Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "How does volatility affect option prices?" Volatility is this thing that most people really don't understand when it comes to option pricing in the options market. And it's really as simple as this. When implied volatility or the expectation of volatility in an underlying stock increases, option prices on both sides, calls and puts, increase as well. When implied volatility or the expectation that the underlying stock is going to see a decrease in volatility, then the underlying option contracts on both sides, calls and puts, decrease as well. And another way of just looking at this is just to use maybe a real estate analogy. And if you're going to buy a property in New York or San Francisco or Miami or one of these hot markets right now, there's a pretty good chance that you're going to see a wild swing in the price of that property and therefore, the price of that property is very high because there is an opportunity, maybe not a good opportunity, depending on how you look at it, but there's an opportunity that you could see or realize a huge profit potential in an underlying property that you're buying because of the real estate market continuing to go up, but at the same time, you could see a huge swing to the downside. There's a lot of risk involved in this, but obviously, those real estate markets have the highest prices of properties because the value is in the expected growth in the future, this baked in or embedded growth potential or growth expectation that people have about the area, the real estate market, this suburban urban area, etcetera, etcetera. Now, you look at a piece of property, say where I'm from, outside of Pittsburgh in Pennsylvania and pretty much no man's land and property prices don't really move. There's low volatility in property prices. We might have a house that'll sell for $115,000 and the next month or year, it might sell for $113,000. It's just not a big move in housing prices and that's because there's really no expectation of a massive increase in prices for some economic event in the future. There are towns and our towns that we live in are pretty stable, pretty small, rural areas and so, there's not a lot of expectation of these big, huge price swings, so real estate market prices reflect that.

In the world of options trading, the same thing is held true in the sense that if you're trading options on an underlying stock and there's a huge expectation of some volatile event happening in the future, it could be earnings, it could be an FDA announcement, it could be a number of different things, but there's an expectation that we're going to see prices go up or down dramatically which creates an opportunity to potentially make a lot of money, depending on which side of the contracts you're on, that in and of itself is valuable. Volatility is a valuable commodity. If you're going to trade something and there's an expectation that it could have a huge swing in price which could lead to a huge potential profit, well, then that underlying contract is more valuable than a similar contract where there's not a big expectation that the stock is going to make a huge move. Typically, like a utility stock or say an industrial stock that's just such a big corporation or such a big underlying product and it's not going to have these huge moves, well, you're not going to have option contracts that are priced at these exaggerated levels because the stock really isn't going to move. Maybe it fluctuates a couple percent every month, but it's not having these run-ups of 10% and drawdowns of 20% and run-ups of 30%. Option prices are absolutely affected by the expectation of volatility. When the market expects a lot of volatility, option prices get bid up because that is valuable. And when the market has low expectations of volatility, then option prices fall because there's no perceived value in buying those contracts when the market is not really going to move. Hopefully this helps out and again, I wanted to use a little bit different analogy because we talked about this concept a couple times before, but I wanted to try something a little bit different and hopefully it helps out. If it did, let us know in the show notes or over on Option Alpha, Facebook, Twitter, YouTube, etcetera. Just let us know. Add a comment and let me know if this helped out. Until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "Can open interest be negative?" The simple answer to this is no, open interest cannot be negative. Open interest for options trading purposes is always going to be a positive number if it's not zero and the reason is because there can never be an imbalance of negative contracts in the market. Open interest is meant to judge how many open contracts are still left in the market.

To use an overly-simplistic example, let's say that a buyer comes in and a seller comes in and there's no other liquidity in the market. They choose to enter into an option contract where one party buys and one party sells. This creates now, a new option contract in the market and open interest rises from zero to one. Now, let's say later on, that same buyer and that same seller come back and choose to close their position. They reverse their trades and create more trading volume, but now, they have removed an option contract from the market and open interest goes back to zero. At no point can open interest go now below zero which would create an imbalance in the market. That would not be possible.

