Good afternoon. Thank you you all for being here today a special thank to the European Central Bank and to the Bank of Portugal for organizing the first European Central Bank as dialogue I would like to welcome Professor Mario Draghi the president of the European Central Bank and Dr. Carlos Costa the governor of the bank to our school of economics and management of the University of Lisbon University of Lisbon is the largest university in Portugal. We have about 50,000 students 3000 faculty members and 3000 members of the staff we work with a budget of 400 million euros half of them coming from Competitive budget We are doing very well. We are research university as you can see when you look to the Shanghai ranking that we see That we rank better than any Latin South Europe University except France So we are very honored to have you here today to host this event in our school of business and economics and to provide an Opportunity for the Portuguese students in economics and management to ask questions and discuss with a voice with Professor Draghi the role of the European Central Bank and some of the most relevant Economic topics into those world Dr. Draghi professor Draghi. Thank you very much for sharing with us your knowledge and experience Thank you. Any thanks, Professor Antonio Cruz Sarah for your welcoming remarks My name is Christine Graf. I run the communications of the ECB and I will be moderating through this Q&A session today Before we start I would just like to remind you that we're going to do a live webcast on the ECB web page and For those of you who are listening and who are watching us live You can follow the conversation using the hashtag ECB use dialogue on Twitter And without too much ado, let me introduce to you the president of the European Central Bank. Mr. Mario Draghi In the University that is the Lisbon and this beautiful library with 80 students from different universities in Lisbon And we've also asked you to submit their questions via social media, which is our first trust so that can participate virtually And I really wanted to start with asking you why is the ECB doing this youth dialogue? Why is it so important? Well many thanks many thanks But let me first also thank the rector Antonio Cruz Sarah and Isaac for hosting this first ECB youth dialogue and of course to my friend governor Carlos da Silva Costa from Banco de Portugal For this close collaboration in the organization of this event, but especially I want to thank you students who I know how Pressed you are because this is exams time So the fact that you've taken time here to be it's really really something. I'm very thankful. I hope I'm not gonna disappoint you Before we start however, I wish to say something about the Tragedy that this country experienced not long ago and not far from here Just want to express not only solidarity with the families of the people who lost their lives, but also to express how how close we all are both my colleagues at ECB and myself and For this I just just a few seconds of silence before we actually get into into our work Thank you. Thank you Let me now respond to Christine's question why? We organize this event And let me give you two at least two key reasons first, we have we have a theme this year for this event, which is Somewhat different from what the central bank usually do and it's about innovation and productivity These are topics that are very important for the economic future of Europe But I think even more fundamentally for your own future The youth as you know the youth unemployment rate is very high here But also in other several other countries in in in the eurozone In some countries it's close to 50 percent here is 28 percent It's declining, but it's still very high now Youth unemployment rates are normally higher than total unemployment rates But there are big difference across countries and this says basically one thing that is some of these Difference can be accounted by the way labor markets function and the function differently in different countries So how all this is linked to innovation and productivity? This is in fact at the core of the conversation. We will hold in the ECB forum in Sintra during the next two days We can achieve growth with low levels of employment Can we? This is one big question The key to productivity growth lies not just the creation new ideas But also and I would argue especially in its diffusion In the diffusion of these new ideas in the way in which we integrate those ideas in our daily lives Innovation is playing a critical role in the global economy and in the new economy more than ever So you are a generation Which naturally grew up in a world where new ideas were continuously developed In a way that people not only on my generation, but also a generation after mine Had no no idea that this could be possible So you are much more acquainted with innovation and new technologies and probably anybody before you At the same time You are the generation who also grew up at the as the first truly European generation And how all this affect Affects you and your region is also part of the discussion. We are going to have So you are prepared and enhance your skills to success in the ever-changing labor market in Europe and around the planet Second you may know it This year we celebrate the 60th anniversary of the Treaty of Rome which created Europe and The 25th anniversary of the Maastricht Treaty that created the Monetary Union and the euro These treaties had a common goal for the future a strong Prosper peaceful and united Europe and All the European institutions including the European Central Bank are working very hard From different perspectives to achieve that vision. I Think you've heard a lot about monetary union monetary policy in ECB. You study our work and our institution in your university You hear about us in the media even in conversation with friends Well, I hope you have better things to talk about with your friends but in any event you may actually discuss ECB sometimes with your friends and even with your families and Now we want to do something that different from We what we usually do usually we go around and we talk. It's us who talk Now this time it's us who want to listen and listen to you your points your observations That's why I asked you to ask us questions And you did we receive questions from all over Europe, of course and from across the world including China and the United States and I have already known that many of you have concerns about how innovation will affect your present and future That you are worried about inequality that you are also interested in finance technology the impact of monetary policy decisions So you talked about dialogues and platforms for you to become more active in social media That's why we started with this initiative and this platform to engage with you and try to address some of your concerns So now I really want to be keep my word and shut up. I'm listening Many thanks president. Thank you. So indeed we're not going So indeed we're not going to turn to you And start with questions the first question is from our host university from Isaac And I'm inviting Veronica, and I'm sorry if I misspell the names Veronica Raquel yes Castro is silver to ask her first question to President Draghi. I Thank you so much Thank you so much for being here. Welcome to Lisbon. My question is should the ECB's Quantitative easing program started or have started earlier alongside the one implemented by the Fed and thank you Thank you I mean this is not it's not an easy question to answer and So my my response will have to be We'll have to be a little longer than I'm sure you and I would wish to be But to be complete I guess we'll have to be a little long because there are many differences between Between the Fed and the ECB They have to do what between us and the eurozone There are structural differences. There are Ways in which monetary policies being carried out by the two institutions and there are differences in the way the crisis Developed in the in both in both parts of the world Let me start from this point from this point at the end of 2007 so it almost ten years almost ten years ago the subprime crisis erupts and The both institutions the ECB and the Fed React pretty much in the same way namely with extreme decision They expanded liquidity in a very forceful way and they Basically hamper the diffusion of the crisis immediately But we were to discover that that was only the beginning of the crisis later on The whole world moves into a state of great and increasing uncertainty But for one year about one year not really a big crisis then in 2009 we have the big bailouts in the United States and We have the gradual discovery that all these products have intoxicated many banks in Europe and We reached the point with Lehman cry the cries of Lehman That is a turning point. That is a turning point and what but how the the crisis in the United States continues to develop and Along the line where the Fed substantially tried to cope with the effects of the crisis upon the economy the United States is a Market-based Economy where most financing goes through the markets The eurozone is a bank-based economy where most of financing goes through the banks more specifically 80% of credit flows go through banks in eurozone in Europe really and only 30 in United States And this is the big first big difference between the two situations In the meantime the Fed brings the interest rates to what's called zero lower bound and then starts QE Because there are no more instruments and the negative effects of the crisis continue propagating in the United States in in Europe in a eurozone something different happens the Uncertainty and the increasing uncertainty or previous years Faces