Please give a big warm-up and group welcome Fernando Garcia Velasco and thank you for the translation Morning Thank you very much for being here in Madrid today And thank you very much to the open group for providing me the opportunity to be here in my hometown in Madrid Participating as plenary speaker And I want to take over this time to Explain you about how the digital business is impacting all the organizations and about the way in which I Perceive that this impact can be solved doing a specific Transformation and integration of solution with enterprise architecture So I have several topics today. I Want to talk to you about enterprise Transformation about guns about solution in specific areas So let's start with transformation And why are we here in this In this situation now One thing I have learned about All my years in IBM is about constant change We are a company that is constantly reinventing itself and a company in which all of us are always Reinventing ourselves and trying to align our portfolio to provide our customers the Best that we have in our services in our information systems so that we can help them also to transform and throughout all these years All of us have have been witness of Different computing eras and we are now entering in a new computing here And we are helping our customers throughout all these years. So what what are they? Computing eras that we have witnessed so far first of all, it was the double 18 systems here and that started probably around 1890 and It has gone or it went all the way until the 1940s more or less and it was the time of the double 18 systems in which probably Someone can remember the the time in which we had this social security project in the 1930s which was probably the most important project of these double 18 systems and then we went to Program more systems here, which has come up to our days in which we have these systems programming systems That we have been dealing with them with their Program and with their with their systems that We have to learn we have to deal with them the different languages So this is the way that we have this complex calculations and And the times in which we have been dealing up until now And now we are entering the cognitive systems here the area in which we are now ready to deal with computers that will be using natural language that will be learning and computers that will Share experiences between all the users and because we are entering this new era The programmatic systems are not going to disappear at all But we are now interacting in this beginning of this era with systems that are Using big data that are using cloud computing Social business and mobile computing So we have been moving through all this time from the back of this computing to the client server computing personal systems Internet systems, and then we are now in the confluence of all these four things So the world has been shifting in a very significant way and What is the result the result is the way in which we engage We have come from single engagement to a very individualized engagement The result is the debate the devices that we carry the results of Being used to using millions of personal computing computers to billions of Personal devices mobile devices the type of data that we use From a structure to non-structure the massive amounts of non-structure data And the speed at which we move in the systems we are going from a state of applications to dynamic services We are going from rigid infrastructure Systems in which we need to adapt our programs and our our Solutions to these platforms the standard platforms that we have each customer and we are moving then to an Anelastic infrastructure that we can provision and deprivation in a fast way and then we are also Reactive moving from reactive security to cope with the situations that we have To suffer at any point in time to a very proactive Situation in which we need to be ready to deal with the situations that we know that are happening from everywhere Regarding the protection that we need for every organization So this is a perfect storm a perfect storm in which we have new challenges in which we need to deal with all the digital disruptions that demand this transformation for this For the survival of the organizations and we need to be able to gain insights from the interactions of all these trends that we are talking about and It's not only IBM talking about this There are many organizations many IT providers and of course many market analysts that are talking about the same things so here we have the study from the special report of Gardner group Gardner group in the document of nexus of forces from 2014 is Telling us that there is a set of converging and reinforcing forces that are Refining the delivery of IT And these four trends that we are talking about they have scenarios which are Individually a centric. They are massively connected They are rich in information and they are happening at global scale, but the key of this Transformation is that? Is based the customer the customer is driving these changes at the same time And we also have IDC This consulting firm is talking also about the ICT industry third platform and this third platform that probably started Also at the time of the mainframe and the terminals and then it was the second platform that was talking about the client serving computing and the internet now With these platforms that are happening every 20 25 years We are in them in the midst of the third platform the platform of cloud computing analytics big data social and mobile computing so the CIOs are Suffering this situation in which they have to change from information to deal with Innovation in which they have to change from system To services and they have to change IT agility with a business agility So this disruption is going to be present in the next Decades and it's going to be probably responsible for around 40 percent of the revenue of all the ICT So this confluence of of these four trends is forcing to emerge an impact a new solution Development we are having to deal with different data sources. We need sensors We are using Data structure and structure. We are dealing with customer conversations So imagine how important it is today to analyze all these Imagine what it will be for instance in the next general elections that we are having in UK the next month Or in Spain the next month or imagine how impact how big the impact can be for mobile telecommunication operators when you have all these Social interactions or these conversations that may be in Twitter where you may be facing with customers that are disgruntled because of the way in which the mobile operator is working and You need to analyze that data. You need to be able to see if you can really cope with the situation of those users which are not Happy with the service and you need to be able to see how you can integrate all those Conversations in the way that you are dealing with your activity or with your systems that need to enhance That service to the users. So we need to be able to provide Services which can be accessed from anywhere with services that can collaborate in different scenarios and with information that has to be turned into insights for each of the business areas that are dealing with those business services to the users and that can be requesting Systems information and can be requesting elastic infrastructure at any point in time without following the traditional procedures and here You can see a statistics of how this is impacting the CIO organizations and this is the result of an IBM summit that Was reaching more than 1000 Executives and more than 5000 users and also some futurists and visionaries and these executives have said that 58% say Social mobile analytics and clouds will reduce the barriers to entry I think not only the people that is Strategies or these technologies and 69% believe that these new technologies will increase the competition And we'll also keep increasing it in the next five years 41% Expect that the competition will come not only from the industry that they Did that they work but also from other industries and also because of the cooperation of these industries With partners that also are enablers of these new trends for that corporation So this is the way that they perceive it at this moment and of course It's open platform 3.0 standard, which is collecting all these trends And you know about it probably about these initiatives and we will talk much more of course about open platform 3.0 in this summer and this is also the result of the Enterprise Ecosystem reference model that is being used at the open platform 3.0 an open platform 3.0 is the result of previous Previews trends in which we have a common application environment which would avoid to be locked to Operating system from one single vendor and then we have common services environment in the service-oriented Era in which we have universal deployment and access to services and all these business to business Co-operations and now we are in this common architecture environment in which I have integrated solutions It's one step forward in the cooperation between companies so open platform 3.0 is of course marking the path of how we can adopt these strategies and these trends And now let me show you one approach of how enterprise architecture can start dealing with this with this Disruptive technologies and this is just one approach one approach with has several transformation views And we have this top-down transformation view which is dealing basically with these three concepts the concept of transformation in the organization the concept of business perspective and the Concept of a strategic plan and then we have in many situations when we go to customers Of course a bottom-up approach a bottom-up approach where we have projects running like crazy, which are trying to adapt some of these technologies some of these trends into a tactical approach and We have of course Lower-level infrastructure approach And then we have a meeting the middle, which is probably the most interesting one which is joining these two transformation views into The one that is going to start dealing with enterprise architecture and with innovation So let me just deep down a little bit on this from the top-down View we have the organizations and planning for value So this is when you have to go to customer and ask yourself a question of how is the enterprise organized for transformation? How is it going to work with a? Potential corporate transformation group. How are the responsibilities split where do they have? People that is really dealing with these higher-level strategies and you need to Get close to them and help them define their strategic direction with Cams focus or a CIM focus and you need to start telling them how they need to start considering these tendencies From the very beginning or from this strategic transformation and then you have also to ask yourself How is the company business plan for transformation? How is the business drivers implications for analytics for mobile for social? if they have created a cams view point or if Analytics is also transformation this is transforming this information Into insights for their business planning and you also have to be there to know all the details and to find out with documents which Initiatives or which projects have already been funded or if they are planned or if they will be funded in the next year Or if they can consider at the same time a strategic and tactical approaches So this is the kind of things that the enterprise architect has to deal with and has to find out when they reach this group in the top-down organizations in the top-down view transformation And then from the bottom up we have projects and we had infrastructure with projects You have to find what are the business capabilities and the requirements which you have to find if in the business view They have these camps Strategies already and if the technical view that is dealing with those projects They have a cancer strategy and if they have a new business view because they realized in the middle of the project that They have to add these capabilities and they say okay And we need to do this and we need to maybe a spin this part of the project and do something different Then you have to deal with the process with the business processes And you have to know what are the activities and what are the events that these business processes going to to