Hopefully this helps out. Again, this is a very simple question, but we did get this question quite often, so if you have other questions like this, head on over to optionalpha.com/ask and leave us a message and we'll get it queued up here for the next daily call. Until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to talk about why you should never rush order entry when trading. I often find that both new and experienced traders rush order entry. And what do I mean by this? I mean, when you're trying to place a trade in the market, there seems to be this frantic paranoia about getting the order filled and what that often does is leads people into making either bad decisions or rush decisions or forcing a trade by reducing or increasing their price just to fill the trade, assuming that they're going to miss some unique opportunity in the market, but this just isn't the case. In fact, order entry is the absolute most important thing that you should focus on when it comes to trading because it's all of the things that you control, your position size, the strategy you're using, the ticker that you're trading, the pricing that you get and so, this should never be rushed in the trading process. We often use the same analogy as in real estate and you've often potentially heard people say in real estate that you make money when you buy in real estate and the same concept is true on options trading where you make money on order entry. It just takes the entire expiration month or the two expiration months for the actual pricing and probabilities to play out in your favor.

But money is made when you place a great trade and what a lot of people do is they try to throw stuff against the wall and they try to go back retroactively and fix all of these problem trades that they got into. They force a bunch of trades in the market and then they go back afterwards and try to fix them. Well, it's like buying a piece of real estate at a really high price and then trying to fix it, so that you can turn it around and sell it, but the problem is not the real estate, nor is it the fact that you are trying to fix it and you're making all these improvements. It's just that you got into the piece of real estate at a really high price to begin with and that's the root cause of the issue. Same thing happens in trading where you get into a trade, you force it, you force the position because you think you're going to miss an opportunity and you try to adjust or hedge your way out of it when the problem is not your adjustment technique or how you hedge or the way you go about it, but it's just the fact that it was a bad trade to begin with. My honest opinion on this is – Please do not rush with order entry. Take your time. And if you miss a trade for a day or two days or even three days trying to get into a position that you feel comfortable with, it's totally worth it because there's always another trade, there's always another market move you can catch, there's always another opportunity that'll come up in a couple days or a week or so and so, if you're just patient enough, I think you'll end up seeing a lot more success with your trading. Hopefully this helps out. As always, if you have any questions, let me know until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "What was TARP?" And so, we're specifically talking about the Troubled Asset Relief Program, what is commonly referred to as TARP. And if you traded through the 2008, 2009 market meltdown, you probably heard TARP all over the place because it was meant to be the saving grace of the market, this new government program that would come in and swoop in and stabilize these financial institutions and major banks. I want to try to break it down here for you guys pretty quickly, so you understand what it was because I probably expect that we'll see this at some point in the future because it was I think in many cases, renowned as a big success and potentially on the books, maybe it was a success for the government to do this. It definitely averted a crisis, but I don't know if it [Unintelligible] further down the road, we're eventually going to have a bigger one out of that. But neither here, nor there, the TARP program was basically put into place around September, October of 2008. This was really at the height of the meltdown in what was the subprime mess in the beginning of the financial collapse. And so, what Paulson which was the Treasury Secretary at the time, Henry Paulson said is – "We're going to go in and the government's going to come in and they're going to buy these subprime mortgages that are illiquid." The banks have all of these subprime mortgages that they had purchased and they're trying to sell and nobody wants to buy any of these things, so what they're going to do is they're going to come in and they're going to buy these illiquid assets that nobody else wants to buy, so the government's going to buy them and take them off the books to these banks and as a result, now, the banks will have none of these illiquid assets showing and they won't have to mark them down to their market price which was effectively zero at the time, so it's a way for them to basically take all of the bad pieces of the bank and throw them into the government which in my opinion, was crazy on one hand because why should the government be involved in this anyway? But again, this, neither here, nor there, it just ended up what's happening.