many governments many countries which were unprepared They had they had basically budgets which were very fragile high levels of debt Very little structural reforms. So the crisis morphs into a sovereign debt crisis and in 2010 happened something that really changed the whole picture Because what used we were used to a world where sovereign debt was risk-free and All other assets were priced based upon the risk-free asset price in 2010 this changes and sovereign debt becomes No, no more risk-free. It's risky like any other asset and this changes the whole risk picture Risk pricing picture in the eurozone now what happened also is that our banks Many of our banks in many countries had bought a lot of sovereign debt And so the sovereign debt crisis morphed into a banking crisis So in 2010 already in 2010 the ECB decides to start a reduced version of QE Which was called the S&P Trying to support the sovereign debt market in a way that could be shielded from these big changes in interest rates and prices But the as I said the risk the the crisis morphs into a banking crisis And so by 2000 by the end of 2011 Credit flows were going were dropping were falling very substantially So the ECB decides to launch the long-term refinancing operations Otherwise called outros which meant basically unlimited refinancing at favorable conditions And the four unprecedented maturities of four years Everybody thought this was indeed a big support for the banks and Avoiding widespread failures in the banking system and for a few months this worked But then again the banking crisis sovereign debt crisis took over and what was necessary was the omt the launching of the omt omt Could have been a much much bigger Decision than QE Fortunately, there was no need because markets reacted in a way They recognized that something that they were pricing in namely the fall of the euro was not going to happen any longer So overall the financing conditions improve quite substantially and something that's rarely mentioned is that between 2000 the end of 2012 the to during 2012 and 2013 Something like two million jobs are being created. So the recovery had started already very very slowly gradually but continuously now if we go back to the beginning of 2012 we had something like 16 quarters of uninterrupted growth with an average of 0.4 percent But then once the sovereign cries the banking cries had been kind of slowed down and by the way the fragmentation that had taken place in Europe also was decreasing then in 2014 we Thanks to spillovers from the rest of the world we enter in a situation where Basically, there are renewed cries renewed race for the economy a race of deflation And that's when the ECB responds very much like the Fed did originally namely with a QE so The lesson is basically that Both institutions responded with their instruments to different contingencies during crisis which were profoundly different in places of the world with big structural differences and Also, one should take into account another thing the tradition of Making monetary policy in the two institutions was different in the Fed in a market-based economy The Fed did monetary policy through open market operations namely buying government assets and injecting liquidity or else selling government assets and We draw in liquidity in Europe the main channel since it's a bank based economy was through banks Financing the banks well both institutions actually changed their monetary policy practices during the crisis The Fed moved much more into refinancing and the ECB moved much more into government bonds buying Policies we also added another ingredient that the Fed didn't have which was the negative interest rates, of course Stop here Sorry, but had to be long to have be complete So the next question is focusing on productivity and unemployment It comes from Cyprus. It's not in the room, but it was sent to us via Facebook You have it here on the screen, but let me read it for everyone Dear mr. Draghi, it is evident that investment in capital-intensive production can improve productivity however in countries experiencing economic recession and unemployment like Greece and Do you consider it best to invent to invest in technology directly boosting productivity or investing in the labor force? Leading to a potential long-run increase in productivity and employment instead But let me first observe there is no trade-off between investing in productivity and investing in people If we if we if by investing in people we mean investing in education in skills in human capital I would say that the two complement each other investing in technology It's complemented by investing in human capital But it's also another aspect that we should we should always keep in mind when we talk I hinted that in my introductory remarks when we talk about about productivity and innovation that in especially in Europe Diffusion of innovation it may even be more important than innovation itself in other words There is so much space for the For spreading innovations from the high Highly competitive companies to the ones that are less competitive in Europe We have much much space to do that. How could this happen? However, it can happen only if the environment is growth friendly What does it mean? Well, it means that Should be open to receive the technology It means that one should fight for greater competition for reducing barriers for fighting against vested interests This is what it's an open environment a growth friendly environment. It means that taxation should be growth friendly This is it means that the companies the young small companies Which often are the first the first engines for innovation, especially not big innovation Should be able to find credit Which means to have a relatively healthy banking system that can provide credit with So all this is what fosters diffusion on innovation growth So I see basically no trade-off between investing in technology investing in people But what's important is to create the environment where these investments produce in the end produce growth Thank you We've got the third question coming from Nova University and Jose Elisio da Silva Santos The floor is yours Thank you. Good afternoon, Mr. Draghi. Thank you for being here. My question is We how do we as young economists managers bankers? How can we create these dialogue platforms like this one to become more active more informed citizens? And how can we help other citizens also understand the policy stance? Thank you Thank you. Let's start from from from from a point that is only That characterized your your time certainly didn't characterize mine you have boundless technology possibilities for Strengthening for enhancing your social capacity So technology is not really a limit here And by the way, and it's progressing each and every time and very much of this progress is immediately usable So there are there are relatively at least as far as social diffusion diffusion social views There are relatively few impediments. So next question is Next question is what am I going to do with this? It's quite clear that all this is going to be an energy for good if it produces reliable and transparent information That's the pillar of trust on the other hand if this doesn't happen There is no trust and Then it's a big waste in a sense because you have big possibilities that are not being used So your communication should be geared or should be aiming at producing trust and trust comes from reliable and transparent information to do that There are various things that I mean you for silly to strengthen your social interaction one is to Have a keen interest in social aspects Follow your policy makers track record That's also that's also very very important and in generally speaking is what I said before aim at producing trust I think that's that's the key point today now The fourth question is is again in reality is actually two questions It comes from Finland and we've selected the second part of it It was sent again via Facebook, and I'll read it out. Mr. Dranghi I would like you to share your thoughts on how inequality affects even financial stability Thank you for this great initiative Well, you're welcome Inequality in a quality first of all there is a renewed and welcome interest by everybody in In coping with this issue of inequality after many many years. We simply ignore the issue the globalization the greater competition the Diffusion of technologies to have produced have produced the immense wealth But unfortunately has also have also produced a very equally equally large Crowd of losers of people who are not caught in the sharing of the benefits That's the tip. That's really the main feature in my eyes of inequality It's basically there are people who are not part and parcel of the ongoing the normal ongoing of an economy Where they cannot share the benefits that cannot buy a house buy a car in this sense It's a highly destabilizing phenomenon which touches all parts of our society is including including financial stability now How we all we asked ourselves this question. What can a central bank? What can the ECB do? about inequality for one thing and we Is a certain amount of reflection on this and and thinking about that Well certainly one thing if we are successful at Achieving our mandate which is price stability We help to fight against inequality We have to understand that price stability in this context means to be able to reach a slightly higher rate of inflation You know about our mandate or rate of inflation, which is close but below 2% and we are not there Why is that because it's lightly higher inflation by itself? benefits the debtors Right now a too low rate of inflation benefits the creditors Traditionally creditors are all the people and and debtors are