The Craft Foods Company presents Willard Waterman as the Great Gildus Leaves. The Great Gildus Leaves is brought to you partially transcribed by the Craft Foods Company. Have you ever tried your hand at homemade salad dressings? Now that there's a craft salad oil, it's especially easy to make perfect French dressings. And it's worth the minute or two it takes because dressings made with superfine craft salad oil can add wonderful new flavors to your salads. A little later I'll tell you about some unusual French dressing recipes you can get with craft salad oil. Another famous product from the Craft Foods Company. The Great Gildus Leaves and his nephew Leroy are about to leave on an overnight fishing trip. They have reservations for two at Moosehead Lodge and have been loading necessary and unnecessary equipment into the car since early morning. There we are, Leroy. You didn't think I could pack all that stuff in the back of the car, did you? It fooled me, Aunt. When we start off, do you think the front wheels will stay on the ground? Well, when I get up front, it'll sort of balance things. Hey, you didn't pack your fishing hacks. I'm going to wear that. Is my fishing license on it? Yeah, your license and about a million hooks and feathers sticking out of the van.  Well, Leroy, every fisherman worth his salt has his hat full of hooks. Ah, they're just for show. I bet you never caught anything with them. Well, Leroy, you may not believe this, but one day my hat blew in the lake and when I pulled it out, I had six trout on it. Oh, brother. Lucky I'm a tall man, her fish would be knocking my hat off my head all the time. Okay, Aunt, I ask for it. Well, you're getting it. Yes, Margie. Has the mailman been by? Yes, but he didn't leave anything. Matt Bronco, I haven't heard from him for two whole days. You'll live. This has never happened before. No, Margie, you have a very thoughtful, devoted husband. Yeah, what are you kicking about? He sends you money every week. That's not the idea. I'll never let him go off on one of those silly business trips again. Well, you'll probably get two letters tomorrow, my dear. Here on Leroy, let's walk down the pivots. I want to get some cigars for the trip. Why don't we go on the car so everybody will know we're going fishing? My boy, a city official doesn't advertise it when he's going fishing. See you later, my dear. So am I. Goodbye. Miss Margie. Yes, pretty. They're going fishing without the car? No, they're just going down to Mr. Phoebe. Oh, but I didn't want them to get all the way to the lake and then realize they forgot the car. Miss Margie, you sure are quiet this morning. Something wrong? Well, that big lug of a husband. Miss Bronco? He's the only big lug of a husband I have. Yes, ma'am. I didn't get a letter this morning. No, ma'am. Well, I just won't write to him anymore until he writes to me. No, ma'am. I'll get it. When he comes home, if he ever does, I doubt if I'll even speak to him again. Yes, ma'am. I miss Gelfrey's residence. That traveling salesman? Oh, yes, she's here. Oh, pretty. Give me the phone. If you don't want to talk to him, I'll be glad to relay the message. Oh, please, Birdie, give me the phone. Yes, ma'am. If you don't want to talk to him... Coming home, why haven't you written? Oh, I think I've been missed. Oh, you'll never know this last month? It seemed like a year. Well, I'll be home for lunch, Margie. Really? I'm calling from Center City. How are the twins? Oh, they're wonderful. You'll hardly know them. They've grown so much. I hope they remember you. Oh, they'll remember me. I've hardly grown at all. Oh, they're fine. They're leaving this morning on a fishing trip. They are to see them, but won't it be great to come home and find them gone? My idea of a reunion is just you and me and the twins. I know. Well, I'm in a hurry to get there, so goodbye, Marge. Goodbye, Bronco. Oh, Birdie's on his way home. You'll be here by noon. That's nice. Won't it be wonderful to have him home again? Yes, ma'am. And just think, with Uncle Morton and Lee Roy away, we'll just have our own little family here. Bronco, me and the twins. Won't that be nice? Birdie, how does my hair look? I knew I should have had a permanent yesterday. Does it look dreadful? Oh, no, ma'am. It looks fine. You think you'll like this poodle cut? Miss Marge, he's going to be so glad to see you. He won't know that's a poodle or a pecanine. Now, let's see. What dress shall I wear? Well, Mr. Bronco always liked that white one with the puffy sleeves. No. I know, Birdie. The dress I wore the day Bronco and I had our first date. The yellow one with the pleated skirt. Can you still get into that? I'll get into it if it kills me. And, now, let's see. Let's get some flowers, some of the pink roses. Pink roses? And candles on the table at dinner. Candles for the table? And we've got to find Bronco's slippers. The twins were playing with them yesterday. Slippers? Check the twins. Oh, and we'll have music during dinner. The records that Bronco likes. I don't know if we're going to find them records. The twins was rolling down the stairs yesterday. Oh, this is going to be the most wonderful evening of our lives, Birdie. Bronco and me. Oh, how perfect can it be? Well, it could be more perfect. Birdie's got a half-day off coming. Why don't I take it today? Would you like to do that, Birdie? Well, if you've got a half-day coming and don't take it, you still got it. But, if you've got a half-day coming and never take it, you never get it. What are you going to do, Birdie? I've got it coming, so I'm going.  Yeah, the fishing better start running for the hill. Hello, Peabie. Hello, Mr. Gildersleeve. Lear on. Hi. What can I do for you young fellas this morning? We're going fishing, Peabie. Yeah, where's the Moose Head Lodge? I understand they're biting, Peabie. Moose or the fish? You're all right, Peabie. They give me a handful of cigars. Yeah, well, your usual brand? Well, you know how it is on a fishing trip. You're always dropping them in the water. Give me some cheap cigars. Mr. Gildersleeve, there aren't any cigars cheaper than the ones you usually smell. Peabie, the L Lobos are cheaper and you know it. Well, they might be all right to dropping the water. I always expected they had a little rubber in them. Oh, my goodness. Hey, we better get some mosquito lotion. Leroy, when your uncle fogs up the lake with one of these L Lobos, you won't need mosquito lotion. Speculous cigars. Those candy bars sure look great. Oh, oh, excuse me, Leroy.  Oh, boy, we're living today. All right, while I answer the phone, you pick out what you want, Leroy. Sure. Peabie's remedy. That's enough, Leroy. Birdie-packed food, you know. Well, I know, Marjorie. Hey, it's large. Leroy, it's implied to talk while somebody is phone.  Oh, yeah, it's nice. Have you watched this, Peabie? What's she saying? What's this about Bronco? He's coming home. Yeah. He is? What? Vanilla, you say? Very well. A half gallon of vanilla. Goodbye, Marjorie. Peabie, what did she say? She said he likes vanilla. But when's he coming home? This noon. This noon? Come on, Leroy, let's hurry home. Uh-oh, wait, Mr. Governor, Steve. You can take the ice cream with you. He will make it snappy, Peabie. Yeah, well, I don't understand why a man wants vanilla when he can have pistachio nut. Just dish up the vanilla, Peabie. Then black walnut and burnt almond. They were very tasty. We're in a hurry, Peabie. Personally, I prefer the fainty kind. Peabie, this is for Bronco, not for you. Please, dish up the vanilla. Take tutti fruity nut, now there's a dilly of an ice cream. Yes, yes. I can't understand why a person would prefer vanilla after tasting tutti fruity. Oh, brother. Come on, Leroy, let's buy our ice cream somewhere else. Peabie won't sell us vanilla. No, I wouldn't say that. Well, Miss Marjorie, I got the twins all bathed down for their duty sleep so they can greet their father. Oh, thank you, Bertie. The ice box was full, so you can got no cooking to do. I don't know how we'd get along without you, Bertie. Well, this is one day you don't need, Bertie. Soon as Mr. Gales and even Leroy get started on the trip, I'm on my way. All right. I just can't get over how wonderfully everything is working out. Yes, I think everything's all set for you and Mr. Bronco. I'm wearing his favorite perfume. I have his slippers by the chair. You'd better be careful, Miss Marjorie. You're going to make this evening so perfect, Mr. Bronco is lively. Go away again so he can come back. Oh, once he comes in that door, I'll never let him out again. Oh, I don't blame you. I can just picture the two of us eating dinner by candlelight. I won't even talk, Bertie. I'm just going to sit and look at him. Marjorie, where are you? Oh, in here, Auntie. Oh, I hear Bronco's coming home. Yes, here he is. Oh, I'm expecting many times now. Isn't it marvelous, Unkie? Yes, indeed. We'll all be glad to see Bronco. Here's the ice cream, Laura, Jordan and Bertie. Thank you. What kind did you get? It took a little doing, but we got vanilla. Well, I better put them in the freezer. Mr. Bronco don't like soft ice cream. We have everything planned, Unkie. Bertie is taking the day off, and Bronco and I will have a cozy little dinner for two. Marjorie, that's no way to welcome Bronco home. Calls for a big celebration, and we're going to celebrate. We? Certainly.  