long entry at VWAP there. If you've been watching that alert, waiting for that. Alright, Cesar and Slotarazzi. We're pointing that out about Apple. And Cesar says right off the 180 level to previous lows. Looks like some of that liquidity in the order book was absorbed. But it came back in just after that. So there's still some buyers at 180. Heroes continues to move higher. So traders buying calls in Apple. And just to add to what Cesar said, 180. Sorry about that. 180 is the Hedgewall, Key Gamma Strike and Putwall. So support level doing its job acting as support as expected. Let's check NASDAQ. We'll see. Didn't have a whole lot of impact on the Mag7 signal. Let's take a look at NASDAQ and book map. And not a whole lot of impact on NASDAQ as well. Looks like NASDAQ started to move higher. Just a little bit before too. Alright, after an up and down day, so far a bullish afternoon. And ES making its way up to the highs of the day. As well as NASDAQ. Back up to the 438 level. Alright, my time is up. Thanks again for watching. And remember tomorrow at 8.30am eastern time, GDP data comes out. And we'll talk about that tomorrow. Alright everyone, thank you very much for your questions and comments. And thanks for watching. And I will see you tomorrow. Thanks again. Bye.