younger people But it's also a much more important way in which the Right monetary policy decisions, but I think I should widen this to any right Right economic policy decision is the best tool against inequality The major source of inequality is unemployment So to the extent that our policies first and foremost, of course as far as I'm concerned monetary policy fight unemployment they fight inequality and That's the key angle as far as we are concerned of course There are many other reason many other ways to fight Inequality and certainly again a hint that that in the beginning education skills Investment in human capital is also one way and of course there are also redistributed policies that we should take into account But it's not for the for a humble I mean central bank owner to suggest What people should do to redistribute better wealth and income, but silly debt also should be taken into account but the key point is what the question was asking at the beginning is it a seriously destabilizing Factor that we should cope and have have in our in our minds. Yes, it is Moving on to a question from University of Catolica, and I would like to invite miss Dina Rodriguez Where are you there to ask your question? Oh, welcome. Thank you for the opportunity. I'm going to read off my phone So I believe one of the issues that most shares public trust in European institutions Is the phenomena of revolving door jobs? Public former public officials quickly taking on jobs in sectors they previously supervised There is an example of the number rose moving on to Goldman Sachs Just after the cooling off period imposed by the European Commission expired Show that on some cases a time a time lag makes little difference to how an appointment is perceived and More transparency is required by the public. So do you think the ECB's framework adequately adequately deals with this issue? Yes, I think so the The let me just Address your question which in all its entirety Institutions institutions always need trust a central bank especially needs trust Much of the monetary policy today is actually always being based on credibility and Credibility is also also based on trust now trust is Is actually the outcome of many many different actions But it's trying to cope with the with the angle that that you have first of all trust comes from communication communication that needs to be transparent and accountable and And We've done an enormous progress in communication We just think about not only not only the ECB but all central banks Just think about that in the if I'm not mistaken in the mid 90s until the mid 90s The US Fed will change interest rates after monitoring policy meetings. I would not communicate to anybody that they did so They would have to learn it from the market now In our case we we we were ready since the beginning the ECB was a very transparent central bank with several press conference after each for each monetary policy meeting and The economic balloting and much communication speech reviews hearings now we continue this tradition We actually enlarged it quite significantly today. We obviously we have also occasions like this one is The whole and the our forum in Cintra is going to be webcast. So it's all very transparent DCB is accountable only to European Parliament. Well, despite of that I started going also to national parliaments interacting also with them and Now I'm getting closer to the conflict of interest thing since 2015 we Publish an account of our meetings of our monetary policy meetings So again, that is also other material that would give people a sense of what we've been discussing my personal diaries and The ones of my colleagues in the board with the meetings we have are also published on a regular basis Also, we have a framework that deals with conflict of interest cool enough periods Rules that prevent basically conflicts of interest what sort of invitations we accept and we don't accept I Almost accept no invitation for example yours. Yes, but others very often I very very often I have to refuse them because they exactly they could be seen or perceived as conflicting with this framework basically or with what people would expect from from a from a Monetary policy maker that would behave so I do think we cope with this Sort of okay, I would say of course we can always do better I'm pretty sure and we learn from Criticisms on occasion and we try to change our procedures whenever we think that a certain criticism isn't warranted or is warranted action Thank you Now we have a question from Germany which is a question by a Twitter Focusing on youth and monetary policy. It's quite a provocative provocative question. And here it goes Mr. Draghi, don't you realize that your interest rate policies make it impossible for Millennials to build up wealth Well First let's talk it depends which Millennials we talk about The Millennials that have found a job because of our monetary policy, I'm pretty sure they are okay with this policy so I got To distinguish between different types of Millennials here now There are also Millennials who save money or more likely they are sons or daughters of Millions of non-millennials of people who are true savers and And so basically are your parents your grandparents and so on and I've said it many many times this let's not forget the savings comes from growth And if there is no growth there is no savings and interest rates have to be low for growth to recover so When growth will recover and when inflation expectations will show that a convincing trend towards our Objective interest rates will go back to be higher and at that point savers will also have their returns But if we were to raise interest rates at the wrong time We would simply produce another recession and recessions aren't good for anybody Savors and non-savors Also, let me add to let me make also another consideration Millennials are probably too young to buy a house but for those slightly older than Millennials who also have to Go and buy a house and they need a mortgage low rates are very good They are very there's something they really cherish in other words We got to be patient the savers of the core countries would like to see a bigger return to their savings They will see that in due time in the meantime We have to make sure that inflation will converge again towards our objective and the economy will recover So let me turn to the floor to Joe Pinto from Ishte Joe Good afternoon everyone Present Draghi as advanced economies struggle with output below potential particularly since the global financial crisis severe challenges are facing the coming decades One of the most intensely debated among researchers is productivity growth In fact productivity, which is the ultimate engine for economic growth is been exhibiting in recent decades a downward path Persistent which clearly undermines growth prospects Given so my question will be what is your view on the origins or the sources of these current global low productivity trap? Is it a cyclical downturn or a long-term phenomenon? Thank you very much. Thank you It's a it's a it's a very difficult question on on which there are there is a variety of views and no no hard understanding of of the real reasons The cyclical downturn in productivity really started Well before the crisis The great crisis then of course with the crisis Investment went down Also investment in everything went down Capacity utilization rates went down Expectations of future investments went down all this only increased the downturn in productivity and But there is also we have to look at the trend also the trend in productivity is not Is not Something that we would like to see now again, I kind of Say again what I said before Much of this is also as far as special Europeans are concerned deals with diffusion of technologies and That's where I think with that's the first action that we know for sure it produces increases in productivity namely Create an environment where diffusion of technology is easy And I went through some indications that how on how this could be achieved before So we've now got a question coming from quite far away via LinkedIn from China and it's relating to one of the topics you mentioned I'll read it out. What is the impact of fintech to traditional finance industry? Would the ECB put more resources to the high-tech development? well we ECB certainly supports financial innovation fintech We've started in the last year and a half Several streams of work the most recent example is something we decided a week ago to Start on the on a project called instant payment whereby consumers and firms can transfer money between them instantly 24 hours a day for 365 days and That that is the last example We also Do support the distributed ledger technology? That's quite another important very important development where you basically Can store information on a decentralized base? And more generally we have we have a sort of great attention to these these developments for a variety of reasons first of all because they improve and to some extent may even strengthen the financial system against cyber attacks and And the other reason is related reason really is that Cyber crime is a major danger for financial stability and More and more of this will will have to be will have to be Coped with by by supervisors in an in an effective way There is been the last g7 ministers finance ministers and central bank governors meeting dealt with this explicitly There are several task forces that are working actively on this point on this. This is part and parcel of fintech Really so generally speaking great attention strong support also concerns for the efficiency and The safety in the use of these new new technologies We're not moving to Thomas. They'll made