She'll want to stay here and fix a big dinner. But, Unkie... Bertie? Yes, ma'am? Put the extra leaf back in the table. Bronco comes home. Miss Marjorie don't want nothing extra around here. I should say not. Oh, I don't mean we have to have a lot of people over. We'll just have me, Leroy, the twins, and, of course, you, Marjorie. Well, thank you. We want to give Bronco an intimate but royal welcome. Uncle Mort, where do you get this wee stuff? Do I? I thought you and Leroy were going fishing. Fishing? We've got the car all packed. You have reservations at Moose Head Lodge. No, Marjorie, we can go fishing anytime. You don't seem to realize this is a big occasion. Give me strength. Uncle Mort, Bronco and I planned his home coming over the phone. My dear, at a time like this, you shouldn't be burdened with plans. I want to make this an event you and your husband will never forget. Then go fishing. Marjorie, Leroy and I wouldn't think of deserting you two in a time like this. Would we, Bertie? What kind of a knuckle does she think I am? Great Gilda Sleeve will be back in just a moment. Now's the time of year when salads taste mighty good, and Kraft has not won but six wonderful salad surprises for you. 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You'll use it to perk up family appetites every day. Tomorrow, get superfined Kraft salad oil, the most wonderful oil ever created for homemade salad dressings and baking. Well, Marjorie has been happily anticipating the arrival of her husband Bronco, who has been away on a month's business trip. But that was before her uncle took charge of the homecoming. Nobody seems to doubt the good intentions of the great Gildersleeve today, but he's showing an uncanny ability to, if you'll pardon the expression, foul up the words. Really, Uncle Mort, I see no reason why you shouldn't carry out your original plans and go fishing. No, Marjorie, don't worry about me. Let's think about Bronco. I am thinking about him, and I told him you were going fishing. But think how pleased he'll be when he finds out Leroy and I are staying home. Birdie, you have a nice big lunch prepared, food for everybody. Well, I've been holding off to see you change your mind. You've got everything packed in the car, you know. And reservations at the lodge. Yes, if I see you, I'd go fishing. Of course I ain't you, but if I was, that's what I'd do. I'd go fishing. Hey! Hey, here! Come on, Bronco's here! He is? Bronco! I've missed you, honey. Oh, I missed you, too. Bronco, it's good to have you here. How are the twins, Marge? See how I miss those little rascals. Oh, they're adorable. Ronnie looks more like you every day. Oh, great. I bought a lot of things for them. Hey, Bronco, I said it's good to have you home. Isn't it, Leroy? Yeah. Marge, you get prettier every day. And you get handsomer. Oh, empty without you. Oh, I've been counting the days, Marge. It seems like a million. Hey, maybe we should have gone fishing. Oh! Oh, you folks will have to excuse Marge and me. Hello, Mr. Gillers-Lee. Well, I've been trying to say hello. Hello, Bronco. Ah, and Leroy. Hello, Leroy Shade. Ah, that was strength-less.  Just fine, Mr. Bronco. Just fine and dandy. Well, let's all get ready for lunch. Bertie's going to prepare a nice lunch for us, Bronco. Oh. Yes, that's the beginning of our gala celebration. Celebration? We'll spend the afternoon talking about your trip. And then, tonight, I've arranged to take all of us to band practice. Band practice? Well, not many people know it. But the brass band is rehearsing tonight in the auditorium, getting ready for the summer concerts. Being a city official, I can smuggle all of us in. I can't wait. Hey, you bet. It's been a long time since we've all been together. Mr. Gillers-Lee, I thought you were going fishing. Oh, we talked about it, but we gave it up. Any chance of talking about it again? Bronco, you don't want to talk about fishing. Besides, we want to hear about your trip. Uncle Mort, you'll have all year to hear about his trip. He's already loaded the car, Bronco.  Oh, well, in that case, the only thing for you to do, Mr. Gillers-Lee, is to get in the car and go. Naturally, we'll miss you. Oh, yes, naturally. Nah, nah, chill. No use tearing the family apart at the moment we're reunited. Oh, but, Mr. Gillers-Lee, you've got to go. No. No, Bronco, I've made up my mind. I insist you go. But I insist on staying. Oh, well, come on, Mark. Let's go upstairs and see the twins. Yes, let's everybody go upstairs and see the twins. I can't believe it. We have the parlor all to ourselves. I'm sorry it's been such a hectic homecoming, Bronco. Yeah, what a clam bake.  Well, I like him too, but gosh, what became of Mr. Gillers-Lee? Oh, he just went out to the kitchen for a drink of water. Oh, I guess he talked so much his throat was dry. Well, now that all the greetings have been said, maybe we can have a few minutes alone. Oh, good. I've been away so long, I just want to sit here and look at my little wife. Uh-oh. What is it, Leroy? Gosh, you've been gone so...  Wouldn't you like to go play your guitar? For money.  Yes, why don't you? I know how much I have. Mr. Bronco. Oh, that's all right, Bernie. Leave that. What you doing in here? Entertaining Bronco. Being polite. Well, you'd be just a nice little polite boy and going outside. Oh, Cal might as well if he isn't going to play ball. That boy, he ain't old enough to realize when two people want to be alone. Oh, thank you, Bertie. Yeah, gosh, thanks, Bertie. Of course, everybody likes Mr. Bronco and everybody likes to talk to him.  Oh, we're glad somebody understands, Bertie. Yes, sir. Did you have a nice trip, Mr. Bronco? Yeah, you had a chance to ask me that. Fine, Bertie. Glad to be home, though. Yes, sir. Well, I'll be leaving you two alone now. Thank you, Bertie. That is unless I can get you something from the kitchen. No, thanks. It's a little too soon after that big lunch. Yes, sir. There's food on the road. Oh, I bet you miss home cooking. That reminds me. I'd better get to the kitchen. We'll come out and talk to you later, Bertie. Yes, ma'am. Uh, Mr. Bronco, how'd you find the weather? Any rain where you been? Oh, well, uh... Did I ever tell you about that rainstorm I got? It was caught in that time. I went to destroy it. Oh. When I got on the train, the weather report said fan warmer. But that must have been an old weather report. Because before we got there... Bertie! Yes, sir. Well, if you say so, I don't want to go through that rainstorm again anyway. Guys, I'm glad you called, Bertie, Mr. Gildersleeve. I remember that story. It rained three days. Yes, thank you, Uncle. Well, I can tell when you two lovebirds want to be alone.  