The government basically came in and they said, "We can do about $700 billion of troubled asset relief purchases." And at the time, that was a lot of money and I think at the end of the day, it only ended up being in $200, $300 billion, somewhere in that neighborhood, but what's $1 billion between friends, right? And so, they ended up buying up a lot of equity percentages in companies, specifically things like AIG, NGM and Chrysler. They also came in and bought up a bunch of bonds and assets that were totally illiquid that nobody wanted from Goldman Sachs and from Wells Fargo, Bank of America, I mean, you name it, they swooped in and bought everything. And later on, all the banks ended up having to pay all this stuff back with interest which they did and many of them paid it back with interest pretty quickly because as the market recovered and as things came back to normal, they were able to buy back stock or to issue new stock and basically pay back the government. The basic premise here is that the TARP program was meant to be this swooping in of the government to save basically the capitalist system that had basically gone imploded on itself. And so, there's a lot of discussion to say – Could the markets have handled a write down of all of this stuff? Could it have collapsed the banking system? I don't know. I mean, we didn't see that play out, but I mean, there's a lot of back and forth on each side and I'm sure a lot of people listening to this, you probably have an opinion on one side or the other. The end result is for me as a trader, what I know to be true is that the government saw this as an $11 billion profit for taxpayers. In fact, that's actually what they publish in 2013 when they wrapped up their TARP program. They said that the government made basically $11 billion on the TARP program, so it was actually a good investment for the taxpayers and for the country to come in and swoop up and buy these illiquid assets and basically wait for a payoff in the future. I would fully expect that in the future, we see another TARP 2 program roll up whenever we start to see some financial distress. Whether if that's a year from now, two years from now, I would fully expect the FED and the treasury to come in and basically recreate this whole thing all over again. It was an easy pitch before and it'll be an even easier pitch in the future. Hopefully this helps out. Again, be prepared for it and as always, if you have any questions, let me know. Until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "What premarket analysis should you be doing?" This is often a question I get many, many times during the week. People are always wondering – "Kirk. What are you doing before the markets open? Do you have a ritual, a routine? What are you checking? What are you not checking? What type of premarket analysis and thought processes should we be going through?" And the reality is I don't do that much and that should come hopefully as a breath of fresh air because I think oftentimes, people can get down a rabbit hole of new stories and market-breaking coverage, all these things that [Unintelligible] talk about on TV. And so, I try to keep my morning routine very, very small, focused and minimal at best. Usually, what I do in the morning is simply track premarket futures. There's an easy way to do that. You can do it through your brokerage account. You can do it through Bloomberg or Wall Street Journal, Market Watch. I mean, any of these major sites will show you where the futures are trading. And so, the futures contracts give us potentially a little bit of an indication of where at least stocks are going to open. It doesn't mean that stocks are going to end the day there. But if the premarket futures are down, I know that potentially, there's going to be some selling, so I just mentally prepare for that. If the premarket futures are up, I know that there's going to be generally buying in the market at the open, so I mentally prepare for that. It's not necessarily where the futures are. It's just – Are they generally in an acceptable regular range? Are they down half a percent or are they down 5%? If they're down 5% in premarket trading, something major has happened and maybe something major overnight overseas that I missed and now, I'm waking up and I should figure out what's going on. Again, it's not to say that if they're down, we should do anything different or if they're up. It's just really the extremes that we're looking for.