a dos Santos of Nova University Professor to Dargi. Thanks for your presence a question about banking system In the last 10 years Portugal spent with bailouts more than 10 billion euros to have a sense of scale for the for the Portuguese economy is this almost is around the total money that Portuguese government collects from in income taxes personal income taxes, so it's a lot of money So my question to you is what exactly has been done over the last years to make sure that this will never happen again So that's our tax money will not be spent with banks. Thank you Thank you. Well, think of a Germany spent about 11% of their GDP in bailouts So it's also it's partly in reaction to these very big bailouts very significant bailouts where taxpayers money was used to Exactly bailout Banks creditors bank depositors bank shareholders. It depends which one which bailout example we are talking about it's because of a spudly partly I would say to a great extent in reaction to these developments that the European Union Adopted a directive called the banking resolution and recovery directive where basically the conditions are For a bailout are much much more difficult to comply with so that whenever we have a major Banking episodes a banking crisis The there would be first and foremost a bailing of the shareholders and certain categories of creditors And then for the rest if this is not enough the rest would be coped with by banking resolution funds Now This is now we've been we've been having this directive for a few years There we've we've had several crisis around now the main the main purpose of the directive is to make sure that we That basically the use of taxpayer money is taxpayers money is Minimized but also that the bank activity is preserved So that the failure of a bank doesn't involve the destruction of the banks activity With also the waste of resources that this implies Then now it's been a few years that that this director's been in place Can we say that it's actually performed successfully? Well, I think it's it's really too early to say it's too early to say we had we had many Episodes that ended up in a way perhaps that the creators of the directive didn't expect others did The so it's just early to say the resolution this the the resolution board is a new Institution which is also important for the application of this directive But one thing is pretty clear and we that's one lesson that would apply without uncertainty Banks have to increase their own means have to increase have to Put aside resources that are capable to absorb losses in case of a crisis And we had at international level and measure that's called T luck Which has been transposed in some extent by and large in a in a in a measure in Europe called M REL and basically asking banks in the European case all banks in the In the rest of the world case only the largest banks to set aside resources that are that are easily mobilizable in case of losses in case of a crisis I think that's the best way to make the BRRD the directive a credible measure that would end up minimizing taxpayers money in the case of crisis And then we had another question from Spain coming via Facebook Dear mr. Draghi, I'm a fourth year medical student And I've seen how most of the innovation in the medical field occurs outside of Europe in your opinion Could developing a more innovative medical sector contribute to the improvement of our economy? well I'm hardly an expert in that, but I Assume that that This is true. Namely the much innovation happens in the United States. I don't know it for sure But silly things that have improved in Europe with respect to this but again, let's ask ask what Suppose let's assume there is a problem there. How would a policymaker in Europe cope with this problem? Not not from a scientist not from a scientific viewpoint, but from a policy viewpoint Now one should ask what are the reasons for this lag in innovation in the medical sector? What is the regulation that? Overseas Innovation in the medical sector. Can we do better of that? What is the diffusion process? How difficult is to spread around medical innovation in in Europe? What are the? Experimentation rules which are crucial in obviously in medical innovation So these are questions that I can only ask. I'm certainly not able to answer them Thank you So we have one last question from University of Catolica. So let me invite Ricardo Rodriguez Where are you to ask your question? Good afternoon. I would like to thank you for coming here. Thank you. And now mr. Draghi. I would like to ask you You and basically the ECB How do you conduct policy in an environment where are different countries at different stages of the recovery process? Which individually may require different measures or even opposite measures to foster Productivity and innovation. Thank you Thank you. Now, of course, let me let me premise saying that we really do only one We don't have different countries. We have only one eurozone So our monetary policies for the whole of the eurozone but to to give you a Say a more a more substantive answer to your question Let me make a comparison with the United States in US you have different states and they go at different speeds and Like like any other part of the world, you don't have everybody marching at the same rhythm No, we'll be boring and one other things but but you have they go at different speeds Now different speeds may cause this equilibrium imbalances Now this is being mitigated in the United States by the fact that they there is a federal budget So there are transfers across different parts of the US To compensate the possible imbalances that would come from moving forward at different speeds Our union is not a transfer union. That's what the master treaty stated So we don't have a federal budget We have other ways to partly mitigate these imbalances that come from different speeds But that's why that's why in the eurozone Convergence namely the capacity to try to aim at going at the same speed It's fundamental It's fundamental. So it means that countries shouldn't go at the same speed But should go at some at speeds that do not create major imbalances and that's called convergence that's called convergency and I think that to some extent great progress has been achieved on on their ground since since the master treaty one one interesting and certainly welcome data that we can extract from the variety of data that we have on this ongoing recovery is That the degree of divergence between different countries and I'll say in a moment Actually, what do we mean by that? Well, we look at value-added Value-added growth growth of value-added in different countries and then we calculate a dispersion index of this growth in value-added and Nowadays, it's at historical minimum It's actually the the same dispersion we had in 1997 so it means that Efforts towards converging is there, but it should also be convergence as far as policies are concerned Namely again, I go back to structural reforms are important And what you want to see is the countries converging their policies Aligning their structural reforms to the best practices That's very very important for the resilience of the monetary union. It's one of The two pillars upon the monetary union is based Convergence and the second one is trust And what we are doing exactly at this point in time is try to strengthen convergence and Repair and strengthen trust as well. I think the keynote here is Strengthening trust and with that I would like to thank you. Thank you And I am now going Please We've mentioned it's extremely important for us to have your views just by seeing all the questions that we're getting it Helps us. This is the beginning of more of a challenge that we want to have with you That's why I wanted to make sure that you're aware of a of the next Competition that we're going to do we're going to work with the foundation of the University de Lyon for your video challenge because we know very much We're still in prints, but you don't read that much. Maybe you're an exception people watch videos And that's what we need to work on as well So we'll be focusing on this in the summer inviting you to participate and with that I would close our parts and hand over to governor Carlos da Silva Costa the governor of the Bank of Spain of Portugal The Portugal and invite you for your remarks. Thank you Hector Professor and Tony Kluserra. Let me make in a very short Closing for points and previously to introductory notice the first one is to Say that it's a great pleasure and satisfaction that Bank Portugal work do ECB and Lisbon school of economics and management to organize the first ECB use dialogue in Lisbon This seminar provided an important opportunity for economic students put questions to DCB president mr. Draghi and To get Clarifications and issues that concern them There's this initiative clears demonstrates DCB endeavor to be an open institution that is closely Linked to the society in a particularly the European use. Let me add a second note that is personal for me It's a pleasure to be at closing this session because I was a long time ago during six years vice chair of European wide sink sank on the future of industry manufacturing in Europe and We were discussing a lot about innovation About employment and about use and to have the opportunity to close this session is also a way of going back 15 years in my own life To turning now to the topic of this dialogue use innovation and productivity in Europe I would like to start to By pointing out that we live in a challenge the world both in social and economic terms But these should not be as a negative factor because If prepared for and overcome Challenge lead to progress Let me conclude to say without that is necessary to have