create and you Have to realize if they have some of these capabilities of comes capabilities And you have to make sure that the business rules that you are creating also are Creating these new capabilities for these new trends within the corporation And then of course you go down to the real design to the design of diagrams to the sign of architectural overviews You have to find those designs where it comes where are the APIs that you are interacting with maybe within the same Groups or within different groups of the corporation or within different corporations You have to find these characteristics in there is any so that you can influence them and With all these interactions that you may have in the different groups that may be working together Or maybe working isolated you can't find this project synergy that will lead to these advanced characteristics And the other bottom up approach is the approach of the infrastructure the approach in which you have a Way to leverage cloud initiatives with the infrastructure that you have living all the all the past where you have static infrastructures and you have also To find out how you can modernize or how you can migrate the old staff from the legacy environment And you also have to find out if you need units that demand a rapid delivery of applications Rapid deployment of these applications and you have to start telling them about the DevOps mode of development and testing applications and you have of course to why they spread the security that you have up Until now within the boundaries of your corporation Because of that you need to be able to identify and to warranty the access of many users to all these New applications that they are accessing from anywhere or from any application in any site And you have to be able to cope with the vulnerabilities and the threats that you have been dealing up until now with you physical Standards of physical appliances that you have within the limits of your data centers and of course you have to be able to Provide or enable new service models and Companies that that were service providers and now they want to be cloud service providers And you have to help them with patterns and the cloud characteristics that we will see In a few minutes And then we go to the meeting the middle meeting the middle is to find out really if there is a Formal team a formal team Company-wide and we are not just thinking about big corporations But also about the small and medium-sized corporations Which you have to collaborate with these formal teams and you have to establish these strong relationships To establish this enterprise architecture point of view and maybe it's an opportunity to create a foundation of enterprise Architecture because now we are coming out of this recession and it's the right time to start thinking to start making the companies Consider these new opportunities under this philosophy of enterprise architecture At high level you have to start a strategic architecture overviews because you have to highlight areas for camps You have to identify and associate areas for camps and it's good to establish these overviews with this enterprise architecture teams and How many times have we seen? Opportunities which could be fantastic in many corporations, but we don't find the right People able to collaborate maybe to integrate and to interact across the different it is that they have in one safe corporation on Similar corporations and they are still working so lately with different strategies So this is also a great opportunity to start thinking on what they have in the bottom-up approach And what they have in the meeting the middle approach Let me focus a little bit on meeting the middle because I consider that this is the glue of this Transformational views so I'm just going to provide you here with a view of different Stakeholders and here you have Garner. What is Garner saying in what I mentioned before in the nexus of courses? It says that enterprise architecture is a discipline that can manage and Warranty the success of the seclusion of the change toward the desired business That we need now with this enterprise transformation and also at the same time IDC maturity model of the third platform is something that says succeeding in this transformation will require an enterprise architecture that provides value to all the stakeholders and That will eliminate barriers and look at the last bullet that we have here It says that if enterprise architecture have been an option is no longer an option from now on and it has to be Really mandatory in any IT organization So what's the IBM point of view in this? Enterprise architecture transformation that we need right now from now on Well, initially we have seen companies. They have their their own enterprise strategy And they were trying to adapt that enterprise strategy They're one that they have chosen and they wanted just to start using it in every project So they just fired and hope that everything would run fine, but then you have to Open the strategy and you have to open the planning in an enterprise-wide focus And you have to cope also with the specific Initiatives that some people were doing probably collaborating with Companies from the outside and you have a specific design and implementation So IBM in their strategy what they have is a business strategy on one side an IT strategy on another side And you have these layers that you can see in the middle the enterprise capabilities the business architecture the information architecture and of course the technology architecture so you have to be able to Deploy and to translate all these layers to the lower levels and to be able to be also aligned with the enterprise strategy If you think of an analogy like the analogy that we may use for the cities The strategy would be the city purpose and the city vision that city goals that any Major could have for a city at the beginning of their mandate And you could see that the vision can be translated as In the price architecture in the shape of a city plan and you will have the transformation of all industrial areas into Recreational areas or in the residential areas And this is the city plan that I have at the beginning of each mandate and then you have The system design the system design are the buildings that you build with the business operating environments that you have inherited Now it's about business innovation and about IT efficiency And you can see the details of the enterprise architecture of IBM and these pillars that we have built around it And how we are trying now to Incorporate the different characteristics of big data cloud mobile and social in each one of these layers If we take only for a minute enterprise capabilities, for instance, we have Different models the two most important ones could be the strategic capability Network model and the strategic component business model the component business model is Basically in short a heat map where you take the processes the processes that are more efficient And in those processes you probably deprecate the ones that are not so critical that are not affecting Many uses within the corporations and you try to incorporate capabilities of that Heat map of cloud analytics Mobile and social to that model and then you have another important capability A model which is the strategic capability network model Documenting these enterprise capabilities the seed in detail for instance the strategic capability network has three three components three main components, which is the value proposition Which is what a company needs to be in order to differentiate from the from the competitors and to add value to the market and You have business capabilities Which is what a company needs to do in order to achieve that value proposition and then you have Resources which are the capability enablers and that's what a company needs to have in order to deliver these capabilities So with these strategic capabilities network where we are trying to do now is for the resources We try to define camps resource capability enablers So we are trying to see if in those resources we have applications that can be software as a service enabled That can be marketing websites or come incorporate marketing website analytics and that have social collaboration or Applications not only applications, but it would be other types of resources that could be accessible via mobile services Another point of view is from IBM our client value method our client value method is the Strategy that we use to go to every opportunity in the market and we see that here We have five stages and these five stages Will start from left to right from the time which we understand the client business To the right in which we confirm that we have Implemented and we have completed a project and that we have added value to the customer and better experiences so this is our client value method from each point from any point of view even from the sales point of view and from the Enterprise architecture point of view what we create is an Architecture based in a framework this framework is a spin of our main model our main universal Architecture model, which is called team solution design. So team solution design is provided for the client value method Specific deliverables and these deliverables need to be as you can see at least in the first and most important Faces so what we are doing now is that we are incorporating characteristics of clouds of data of social and mobile to which one of these deliverables that we consider like a puzzle So that we cannot oops That we cannot Avoid this is like a puzzle in which we need to provide Business directions and we need to provide system context and we need to be able to create architectural decisions We need to have For instance, no functional requirements before we can create a well-defined component model or a well-defined Operational model So now let me give you just an example of how this enterprise transformation architecture Is doing solution and how we can go down all the way to the nitty-gritty of the Transformation with one of these trends for instance, let's take cloud solution design With cloud solution design, of course many customers come to us and they say that they want to come with Requirements of revenue and with requirements of course requirements of revenue Because they want to provide more innovation to their corporations with cloud. They want to provide more business agility They want to get more customers to bigger markets. They want to increase business volumes with these moves They want to improve the quality of the service they provide to their customers And of course they want to increase customer retention And they want to avoid some of the ways that they lose customers in many ways And also you have cost drivers this cost drivers Is because probably with this is one of the main goals. They want to reduce costs They want to improve the asset of the utilization because they want to know that they can be homogenous in their platform And this will improve also the way they can respond to Incidents and many other ways in which they can also reduce The problem with the asset management and they want to reduce the risk They want to be able to as I said before cope with all the threats that they may find in their Infrastructure in their environments in the current environments And they want to be able to respond of course to local to government Industry regulations and they want to be able to be and they want to be ready to Respond to business controls and to auditing. So this is more or less all the drivers that all customers that we see Need when dealing with cloud and when we have to build cloud solutions for them And one important thing and this is something critical is that they need to understand what are the actors the type of actors that this enterprise falls under because It's still surprising to see how many customers need a cloud solution But they don't have a clear vision of the the actor and the types of role Associated with these actors that they need to play So they don't know if they want to be a cloud consumers or cloud providers or cloud brokers And these these three highlighted here are probably the three most important ones And they need to know that at some point in time they need to respond to their customers, but they need to act One time with being cloud consumer or being cloud creator of services cloud provider of services Or they need to be cloud service brokers in