Right, George? I think I'll sit down for a while. Oh. Now, Bronco, what about your trip? Start from the beginning. Uncle Mort! Uncle, and I've hardly had a chance to say hello. You haven't? What have you been doing all the time? We've been getting rid of Leroy and Bertie. And Uncle Mort, we don't want to be impolite, but... Well, why didn't you tell me they were hanging around too much? Why, George, I'll see it doesn't happen again if I have to sit here all afternoon. Add a boy, Mr. Gildersleeve. Of course, the little family means well, but some people just don't know when they're imposing. You can say that again. Getting back to your trip, Bronco. I'll get it! I'll get it, Bertie. I think I know who it is. I hope it isn't someone to see us. Well, it could be Judge Hooker. Why would he be coming over here? Well, I invited him. I thought he'd like to see Bronco. Oh, fine. After being away from my wife for a month, there's nobody I'd rather see than Judge Hooker. Well, yes, well, don't worry, Bronco. I'll get rid of it. Keep your shirt on, Judge. Hello, Judge. Bronco's here, I see. Yes, but you can't come in. Well, Gilda, you invited me. Sorry, Judge, but I didn't know what I was doing. Gilda, stop holding the door. I'm coming in. Well, you can come as far as the den, but you can't go in the parlor. Oh, Balderdash. Sorry, Gilda. Watch it, Judge. Hello, Bronco. Welcome home. Oh, goat butting his way into the parlor. Oh, Judge. Hello, Judge. Marjorie, I know you're just thrilled to have your husband home. So far, I hardly realize he's here. Judge, now that you've said hello, let's go into the den. Gilda, let go of my elbow. I want Bronco to tell me about his trip. But, Judge... And I thought you were going on a fishing trip. Why don't you go? That's what we're trying to get him to do. The car's passed and ready to go. Why don't you go, Mr. Gilder's leave? And take the judge with you. I thought we were all going to the band rehearsal tonight. That does it. Never mind, Bertie. I'll get it. No, we can't. Don't worry, Marjorie. I'll handle it. Billy. Billy, Bronco's home. Yes, I know. I wanted to see how he liked the granola. He liked it fine, Phoebe. I'll tell him you inquired. Well, I may as well speak to him now that I'm here. Phoebe, don't you have to get back to the drugstore? Mrs. Phoebe's watching this pharmacy. I can sit for an hour. Well, let's all go into the parlor. We shouldn't leave them alone like this. Yes, I suppose. Say, where are they? Nobody here. Marjorie! They did. There they go, down the street. Why'd they take my car? It's loaded with fishing equipment. That's why they took it. They're going fishing. How do you like that? Their first chance to be home alone, and they take the car and go fishing. Great Gilder's leave will be right back. When you buy salad oil, don't settle for anything less than craft salad oil. Only craft oil is superfined, and that gives it lighter body to blend better with other ingredients. Takes you only a minute or two to make perfect French dressings. As for your baking, you'll be proud of your moist, airy cakes, pie crusts that are crisp and flaky. Tomorrow, get the most wonderful oil ever created for homemade salad dressings and baking. Lighter-bodied craft salad oil. Say, not a bad room, huh, Marge? Oh, it's lovely. When Uncle was talking about Moose Head Lodge, I pictured an old log cabin. Oh, look, we have a view of the lake. Yeah. Just the two of us. No people. Uh-huh. Isn't it wonderful? Mm-hmm. Was that a telephone? I'll answer it. Tell him we're not home. This operator, he's here. He's here for you. Who the heck could be calling me? Hello? Mr. Gildersleeve? It's your uncle. Oh, for heaven's sake. Hello, Mr. Gildersleeve? I'm sorry to disturb you, my boy, but I just had to call. It seems I was pretty thick-headed this afternoon. Yeah. I didn't realize I was getting in the way. Oh, well, that's all right. Thanks, Mr. Gildersleeve. We have just one problem here at home. Oh? What's that? What are we going to ice cream? Good night, Mr. Gildersleeve. Good night, auntie. Good night. The show is written by John Elliott and Auntie White and is partially transcribed. Included in the cast were Walter Tetley, Mary Lee Robb, Lillian Randolph, Dick Crenna, Earl Ross, and Dick Legrand. Musical compositions by Jack Neakin. This is John Easton saying good night for the Kraft Foods Company, makers of the famous line of Kraft quality food products. Be sure to listen in next Wednesday and every Wednesday for the further adventures of the great Gildersleeve. One important thing to remember this summer, be very careful about fires. Just one careless act is all it takes to start a forest fire, a fire that not only destroys beauty, but eats up one of the nation's critical raw materials, lumber. So keep your conscience clear and crush out cigarettes, drown out campfires, and carefully obey the fire laws in your vacation area. Then you'll be doing your part toward stopping this shameful waste. Remember, only you can prevent forest fires. Groucho Mark presents You Bet Your Life on NBC.


Everybody forced here ripping 21-22 leaf pro multi sport one box number 15 random hit style How it works we type in the hits and we ran them off at the very end between everybody this you gets what so 11 spots in the break 11 hits Good luck everybody Sunday fun days down to one.  Good luck on that one everybody one of three on the Steph Right of passage and Sunday fun day sold out nine and 24 to go on The select and chronicles mixer is only two of those left Steph Curry one of three very nice Next up is patch card Kenny Lofton three of five Kenny Lofton patch three of five a gigantic white socks logo here next is a Muhammad Ali robe relic Four of eight or it might be wrote might not be ropes Muhammad Ali relic four of eight. I would assume. That's what it is But it may not be Sick Ali the greatest Next up is Kobe Bryant pearl lesson patch one of four the L from the Lakers logo Kobe Bryant pearl lesson patch one of four that's a sick patch right there That's it mirrors win four or five on the Allen Iverson auto Allen Iverson auto four or five right of passage Next up is a Joe Thysman auto six of 17 Joe Thysman auto six of 17 one of two signatures for Allen Iverson Tony Parker Mike Bibi and Penny hardaway Signatures for one of two AI Tony Parker Bibi and Penny Great point guards right there. Good luck on that one of the random next up is a Mike Tyson pearl two of six Mike Tyson Who fit getting there and getting there just a few more but the quarterback bling here this time is a drew breeze Auto 26 at 44 drew breeze auto 26 at 44. Oh Man Dean Joe Montana auto four of 23 Dean's getting a yellow card Dean's getting a yellow card walked right into it But I know Dean he can't not say it I was thinking it's in his nature All right, here's our cut signature 8 of 11. Who's this? Ted Williams Ted Williams cut signature 8 of 11 look at that must have been on like a like a Rendering they did because it's on a Red Sox journey some guys sounds like a Portrait of him or something. That's awesome. Ted Williams cut auto 8 of 11 Yeah, pretty good box Ted Williams legendary Legendary frozen head legendary potty mouth bass Fisher as well Angler He's in the Bass angling Hall of Fame. I think Something like that. He's in some sort of fishing Hall of Fame. I know that All right, let's do the random. Good luck everybody Yeah, clean Ted Williams pretty well senator Isn't it barely fits in the frame even at the end of the angle they put it we're going nine times here Nine times on the names nine times and hits will put him side-by-side as he gets what? names first one two three four five six seven eight and nine Hans H down to Michael s and the hits one Two three four five six seven eight and nine Tyson down to breeze All right, Hans H with the Tyson Pearl Michael s the Ali Relic there Peter M with the Thysman auto Michael s the cut auto Ted Williams Congrats Michael s seren you with the signatures for AI 20 Parker, Bibi and Penny Edward E with the Kenny Lofton patch card Bradley are Kobe Bryant patch and the Montana auto Michael s with a Steph Curry auto The Allen Iverson auto and the Drew Brees auto. We'll get the results posted at the site. Thanks again everybody for joining Moving on


Oh, hey Chip. Bonjour Chip, comment ça va? What's going Chip? Salut Chip. Hey Chip. Hey Chip. Oh hey Chip, got a minute? Hey Chip, 145,000 of us are urging you to be a leader on Climate Action Now. We're out here at the Levi's headquarters asking him to kick-call and go renewable. Levi's G2, you're new in!  Some 150 of your factories are located in China. Where coal pollution from factories, just like yours, takes the lives of hundreds of thousands of people each year.   It's time to take responsibility for Levi's part in the fashion industry's massive climate impact. It's time to turn Levi's into a real climate leader. It's going! Hey Chip, what are you going to do next?