in mind for ideas force Ideas for ideas that are very important first innovation is a continuing process Or even a state of mind. I prefer to say a state of mind It should be not forgotten that sometimes innovation requires long-term research periods and it's the answer to the medical Research that we need to promote reaching up to 10 or 15 years Support for long-term research is necessary. It can be hardly be provided by firms and It is now important to understand that is a public good that needs to be provided by your opinion Secondly the pool of startups is important because it constitutes the cradle of successful firms of the future Never lets the early failure of most of these firms should not be taken as problematic The high mortality rate of startups is to a large extent the result of a natural process of selection of good ideas and efficient firms by the market forces The problem is to stay with them in Europe and sometimes we lose them after being successful Therefore public bodies and public policies target at supporting startups That they have not been proven able to compete in the markets are expensive and clear not efficient But we need to go ahead with the right institutional framework in order to select the right startups and successful ones Certainly and the as a follow-up to the previous point the financing at the radical innovation of startups is Not the primary whole of the banking system and we need a banking system for the firms that are already Doing well, but we need also financial instruments for Startups and we miss them in Europe the high levels of risk involved to call for the intervention of specialized operators for instance venture capital or business angels Unfortunately in Portugal and I will say in Europe these operators are still not sufficiently developed and possibility of ventures with larger foreign partners is limited and I will Remember that we need to put also a lot of emphasis on that point when we speak about Junker plan if there is no radical innovation there will be no future and there will be no radical innovation without the right institutional setup Finally and forcefully the challenge in Portugal is to speed up the pace of reform and further more denies its firms Only high performance firms can afford to pay the wage of those that make difference in terms of innovation and entrepreneurship Although foreign experience by young people a skilled co-workers is beneficial It should not be a way of promoting a brain train However, as the initial said challenge should be seen as opportunities to improve not as problems and the the most important problem is to create or most important challenge is to create the right institutional framework in fundamental research in promoting the venture capital and the venture and speed the process of Startups that are successful and after to ensure that these startups have the right Environment to grow and to be successful big companies in future Thank you very much president to come to Portugal. Thank you very much for your explanations and if he there if there is something that comes from your intervention is that the banking System is not far away of the real economy and the central bankers are not far away Of the banking system and real economy. Thank you very much


Introducing the Vaughn Eye. Eye stands for interchangeable, which means you can take it apart and swap out various pieces for different colors and different materials. Those are coming soon. Super excited about showing this one to you? Let's check it out. The Vaughn Eye currently available in all titanium. You can take it apart and interchange the sleeves, which still rotate like the previous Vaughn design. We can begin by taking the tip off. The tip crown has been slightly redesigned to make it a little bit easier to grip, so you can grasp it between your fingers, holding the rest of the device, give a twist in a pull, and it comes off. The rotatable sleeve comes off the same way. Give a pull, twist, and remove. The liner also pulls out of the mouthpiece, and the condenser, well just like all of our other condensers, is easy to remove. The Vaughn Eye stem is comprised of these four parts. Mouthpiece and tip crown, liner, and sleeve. To reassemble your Vaughn Eye, begin with the mouthpiece. Notice the logo and the small notch that's been machined just by the o-ring. On the liner, you'll see there's a small little arrow. That arrow aligns with the notch in the center of the logo. Next, grab the sleeve. In the factory, we align the large end of these teardrops with the tip crown. Simply push and twist to assemble. The tip crown, same thing. Put it on the liner, push, and twist. Put your condenser back in on the mouthpiece side. Finally, the tip. Give a little push, a little twist, and we've just reassembled our new Vaughn Eye. The whole device now easily rotates nice and smooth on the o-rings that hold everything together, works just like bearings. To adjust the airport, twist either of the crowns, and if you notice, the logo lines up with the airport being open. When we twist the logo away from the airport, the aperture begins to close. The new Vaughn Eye with interchangeable parts. What colors or materials would you like to see first? Please let us know in the comments.


Hello and welcome to Gibraltar, home to the biggest chess festival in the world. We're at the Coletta Hotel where all the magic happens. The morning events and the Gibraltar Masters. Master classes, simultaneous displays and seminars by the best in the world. Blitz events for some fast and furious chess and of course our most awaited evening, the Battle of the Sexes. The action never stops and we want you with us. Subscribe to our YouTube channel and join us on our social media. See you there.


Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only, and should not be considered specific investment advice nor recommendations. 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 in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. The second step in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in Smart Gamma Hero to confirm my thesis and for setups for entries and exits. When I talk about setups, I will be talking about an underlying asset, and those setups can be taken with futures contracts, shares of stock, or options. Questions and comments are welcome, and I will be watching both the Options-Doug chat channel in Discord and the chat in YouTube for your questions and comments, and hello JJK, glad you're here, and hello KarmaFX, glad you're here as well. Welcome. I want to cover today my agenda. First of all, go over news, economic data, and events, and earnings for the week. Then I'll go through my positional analysis. Then I want to review some setups from this morning, and then we'll talk about the live market. When I get to the live market, if anyone has any stocks they want me to take a look at, please let me know, and I'll be glad to do that. Alright, let's start with economic data and earnings for the week. So let's go to economic data first. So tomorrow I'm just going to highlight the high impact numbers, at least according to daily FX here. So first, tomorrow 10am ISM PMI data, also construction spending, jolts, a variety of economic data comes out at 10am tomorrow. And then on Wednesday the ADP Employment Report comes out at 8.15am eastern time, and on Thursday jobless claims, and then at 10am services PMI. And then finally on Friday the big economic report for the week is the Employment Report. 8.30am on Friday, that's the Employment Report that comes out on the first Friday of every month at 8.30am eastern time. Alright, so that is the economic data for the week. And trade and sale, hello. You're welcome. Thank you for your kind words. Alright, so that is economic data. There are also some important earnings reports this week. So first of all, I guess they really aren't talking about it on the news. Most is Apple and Amazon. We'll take a look at that in just a moment. So tomorrow after the market closes, AMD reports. This may be difficult to see. Let me zoom in on this. This is a new earnings calendar from Spot Gamma. So this is showing AMD. I'm just going to, I just go over the stocks that I follow. AMD reports after the market closes tomorrow. The expected move percentage move 6.67% plus or minus. So that's AMD on Tuesday. And then of course the big reports are Apple and Amazon on Thursday. Amazon looking for a plus or minus 5.5% move. Expected move. And then the expected move for Apple is 3%. So those are the key earnings reports for the stocks that I follow. Large cap tech, magnificent seven. Okay, so that is the news items for the week that I want to cover. So again, the just to summarize big events for the week is the employment report on Friday and then Apple and Amazon earnings after the close on Thursday. All right, let's take a look at some charts. I'll go through my positional analysis. This is the SAP 500 futures, ES futures. And before I take a closer look at this chart, I want to take a look at a larger time frame. So I'm going to take a look at SPX. This is a 30 day one hour chart for SPX and thinkorswim. Let me point out the levels on this chart. The dash purple lines are showing the lower and upper weekly expected move. That's from the options market, the expected move for the week. And then the dashed blue lines are showing the upper and lower daily expected move again from the options market. So so far, SPX is trading within the daily and weekly expected ranges. All right, so those are the anticipated ranges for the day in the week. Let's take a look at some spot gamma levels now. So first of all, these are proprietary spot gamma levels shown with the dark red lines, red horizontal lines. First of all, there's