which they consume some services and they provide Services also to other customers. It is very important that they know exactly which of these roles they want to play at some point in time And also They need to understand that they need to be aligned with cloud service models and the next generation the so-called next generation cloud architecture and you can see the three service Layers here and you can see that the open Operating environment in the right Needs to be aligned with each one of these service models so that you need to keep adding abstraction levels of Cloud solutioning to each one of the applications that you want to be to each one of the transformations that you want to do with the infrastructure So these that you can see in the lower part are the standards of cloud operating environment and a cloud generation architecture Also, it's important to know about workloads when you go to a customer And you want to deal with a cloud solution From the very first time with a white paper on the table You need to be able to analyze if these waves of workloads Are clear for the customer. You need to know if they can really in the first wave change or not some applications are which ones may be Probably ready for cloud Transformation and the ones that probably are ready for cloud transformation because we have patterns and we have standards that can be transformed But this is something that you need to identify from the very beginning also as a necessary step And of course we as architects rely in reference architectures We have cloud computing reference architecture in IBM. It has been around for some time already Now we are in release 4.0 and this reference architecture is a structuring pillars related With the cloud actors that you have seen before and also in operating Systems processes and also in business support services and the service layers that you have seen before But what we take from this generic Framework is a set of patterns a set of patterns depending on their role depending on the actor that you want to play there and for each of these patterns we Create particular deliverables like I mentioned before we have deliverables for instance for cloud use cases and the cloud use cases is important deliverable because We are able to create these transformation paths from from the one role to the end and the way in which these Actions and the way in which these activities are crossing from one human actor to one system actor from the beginning to the end And we know exactly how many transactions are taking place in these transitions and with these well-defined cloud use cases for instance We are also impacting in the other trends architectures that we may be creating within a corporation We are also impacting in big data analysis analytics architectures, and we are also impacting in the devops Architectures that we may be creating within our corporation and the rest of the ecosystems of this digital transformation Also, if you adopt a method a methodical approach You have or you can take two paths. It's the path for optimization and the path for innovation and these two paths Depart from one application portfolio in which you assess all the set of Of business processes and applications that you have In your corporation and then you are able to analyze and rationalize all these applications And if you choose the path for optimization and considering the workflows that I told before you have candidates for migration with no Significant modernization in which you can do depending on the complexity one or other type of migration rapid migration or maybe a Replatform or are installing depending on the way that you want to or the deployment model that you want to deal with and then if you have a Clear set of applications that are ready for modernization that are ready for rewriting and also if you have inputs of clouds enabled applications clouds applications that are probably going in the devops stage or in the devops mode of Deployment you will see that you can also create a new set of Transforming applications in one of these deployment models that you see on the right you have private private cloud applications public cloud applications and hybrid cloud applications that will be interacting with traditional applications in a hybrid IT mode okay, so Very fast what I want to say here is that you need to take a holistic enterprise Architecture approach with as you can see in the left side all the cloud Characteristics that most customers are demanding cloud-enabled at the center modernize the current landscape plan for new applications and so on and of course you want to see after that Transformation the advantages that you see on the right It's important that at the end of the tour you are able to lower the TCO to reach higher operational efficiency and of course to be able to get to the market faster and to enter new markets Let me show you just briefly here one of the patterns that we use in the private cloud Pattern which is called CDC cloud-enabled data center pattern and you can see here that This pattern has different layers which are called macro patterns and these layers go from lower to higher Capabilities, and this is the way in which we approach from a short to high maturity model in cloud computing so inside with this is one of these layers inside is one of these Macro patterns we have components which you need to fill with names and surnames Within your comprehension which means that you need to add the software the hardware and the appliances that will complete your solution in model for cloud and we'll be able to provide you the full picture of the model integrated with your traditional architecture The same goes for the same pattern with the enablement of platform as a service application You see here that the components change the layers do not change the same macro patterns Stay but you have for instance components of after scaling components of application testing components of cloud marketing So you can complete the picture depending on the initiative of the service model that you want to deploy and now let me show you how we Go down to the real design because we need to go all the way. So we need to use as enterprise Architects we need to use tools these tools. They have Something that is very important for the for the result of the whole enterprise design Which is consistency? Consistency has to be kept in all the process because it will guarantee the success of The glue that I was talking about of the meeting the middle transformational view and to keep this consistency. It is very important to use Common elements common modeling concepts That are the ones that have been depicted here in this meta model. So in this enterprise architecture tools We need to have definitions. We need to carry information We need to use diagrams to use symbols and relationships Joining them so all the definitions and all the properties and all the diagrams They make up the model and they keep the consistency and they guarantee that if we change a Relationship that if we change a definition or if we change a diagram That will impact in the rest of the elements that we have been depicting in the enterprise model So with this meta model we can go Work in the customers with a tool for instance In IBM we use some tools and one of these is rational system architect rational system architect as you can see here depicts This canvas where we have the diagrams and we start depicting the diagrams depending on the type of Definitions that we have been creating and also in every definition We can represent different symbols so that we can create the whole Enterprise architecture model but to do this in practical way what we use is one framework one enterprise architecture framework And we can incorporate the rational system architect dog a framework or dog a framework of segment framework And in this case we have a particular framework adapted for cloud solution, which is client value method Like I mentioned before and we use the framework of team solution design for rational system And with this we are able to create to start creating the different delivery boards For instance, you can see here an architectural overview diagram Which is the functional view and you can see the macro patterns that I represented before and you can see the components that We have in the theoretical Model that I represent before and you can see that with the different definitions That we create and the different Actors that we create we can represent all the model and then we can also try to complete all the deliverables for all this for this cloud solution and it's very important also Last but not least that we are able to report and publish all the results that we get from this model because We will need to inform our organization and the different stakeholders of the periodic advantages that we are creating So it's very important that we can show them in the fact of standards and also we can Create a static or dynamic views so that we can represent the model in the way that is progressing in the same way that we are showing our city council the way that we are The different city buildings or the different recreational areas buildings or the enterprise strategy that I talked before And of course these tools they need to use Capabilities so that they can interact with different standards With other tools so that we can create a conglomerate that puts everything together in the enterprise transformation Maybe also for the other trends in which we also have different reference model for enterprise architecture tools So this is all and let's see what can we collect from what I have been talking today Today's digital business demands an integrated approach We need to provide this integrated approach for this enterprise transformation And of course this enterprise transformation relies on open group standards open group is marking the way in which we can adopt all this transformation and This enterprise transformation strategy is also the one that IBM has chosen even IBM enterprise strategy is aligned with the open group standards and This enterprise transformation has to follow Solutioning framework and the solutioning frameworks are the disrupt the ones from disruptive Trends like our cloud computing reference architecture So we need as architects for the open group to rely on enterprise architecture tools And these enterprise architecture tools have to be open open to represent and to report with open standards So this is as much as I wanted to tell you today and I am ready for questions if you have them at this moment So let me just introduce our CTO Dave Loundsbury who will ask the question. Thank you It's excellent presentation So let me ask first have you implemented the open group Standard for Archimator. Do you use the open group standard Archimate for modeling in your tool set? We are considering on using Archimate in the same way that we are using dog up but in the delivery projects Organization that I am participating Pacing at this moment. We have not yet had a chance to use Archimate But of course we are considering it has a very important approach So in your slides you showed a path for optimization and a path for innovation You see these as in any way mutually exclusive or can they be best operated simultaneously? From an enterprise architecture point of view, of course, they are not exclusive It depends on the amount of initiatives that you have at some point in time And as enterprise architects, of course, of course, we have to consider them in parallel If you are lucky enough to be participating in a corporation that has all these initiatives For instance, you may have a DevOps initiative in which you have of course to adopt the path for modernization And in which you can convince how to reduce the path or the life cycle path As to go to deploy the applications in a faster way Many other initiatives, maybe even within the same corporation will be based strongly in the infrastructure Optimization and only based in how to externalize many of the infrastructure So these paths, of course, the ideal situation would be to have them simultaneously working together To modernize the whole sets of the business applications of the business processes within an organization But at least here in our environment in the south of Europe, I haven't been able to see it by myself That's true Thank you I'm going to combine a couple of questions here Apologies to the audience if I Munch these