Okay, so we're looking at a renal corpuscle here So this is our renal corpuscle from here down juxtaglomerular Apparatus is the part on top of it. Okay, so in the juxtaglomerular Apparatus you have The structure up here was the distal convulodotubule satellite the macula dins of cells You have an afferent arteriola with JG cells there That comes into all this squiggly stuff here. That's the glomerulus itself The potasites are these structures here. They have their filtration slits in them the empty space between the bowman's capsule and The glomerulus is the glomular space You can see down here This is the proximal convulodotubule Which has that cuboidal, simple cuboidal epithelium, simple squamous epithelium And then going out the other side here is the efferent arterial


Welcome to the nonprofit show. We are so glad you're here. Today we have with us Diana Farias-Einrich joining us. And she is CEO of Abra Marketing. She's bringing to us a wonderful conversation, ethical storytelling using consent. So stay with us because Diana's got a lot of really good insight to share. If you haven't met us yet, we are so glad to meet you. Julia Patrick is here, of course, CEO of the American Nonprofit Academy. I'm Jarrett Ransom, your nonprofit nerd and CEO of the Raven Group. We together are so very honored to have the collective support of our amazing sponsors. So shout out of gratitude. Goes to Bloomerang, American Nonprofit Academy, fundraising academy at National University, nonprofit thought leader, your part-time controller, staffing boutique, nonprofit nerd as well as nonprofit tech talk. Again, these companies have been with us many since day one. Helped us to produce over 900 episodes and here's where you can find them. So you can scan the QR, download the app and you can still find us on broadcast and podcast platforms. So again, really glad to have you joining us today. Diana, we are thrilled to have you here. Shout out to another friend of ours, Cindy Wagman that connected us and invited us to make this connection so that we could have you on. So again, Diana has joined us, CEO of Auburn Marketing, welcome to you. Hi, thank you for having me. It's wonderful to be here today. Well, we're excited to have you. Okay, let's back up and have you tell us what ABRA means. ABRA means there will be. And the idea is that there will be marketing whether you are intentional about it or not what you say or don't say says something about your organization. I love what you just said. What you say or what you don't say, it's women train. This is a great, great lens for us to have this conversation because one of my biggest things that makes me crazy is in marketing or when somebody is asked a question by the media and they're like, no comment. It immediately makes you look guilty, right? I mean, just this whole concept of exactly keep going kids. So I work with this. So you make my day. I don't care what else you say fabulous. All right, done here that. Our day is done. Have a good day. Let's start off with what is ethical storytelling? We bandied the word ethics about so much. And I think often we don't really even know what it means. It's just something that is over there in the back of our mind. So explain to us what this actually means. Yeah. So for me, ethical storytelling really started before I even knew what ethical storytelling was. So when I was a development and communications coordinator one of my very first assignments was to write stories about these 10 young women who had won scholarships. And these were young women who were young moms. They had kids. They were graduating high school and going on to college. And so that's where they were getting scholarships. And so my job was to write their bios and their stories and to publish them online as all good nonprofits do to share the impact that they're making. So I wrote the stories. I put them online, Facebook, Instagram, LinkedIn, the website, the email marketing, all of those things. And we ended up with a really successful luncheon with all of this content and promotion of these young women's accomplishments. And so I felt really good about it because my mom was a young mother. And so I felt really good about essentially being a piece, a part of these young women's stories and really getting to celebrate them. And so I published them and everything went really well. And then a few weeks later, I overheard some colleagues of mine mention one of the girl's names. And of course my ear perked up because I got really familiar with them. And so I listened in and I overheard them saying that she had been in a domestic violence situation and her ex was being let out of jail. So I'm an advocate for survivors of domestic violence. And I knew immediately that everything that I had posted about this young woman, first name, last name, her kid's name, the program location that she was in could lead her ex back to her. And I mean, I had this sinking feeling in my stomach just like this blocked heart pit. And it just, I mean, you think there has to be a better way to do this. And the immediate aftermath, I did what I could to take back what I had posted. I took down the things off the website. I took down, I combed back through social media posts. I took down what I could, but one thing I always say is once you put something out there, it's out there. You can't control it. I couldn't take back emails. I couldn't take back things that people had shared. And so that left me with this feeling is there has to be a better way of doing this because I knew that if I had known what her situation was I would have never published anything about her. We would have found a different way to celebrate her. And so that to me is what ethical storytelling is. Ethical storytelling is taking into account the client's experience before, during and after the interview or the storytelling, right? To be able to find out what's going on with them and in their lives and taking that into account before publishing. Yeah. Well, Diana, thank you for sharing such a vulnerable story, right? There's so many ways that could have gone. And again, I commend you for having that feeling in your gut because I know for some people they'd be like, it's done. There's nothing else I can do, right? But you really took that to heart as the advocate you are. So again, just kudos to you. Many of us work with a very vulnerable population. Many of us work with individuals that we're just not completely sure of their stories. I'm curious, as you talk about this you really are bringing that lens, which I too didn't know what ethical storytelling was until I found out, right? But I've done so many stories myself, kind of the same. But this is switching, right? From the donor centric to the client. So I'm really curious how that move from donor centric to client centric has played a role in serving the community. Yeah. I mean, donor centric has its place and it's been around for a long time, right? And it's what we're taught as marketing and communications folks to focus on so that we can bring in the funds. It has its purpose. It's making the donor the hero of the story. But I advocate for clients to be the heroes of their own stories because at the end of the day they're the ones that are going through the transformation. And if we're going from donor centric to client centric storytelling, it means that, yes, you're thinking about how the donor is going to receive the story, but you also have to think about how the client perceives their own story, right? And bringing that into the process of your storytelling and making sure that they are proud of what you're saying about them and that they know everything that's involved with sharing their story publicly. 100%. Julia, we've talked about this a little bit before. It's kind of the make them cry story and getting on profits, use the clients themselves. We put them on stage. We put a light on them. Diana, they're not always ready for that. And they think they're ready, right? It's like, that is a very big moment. Can you talk to us about how you see that showing up in the community, pros and cons perhaps? Yeah, absolutely. So I've seen this actually play out on several stages. There's one instance where a young woman talked about, she was talking about her story of not having a place to live for her and her daughter and the organization that was providing housing to her asked her to share her story. So she goes up on stage and she shares her story. She's very proud of it. She's happy for herself and for her daughter that they have this place to live and she's grateful. So she wants to do what she can to share her story. So she shares the story, but she wasn't told that it was going to be on Facebook Live. And so her partner at the time heard her say her story and the way that she presented him was a way that he didn't like being represented. And so that created problems for her in the aftermath. And unfortunately, that's what I've seen happen several times with clients who are asked to share their stories on stage where they're not taken through this thought process of like, okay, are you sure you want to share this piece of your story? You don't have to share everything. Putting that no on the table and helping them think through like what happens in the aftermath and who's gonna listen to this and how are they gonna feel and how's that gonna make you feel, right? So that's kind of a piece of training that's lacking in the nonprofit world. Yeah. You know, I think this is why I'm such an advocate and it's a little bit more expensive but in the long run it saves you money of doing, you know, witness videos where somebody can witness what occurred to them, their story and their impact. And then there's time to edit it. There's time to reflect upon it. There's time to determine how this works and how this doesn't. Also it's a lot less fearful than standing up on a stage. No matter what you're doing, just standing up on a stage. I mean, not for Jarrett and I. There's moments, yes, there's moments. But you know what I'm saying? I think it's a lot, it's a more kind and more gentle approach to the process. And then you also have that content to repurpose and reuse. So it takes the story further. But I think that you are absolutely right to really look at how this impacts those around you and then to be viewed as somebody who's been involved in something that's really tough, right? Because there are a lot of people that work really hard to put themselves in a different light and not have that label. And when you do this, that label is back out there. And so it's a really, really hard thing. I want to kind of get into this a little bit more and ask you about the ethical storytelling best practices. For some of us that are like, wow, I never thought about this because I'm so working so hard on the event or whatever. How does this go beyond what we're just trying to do in that ballroom or at that luncheon? Yeah, well, first and foremost, it protects the client's privacy and dignity. It makes it so whatever you're putting out there is something that they can be proud of so that let's say 10 years down the line, they're on LinkedIn and they're looking for a new job that if their name gets pulled up in a web search that whatever that thing is is that they shared 10 years ago and that one chapter of their lives isn't going to come back to prompt them in a negative way. And the other reason why it's important to implement ethical storytelling as a best practice is that it protects the nonprofit's reputation, right? If you get a reputation for putting stories out there that are tear-jerkers and cross lines like that's the reputation that you're gonna have but it also is protecting nonprofits from potential lawsuits because as much as media release clauses give you permission to take a client's story or experience and share it, that doesn't actually protect you from them suing you. It kind of is like a forewarning but they could still sue you, that's still possible and even organizations like Save the Children have experienced lawsuits like that. And so with ethical storytelling the way that I approach it is to use a framework that I developed called informed consent conversations. So informed consent conversations really looks at things through a publishing lens. So there's four steps to it. The first step is to prep. That prep involves knowing what you're gonna be publishing, right?  