the put wall. That is for SPX, the put wall to strike with the largest net negative gamma that can be expected to act as support. And remember last week, as last week was the first week after July expiration, as levels were shifting around, the put wall was moving quite a bit. And maybe it appears to have stabilized at 4500. So it was at 4500 on Friday and remains at 4500. Again, that's the strike with the largest net negative gamma that can be expected to act as support. And then the next level up is the volatility trigger at 4570. That is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hitch their delta exposure. And that tends to enhance or increase volatility. And then on the other hand, like SPX is trading now, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility, leading to more of a more range days, lower volatility, lower trading range. And then finally, the next key level up is 4600. And that is the absolute gamma strike. The strike with the largest absolute gamma as well as the call wall. And the call wall is strike with the largest net positive gamma. And that can be expected to act as resistance. And spot gamma sees that along with the spy 460 call wall as the upper end of the range. All right, shifts in levels for the SPX. The volatility trigger did shift higher slightly from 4565 to 4570. Also the absolute gamma strike shifted higher from 4550 to 4600. So bullish shifts higher for SPX. And the same for spy volatility trigger and absolute gamma strike also shifted higher. All right, let's take a look at another chart with just SPX levels. This is SPX in a one day, one minute chart we just focus on today. So SPX trading in a very narrow range. And this was this is as anticipated due to the positive gamma SPX trading above the volatility trigger shown here at 4570. And it's above the lower daily expected move and below the upward daily expected move. And then here's the 4600 call wall, which is the potential ceiling for any move higher. All right, let's go take a look at book map now. So those are the SPX levels. And for ES, I have my own cloud notes. And I have the same SPX levels. And I also add in spy levels. So there's the spy 458 that did act as resistance earlier today. Here's spy 457. Those are just round numbers. They're not they're not gamma levels. Then here is the the volatility triggers below for SPX and spy. And here's the 4575 large gamma two level, along with the right at the same level as ES 4600. That level did act as support. So for most of the warning, ES was trading in a range between spy 458 on the high side and spy 457 on the low end until it broke below different around 1230. This final test and it broke below. Right, so otherwise not a lot to see here very narrow range up and down order flow looks bearish to me. Icebergs stops CVD all negative. Right, I talked about shifts and levels again for SPX and spy, both a volatility trigger and absolute gamma strikes shifted higher. All right, let's take a look at NASDAQ now. And for NASDAQ, I'm not going to look at the QQ chart. It did not have the 383 and 382 levels labeled. Let me just go take a look at something. So these are the daily index levels for QQQ. And note this is indicating that 382 is a large gamma two level and 383 is the zero gamma level. So those are gamma levels. They're not shown on the QQQ think or swim chart that I normally look at. So I'll just stick with book map here. So in book map I'm showing again my cloud notes. I have NDX levels QQQ levels. There's the 385 QQQ call wall. Then I also have NQ round numbers the zeros and the fifties and then the other QQQ levels. And I'm going to talk more about this setup when we get to setups. And this is absolutely fascinating. This setup right here was identical to last Thursday. This is a setup that I posted on and discord and on Twitter. Same level is just identical setup. So these are the levels that I'm playing for today again a very narrow range for the NASDAQ trading up and down around the 15,850 level. And you can see the session volume profile that the that's the point of control volume concentrated at that 15,850 level. Alright JJK asked what ratio do I use between SPI and ES is it adjusted daily and yes it is. Let me see if I have that on. I do have that on this chart. This is just a little script in think or swim that displays this badge that calculates that ratio in real time. And right now when I put the SPI levels on my ES chart I use 10.0817. Then I also have the ES minus SPX level and I'm using 25 today. So it's around 25. These numbers change a little bit during the day and they do change from day to day. They generally get lower as the options futures contract rollover approaches and then they'll widen out again and narrow down. So this will ES minus SPX will narrow down towards zero as the the next rollover the September contract approaches or the September rollover approaches. And then the same for the ES to SPI ratio that will tend toward 10. It will never get there. Alright so here's NASDAQ. I've talked about the levels and JJK I do the same thing for NASDAQ. I have that on my QQQ chart. Alright let's take a look at a little bit more data here for the um positional analysis. I'm going to go back to whoops here we go. I'm going to focus on gamma notional. This is market makers position on the gamma curve. This gives us an idea of the how to anticipate the volatility and trading range for the day. So this is the gamma notional market makers position on the gamma curve for SPX SPI NDX and QQQ and for SPX that number is positive. These numbers all did increase from last Friday so they became more positive or less negative. So SPX gamma notional is positive market makers position on the gamma curve slightly negative for SPI and shifted so less negative for SPI and then for QQQ shifted from negative to positive. So gamma notional for QQQ on Friday was minus 441 at the beginning of the day and shifted to uh 76 positive 76 today. So if we look at the Vana models they will be um they'll be pretty neutral. So let's let's just do that. We'll just take a quick look just to illustrate what I was talking about. Let's take a look at QQQ go down to the Vana model. So right now QQQ is trading just over 383 so that's right here. What this is showing is there may be a slight tailwind as price increases. This chart is showing market makers delta exposure and how that changes with price. The purple curve is showing how market makers delta no show changes with changes in price and applied volatility. So what that is showing is if price increases again just a slight tailwind market makers can buy back short hedges. Enterprise continues to increase. Whoops wrong tool. They will have to start selling futures. Then on the other hand if price decreases and applied volatility increases they will have to sell futures to hedge their delta exposure. So on the right side here this is typical of a positive gamma environment and then on the left side typical of a negative gamma environment. And let's just compare that curve with Friday. So this is typical of a more negative gamma environment. We're really looking at this side of the the curve and it works both ways. So if price decreases market makers will need to sell futures and as price increases and applied volatility drops market makers can buy back short hedges. So that is going back today. So a curve typical of a more positive gamma environment. So based on this my thesis for the day also I forgot to mention shifts in doubles. There were none for NDX and then for QQQ the volatility trigger and absolute gamma strike shifted higher just like SPI and SPX. So based on this information first of all I was looking for a lower volatility day based on the increase in gamma notional for the SPX, SPI, NDX and QQQ this so the gamma notional shifted higher looking for a lower trading range or lower volatility day trading range and also a directional bias bullish based on the shifts in levels. All right so that was my thesis for the day. All right let's take a look at some setups. I'm going to start with the S&B 500 and let's go take a look at hero here. This chart is from Spot Gamma. It's the hero signal, hedging impact real-time options. It is showing price with a white line here price for SPX and the purple line is the hero signal that's showing options trades and market maker hedging activity for a combined signal for SPX, SPI, XSP and ES futures and this is what you want to take a look at if you trade any form of the S&B 500 whether that is ES futures, SPI shares or options or SPX options. This is what you want to take a look at this combined signal. This is what is driving price action very often in the S&B 500 these options trades. All right let's zoom in on this. I want to focus on a couple of setups from this morning. So when this hero signal is moving down that indicates that traders are taking negative delta positions and they could be most likely today they're buying calls and buying puts. We'll take a look in just a minute but at certain points the call buyers or the put buyers become more aggressive and here I like to look for these divergences so this shows the hero signal right around 945 starts to drop. Price makes just a slightly pretty much an equal high slightly lower and then follows the hero signal and that's at around 945 to 950 so we'll take a look at that and then here's a divergence long as price drops traders start taking positive delta positions and that line increases setting up a divergence long so we have a divergence short and quickly just about 10 minutes later a divergence long so let's go take a look at that and book map we'll zoom in a little bit more. All right so remember around this time traders started taking negative delta options positions shown by