in any way So what do you see as the main challenge to maintain or manage the new IT environment? How will central IT groups and large organizations maintain oversight and control on IT Cost risk, etc. And where do you see standards for the operation of IT coming into play for that? Okay Well, the main thing is that At least Up until now, I don't think that this transformation has been adopted Fully and deeply into the corporations. So what I think is that It's not only a matter of Standards, it's only it's also a matter of how we deal with the transformation of many units within a corporation Is about the way in which we really Can make corporations understand about the statistical approach with with this digital and disruptive forces Rather than going only for a tactical approach and I think that Right now responding to the second question The open standards are of course In many joint Groups that are being created around many situations. We have Open standards around infrastructures like like Open power standards and we have open stack also, which is Organization that is creating this cloud adoption map cloud operating system And this is a way in which most of the corporations have realized that they need to cooperate They need to participate. They need to add Experts to develop the projects that then every corporation will try to particularize For their own set of products whatever they are our Software or appliances And this is the way that is happening in IBM. IBM has realized that no one is the owner Of mobile platform. No one is the owner of analytics. No one is the owner of cloud Computing and we are promoting more and more the participation of employees in these Open groups and these open organizations. And of course, we are always very much Sensible to Standards like the one from men IST or cloud security alliance of cloud standards customer council And of course the open group because we think that is very relevant to see how we need to Keep evolving all our portfolio or our products and how we need To be able to adapt rapidly to this standard with our products That's a good point because in addition to the technical standards mentioned like open stack We're starting to see the uptake of the more methodology oriented standards like what you talked about from this But also presumably over time. What's going on in the it for it forum at the open group So on on your slide 20 a reference to your slide 20 Where and how do you see information security fitting into your the IBM point of view on enterprise architecture? Okay, that's interesting to see because information security at this moment Was related with the policies and the layers that we had to be able to go With the boundaries as I said before the boundaries of the of the corporation so we had the different Policies and the security governance Layer that was surrounding this framework And now what do I have done in order to go with an enterprise architecture? Approach and with the security that this enterprise architecture approach demands is to widen this Framework to widen this this set of policies so that we are incorporating many other situations to be able to respond to the Vulnerabilities to the threats that we have from different sources so that now we have to be able to know how to respond to two situations of for instance dynamic Dynamic denial of services that may come from many different situations or maybe water in holes situations and this type of threats that we could not even prevent we were dealing with the Solutionings that we have for security specifically for maybe a previous previous enterprise approach Like the ones that we had with service oriented architectures. So now we are widening these policies. We are updating it and of course we are updating the set of products. We are cooperating and also Acquiring different companies that are provided this added value in terms of security because we need to complete this picture of complete Policies to to respond to these situations So another again, I'll combine two questions here So obviously the c-suite execs expect as you have noted The usual transformation objectives of both increasing their capability and driving down costs at the same time In this environment where they're facing disruption from external forces like market changes and annoying technology changes What methodologies do you see being used most frequently to make sure that the business strategy for coping with this is aligned with the the it and operational strategies and How do how do execs see that playing a role in making sure their organization can respond in a timely way to these disruptions Okay at least Here in the south of europe in spain in the group that ibm is managing in the south of europe portugal israel greece What we have seen being used very strongly still up until now is the ideal methodology to go like in a way of enterprise strategy And we have now the surge of many companies which are using togab As the approach to to respond and they start thinking what what I don't see yet is how these companies are Are linking a dog approach which they have specific groups within their corporations Of course to develop enterprise strategies and how these groups are dealing with the camps strategies that they are starting to see because What I see is isolated approaches not all together as a disruption of forces like we have mentioned before We have groups that are doing Inside corporations cloud cloud solutioning. We have of course groups that are turning business innovation Opportunities into analytic opportunities, but they are not yet linked with the togab strategy. They are not yet linked Together with these disruptive forces. So as I see there are still many isolated And depending on the type of organization that you have within that corporation There are still many isolated groups that are not Driven in the way that we have seen In that in that slide from top down from an enterprise strategy Towards the incorporation of that cloud analytics mobile and social Set of initiatives. So as I have seen now There are groups still very much focused in completing the set of Management processes IT processes within that organization There are of course many groups that are dealing with different different strategies for business process management, but Altogether, I still have not seen yet here. So one of the great things here is that we're talking to a room of people who are Experts at enterprise architecture business architecture evolving, you know Business models for good operation of IT. What advice would you give them to to close that gap? Okay, for me, I think the important thing is to keep pushing this This mind share of of being able to link The the source of enterprise architectures in a corporation If they are present or if as I said before there is as an opportunity to work with specific groups in these terms of of these four disruptive forces because The four of them and also internet of things is also One that we need to consider very specifically and in particular IBM is considering cloud analytics mobile social Internet of things as a new unit that has been created Just a few weeks ago with an important investment and also security In IBM we have cloud analytics mobile social and security as part of our strategic transformation And what we are trying to do from the executive point of view Is to promote all these strategies together to create this as I said mind share of enterprise transformation And I think this is important it's important to talk about enterprise architecture in these terms, but also considering that cloud for instance by itself Will become a commodity very soon and we will be talking soon about how analytics strategy can Use cloud rather than the opposite or how mobile can use cloud or how can security be in the in the cloud So all these things have to be together and have to be interrelated and as garnet was saying This is a revolution altogether even though By one one by one can be disruptive It's good to hear because of course that the things you mentioned you know the cloud of course the open group has its cloud computing reference architecture, which we would love to become Also what IBM uses there and the emerging open platform 3.0 reference architecture covers that space as well And then again it for it for how you implement all this great


Hello everyone, welcome to Options with Doug, streaming live daily on BookMap Discord. Streaming live daily on BookMap Discord and the BookMap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all BookMap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options 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 and 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 to 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 of my process is execution. And I look at real-time order flow in BookMap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups, for entries and exits. And just to be clear, when I talk about setups, I will be talking about setups in an underlying asset. And those setups can be taken with shares of stock, futures, or options unless I specifically state one way or another. So that's up to you how you want to take these setups. But my analysis, again, is based on the options market. And questions and comments are welcome. And I will be watching the options-jug chat channel and Discord and the chat and YouTube for your questions and comments. All right, my agenda for today. First of all, I'm going to go over news items for today and for the rest of the week. Then I'll talk about my positional analysis. I'll review a few setups from this morning and then we'll go to the live market. And just a quick note about today, the FOMC minutes do come out at 2 p.m. So I will stop whatever I'm doing then and we'll watch the live market. All right, so that's the primary news item for today. And then also later on today after the market closes, NVIDIA reports earnings. And tomorrow, the GDP report comes out at 8.30 a.m. Eastern time. And then on Friday, the PCE report and durable goods come out at 8.30 a.m. Eastern time. And then Michigan consumer sentiment at 10 a.m. All right, let's get started. So again, we'll stop whatever I'll stop whatever I'm doing at just before 2 p.m. and we'll watch the live market as the FOMC minutes are released. All right, so let's start with the positional analysis. And this is the S&P 500 and book map ES Futures. And before I go into this chart in detail, I'm going to take a look at a larger time frame. I'm going to start with SPX in a 30-day one-hour chart. This chart is showing price and key daily levels, weekly levels, and also spot gamma levels. So first of all, let's note the range of trade here. So for most of this past 30 days, SPX is traded in a very narrow range between 4100 and 4150. And it briefly jumped out of that range last week, starting on Wednesday, and the now is back in that range and the 4100 to 4150 range. All right, let's take a look at levels here. The dashed blue line is showing the lower and upper edge of the expected move for the day. And note that SPX is trading below that level. And SPX is also trading below the lower edge of the expected move for the week. That's shown with the dashed purple line. And there's the upper edge, the expected move for the week. Other levels, clean this up, are spot gamma levels. These are provided to spot gamma subscribers for a variety of platforms. Here we're looking at thinkorswim. And here, first of all, the level that I want to point out is the put wall. And that is at 3,900. That is down from last week or yesterday at 4,000. And that is the strike with the largest negative gamma that can be expected to act as support. And then the next strike is the 4,000 level. That's the absolute gamma strike. That's the strike with the largest absolute gamma. And the volatility trigger is at 4,160. That's the spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. At 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 is trading below that level now. And then above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure. And that tends to subdue volatility. And then finally, the call wall is still up at 4,300. And that's the strike with the largest net positive gamma that can be expected to act as resistance.  