It's really thinking through the end to product and not just like the storytelling piece. And it's also about vetting clients before you approach them for interviewing. So I always encourage marketers, communications folks to make best friends with your direct service staff. The ones who are taking care of the clients directly because they know what's going on there. And I was blessed to get to know a lot of clients because of this approach but there were still things that I didn't know about them. So one of my favorite things to ask a direct service person would be, is there anything that I should stay away from? Any subject piece of their story that they're not ready to talk about because they may be ready to talk about one area of their life but not the other, right? So I wanted to know that sort of thing ahead of time and then they would help me with recommendations. Oh, so-and-so has made really big strides. I think that they would be really proud to share their story at this time. The second step in informed consent conversations is actually conducting the interview. And this is essentially when a lot of communications folks get to meet the client for the first time, really like one-on-one. So I really like to set the stage for like, this is who I am, this is what I do in the organization, introducing myself first and like, why I'm passionate about that organization so that they get to know me, right?  So it's really about helping them feel comfortable in the moment with you. And not comfortable to like elicit, you know, any kind of like vulnerability, but just so that there is some level of trust there that you establish with them and that you're gonna take care of them and throughout the process. And so the other thing with conducting the interview is to make sure that you put no on the table. And what that means is letting the client know that if at any point they change their mind about sharing their story or any piece of their story that they have every right to say no, and they have every right to change their mind, no questions asked, right? And so that's often like a, really? I've gotten that reaction of like, really? I can say no. And I'm like, yeah, absolutely. You can say you don't have to share anything with me or with the organization or anyone for that matter, but you can if you want to. And so the third step is conducting what's called the stakeholder tests. And this comes from the practicalities of informed consent and development photography. It's an article published by Save the Children, the author is Nabila Idris. And in it, she describes a stakeholder test essentially as putting the context of what you're publishing into the context of a client's real life. So like we were talking about earlier, if you're gonna go up on stage and you're gonna be on Facebook Live, your friends and family could watch that. How are you gonna feel about that? How would they feel about what you said in this piece of your story, for example? Or if you're gonna publish an email newsletter, we're gonna send out this email and it's gonna go out to 2,000 strangers.  Or even a lot of folks are on social media. If we make a short TikTok about this and your friends see it, are you gonna feel proud to be associated with our organization or might you feel a little bit embarrassed? And that's where that prep work that you did in step number one really becomes essential because being able to truly get someone's informed consent is giving them all of that information ahead of time so that you can conduct this stakeholder test faithfully. And then the last step is to pass back the mic. So once the story is written or the video is done, I'm gonna share it back with the client and I'm gonna ask them, is there anything that you want to add, edit or delete? And remember that if you have, if you've changed your mind, you can still say no to the whole thing and we'll scrap it. It is what it is. And it's happened to me. I've had to scrap things. And it hurts, right? It hurts the communications person with all that like pressure, but at the same time, it's the right thing to do. Right, it's the right thing to do. I have a total curveball question, Diana, because I've been in the sector long enough to know that I know often stories come out and are recycled. They're repurposed, they're brought up years later. Sure. How might we address ethical storytelling if we're dipping back into what I'm gonna call the vault, right? Like we're going back into this. So I'm really curious, how can we honor ethical storytelling in the future? If that, I don't know if I'm making sense, but essentially like how to give that person the ability to say no five years from now. It's like, that's a great question. That's a great question, Jared, because that's a true thing that occurs. Absolutely. So I remember when I first started, there was a library, essentially, some very five, six year old stories, and that's what I had to work with at the time. I didn't have anything new. And I went to this presentation with a past CEO of Save the Children, and I asked this very same question. I was like, what do I do with it? Her recommendation to me was scrap the whole thing, delete it. That's what I was thinking. And I'm just really curious, because I know many nonprofits, and I don't want to stop you from the rest of your answer, we don't have a budget to do new stories every year, new videos, new photos, new everything. So I know we're often going back to that vault, but to hear someone say, just scrap it, like that's powerful too. So in doing the work, I've discovered that it really takes, you have to be really intentional about your storytelling rhythm and have everybody be on board with it, right? You can't operate as, even if you're the one person that's doing communications in your organization, you can't operate by yourself when it comes to storytelling. You need the support of the direct service staff. You need to be able to have access to the client. You need support from your executive directors. You need to be able to access all of that background information. And so establishing a storytelling cadence so that everyone knows what to expect at every moment. And so that everybody feels empowered to say, actually this cadence is not working. It's not working for our clients. And that's where you bring in the client-centric storytelling again. If it's not working for your clients, then it can't work for you. You have to rethink it. So yes, there's definitely like that, we don't have the budget for this and we can't be reproducing, but it's important anyway to take the time to make sure that it's working for everyone and especially the clients. Right, and at all times, right? At all times. Oh my gosh, we can talk to you forever and I wanna honor our time, but before we sign off with you today, talk to us about revolutionizing storytelling, how that's showing up and what does that mean? Yeah, so to me, revolutionizing storytelling really means that we're bringing diversity, equity and inclusion, justice into the storytelling process. So we've brought, nonprofits as an industry have brought DEI into their programs at every level and we're really sophisticated in that area, but when it comes to communications, marketing, fundraising, it hasn't made its way there yet. And so that's what revolutionizing storytelling is. It's doing that client-centric, community-centric type of fundraising and storytelling bringing DEI into this space as well. And it really is about taking responsibility for the experience that people have with your organization when they share their story, not just when they're going through the programs. And lastly, it's about changing the language that's used to refer to people, right? Because as soon as you put words like disadvantaged in front of something, you've already created an image of what a person is or isn't or what community is or isn't, right? So it's being really thoughtful about where you're placing your words and what words you're using. Because yes, we do have to talk about the mission and the need, and at the same time, we have to make sure that we're not inadvertently perpetuating stereotypes that we're not trying to perpetuate. Right, I think we need to be really careful about using the word victim. And I think that we, especially when you started off with domestic violence, I mean, that's really and something that we use these words without thinking about it and how it just never moves people along to a different point with which they might have achieved or they want to achieve. So yeah, very, very interesting. This is my curveball question. Do you see this getting better or do you see that, you know, it's not, people aren't understanding this, people are thinking that it's, we've got a job to do, we've got to raise money, we got to tell our story. And so this is more important than having this sensitivity and having this exercise. I love your four step approach to this. Yeah. Do you see that that's something that the sector is ready for? I think that, you know, there's a momentum building around ethical storytelling. Once you talk about it, people are like, oh, light bulb moment, right? You understand it. And yes, it takes time. And the thing is, is that this is the kind of thing that happens behind the scenes. So, you know, translating that into ROI for a nonprofit is really important. And that is definitely possible with some thought, with some effort put in behind it. And that's why it's really important for this to become a best practice, not just something that you do, you know, one time, but like that is a best practice so that it survives the comings and goings of anyone in an organization. Once it's the best practice in one place, every other place is gonna also want to make it a best practice. Yeah, 100%. And I think about the longevity of our digital footprint nowadays, right?  And again, thank you. You know, there's screenshots now.  Like it's still been disseminated. It's still been seen. It's still been captured, I'm sure, by someone. And so for us to really think through this, you know, kind of devil's advocate, it might take us a little bit longer to go through the processes. But as you said, it's the right thing to do. You know, it took me three years to develop this process. And, you know, I had colleagues for support. So if I was gonna say, if you wanna start this now, you know, I have resources available to help you, right? So that you don't have to take three years to start implementing this. That four-step process, you can start implementing that right away. Create a committee.  Have a lunch and learn. You know, there's very small things that you can do to get them all rolling, right? The sooner you get it rolling, the sooner you're gonna get it. You know, you're gonna get there. Get it figured out. Yeah. And I think also just kind of getting the vocabulary right and letting everybody understand this is why we do it. This is where we're trying to move to so that we, you know, achieve our mission, vision and values. And we don't step back and create other problems for ourselves and for our clients. Well, this has been a fabulous conversation, Diana. I've really enjoyed it. We need to have more conversations like this across our sector. And this is something that the nonprofit show really gets behind. Diana Farias Heinrich, CEO of ABRA Marketing. And you're in Southern California, but you'll work everywhere. Do you- Yeah, absolutely. I'm blessed that my work can be done virtually. Absolutely. We need your type of work, my friend. We really, really do. It's an incredible story to tell often times with our nonprofits. And we feel like this is what we wanna do. And this is such a buzzword right now. Storytelling, storytelling, storytelling. And yet I don't think we really understand what it means or all that it takes to get through that arc of somebody's journey. So really great conversation. Hey, again, everybody, if we haven't met, I'm Julia Patrick, CEO of the American Nonprofit Academy, been joined today by Jared R. Ransom, the nonprofit nerd.  She can be your nonprofit nerd as well. And I also wanna say thank you very much, Jared, while I was traveling and doing some speaking that you took care of, everybody. I really, really appreciate it. And our sponsors appreciate you too. And they include Blumerang, American Nonprofit Academy, Fundraising Academy at National University, nonprofit thought leader, your part-time controller, nonprofit tech talk, nonprofit nerd, and staffing boutique. They're with us day in and day out as we march towards our 100th episode of the nonprofit show. 1000th, don't cut it short. Yes, 100th. You know, I swear, it's because it's like a hard thing to say. So 100 was so long ago. Oh, long ago, like four years ago. But yeah, 1000, oh my Lord. I need to like put that up in the studio, like a little sticky. A ticker every day, it just turns a new number. Oh, I can't even believe it, Jared. That's crazy. Well, Diana, remarkable words today that you shared with us in the sentiment. It was just amazing. And we need to really hear more of this conversation. So we will invite you back to get some more clarity on this. As we end every episode, we'd like to remind ourselves or viewers, our guests, our listeners to stay well, so you can do well. So you can tell that story. How about that? Ladies, thanks so much.


Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 PM Eastern Time. Hello, JEC, and thanks for the confirmation about the audio. Before I get started, let me go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel in YouTube and Discord, I'm sorry, in Discord, is Options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading at first as planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected training 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 on topic questions and comments are welcome. And I will be watching both the Options-Doug chat channel in Discord and the chat and YouTube for your questions. So again, please post questions and comments. They are welcome. All right, let's get started. So the agenda for today, what I want to talk about is economic data and events for today as well as the rest of the week. And then we'll go through our positional analysis and then we'll talk about setups. So first of all, the news economic for today, the big news was the CPI data that came out at 8.30 a.m. Eastern time. And you can see that all of the numbers came in as forecast or in line with forecast except for one. Let's see where it was that. This US core CPI, month over month, a little bit hotter than forecast and previous. Otherwise, all the data was in line with forecast and lower with the previous numbers, lower than the previous numbers. All right, so the market initially had a bullish reaction to that data. All right, so that was today. Tomorrow the PPI comes out at 8.30 a.m. Eastern time. Thursday, jobless claims and there's a few other pieces of data. And then finally, Friday is the big options expiration. The monthly options expiration, that is also the quarterly expiration. And usually those quarterly expirations are large expirations. All right, one thing that I want to take a look at. Let me just refresh this page. We looked at this yesterday. This is the Fed watch tool. And this changes constantly throughout the day. And what this is showing is the current Fed funds rate. And the current target rate is 450 to 475 basis points. And this is showing right here, right now, a 30% chance of zero increase at the meeting next week. So again, a 30% chance of maintaining that current level and then a 70% chance of a 25 basis point increase. And then there's a 0% chance of a 50 basis point hike. And that a couple of weeks ago, that was not zero. And actually, here one week ago, that was at close to 70% of a 50 basis point hike. So a week ago, 70% chance of a 50 basis point hike. 30% chance of a 25 basis point hike. And 0% chance of no hike at all. So big, big shift in outlook for the Fed funds rate. All right, let's take a look at our charts now. We'll take a look at levels. So we'll start our positional analysis. And let's start with the S&P 500. This is the ES futures. And notice I have the June contract up, the M contract. And before I dig into this chart, I want to take a look at a larger time frame. And we're just going to look at the SPX. So this is a 20 day one hour chart. And Thinkorswim just showing price for SPX and the key gamma levels from Spot Gamma. And these levels are provided to Spot Gamma subscribers in a ThinkScript. And this is something that you do have to update manually, but it's provided for you. It takes a couple of minutes. And this is showing, again, just SPX price and key levels. And let's take a look at the levels that have been in play for the last few days. So here's the put wall at 3800. And note yesterday that there was SPX, did not quite make it down to the put wall at 3800, but reversed higher just above that level. And then here is the 3850 level, the 3900 level, that has been in play for today. And then here's the volatility trigger and a resistance level up at 3950. And then there's the 4000 key gamma strike. So those are the levels in play. Again, that's a 20 day one hour chart. And now let's take a look at another Thinkorswim chart. This is just looking at today. This is a one day, one minute chart, again, for SPX, just showing the levels that are in play. And here's the 3900 level. And that was noted as resistance. But there was a note in the AM Founders note that we'll take a look at in just a minute. And then here's the 3950 level above and the 3960 volatility trigger. And in just a minute, I will look at, I'll go into what these levels are in more detail. OK, I just want to point out one note that was in the Spot Gamma AM Founders note about the 3900 level. And that's this note right here. And this is just a snippet from the Spot Gamma AM Founders note that is full of very useful information and noting that the 3900 level must be recaptured for the bulls to have some measure of relative safety and looking for 3950, a test of 3950, if 3900 is breached. So that appeared to be what was happening this morning until JEC notes, news about a Russia crashing into a US drone. OK, thank you, JEC. So definitely a news-driven market as usual. All right, so let's take a look at, so that was that note. And this is what happened this morning, is a break above that 3900 level. Let's take a look at book map now. And again, this is the ES futures, SAP 500 futures. And this is showing the levels, the same levels. Let me just scroll up a little bit here. Same levels that are in play, just shown here in Spot Gamma Cloud Notes. And these are also provided to Spot Gamma subscribers. And I have them in this column here. These are Cloud Notes that are updated automatically. They're showing key gamma levels for SPX and also combo levels for SPX and SPI. So there's the 3950 level that was noted as resistance in the AM Founders Note. And then there's 3900, which was also noted as resistance. But again, we saw the note about 3900. And then there's a combo level that combines SPX and SPI levels into one level that is converted to an equivalent SPX number and then converted to an equivalent ES number. And right now, Spot Gamma is using a 40-point difference between ES and SPX. And I calculated about a 36-point difference, as JEC did, as well. So I'm showing my levels just a little bit lower unless we can zoom in and see that. So right here, here is my 3900 level. And then there's Spot Gamma's 3900 level, just four points above. And I'm also showing key SPI levels. So that 390 is the SPI key gamma strike. All right, so those are the levels in play in the S&P 500. And this was a great long setup this morning. And when we look at the data, in just a moment, we'll see why. So this was definitely supported by order flow and market maker hedging flow shown by Spot Gamma Hero, as well as the large amount of gamma notional leading to a put-van rally. So we'll look at the S&P 500 setup in just a couple of minutes. Let's take a look at the data. So we'll finish up our positional analysis. And then we'll look at the S&P 500 setup in more detail. So let's start with the S&P 500 charts, the gamma level charts. And this will show where that data, those levels that I was just talking about, show where those levels come from. So this is SPX. These are gamma levels, absolute gamma levels. And this is market maker's position at these strikes. This is the zero level. And above that level, that's positive gamma, or call gamma, shown by the black bars. And below the zero level, that is negative gamma, or put gamma, shown by the teal bars. And this is showing, again, this is SPX. Showing that 4,000 key gamma strike. That's the absolute gamma strike, or the key gamma strike. And the strike with the largest absolute gamma. And that can act as support, resistance, or a magnet for price. And then 3,800 is the put wall. That's the strike with the largest net negative gamma. And that can be expected to act as support as it did a couple of days ago. And then the call wall is still at 4,200, which is out of range of this chart and definitely not in play. So there's the 3,800 put wall and the 4,000 key gamma strike. And then note, the dominance of put gamma below 4,000, but there is some called gamma, positive gamma, at that level, below 4,000, from 3850 up to 4,000. But the dominance is put gamma. Put gamma is dominant. So that's SPX. Let's take a look at SPI. And these are the absolute gamma levels for SPI. And for SPI, 390 here is the key gamma strike or the absolute gamma strike. 380 is the put wall. Again, the strike with the largest net negative gamma. And that can be expected to act as support. And then the call wall remains at a rather strange 430, well out of range. And the call wall is the strike with the largest net positive gamma. And that can be expected to act as resistance. And note, just like SPX, the dominance of put gamma below the 400 level, and especially at the 380 to 390 level. That's SPI, the absolute gamma level. So again, that's showing where the call wall, the key call wall, put wall, and key gamma strike come from for each of these and what they mean. And then here is the combo levels. And this is combining SPX and SPI gamma levels into one number and an equivalent SPX number. And then shown on this chart, again, positive above the zero line and negative below. And this is showing here, this is a good way to spot the gamma flip level, which is the volatility trigger. That is spot gamma's proprietary gamma flip level. Below that level, and it's obvious here, market makers position on the gamma curve is negative. That means that traders are long puts, market makers are short puts, and market makers have to hedge their delta exposure in the direction of price in a negative gamma environment. And so as price decreases, they will have to sell futures to hedge their delta exposure. And if price increases and implied volatility drops, they can buy back their short futures. So this is showing that gamma flip level at around 39.60. So there's the volatility trigger for SPX. And pretty obvious, all the put gamma below and a very little call gamma above. And there's SPI. So this is combo strikes, SPX and SPI converted into an equivalent SPI number. And then there's that gamma flip level right around 395, the volatility trigger. All right, so there's a question in YouTube. I'm just a beginner. What