hero and you can see both times when price reverses lower green dot shift to pink dots aggressive sellers start to come in and price reverses lower at the spy 458 level so that was the short setup and the move was fueled lower by aggressive sellers pink dots also sell stop orders and then price reverses higher as options traders started taking positive delta positions after that quick drop you can see the aggressive buyers start to come in and move price higher so a divergence short and a divergence long for the s and p 500 this morning we'll take a look at the live market in a few minutes and see what's going on now and so far order flow again looks looks pretty bearish to me these are iceberg orders negative stop orders negative and cumulative volume delta also negative all right let's go back and take a look at hero all right so hero for the day this notional value is positive so net for the day options traders are taking positive delta positions we'll see what they're doing so they are buying calls that shown by the rising orange line the positive notional value 1.46 billion and they're also buying puts but the call buyers are more aggressive they're buying puts that is negative 167 billion versus positive 147 1.47 billion all right so there are i guess a variety of players involved dynamics we know that net options traders are taking positive delta positions but larger traders with selling are selling with iceberg orders sell stop orders are negative and aggressive sellers are also trying to drive market the sb 500 lower again what i pointed out on the sub chart here icebergs negative stops negative cumulative volume delta all negative shown by these following lines all right so that's the sb 500 let's take a look at nasdaq all right let's focus on this morning setup and note the levels here this reversal at nq 15900 and then a retest of the qqq 384 level and then the move lower so those two levels in play all right let's take a look at the setup from last thursday that i posted so first of all again this is from last thursday thursday july 27th note the hero divergence and then price starts to move lower just a beautiful uh hero divergence setup i think i i did i did actually post this just after 10 a game and then i posted the the follow-up that the annotated setup later on that evening all right so that is the hero signal for thursday for nasdaq that is the combined signal for ndx and qqq and so keeping that in mind now here's the chart of nasdaq from from last thursday 15900 384 the exact same levels almost the exact same setup price reverses lower at 15900 and goes back uh moves below 384 goes back checks makes a high a lower high and reverses lower as water flow is bearish and options traders uh we're taking negative delta positions all right so let's go take a look at today now so today we know the same levels are in play we'll zoom in on this just a bit and so far uh water flow not quite as as bearish as it was on thursday but um iceberg stops cvd all negative and generally trending lower all right let's go take a look at hero we'll take a look at the signal from nasdaq this is a combined signal for ndx and qqq and note that it is definitely bearish the number is negative notion of value negative we'll zoom in on the on the morning setup on this reversal that i was talking about so not quite the clear divergence um from last thursday but till still hero signal moving lower as price moves up to that nq 15900 level and then moves lower all right so there's the morning setup let's go back we'll take a look at book map again so again identical levels to uh last thursday almost a very similar pattern and nasdaq moves lower all right let's take a look at some stocks and let's go and uh nanny o2 asked can i take a look at roku yeah i'll do that in just a minute let me get through these stocks and then uh then we'll take a look at roku watch list and this wasn't much of a setup but i it was a divergence long so note that long tool so hero moves up price moves up price drops and then there's this divergence long hero starts to rise price drops down then follows higher there it's a little bit more clear divergence long let's go take a look at book map so really uh not much range in amazon today there's long entry good for about a point 132 50 to 133 50 all right the next is microsoft and here i saw a confirmation long this morning back take a look at microsoft so this is what i was looking at this morning and i'm looking at this i like to be on the side that uh that market makers are so if traders are buying calls market makers sell the calls and they have to buy stock they hedge their delta exposure so often if i'm looking for a long entry i'm looking for that situation i want to be in the same side as the market makers and on the other hand if traders are buying puts market makers are selling puts and they have to sell stock to hedge their delta exposure so if i'm looking for a short i i want to i want to look for again i want to be on the side of market makers so that's why i'm looking at this and for stocks it's it's pretty simple right the next nvidia and pretty choppy day here in nvidia strong correlation between hedging flow and price action and just around 10 am there was a good confirmation long traders take positive delta positions and at the same time price moves higher let's go take a look at nvidia pretty choppy day in nvidia but here's the here's the long setup sharp drop trend break and aggressive buyers start to come in let me bump up the volume dots a little bit make them a little bit easier to see so you can see the shift in order flow here a lot of aggressive sellers on the way down and then aggressive buyers start to come in large pink dots on the way down the bottom and aggressive buyers start to come in so a move higher for two or three points depending on when you when you get in got him all right that's nvidia otherwise a pretty choppy choppy day for nvidia not a lot of conviction let's go back and take a look at at book map so far so far for the day notion of value is positive 60 million let's see what they're doing both the numbers are positive they are buying calls and selling puts numbers pretty small i think for nvidia and spot gamma actually had a note and the am founders note this morning about the declining call volume for equities so kind of interesting that could put a could put a damper on rally as traders call buyers step away all right so that's nvidia and then tesla strong correlation between hedging flow and price action here oops let's see what traders are doing in tesla and that for the day they are buying calls and selling puts both those numbers are positive and hero is rising tesla's making some deeper pullbacks but giving good opportunities for longs up until about 1240 note that the hero line what's wrong tool hero line levels off and so does price as options traders take their foot off the gas stop buying calls stop selling puts price consolidates let's go to google get at book map now go to tesla so i have the um trend break shown in the morning here price reverses higher as traders start taking positive delta positions and these deep pullbacks to this trend line for several uh long entries and you can see in these two long entries the shift in order flow the aggressive buyers start to come in shown by the uh green volume dots all right uh nanny o2 wants to take a look at roku we can do that so let's go back to hero now i don't have roku in book map so we'll just have to look at it in um and hero here and i thought i saw roku here in these uh in this list of trending stops i know that was fubo that i saw right so here is roku very strong correlation between options trades hedging flow and price action total signal gives more clarity so options traders were pretty aggressive right after the open driving price up from uh around 91 50 up to 96 so traders were buying calls and selling puts all right so nanny o2 hope that helps let's see does roku report earnings this week no i don't see it here i'm not sure when uh when roku reports earnings well let's take a look at the live market now so there's roku options traders taking their foot off the gas and price follows it looks like the sb 500 continues to chop notion of value is positive let's go back to book map not much to see here let's take a look at nasdaq again not much to see here this is why i like to look at stocks like nvidia and tesla the larger stocks with very active options markets tend to move around a little bit a little bit more see if we can get a read on nvidia maybe all right so nvidia is right around trading right around the point of control for the day just below vwap point of control shown by that blue uh purple line vwap shown by the light blue line and point of control for stocks typically will remain at the opening print until the closing print assuming on this a little bit got the volume dots let's see what options traders are doing see if we can get any clarity let's go to nvidia all right so andrew asked he says he's new to book map hello welcome glad you're here new to book map reading heat maps how can i tell when the quiddity is pulled from the order of book versus when it actually stays and gets filled and that's a great question for bruce bruce is the director of education at book map and he has a live daily webinar at 10 am on monday tuesday and friday and he likes to look at the sb 500 at that level looking at when liquidity is added and pulled that's something that he does very well i typically do not look at um at the heat map for the sb 500 at that level i'm looking at a little bit larger time frame so let's go uh we'll we'll take a quick look here so to tell if it got filled or not maybe we can do that with nvidia but i would still ask ask