So that is a larger timeframe. Again, the kind of the primary takeaways here are that SPX is back in the 4,100 to 4,150 range. And right now today trading below the lower edge of the expected move for the day and the week. All right, let's take a look at one other thing or swim chart. Just to focus on levels. So this is price and levels, same levels, showing on a one day one minute chart. And one thing to point out here is the void and levels below 4,100. So the next proprietary or key level is 4,000. If price drops below the 4,100 level. All right, so that is the that's the price action for today. It looks like SPX may have found support at the this is the SPY 410 level. And that was also noted as close to the SPX 4105 level, both noted as support. So this level was noted as support in the spot gamma AM founders note. And Vanessa in YouTube says the volume is too low. Sorry, I have the gain on my mic turned all the way up. There's nothing more that I can do. Sorry about that. You might try and join us in discord. I haven't heard any complaints about volume and discord. All right, so I'm showing I have a couple columns of notes here. First spot gamma. These are the cloud notes provided to spot gamma subscribers. This is the 4,100 level. And I'm showing it on my cloud notes. And right now it looks like we're in agreement between the difference between ES and SPX at 11 points. So the key levels today. Again, primarily the SPY support level at 410. That's a large gamma four. Also support level again noted in the spot gamma AM founders note. And also other SPY levels that have been in play today, the 411 and the 412. So the 412 acted as resistance today. And then the 411 acted as resistance. So the SPY levels are definitely in play for the S&P 500 today. And we'll talk talk more about setups in a few minutes. All right, so that's the S&P 500. Let's take a look at NASDAQ. And NASDAQ will take a look at a first of all, this is the NASDAQ futures in Q futures and book map again. And I'm going to take a look at a QQQ chart. So this is showing a one day one minute chart for QQQ and the key levels. And note here the level in play is the put wall the 330 put wall for QQQ, which has acted as support. And I'm kind of zoomed out on this chart just again to show the void here between the next level down the 330 put wall. If that doesn't hold, there's a big gap down to the 320 level. All right, let's go back to book map. And here's the 330 level, the QQQ 330 put wall level shown in my cloud notes here in the C levels column. And then Q, the NASDAQ is a large instrument. It's not necessarily going to trade down the support to the tick. All right, so there's more discussion in YouTube about volume. I'm sorry. There's nothing that I can do. I've set my gain for my microphone up as high as I can. Floyd's garage says his is okay. So again, if you're having difficulty with volume in YouTube, come join us in Discord. It's free book map discord free, whether you have a book map subscription or not. And Floyd's garage says, did you check your computer volume? I'm wearing a headset. So I have a microphone on my headset. And I'm streaming to YouTube with OBS. And in OBS, my volume gain for my microphone is set to max. All right, so that is the NASDAQ note. Also the ETF levels of 331, 332 have also been in play with the 332 initially acting as resistance this morning. And then the 331 also the lower edge, the expected move for the day. Oh, Floyd's garage was talking to the other people in YouTube. Sorry about that. So again, I've set my I have a headset on with a microphone and screaming to YouTube with OBS volume gain set to max. Alright, so let's now take a look at the shifts and levels. And when I do that, I'm going to go ahead and take a look at the absolute gamma levels. We'll start with SPX. And this chart is showing absolute gamma for SPX market makers position. The orange bars are showing call gamma or positive gamma above the zero line. And the blue bars are showing negative gamma or put gamma below the zero line. So first of all, here's the 4000 absolute gamma strike. And that did shift lower from 41 50 yesterday to 4000 today. Next is the put wall. And that also shifted lower from 4000 yesterday to 3900 today. So that is the strike with largest net negative gamma that can be expected to act as support. And again, the absolute gamma strike, that's a strike with largest absolute gamma. And then the call wall remains at 4300. That's a strike with largest net positive gamma that can be expected to act as resistance. And the volatility trigger did move lower slightly from 41 70 yesterday to 41 60 today. So that's SPX shift lower and volatility trigger put wall and absolute gamma strike. And that's bearish. Next spy. Again, the same thing. Absolute gamma for spy. Orange bars, positive gamma or a call bulb call gamma and blue bars, negative gamma or put gamma. So for spy, volatility triggered did shift lower from 418 to 415. Also the pull wall remains at 400. And the call wall shifted lower from 422 to 420. So now 420 is the strike with the largest net positive gamma. And that's the resistance level. And then absolute gamma strike dropped from 420 yesterday to 415. So there's the strike with the largest absolute gamma. And that is also bearish. The volatility trigger call wall and absolute gamma strike all dropped lower. I'm going to do a refresh here. I normally have to do that. Let's take a look at NDX. And for NDX, there was only one shift. And that is the volatility trigger actually shifted higher to 13, 375. And then the center of the universe for NDX remains at 13,850. And that is the absolute gamma strike and the call wall. Let's take a look at QQQ. And for QQQ, there were some shifts and levels. First of all, the volatility trigger did shift lower from 338 to 340. And the pull wall actually shifted higher from 327 to 330. So here's the pull wall. That's the strike with the largest net negative gamma support level that we just looked at on the NQ and QQQ charts. And then the that's also the absolute gamma strike at 330. And that did drop lower from yesterday from 335 to 330. So given all the shifts and levels lower, I interpreted that as definitely as bearish. All right, so those are the key daily levels for NASDAQ and S&P 500. Now let's take a look at the VANA chart, the VANA model. And this chart is showing how market makers delta notional, shown on the vertical axis, changes with changes in price shown on the horizontal axis. There are two curves on this chart. The first, this light gray shows how market makers delta notional changes with changes in price only. And then the purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that's the one that we really wanted to look at. And that's the VANA effect. That's the VANA effect, the change in delta with the change in implied volatility. So what this is showing is, first of all, market makers delta notional, they'll have less delta notional to hedge as predicted by the delta only curve, as price increases and as price decreases and implied volatility increases, they will have more delta notional to hedge. And this is typical of a negative gamma environment, and that's actually in the environment we're in now. We saw in the S&P 500 charts that SPX was trading below its volatility trigger in a negative gamma environment. We'll take a look at the numbers in just a moment. Let's take a look at the current price of SPX. You find my watch list. It looks like there's been a little bit of a rally. SPX is trading right at 41.17. So let's see if we can find that. So what this is showing, this is about the current price of SPX. So if price continues to decrease, market makers will have to sell futures to hedge their delta exposure. Their delta exposure is increasing, and they want to remain delta neutral, so they have to sell futures. And then on the other hand, if price increases and implied volatility drops, they can buy back their short futures. So you can see in negative gamma environment here, they're trading with price. Price decreases, they're selling futures, price increases, and they're buying futures. All right, let's take a look at the numbers and note now that gamma notional has switched to negative for SPX, SPI, and QQQ. That's what this is showing now. So this is market makers position on the gamma curve, and these numbers all shifted to negative or less positive in the case of NDX. So yesterday, SPX gamma notional was positive 436. Today, it is minus 138 million. And for SPI, yesterday was minus 724, and today it is minus 1576. So 1.5676 billion. And then NDX, really the no change. And for QQQ, yesterday gamma notional was minus 23.4, and today it's minus 224 million. All right, so negative gamma environment for the SP500, and really the NASDAQ, too. It is the gamma notional for QQQ far outweighs the gamma notional for NDX. All right, let's take a look and see what options traders have been doing today. Let's go to the S&P 500. What this chart is showing is price with a white line and the spot gamma hero signal that is showing options trades and market maker hedging flow, hedging pressure for the S&P 500 combined signal. So this is combining SPX, SPI, and ES futures into one combined signal. And before I take a closer look at this chart, I'm going to take a look at the individual components. So first of all, SPX, and note that overall today it is positive, 485 million positive. All right, so there's a Slot-a-Razi, slow-to-Razi, I'm not sure how to pronounce that, seems like options traders buy lots of calls before FOMC minutes. There's no way of knowing really who that is or what they're doing. So market makers sell calls, not hedge funds. And we'll take a look at that in just a moment. So SPX, we know that's positive, SPI, negative, and that's been negative all day long, taking negative delta positions, and then futures, ES futures also negative. So SPI and ES options trades seem to be more aligned with the actual price action. So let's take a look, closer look at this chart, we'll zoom in. And let's just go to the, this is starting at about the cash open, starting about 9.30, right here. So this, initially traders were taking negative delta positions, and that definitely supported short setups down to about 10, 10.15. All right, we've got, let's go take a look at the live market now, the FOMC minutes are about to come out right now. Let's go to ES. So the FOMC minutes are out now, let's zoom in a little bit. So so far, not a lot of reaction. We'll watch for a few minutes. And if that's the case, then we'll go back to looking at our reviewing setups. And Ron also notes, will you please turn up the sound? Folks, I've done everything that I can. Let me show you what here. This is what I use for YouTube. Just string with OBS. And this is my microphone gain right here, set to max. Right. Yeah. Discord. So Tizari says YouTube was okay yesterday, quiet today. Sorry. I don't know, maybe there's an issue with YouTube. So I've never heard about a problem in Discord. So everyone who's listening, I invite you to join us on Bookmap Discord. It is free and open for everyone. All you have to do is join. And you can go to the Bookmap YouTube site. And again, join whether you subscribe to Bookmap or not. All right, so not a lot of reaction so far. Let's see what options traders are doing. We'll go back to hero. So right now, they are options traders have been taking negative delta positions, starting about 145. That continues lower. Let's take a look at a little bit more detail and see what they're doing. First of all, this shows that traders are buying calls and buying puts. The rising orange line here shows they're buying calls. And that is the gamma notional there 1.47 billion positive. And buying puts. And that is minus 2.36 billion. So so far. So far, the put buyers are more aggressive. Right. So now it looks like price may be responding. And let's take a look at a shorter time frame. Looked at a 30 minute look back period. Seems like there's a more consistent correlation confirmation with price. Again, showing options traders taking negative delta positions. And now price is starting to move lower. Let's go back and take a look at Bookmap. So what this is showing is the lower edge the expected move the LDA for the day did act as resistance at 145 and 2 2 p.m. And also there were some larger traders selling with iceberg orders that shown here 541 executed that show them also by that drop in the light blue line there. And the move up was fueled by aggressive buyers shown with this commutative volume delta line, the pink to dark blue and also by stop order shown by the rising yellow line. Alright, so we saw before that there was a very clear signal this morning with traders taking negative delta positions, making a great short set up to tone down the heat map in the morning from this spy 412 level. Let's take a look and see what VIX is doing right now. So if we get any clues from changes in implied volatility, zoom in today. So around 145 there was a spike up in VIX and now has steady just around 20. Let's take a look at the VIX one day.  