The second thing I usually do is I just glance through headlines and I'm telling you right now, I never read any of the stories. I glance through headlines. Headlines can tell you everything you need to know about what's going on, on a surface level. "Did so and so do this? Google got fined." Okay. I don't need to read the whole story. I just know that Google got fined. "Okay. That's interesting." But what I'm looking for is just the major headlines that again, could move the market. If somebody starts a war with somebody else, that's a major headline. If the FED does something or somebody gets elected president, those are major headlines. Those are the things that I'm really looking for. I'm looking for market-moving dramatic events in both directions, good or bad. "Trump and China signed a tariff deal." Major things that can move the market, that's what I'm looking for. And it's not that these will then create a situation where I'm going to re-shift my portfolio. I just need to be prepared for a big move in advance. I don't want to come into the market with the market open and then see this big move and say, "Well, what happened? What was the cause of this?" Rather, know generally what the headline is that drove the market in either direction. And from there, I really then turn myself off from it. I usually check all these things in the morning when I get up. Have some coffee, go through Option Alpha emails, but after that, I disconnect from the markets in general. I don't watch any news, I don't read any newspapers, I don't do any of that stuff and I simply just wait until the market opens, come in maybe 15, 20 minutes after that and start monitoring positions and going through my daily routine when the markets are open. As far as premarket analysis stuff, it's actually pretty simple. I think if you're building out a systematic portfolio that's based on odds and probabilities, then you realize that a lot of that market stuff is just to understand more so than to be reactionary. And so, I feel like a lot of people, they read a lot of these headlines and then they get reactionary and they immediately do something on the market open and then stocks reverse and a new, new story comes out and they end up digging themselves deeper into a hole. My thought process is I just want to understand generally what's going on and just be aware of big moves if big moves are coming, so that I can prepare myself appropriately. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "What are junk bonds?" In the world of bond investing, there is a rating scale for the value or the security of the underlying bond that you might be interested in. And so, we typically look at these rating agencies, though you can always take it with a grain of salt because there's a lot of corruption in rating agencies during the 2007, 2008 market collapse, but many of the rating agencies I think have probably cleaned up themselves just a little bit, but they offer these ratings for different bonds that are being issued in the market and the ratings are just a way for investors to look at potentially, the amount of risk or return or fees that are associated with every bond that gets issued. If you're starting to invest and you hear the term "investment grade" or "junk bonds" or "midgrade bonds", this is what we're talking about. It's this rating scale. You've got Moody's and S&P and Fitch and all these other ones and most of the rating scales are about the same and they generally go from a grade level rating scale of say a D, a C, a B, double Bs, triple Bs, As, double As, triple As, etcetera. Obviously, the higher investment-grade bonds are the triple A type bonds and these triple A type bonds have the lowest risk, but they also carry the lowest returns and potentially, the lowest fees. They consider them investment-grade because typically, anybody can trade them and there's a very low likelihood or almost no likelihood of losing your entire principal balance. You could have some fluctuation, but to lose your entire principal is very unlikely to happen.

Investment-grade, as a general rule, basically encompasses anything triple B and above. Anything that's triple B, A, double A or triple A ends up being grouped into this category of so-called investment-grade and that means institutions and endowments and things like that can end up trading these. It's only when you start getting into these lower grade levels, the double Bs, the single Bs, triple Cs and Ds that we group these into what are called junk bonds. I don't think this is a bad way to group them because I think it's highly speculative just calling them junk bonds. It gives them a bad connotation right off the bat, but that's what they are. They're junk bonds. They're basically bonds that have much higher risk and as a result, could offer potentially much higher returns with higher additional fees. Does this mean that you should avoid trading these? No. I think it's a risk-adjusted way to look at a position. If you're willing to take potentially a little bit higher risk in exchange for maybe a higher return, then maybe adding some junk bonds to your portfolio of bond trading or whatever you're trading in is potentially good. Sometimes what we've seen is people like to do a lot of investment-grade bonds and then they sprinkle in a couple of junk bonds to improve returns. The idea here is that you just have to understand that junk bonds carry higher returns, but also have dramatically higher risk and so, as a result, you just have to be careful and cautious about how you invest in trading them. I would say that most people listening to this podcast right now have no idea if they're invested in junk bonds or not and so, I would encourage you, if you have any type of investment, mutual funds, any type of ETF portfolio, anything that your financial planner or your employer has put you in, check and see what type of bond portfolio they're putting you into and what those bonds are holding because many times, you're probably holding some sort of junk bond or something close to a junk bond already and again, it's just a way to understand a little bit more about how you're structured and where your potential risk could be. I don't think that junk bonds are inherently bad. I think you just have to understand them as always with any investment vehicle. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be talking about how to use an insider trading report. We're not talking about the illegal version of insider trading reports which is really bad, where you can go to jail if you're distributing insider information, but we're talking about the insider trading information that we can garner from SEC form number four and this is basically a form that many people who are insiders or have a significant equity stake in different publicly traded companies have to file any of their distributions, sales, options exercise, purchase, any of that stuff, they have to file with the SEC. And so, it's really cool because what you can actually see is you can see what insiders in the company are doing. In particular, I like to glance at this if I'm ever invested in a stock or if I'm ever looking at a particular stock. I would definitely be interested in seeing what insiders are doing. Are the CEO and the chairman and senior vice presidents, are they buying stock on a reoccurring basis or are they starting to dump stock for some reason? Now, in many cases, there could be ulterior motives to people doing this. Somebody might get their compensation through stock. They might sell stock, but that doesn't mean that they have a negative bias or bearish bias on their underlying company. They just need to sell some stock to get payments, to make the bills and that could be potentially the case. I think it's tough to always say that if somebody's buying, that that means that they're bullish and if somebody's selling, that means that they're super bearish and they think things are going to go down. You have to look at it potentially with options exercises if you start going down this rabbit hole.