bruce you really just have to zoom in right to me so the heat map here is showing these were limit buy orders at 465 50 and the order book and from looking at this so this large pink volume dot meets up with that those limit buy orders uh that looks like that was filled to me so it didn't look did not look like um that was pulled so here you can see this is not the not the same thing here's where these orders were pulled so this is kind of a uh a flip in the order book and you can tell here this at the 465 level there was no these levels were not filled so that's called absorption at that level so aggressive buyers start to come in right uh ahead of that 465 level right above that uh 465 level and if you zoom in you can see the all these orders in the order book these limit orders and traders put them in it looks like they might have been filled right here we can zoom in on this just a little bit so no no fill here no fill here looks like this was filled partially anyway all right so you have to zoom in uh pretty tight to see that but that is helpful information this is um you know if you're looking at this level seeing these orders come in in the order book really traders chasing price higher finally finally they get filled about a dollar higher than uh than original their original orders here chasing price higher with limit orders they finally get filled right around 466 15 all right so andrew hopes that hope that helps all right so we were looking at price right around the point of control and vwap so it looks like vwap was somewhat support until about 2 p.m. and now is resistance let's see what options traders are doing and note that hero is sloping down here so traders are starting to take negative delta positions and price finds resistance at the uh at vwap so traders uh must be options traders seeing that seeing the resistance of vwap and taking negative delta positions so they stop selling puts notice the put line is flat and they start selling calls shown by the falling orange line and mobile nerd games i'm not sure i understand your question for these indicators direct access to the market necessary or people just see the orders and their broker all right so let's go back to book bamb so for stocks i have uh i have separate data subscriptions one for futures that is rhythmic rhythmic data and then for stocks i subscribe to dx feed and this gets stocks data from a variety of exchanges this is the this current order book is the actual current limit orders in the order book and anyone who has full depth of market data uh can see this information so dx feed does provide full depth of market for stocks rhythmic does provide full depth of market for futures so i can zoom way out and many many brokers platforms aren't going to show you this data but i can see uh you know as far as i want to scroll out i can see this orders in the order book full depth of market that's what so that's what dx feed provides we'll zoom back in here then what the heat map is showing is a history of those orders in the order book all right so back to andrew's question so that is showing it looks like the orders in the order book and just after 14 to 222 were filled so this is a history showing a history of the orders in the order book this indicates they were filled and those orders are no longer in the order book look at the number now um what is it's going up a little bit now so there's some shading coming in we get the right tool so when i was looking at this just a moment ago that number was all right all right so now that number is uh getting smaller the shading has gone i'm looking at the the orders at 466 467 sorry so the darker and thicker the line the uh the more orders in the order book zoom in on this just a little bit more here we can see a little bit more the orders coming in so if orders come in at 467 this band of shading will will become darker so traders are entering and pulling orders all the time so these numbers are going to change right so again this is using data from dx feed uh it gets data from a variety of exchanges mainly uh nasdaq and edgex all right let's take one last look at the uh broad market and it looks like uh now nvidia's trending lower as traders take negative delta positions he is still chopping in a range but generally trending lower and same for nasdaq all right my time is up i want to thank everyone for watching thank you for questions and comments and i will see you tomorrow thanks again bye


Did you know that Hissui and Sneasel can be evolved in Pokemon Scholar and Violet? To do this, get a Hissui and Sneasel in your copy of Pokemon Scholar and Violet. Either trade via Pokemon Home from Pokemon Legends Arceus, or if you don't have Legends Arceus, find a friend who can trade you one over. Next, head to Mesa Goza West, to this Deli Bird Presents Store. In here, bar the item Razorclaw and then attach it to your Hissui and Sneasel. Make sure it's daytime in your game, level it up with a level up or rare candy and your Hissui and Sneasel will evolve into the Legends Arceus Exclusive Pokemon Sneasler.


Welcome to Toffy TV, it is the Everton News Daily, bit of a quiet one today, but the Nigerian assistant, a mamma, a ma pakaboo, as I say on a world peace transfer to Everton, I really thought I was going to destroy that name, I probably have but there you go, he has said I think he's been able to prove himself that he's a good player, he didn't just sell himself to Everton, they came for him knowing the reason why they came for him and the role he's going to play for them. The league just started in England, let's give him some time, we'll be able to have a discussion with anyone that will doubt Awobi's capabilities. He's a young lad and he has football ahead of him so let's give him all the backing that we need to give him. Hopefully at the end of the season we'll be able to take stock of how well he has failed at Everton. So there you go, the Nigerian assistant coach saying Awobi's going to do well for us but everyone just give him a bit of time and I think that's the message we need to put out to Evertonians as well. I've seen a lot of people saying you know he should play this coming Friday but if he's not ready to play why are we trying to make something happen that doesn't need to happen especially with Bernard, with Richarlison, with Guilfee Sigurdson. It's not a rush to get him into the side, it's not a rush to get Moise Keenan's side, we should only play them when they're ready to play. The assistant coach for Nigeria they're saying he's a good talent, Everton wanted him and just wait to see how good he can be which is really really good. The thinking of that game against Aston Villa, Michael Oliver has been appointed as the referee so I don't know whether you like Michael Oliver or you don't like Michael Oliver. He's alright, probably one of the best of a bad bunch but he's got VAR to help him so that's all good so we'll be in charge on Friday evening. The home view we mentioned yesterday has been called up for the under 21s for Scotland. He's been linked with a move, a loan move to Belgium side KV Court Codnik, again I'm probably not saying that right, for a loan with a view to a parent deal according to a journalist in Belgium. I haven't really seen this story anywhere else, not too many of the local sources are leading with this. This came from like 12 hours ago saying that he's already signed but I've seen none of it anyway so we'll have to wait and see whether that actually happens or not. And apparently Michael Silver is trying to organise a behind the scenes friendly game for his players at Finch Farm, USM Finch Farm. To help the fitness of some of his squad play and obviously some of those players who came in late to the squad, like Moise Keane, like I've mentioned, Gabbaman, Leighton Baines as well, Mason Hallgate. Some of the players haven't played that much yet so far in the two games we have played and the players were expecting to go into the first team as well. Maybe Fabian Delph will take part in that as well with his fitness and snyddling after only playing 70 minutes of the first game. So not sure who it's against or when it's going to be but maybe another game or two for some of those players to try and get them up to full speed. There you go, not much happening today at all but if you're on Patreon make sure to check out the match preview ahead of the Game of Villar Park on Friday as well as the Tuesday topic. So make sure if you're on Patreon as well as live shows which we've already done, check them out. If you're not on Patreon, join us if you want, it's good, really good. Give this video a like it really helps the channel if you haven't subscribed, please do. Thanks for watching Savvy TV, I'll see you later.


here to drop off this petition, this petition here. There's over 3,000 signatures. We are urging the government of France to support South Africa's case at the International Group for Justice to charge Israel with genocide. I'm a Palestinian. And we would like support from all countries all around the world. I keep your paper. Yes, thank you so much. Please give it to the general ambassador. I keep your paper. I give this to my boss. Thank you so much for this. Thank you.


How can I avoid getting dimples in my art resin surface? Dimples can occur for three reasons. First, if the temperature fluctuates in the room while the art resin is curing for that 24-hour period, you might get some dimples. Secondly, if you get some dust particles in your piece, that can also cause some dimples to happen.  So in sum, make sure that the temperature stays constant in the room while it cures. Make sure you have a cover to cover your piece and make sure that you don't over torch. And if you do all those things, you can avoid dimples.