does the gamma levels mean regarding trading? What is a call wall? What is a put wall? So I just, I cover that briefly. The put wall is the strike with the largest net negative gamma that can be expected to act as support. And the call wall is the strike with the largest net positive gamma. And that can be expected to act as resistance. And for further information, I would urge you to go to spotgamma.com, go to this free resources, and you can go to any one of these for more information. Go to the pre-training definitions in terms and FAQ and support center. So just go to spotgamma.com for more information. All right, so we're back on the gamma levels now. So that is, again, we're just showing where those levels come from. Here's the NASDAQ. And for the NASDAQ, we just look at QQQ. So for QQQ, the put wall has dropped down now to 280. Again, the strike with the largest net negative gamma. And the key gamma strike remains at 290. And the call wall is up at 310. And just like the S&P 500, there's a dominance of put gamma below this key 300 level. All right, let's take a look at the data now. And as usual, I like to look at the gamma notional. This is market makers position on the gamma curve for SPX in the left column, SPI in the middle column, and QQQ in the far right column. And notice all these numbers are negative and they're still quite negative. These are pretty extreme readings based on my experience and what I've seen. So this indicates, again, in a negative gamma environment, traders are long puts. Market makers are short puts. And they have to sell futures to hedge their delta exposure as price decreases. And if price increases and or implied volatility drops and they usually go hand in hand, then market makers can buy back their short hedges. In the case of this very large gamma notional that we see here, this can fuel a negative gamma VANA feedback loop on the downside. As price drops, market makers delta notional increases and they have to continue to sell futures and that can hedge their delta exposure and that can create a feedback loop. And then on the other hand, if price rises and implied volatility drops, those puts that traders, and we'll look at the VIX chart in just a minute, those traders paid high prices for puts and they can lose value quickly and most likely they're buying puts that either expire today or at the end of the week and do the effects of VANA and Charm, the change in delta with a change in implied volatility for VANA and the change in delta as time passes due to that's Charm. Due to those effects, those puts will quickly lose value. Traders may be taking profits or there's puts or losing value. Market makers delta notional will decrease and they can buy back their short futures. And that was what I was looking for this morning and I think probably quite a few people in Discord were looking for that as well. OK, so that is gamma notional so I think it's always important to know how market makers are positioned on the gamma curve at the beginning of the day. Let's take a look at the VANA charts now which illustrate this graphically. So this is SPX and this is showing how market makers delta notional, delta exposure, will change with changes in price. So delta notional is shown on the vertical axis. Price, strike price shown on the horizontal axis and this green curve is showing how market makers delta notional changes with changes in price and implied volatility. And again, that's the VANA effect, the change in delta with a change in implied volatility. And what this is showing is that market makers delta notional will increase as price decreases and again they have to sell futures to hedge their delta exposure. And then the black line is showing how that delta notional changes as time passes and that's the charm effect, the change in delta with as time passes, a change in time. So that's SPX and let's take a look at SPI and a steeper curve, remember gamma notional was about three times as negative as SPX for SPI and then there's QQQ and then I forgot to mention let's go back and look at the data again and I forgot to mention the changes in these levels. So yesterday and these levels today became slightly less negative than yesterday. So gamma notional for SPX yesterday was minus 10.83 and today it is minus 873. So still very negative but slightly less negative and for SPI, gamma notional yesterday was minus 3000 and now today it is minus 2824. So again slightly less negative and for QQQ yesterday, gamma notional was minus 916 and today it is minus 695. Finally, let's take a look at, this is my key gamma strike list and I track this every day. This is just a very simple list of the stocks of my watch list and the key gamma strike and I compare the key gamma strike for today that's shown in the D column with the previous key gamma strike that's shown in the E column. So that's from yesterday and then I compare the number from yesterday to day and then I color coded green if the number increased and this is generally a bullish signal. If that key gamma strike increases, you know, I take that as a bullish signal and I will generally go into the spot gamma equity hub and do further investigation to see how the other levels changed. The call wall, put wall and hedge wall, I'll see how those levels changed. So this is bullish for AMD and Snowflake and then also bullish for VIX which is not necessarily a good thing for the bulls is there was a build in an interest in building call positions at higher levels in VIX. Okay, so given all that, this is all of my preparation, my positional analysis and my thesis for the day was bullish. After the data came out in line with expectations a little bit less than the previous numbers seeing the bullish reaction on the market before the open, you know, definitely bullish and looking for that put Vanna rally. So again, remember that traders the last few days let's just look at VIX and traders were paying extremely high prices for puts and this is at the open yesterday and VIX continued to fall throughout the day and was falling until about 1130 or so today but you know, traders were buying puts this is indicating implied volatility. So implied volatility, you know, I use it as a proxy for implied volatility there's actually an equation behind VIX but I use this as a proxy for implied volatility and the higher than implied volatility that indicates the higher demand for puts in this case and when there's a higher demand, what happens? Price increases and then this is indicating basically those puts that traders bought way up here I have been losing value, right? So that's VIX, right? Let me check for questions. So Roomba asks falling prices increases the delta being short puts making the market makers decrease their delta by shorting puts that's almost correct. They decrease their delta by selling futures. So they are traders are buying puts, they're selling puts and as price decreases their delta notional increases selling puts is a positive delta position and they hedge their position by selling futures. All right, I'm looking at JEC's lengthy question, comment and discord. JEC, I'll have to, that's a rather lengthy comment question I'll have to read that in more detail later or read that slowly and take a look at it. All right, so let's go back and let's take a look at setups now. All right, so this is the, this is Spot Gamma Hero and this is showing the hedging impact of real-time options. So this is, again, that's what Hero stands for and this is for the S&P 500 showing a combined signal of SPX and SPY options trades and then market makers hedging activity. So that is SPX and SPY and this is what I look at whether I'm trading ES, whether I'm trading futures, SPX options, or SPY shares or options. Any form of the S&P 500, this is the signal that I look at and Spot Gamma does provide separate signals for SPX and SPY and I like to look at the combined signal here. So let's zoom in and take a closer look and notice that this signal has been, is continuing to rise and this is the, this is at the open when most traders start, I think the SPX options do trade before 930 but generally the volume comes in at 930. So showing the sharp increase, positive delta positions, a rising hero line means that traders are taking positive delta positions and that continues to rise and that was definitely a good signal for a long this morning along with the bullish order flow and book map that we'll look at in just a minute. Let's zoom in on this a little bit. So this is starting here at 930 AM and let's take a closer look and see what traders were doing. So the first thing that this, that we can do is separate outputs and calls and this shows this rising orange line shows that traders are buying calls and the way this works is when traders buy calls, market makers sell the calls and they have to buy futures to hedge their delta exposure and note the number here, this notional value for calls at 1.5 billion versus about 500 million for puts. So again, traders were buying calls and puts but the calls were dominating about three to one over puts and that was helping to drive price higher and another thing that we can take a look at is this. So remember these numbers, 1.5 and 544. Let's take a look now at the, and this is all expirations that we're looking at right now and let's take a look at the next expiration total and I'm gonna have to zoom back and I don't know if I have quite the same all trades and I'm gonna have to zoom again, sorry about that. Put some calls, okay, sorry. So anyway, what this is showing is this call number here is about half of what we just saw with the all trades, all expiration signals. Whereas this put number is actually larger. So what this indicates to me up until at least this time is that traders may have been building longer term call positions, at least longer than zero DT, longer than what's going to expire at the end of the day. So it looks like they may be buying puts that expire today, but they may be buying longer term calls that they will hold for more than one day. So that could be a potentially a bullish signal. So let's clean this