One place that I think is really a great place to look at these filings in one simple place (and it's totally free, it's open and available to everybody) is through Finviz, finviz.com and they have this tab called "insider" which basically lists all the most recent insider trading activity for many of the publicly traded companies, especially the large companies. What I can see right now, actually just going to Finviz, is that yesterday, the CEO of Netflix actually exercised an option and sold then 52,000 shares of stock. That value was about $19 million, so I don't know if that was his quarterly or monthly payment for his job as CEO, but in any case, he did end up exercising his option position and selling 52,000 shares of stock which is again, interesting because if this becomes a pattern, if you're somebody who's interested in Netflix and you start following what insiders are doing in Netflix and you start to see a pattern of people at high levels, particularly the CEO start dumping a lot of their shares and not repurchasing shares later on, that might lead you to believe that they think that Netflix is overvalued or potentially fairly valued in the market. Again, I think you have to take all this with a grain of salt. I don't think there's any clear definable edge. I think it's just another tool in your toolbox when you start going down the path of analyzing securities or stocks that you are either forced to be invested in or have to invest in for some reason or if you can't trade options and you have to trade stocks, this is something I would definitely take a look at if you have a chance. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be going through our ultimate quick guide to margin buying. When we talk about margin buying, we're specifically referring to buying stocks on margin with your brokers and obviously, this requires a margin account to do this. You can't do this in an IRA or a retirement account. But all margin buying is and it should really be renamed as just borrowing with a loan to purchase stocks and it's all it is. You are actually using a loan to thereby, increase the capacity in which you have to purchase stocks. Now, obviously, this comes at a cost and so, margin rates can be pretty high in some cases for many brokers, but brokers do allow you to purchase stock by borrowing funds from the brokerage to increase your trading capacity. For example, if you have a $10,000 account, you could purchase obviously $10,000 worth of stock because you have $10,000 in cash, but in many cases, the broker will give you basically a 1X value for margin buying on top of your $10,000 which means that you have an additional $10,000 of margin buying power that you could use up. If you have $10,000 and you purchase a stock and use up all of your $10,000 and you want to purchase more of that stock because you're really convinced that it could go higher, you could then borrow an additional $10,000 on margin, so $20,000 now totally invested in the market, hoping that the stock obviously generates a high enough return to both pay the margin cost that the broker is charging you and just your capital cost, your asset cost from the stock that you're holding or the cash that you're holding in your account.

Again, this works in two ways in the sense that leverage can help and hurt. When you use margin and you buy on margin, you obviously increase the capacity to trade and that can enhance returns, but it can work in the opposite direction where the stock starts to go down in value and you need to start redeploying more and more capital through margin calls or through investments back into your brokerage account to keep your buying power intact and those margin balances at reasonable levels for different brokers. Just be careful as you're starting to venture out into the world of stock trading and stock buying because margin is something that you can use, but I would say you should be highly cautious of how you use it, when you use it or if you use it at all. I think you can do much better obviously using an option selling or options trading strategy that replicates stock with a fraction of the investment, but if you are going to go out and you are going to start using margin, just make sure you understand the risk on both sides. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question – "What is a breakout when trading stocks?" A breakout is just simply on a stock chart, where it looks like the stock is now moving into a new territory, a new level (if you will) and it's starting to move there quickly. And so, typically, what people look for is they look for a trigger or a confirmation that something has changed dramatically in the stock price. Now, these breakouts can occur in either direction. You could have a bullish breakout where a stock has a large move higher or you could have a bearish breakout where a stock has a large move lower. But visually on the stock chart and specifically, if you use candlestick charts, you can see this more often than not. You'll see a string of days where the stock is generally range bound and you have these small candles and small wicks and then you have this one massive day that just engulfs or encompasses many other days and we have this breakout type move.