Yes, I am. So I calculate that ratio every day, fill on the spy levels on my spreadsheet that I use for my cloud notes. And then those are displayed on the ES chart. And I check that every day. Let's take a look at VIX one day. And that's been increasing all day. Just check on that. So Floyd's garage wants the ratio today. Let's see if I have it on. I don't have it on this chart. Let me check another chart. I do have it on this chart. So I've posted a series of little think scripts. And I posted those in discord. So here is and this is just displayed in a badge. So this is the ES to spy ratio. Today is right now around 10.0 375. So it jumps around a little bit. I actually was watching this this morning. And it was set at I said it at 10.0 382. Alright, so it looks like the VIX one day is jumping up. And let's take a look at price. Not a lot of change really trading around that spy 411 level and note the volume for today concentrated between the spy 410 and 411 level. This is the session volume profile over on the far right. Let's take a look at NASDAQ now. And still the QQQ put wall 330 put wall still holding a support multiple tests today and larger traders traders are buying today shown by this wrong tool shown by this rising light blue line. They're buying with iceberg orders. They have been buying for most of the day. Alright, so today the setup in the morning was the short and this is very pretty obvious the short at QQQ 332 down to the 330. Let's just take a look at hero for NASDAQ. And the last time I looked it really didn't provide much help. Alright, so there's the hero signal for SAP 500 and dropping lower continues to drop lower traders taking negative delta positions or really the the put buyers becoming more aggressive. Let's take a look at NASDAQ and just like the S&P 500 this is a combined signal for NDX and QQQ and this is just about neutral today. So QQQ is right now showing the hero signal of 71.28 million positive and NDX where's NDX there minus 52.89 million giving us a net of 21.94 million for the combined signal. So still overall positive for today positive delta notional but not a lot of help for setups not a lot of confirmation. Take a look at the SAP 500 again. So now it looks like this may be maybe at least slowing down. Let's take a look and see what the zero DTE traders are doing. So that's a little bit less negative than the total signal showing all expirations. So we'll just turn that off. Let's go back to book map. So notice today net large traders have been buying with iceberg orders that is a positive number that's the cumulative number for the day. And it looks like sell stop orders have helped to fuel the move lower and now that seems to have leveled off. That's shown by the yellow line there. So let me know what you want to see now. I can review. We can take a look at a couple of stocks or we continue to look at the SAP 500 and NASDAQ. Any thoughts, preferences, anyone in YouTube or in Discord. All right. I'm going to jump to a couple of stocks. First of all, all right. So there's a request to look at Netflix. I don't have Netflix in in bookbap, but we can look at the hero signal. So let's go take a look at that. I'm going to go back to the one day signal. Take a look at Netflix. So Netflix today, traders have been buying calls and buying puts that shown by the rising orange line. Note that is 51.35 positive, 51.35 million. And they're buying puts also. That's minus 11.2 million. Call buyers are winning. Right. Let's take a look at NVIDIA and Danny Sloatsazari points out NVIDIA does have reports earnings today. So let's take a look at see how traders are positioning ahead of that. Let's take a look at the go back to the total signal and so far positive. Positive Delta and we'll separate out the puts and calls again. So they are selling puts and buying calls ahead of earnings. Both those numbers are positive. All right. Let's take a look at NVIDIA and bookmap. Let's just go back and take a look at hero. See if there are any gamma levels in play. So 300 is the key gamma strike. Also the key Delta strike. That's 300 level here. So that is a key strike, key gamma strike, key Delta strike. And price has treated down and up. All right. So there's a question about NQ net negative. We'll go back to NQ. This is the total signal. So it's net positive. It'll positive 11.2 million. So then the NDX signal is negative. The QQQ signal is positive. And it's just about flat really at positive 10.9 billion. So Danny Boy asked about the C levels. So let's go take a look at that. We'll go back to the, we'll just stay on NASDAQ here. So NASDAQ, the C levels, this is my column of cloud notes. And I use an add on called price lines. This is available in the book map marketplace that will draw the lines, these horizontal lines. So what I do is I just fill out the levels in our spreadsheet. So here's my, here's my spreadsheet for NASDAQ. So I'm showing QQQ levels here and then the NASDAQ levels here. And this is, this changes a little bit every day. I just get this information from spot gamma, fill out my spreadsheet and I've got the color codes all set that I want. And then just refresh the levels. So I go over here, price lines, start the server, refresh the levels and then everything is displayed on my chart. And again, that's an add on that's available in the book map marketplace. So I hope that helps. And let's see, there was somebody, Floyd's garage mentioned Apple. Not really the last time I looked not much going on with Apple today. Nothing to see there. NVIDIA usually moves around quite a bit and we looked at that before. Microsoft, we'll take a look at Hero for Microsoft. And this was, this is one thing that I like about stocks trading stocks with this hero signal. It is often a lot more clear than the S&P 500 and NASDAQ. For many stocks, there's often a very strong correlation between options, trades, hedging flow and price action. So let's go take a look at, we'll zoom in on this a little bit. And this was really a confirmation of a short that came in a little bit later. Price started moving lower and options traders responded. So confirming the short setup. Let's go take a look at book map. So there's the short setup. And if you missed that reversal at 316, there's the, excuse me, a pullback to 315. Let's go check the book hero chart again, see if there were any gamma levels in play for today. So yeah, the 315 is the key gamma strike. And that did act as resistance on that pullback. So a good level to get short there for a two point move in Microsoft. Let's see, I looked at Google earlier this morning. There was some movement in Google. Let's take a look at hero for Google. And a very clear, clear setup using hero here. Confirmation of a short. Traders are taking negative delta positions. Market makers selling stock and a price target at the 120 key gamma strike. So a nice setup in Google there. Let's go back and take a look at book map and note all of the, let's zoom in on this, a lot of aggressive sellers coming in here. Showing why the pink volume dots as Google made a series of lower highs. Let's go back and check the SAP 500 now. So now trading back down toward the 410, SPY 410 support level. All right, so Marco asked, can you explain the 332 level on QQQ? And that is just a round number level. And you would be surprised how traders respond at QQQ and SPY and often at stock. Round number levels. And that's why I show those on my chart. So there's a, let me just take a look. Let's go to... So these are the daily index levels for QQQ. And these change a little bit every day. And there's nothing special at 332. It's just a round number level. And I mark those on my chart and I look for price to react at those levels. And it very often does. So some of the round number levels and other levels for SPY and QQQ are gamma levels. 332, nothing special other than a round number level. All right, traders in the SAP 500 continue to take negative delta positions. Let's go back and take a look at book map. The SAP 500 working its way back down to the 410 level. So in this case for SPY, the SPY 410 level is a SPOT gamma level noted as support. Let's just go take a look at the absolute gamma levels. We looked at earlier. We'll go to SPY. So here's the SPY 410 level. Let's zoom in on this a little bit. So there's the SPY 410 level. Note all the put gamma there. That is actually the strike with the largest put gamma. And that was, again, noted as support in the SPOT gamma AM founders note. Then a stopping point below that at 405 and then at 400, which is the put wall. So again, price moving down to the 410 level. And I just don't think this is a coincidence. Price for the ES stops at that level. And again, this ratio changes a little bit every day as after the monthly, the quarterly futures expiration, that price difference increases. And then it slowly tensed toward 10 for the ES SPY ratio. Slowly tensed toward or reduces tensed toward 10 over the course until the next expiration when that ratio will change. And then it'll start to drop again towards 10. And I calculated every day. I just, you know, I showed that a think script badge that I have on my thinkorswim chart. And again, I posted all those in Discord, in the options-dog-chat-channel of Discord.  We've watched the SAP 500 and NASDAQ during, after the F1C minutes, we've taken a look at a couple of stocks. We'll watch for NVIDIA earnings after the close today. And then again, remember tomorrow economic data at 8.30 a.m. Eastern time. That would be the GDP report and also jobless claims. All right, that's all I have for today. Thanks for watching. Thanks for all your questions and comments. And I will see you tomorrow. Thanks again. Bye.


Here's Jerko in the right field that balls hit pretty well and that one's gonna fly and a home run for a Jed Jerko So after the single by Brock Holt Jed Jerko with a two-run home run to right bouncing on the first pitch and the goal team Has a two nothing lead here in the top of the first inning Brewers picking up Jerko in the offseason and that was a kind of the production that he gave the Cardinals against Milwaukee Over the last couple of years Jerko put a charging into one in the right center Got some big power the opposite field, but he turned down a shin high pitch the other day Sent it out to right field Yeah, there's another one that balls deep Garcia goes back and that one's gone right on cue Ben Gamble a Two-run home run Told you you were all over that Christian good analysis. Yeah, and down and in too. I just dropped the head of the bat on it And it looked like a breaking ball. Maybe a change up split finger And just that wrote it on out of here into the pen The reps start this one for Jake for Rhea The new guys that are in place the Brewers had a lot of roster turnover here smoke turns one around to right and that one is gonna Fly out of here. So smoke. I think he got jammed a little bit But still able to muscle one out of here to the short porch and right and on the board Are the blue? First run of the game on the second hit as Justin smoke goes deep He got the barrel on it and wrote it on out of here


My name is Aline, but you can call me Lily. I'm currently teach English in the countryside of São Paulo, in Brazil. As you can see, here is a pretty hot place, especially in summer time. In fact, here is a hot place. One thing that I enjoy doing much is outdoor activities, especially biking and running. I've just taken my 170 hours DFL course. I can absolutely recommend ITTT for anybody who already teach and who wants to improve your skills as a teacher. This is the course you are going to need if you would like to teach abroad or online. Now I have more knowledge for planning my lessons and new activities. I enjoyed everything about the course, but my favorite one was the USA methodology. As a result, my students are enjoying learning English. So go for it! Thank you for watching this video. Bye! Any of the videos here on the left for more interesting teaching tips for getting certified to teach English abroad and online.