up. Actually, I'm gonna zoom out. So they continue to buy calls and they've stopped buying puts but price is going down and this is the zero DTE signal. Let's just go back and look at a simple signal now here, just all trades and I'm gonna focus on the morning. And so there's the morning session, definitely a bullish signal from Hero. And now let's go take a look at book map. And I'm gonna zoom in on the morning from after the data until about noon. So notice again, we know that traders were buying calls and that's bullish. And then starting at the RTH open here at 9.30, that just the trend continues. Nice steady uptrend. Note the rising, steady rising orange line and that is showing buy stop orders helping to fuel the move higher. And also the slight increase in iceberg orders shown by the light blue line showing the larger traders are buying. And then overall cumulative volume Delta shown by the dark line, dark blue line is also rising. So nice, steady uptrend in the S&P 500 driven by call buyers as well as the put banner rally that I just talked about. So great long set up in the morning, multiple entry points pullback, pullbacks to the first of all, if you were trading before the RTH open, jump up, retest of VWAP, pause here at the 390 spy, 390 key gamma strike and also the SPX 3900 level and then price moves higher until about 1130. All right, so yesterday I thought the best setups were in in some of the big cap tech stocks. And I think it was just kind of the opposite today. The easiest, best, most easy to read setup was in the S&P 500 today. And JEC asked, do you feel it was a put banner rally more than the impact from the large call positions? Or I think it's both. I mean, there's hard, you can't really know which was the key driver, but I think they both certainly contributed. And then there's a question, is the put wall still at 3,900? And no, I assume you're talking about the SPX put wall and that is at 3,800 and that shifted down to 3,800 on Monday from Friday. From Friday it was at 3,900 and it shifted down to 3,800 yesterday and it remains at 3,800 now. So 3,800 is the put wall. All right, so nice steady uptrend. And again, one thing to keep a look at is this, or keep an eye on is VIX. So let's just zoom in on today. So you can say up until about 11, 30, 12 o'clock that that put banner rally was definitely contributing to the increase. And now that effect, that fuel may have leveled off a bit with the increase in VIX. All right, so that's the S&P 500. Let's go back and take a look at a hero. And traders continue to, by cause, the puts line has leveled off and that's pretty interesting. So based on this, I would say that to answer your question, JEC, we see the call line continuing to rise. And just as before, that's kind of a steady uptrend, price decreases about the same time that VIX ticks up. So I would say based on this, that rally this morning may attribute that more to the put banner rally rather than these calls, or rather than the call buyers. All right, so actually let me, let me change that back to the total signal. So hero continues to rise, prices continues to fall. Okay, that's the S&P 500 great long setup in the morning. And now let's take a look at some stocks. Here's Apple. And I thought this set up a, this set up a nice short. This gradually decreasing hero starts to fall about 1230 or, you know, fall quicker about 1230. So let's go take a look at Apple in book map. And RJ asked does zero DTE, intraday usually dominate order flow for SPX. And often it does, it's always a key component. But if you have access to hero, you can see for yourself. You can just, you know, compare the, when we get back to hero, I'll show you, you can compare the, the notional value for all explorations versus the zero DTE to see what it, what sort of effect it had. So again, we were looking at Apple now and here's the short set up. And note here, I'm doing an experiment with these volume dots. I just want to see if this adds any, any clarity. And I'm showing now total volume. And typically I've been looking at this volume delta by minus cell, the delta again by minus cell, which is shows the separate pink and green dots. And you know, again, this is just an experiment to see if I, I see any clarity, any more clarity with these total volume, showing this kind of pie shape chart with the total amount of buys and sells in a single dot. So I'm gonna try that for a few days. So there's the, there's Apple and you had to wait for this. So we know that Hero is sloping down. Just look for the reversal. There's the trend break, a retest of this 153 level. And then price starts is making lower highs. And there's your short set up in Apple. All right, so that's Apple. And let's take a look at AMD. And AMD was very strong in the morning. Let's take a look at, at Hero. So there was a strong, just in the first half hour, strong confirmation for a move higher over the first 30, 45 minutes. Looks like about 30 minutes there. And now Hero is trending lower but price is holding pretty steady. All right, let's take a look at MetaNel. And this was a much cleaner signal for a long. Let's see what traders are doing. So up until about two o'clock, they were buying calls and they started, they stopped selling puts around a little bit before one o'clock and they started buying puts. All right, let's go take a look and notice the strong correlation. Hero rises, price rises, Hero falls, price falls, and then Hero ticks up again and price increases until Hero levels off and starts to fall. So very strong confirmation correlation between options trades, hedging flow and price action. Let's go take a look at Meta. So very, very bullish price action in Meta here. And notice here that this Delta setting for the volume dots is very easy to read for Meta today. I mean, you can see the clear shift, for example, right here between the pink dots showing again this is by minus sell. So this is indicating that sellers, aggressive sellers with their market sell orders are dominating price. And then when there's a shift to the green dots that showing that market buy orders are dominating and there's a clear shift that trend break, market buys, aggressive buyers come in with their market buy orders and start to move price higher. And remember that Hero was rising, the options traders were taking positive Delta positions as well. So I think this is one of the best, if not the best equity setups that I saw today. And let's take a look at Microsoft. All right, let's go take a look at Hero. Let's Meta, look at Microsoft. And sometimes these large block trades come in and kind of obscure the signal. That's what this vertical line means is a large block trade and institutional trader will come in. Let's see what they were doing. So they were selling puts and selling a large number of puts that causes that line to jump straight up. So let's take a look at before and after so we can get a cleaner signal. So this is up until about 11 o'clock. Very steady rise in Hero here. And this is providing good pullback settings with Hero steadily rising, good pullback entries as price drops and then continues higher. And let's take a look at after that large block trade. Sorry, I'm just trying to zoom to... So this is a good indication of the influence of options trades showing that Hero drops, starts to drop and then price follows. And notice now these more large block trades coming in. So let's go take a look at, we'll go take a look at book map again. So that may be a bullish signal for Microsoft. I meant to draw a line there. Just look for that trend break, move higher and liquidity targets at 260 and 261. All right, let's take a look at Nvidia and another good bullish setup today. Let's go take a look at Hero for Nvidia. Very strong correlation between options trades, hedging flow and price action in Nvidia. And notice how as options trades level off and then start to drop price follows. Let's see what traders were doing. Look at puts and calls separately. So definitely calls driving today. Traders were buying calls and then around one o'clock or so they stopped buying calls and then they continue to buy puts and price started to move lower. Let's go take a look at book map. Change that to look at book map and notice that Nvidia traded up to the upper edge of the expected move for the week. This is from the options market and this is for the week. And I update this number on my charts every weekend. So definitely bullish price action here in order flow and hedging flow in Nvidia, especially this morning. All right, let's take a quick look at spy, see what the S&P 500 is doing then we'll wrap it up with Tesla. All right, so it looks like the S&P 500 has almost made a round trip from the move up after the CPI data then removed down to 388 and now maybe moving higher again. Let's take a look at a hero for the S&P 500 and it continues to move higher. All right, we'll wrap it up with Tesla pretty choppy day in Tesla. There were definitely better setups that we saw with Microsoft and Nvidia and Meta for example. Let's just zoom in on this. Then we'll go to book map. Take a look at Tesla. Yeah, pretty choppy day in Tesla. So I thought the best trades were the S&P 500, of course. That's usually where I start and that there were certainly a strong thesis with the put banner rally and then the data that came out that was not as bad as expected or better than expected. And then of course Meta and Nvidia. All right, so there's a request to look at zero DTE for SPX. So we'll take a look at that and then we'll call it a day. Come back to SPX. Note this number here, 2.747 billion and let's just go turn that off next expiration. So again, like I noted before, it looks like the longer term is dominating today. This is only 400 million and we can actually compare the two. So 2.5 billion versus 463 million. So in this case, there's zero DTE and it is not dominating hedging flow for today. All right, I think that is it. That's all I have. I think I've answered all your questions. So thank you for watching. Thanks for your questions and comments and I will see you tomorrow. Thanks again, bye.