But the real question is – "What really potentially defines a breakout when you're looking at a stock chart?" And so, in my opinion, I think it's got to be somewhere around a 3% move. Now, this could be different for different stocks, obviously and it doesn't have to be a hard line in the sand, but my opinion is a breakout type move has to be something significant. A 1% move on a daily stock chart is not actually that significant. It's actually within the statistical realm of just randomness. But a 2%, a 3% and even a 4% or a 5% move, now you start to get into the areas where the stock is making a huge dramatic change and shift that could potentially lead to different pricing structures in the future. If I were you and if you're looking for a breakout and if a breakout is part of your confirmations or signals, then you'd probably look for something at least around a 3% move in the underlying stock. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be talking about why the best place to invest never changes. This topic is something that's I'd say near and dear to my heart because I love learning about different investment vehicles. I'm a student of finance, history of finance and investment and markets and cycles and what I've learned over time and definitely over my experience not only trading, but also investing in private companies, real estate, stocks, everything, IPOs, I've learned that one thing really never changes when it comes to investing and it comes down to finding a place where you can get the highest risk-adjusted returns. And so, this is really a key because it's not just about getting the highest returns. I think many people would look at investing and say, "The best place to invest is where you can get the highest return." But it's not just about return. It's about the highest risk-adjusted return, factoring in components like potential drawdown and probability of success, sequencing risk, etcetera.

I want to give you an example which hopefully proves this point, but let's say you have two widget companies that you could potentially invest in and each widget company, we know for sure exactly what they're going to make at the end of the year. One widget company, let's say widget company A is going to generate a return of 10% this year if you were to invest in them and widget B company is going to generate a return of 9% if you were to invest in them. And so, on the outside, on the surface level, it looks like widget company A is the better investment, but it's only when we start digging deeper and we start learning about the risks involved in each of the different widget companies that we really truly find out which company has the better risk-adjusted returns. Widget company A, although it could potentially generate 10%, has a 20% chance of losing 50% of your investment. Widget company B has just a 5% chance of losing 20% of your investment, so dramatically different spectrum when it comes to the risk associated with each of these two different widget companies. And so, when you look at this again on the surface level, it might seem like widget company A that generates 10% is better than widget company B which generates 9%, but when you readjust the returns for how much risk you're actually taking on, it looks like widget company B is still the better choice over widget company A. Slightly lower returns, but dramatically less risk as a result. And so, when you're looking for places to invest your money, you have to look at risk-adjusted returns.

When it comes to the world of options trading, a lot of people do not drag out the probabilities and the statistical edge of options trading to many, many trades or many, many years. And so, the problem is that when they look at an options trade, they think to themselves, "Well, this looks like I'm picking up pennies in front of a steam roller. I'm trading these option selling strategies and I'm collecting $200, $300, but I could have this massive drawdown." And that's just not the case. When you actually drag out a lot of these mathematical formulas and expectancy models for many option selling strategies, (not all, but many option selling strategies) you end up finding that they generate positive expected returns which are higher than traditional stocks or indexes with dramatically less risk. And so, for me, that's why I love options trading because of the flexibility and the fact that we can still get higher risk-adjusted returns in the long run. And so, if you're investing or if you're looking to invest anywhere… And it doesn't even matter if it's options trading, the stock market. If could be real estate, a business, anything. Please continue to look for the highest risk-adjusted returns. Don't just go after the highest returning investment, but look at the investment's risk and see which one has the highest return per unit of risk that you're accepting. Hopefully this helps out. As always, if you have any questions, let me know and until next time, happy trading.