Sai Dhanvali and Chamliyal were twin villages with common trees, crops, birds and even a common saint, Dalip Singh Manhas. Dalip Singh Ji had a large following in the area and though a Hindu, Muslims far outnumbered Hindus and Sikhs as his disciples. Legend further says that one day Dalip Singh Ji was assaulted and beheaded. His head was buried at Chamliyal and body at Sai Dhanvali village. The twin villages now even had twin shrines both of their beloved saint. Except over time Chamliyal became a little more important because as Babaji told one of his followers in a dream, the soil shakar and the water sharbat could cure all and any skin ailment. Chamliyal's fame spread and sufferers came from far and near in search of a cure. Nothing changed for 300 years. Every second Thursday in the month of Ashad, both villages celebrated a Mela together in memory of their saint. But then partition came and the twin villages suddenly had a border in between. Sai Dhanvali found itself in Pakistan and Chamliyal became a part of India. For the followers of Baba Dalip Singh Ji, it seemed like their Baba's body had been severed once again from its head. Things worsened with time. Guns and artillery drowned the joyous sounds of drums. From where had come flowers and charters to pay obeisance came indiscriminate firing hurting both the shrine and the spirit of Baba Chamliyal. But this year, after a long time, India's peace overtures bore fruit. After great persuasion, the Pakistani Rangers accepted the Indian border security forces' invitation to participate in the Mela. On June 24, the second Thursday in the month of Ashad, once again the guns fell silent and the drums took over. A group of Pakistani Rangers, their families and a few local representatives from Sai Dhanvali came with the chardar and flowers as offerings for Baba Chamliyal. Tankers containing sugar, soil and sherbet water were sent as Prasad from the Indian side. A multitude of humanity on both sides tried hard to catch a glimpse of the other, a neighbour Sonia yet so far. Baba Chamliyal's Mela was once again a joyous occasion as his disciples on both sides fleetingly forgot differences to celebrate together with reverence and love in peace once again.


thing crazy man and it don't even make no sense man. So they saying that Ravens cut practice short today after both Marcus Peters and Gus Edwards sustained potentially significant knee injuries on back to back plays and they having tests done on both players man. Adam Schefter just said that the Ravens fear that Gus Edwards suffered a season ending torn ACL in today's practice man.  It's crazy and you know I've seen some people put in the comment section oh man with with some of the injuries that the Ravens had they like oh man this feels like 2015 all over again and I'll tell them no man no it this this not 2015 man no and right now it's it's like I don't even know man and they they said that oh now now wow now Ian is saying that the concern for both players Marcus Peters and Gus Edwards is torn ACLs for both of them. Just just talking about Marcus Peters today especially after that presser man. That's terrible man. That's terrible man. That's terrible man and just when you think about it being these two players too just obviously significant guys on the roster significant guys to the team significant guys on the squad man.


Hey guys, this is Nate, AKA The Foot Accountant. Welcome back to the channel. It is Wednesday. FIFA Ultimate Team, and you know what Wednesday brings? The guaranteed TOTS SBCs and the start of the part of the week where the market starts to go upward in price and everybody starts to buy the cards they've been wanting. They've done some upgrade packs. They've done some of those. They've tried that out. And a lot of people on this game after the guaranteed go and start to figure out their week in league teams, especially with week in league wards that come out on Thursday. But that's kind of be the basis of what we're talking about today. And it was just entered into the code tonight via Foot Watch. And it was confirmed that we are getting the League on TOTS SF guaranteed player as we see along with the MLS or Latin America TOTS SF player SBC as well. So they're doing it the same way they did last week when there was two lower level leagues impacts. They're putting them both into the same pack. And that's how that's going to go this week. First thing I want to talk about is what are we talking for ratings? Ratings for these SBCs, what are we kind of looking at? For the League on, 86 would be really nice. But I feel like it's going to be 87. And I feel like there's even a slight chance that it could be 88. If it's 88, that's one of the biggest scams I've ever seen. But I feel like EA thinks they could maybe get away with it with having Neymar and Pape and Ben Yetter on the team. But I would really be looking out for an 87 rated squad or with one TOTS for that guaranteed SBC coming out today. And then for the lower league one, I think probably 84 rated makes sense. They juiced these cards that are in the MLS and that are in the Latin America TOTS. So since you have a guy like Martinez who's 400K, Opara 300K, Bellas 276, I feel like they're going to make this an 84 rated squad with Tevez being pretty expensive, the Fernandez card, Salvio being all really good cards as well. It seems like an 84 rated squad for me here and an 87 rated squad for me on the league on. So let's keep talking about the SBCs, right? Are 83s through 86, 87 cards going to rise today? I think the answer to that is yes.  I think it's going to happen again this week. There's a lot more people investing in it this week. So they might not go as high. And the hype for CSL and AirDivisi is going to be the most hype for a secondary league SBC or secondary guaranteed league SBC pack or TOTS pack that we will get. But I would say there's some decent hype for this too. Tevez is a majorly hyped up player in FIFA, right? A lot of FIFA emotion around him and even the Vela Martinez, the Opara is what some people say best center back in the game. So people are going to do this, right? 84 rated squad for a guaranteed TOTS player. They're going to do it. I do see the 82s looking pretty investable again, in my opinion, but I think the 84s right now to me are still pretty cheap. LaTara Martinez, like three K for these guys. Some of these guys might be four, like seven, not seven K. Maybe seven K for a guy that links up really well. But they've already started to rise a little bit. But I think you're still in the area where you can see some of these 84s rise up to like five to 6,000 coins. The ones that have good links, good nationalities and that are in good positions, good linking positions.  We've been through this every week for the past five weeks basically on what cards you want to be looking at each week. So if you don't know which cards to buy, scroll through this page on Footbin, which is the basically click this drop down up here at the top, go down to cheapest players by rating and you will see that if you go and click on some of these guys' graph, if you want to know which one of them rise, take a look at their graphs. Look at Javi Martinez. He bounces around every week, the last three weeks, boom. Up to 5.86 K, down to 4 K, boom. Up to 6 K, down to 4 K, boom. Up to 6 K, it was 3.5 K earlier this week. He's now up to 4.5 K. But if you can get this guy around 4 K, he's probably gonna hit 5.5 to 6 K at some point today because of the SBC. So not a terrible shot there. 85s are already up about 1,000 coins of cards. I'm a little bit iffy on those. 86s are still decently buyable to me around 13 and a half to 14,000 coins. Most of them are at good league, good position. Again is key for a lot of these cards. So yeah, I think you're gonna see 82 to 86 rated fodder go up today. 87s might go up a little bit, but if you're gonna do anything with the 87 and higher, I think you're just doing a club stock, at least right now for those cards. But if you do have any fodder, you do want to sell that fodder today on Wednesday, in my opinion. It might stay a little bit higher for Thursday, but with the supply from week and league awards coming onto the game, a lot of the fodder stuff that you should see will hit its max within the one hour to two hour window after the guaranteed SBCs come out today on Wednesday. So that's kind of the fodder situation, how I see it with these guaranteed TOTS SBCs. Now I wanna spend a little bit more time talking about Thursday flips and trading with these team in the season cards, especially from the league on today. Because if you wanna buy Thursday flips or cards to sell after rewards, I am thinking that your time to buy those is going to be today. And I wanna talk about these TOTS cards as well, especially this guy.  I looked at his price and foot bin. Now he's back to 340, 350. This card is rare, fluctuates all the time and I expect this guy to really boom today after the guaranteed TOTS SBC comes out because I don't see him get packed that much from upgrade packs or I don't think it's very possible he's gonna get packed a ton from the guaranteed SBC as well. So I think this guy is gonna be a massive riser and there's a lot of demand for him as well, considering he's the best French right back in the game. People remember him from last year. So I like this guy for a lot of hype and a lot of rising after the guaranteed TOTS today. When do you wanna buy any, if you wanna buy any of these TOTS cards for this weekend, if you don't think it's gonna get re-released into Ultimate TOTS, there will be some of these that rise from the morning time until into the night, Wednesday, and they'll keep going higher a little bit into Thursday. The ones that are meta, the ones that people wanna use the most. And to me, those are Renato Sanchez, Atal, Lala, maybe Awar and Depai, maybe Marquinhos. Those are the cards to me that I think will do well. DeMaria will probably do decently well too, just because he's gotten super duper cheap. And then for your top guys, these guys are gonna rise tomorrow as well. Mbappe, Benyeter, Neymar, I would expect them to rise after the guaranteed SPC comes out because people that don't pack them are gonna wanna go out and try to buy them. I would just be very careful if you're buying any of those because all three have a chance to get an Ultimate TOTS. There might be some panic selling on Friday morning and especially they get into Ultimate TOTS, they're gonna go down a lot more. So that'd just be careful with those. But for the rest of these guys, if you wanna buy one of them for your team, maybe to play with on Friday and Saturday and then try to sell them before they drop off too much in the weekend league, sell off, I think Renato, Lala, especially those two guys and Atal, those three actually are gonna be the most hyped and have a possibility to rise today. So I would either buy them before the SPC comes out. But actually one interesting thing that I noticed last week was on a guy like Quadrado. I was watching Quadrado last week and I was watching Insignia last week as well. During the first hour of when those guaranteed SPCs came out onto the market, the guaranteed TOTS SPCs for the major league, during the first, actually not even the first hour, during the first like 15 to 20 minutes of when those SPCs came out, people started panic selling those TOTS cards. There was some undercutting and some panic selling on the actual team of the season cards like Quadrado and like Manolis and Insignia. And even like I was watching Malinkovic Savage as well. There was a short period of time like right when the SPC came out, there was panic selling and the cards actually went down lower than what they were before 6 p.m. when the SPC came out. So there wasn't much panic beforehand. There was more panic right when the SPC came out. So maybe you watch out for that today but regardless either before the SPC or right when the SPC drops is going to be the cheapest for some of these cards in the next two days with weekend league rewards and a lot of people wanting to use Rondo Sanchez, Atal, Lala and some of these other cards on the game. So if you wanna buy a TOTS card for the weekend and you wanna play with it in a short timeframe, I think that's kinda your buy time. This OWR card has a lot of supply but I still feel like he's somebody who could do really well today just because his card is very, very good and this type of card for 200K, TOTS is crazy man. TOTS really changes this market and it's gonna change it even more next week during Ultimate TOTS but this is crazy that this level of a card is 200,000 coins. This card would be so expensive if he would have been out during foot birthday or anything like that. Like this card is, the stats in this card is crazy. I know he's only got a three star weak foot but if you're playing him as like a box to box center mid it doesn't get much better than this on an attacking standpoint from just like a distributor and from an all around box to box midfield. This is a great, great card and he's a FIFA favorite from last year at his cards and the stuff that he got last year in FIFA as well. So that's probably a card that could rise today. If you wanna try trading with a few of these, you can. Again, I do feel like they will rebound a little bit. I don't know how crazy the rebounds will be but I do expect a few of these to rebound tomorrow after the guaranteed TOTS heading into the rewards period as well. Some of them are probably just gonna stay low tomorrow. Varati, Thiago Silva, you know, Savaneer might rise a little bit. Osemen could rise a small bit but a lot of these guys are probably just gonna stay in the same range because there's just not that much demand for him. There's really just not that much demand for some of these cards. So I wouldn't expect them to actually move that much. DePai Fupin says it's 378 but it actually looks like he's three. Actually DePai is pretty rare so that could be a decent flip for tomorrow as well if you wanted to mess around with some of that and I might try to snag him in the earlier timeframe before the SPC would come out because I do feel like this would be a card that would rebound tomorrow after the TOTS would come out. So that's kind of the deal with the team of the seasons that are in the guaranteed packs. Same thing for the lower leagues, right? Like let's say O'Para. There's maybe some panic selling on O'Para tomorrow. Maybe this is a point where if you really want this card he's probably gonna rise through rewards and into the weekend. Kind of look at the fluctuations of like a Galic Paulinho last week. It might be one that you could look at for a fluctuation on a card like O'Para or maybe Tevez or Osef Martinez. The secondary leagues, they're really hyped up. These guys will probably rise up through the weekend if they're really popular until Friday with Lighting Round. So if you wanna buy one of these two maybe you check their prices tonight with the guaranteed if there's a little bit of panic selling get on some of that with those cards too. So that's kind of the deal with Tots cards again. So we talked about the requirements for the SBC maybe trading with and buying some of the actual Tots cards involved with the SBC. Let's talk about Thursday flips, all right? Let's talk about Thursday flips. I think the actually the lowest point of the market for a lot of these cards was actually Monday night, Monday night, late night. This Lacazette was 300K flat like 315. I bought one at 315. I got a crazy crazy timeframe with this, this Conte card. I sold a lazy one today at 480. So I got a crazy lazy buyer but I bought all four of these at 300K or below and he's back to his normal price of being around 370,000 coins.  Again, I really liked the French links and icon links. I talked about this earlier in the week and I think Monday night was kind of the lowest buy time. Some of the icons are still in a very good viable price range. I bought this card at 299 which is almost one of his lowest points. He's still about 300,000 coins. I bought this Blanc at 400K. He's still chilling around the 400K range as well. So the icons maybe haven't had as much rebound as some of the special cards out of packs have but just take a look around. Look at the rare positions. Again, as I talked about in my video yesterday, look at the positions that people might need to fill with French cards or with other out of pack specials that could be used in linking teams this weekend league. And I do, again, I really specifically like the icons because that's where a lot of people are now looking to link their teams together. A lot of people are also looking to trade with these icons on Thursday now so there's a bit more competition. But if you get in earlier, which is what we're trying to do today, if you get in earlier, you're probably gonna do better because you're gonna be buying earlier. Yes, you might have to sit there a little bit with those cards on your transfers or whatever but the earlier that you get in with some of these cards, especially as we saw last week, the better. And a lot of these cards have dropped off a bunch in the last week too. This Cedar was 550K last week, 530. He's now down to 360, 370K with all of the midfielders that came out with this Tots, with the SBC, Cyprian that has come out. A lot of people have sold some of the midfielders and now have Tots cards. But there's some people out there that maybe have the young that they want to link to DePie. And they need another strong link in there to get to both of those cards for chemistry reasons. Maybe they'll use Cedar, maybe they'll use a Cruyff, maybe they will use another Dutch icon, right card as well. Right card I flipped last week. The prime right card was a fantastic flipper last week. So just look around for your French icons and just icons that you see rising on a weekly basis anyway. Like this, I think this card's 300K. This is, oh my gosh, 250? Some of these icon drops have been insane. 250K for this right card, that is crazy. That's pretty crazy on some of these price drops. So icons are still definitely viable for Thursday flips. I'm kinda liking those the most. I like the middle and the baby versions the most because they're out of packs and a lot more rare. But some of the primes are rising every week too. So even this Fairland Mendy was 240K consistently just this morning. He's now up to like 260, 270. So maybe there's some more panic selling on a guy like this in the morning, but people are starting to buy up the French out of pack specials and they're starting to see a rise. So maybe you focus on more of the icons this week if you haven't bought too much already. But you can still peek around on some of the French out of pack special cards for links, two tots cards that people might get from the guaranteed and try to use this week. Brazilian links are probably gonna be decent as well because of Marquinhos, Thiago Silva. I'm seeing those guys packed a lot. Of course, PSG links as well. There's any PSG cards that you could link to out of pack specials, maybe like, I don't know, I have to think of any off the top of my head, but PSG special cards, if there's any out there. Even versions of like Mbappe, right? I know we can talk about the golden Mbappe. I know some people think this is gonna get over-invested. I'm still kind of a fan of this, 160K for one of the most OP usable cards in the game. And then Neymar is how much? Neymar is 250, 260. I still think this is really, really cheap for Neymar as well. It's crazy how cheap these guys have gotten this year with FIFA 20 being the year of supply on the market. I feel like these guys do rebound as they're out of packs for this rewards set this week, and then out of packs probably next week too for ultimate team of the season. So that's kind of how I feel about the Thursday flipping situation. I think you have, you have the green light for me to buy cards today, because what's gonna happen is, and this happened last week too, with Maka Lele as the perfect example. This guy last week was 390,400,000 coins, which I know is a lot higher than what he is now. But he was 390,400,000. Right when the guaranteed SBC came out, this guy immediately zoomed up to like 420,430,440. He kept rising into the night, Wednesday night into Thursday as people were starting to invest in this icon, because he was a very popular icon to link together, because he had risen a lot in the previous week. People saw that and they recommended him, as I did, but the earlier that you get in on this stuff, if you can actually see low prices on some icons tomorrow morning, before 6 p.m. U.K., pull the trigger, absolutely pull the trigger tomorrow morning, before 6 p.m. U.K., if you see low prices on French icons, or icons that rise every week, because they're gonna start rising after the guaranteed comes out, because people start investing for awards then, and they also start building teams that they piece together for the week and week. So that's kind of the stuff I'm thinking about right now with these cards and FIFA. That should be covering the full market movements for today in foot. League Unrares, if you still have those and you're selling those, they should probably be reaching their highest today. They are ridiculously high at the moment, like three and a half to almost 4,000 coins for most of these guys, which is ridiculous. It's like 40K per upgrade pack for the League Unupgrade, which is ridiculously crazy, but people are doing it and people are draining a lot of coins this week on FIFA, which is really why I like the 100K to 500K flips for this week in League, because I feel like some people are losing a lot of coins this week because of everything that is happening in FIFA, especially with the upgrade packs. So that's how I kind of feel about the market today. If you guys enjoyed this video, smash the thumbs up on it, comment down below if you have any questions, and subscribe to the channel if you're new. It's been Nate, The Foot Accountant. Good luck on your guaranteed SPCs. I will catch you guys later. Peace out.