I'm Jim Schulz. This is Options Uncapped.

Welcome to the show, man. Welcome to the broadcast.

Welcome to the Monday edition of what it is that we are trying to do.

The Monday morning edition of what it is that we are trying to do.

Fresh off of a Monday leg day session edition of what it is that we are trying to do.

Man, thank you guys. Thank you guys so very much because I couldn't do what I do without you guys.

Like there would be no U.

There would be no me. There would be no you inside of OU if it wasn't for you.

So thank you guys so much for being here and being a part of what we do.

Now if you are watching this show anywhere other than right here, then you're doing it wrong, man.

I cannot help you. You need to be right here watching the show, watching the program, down in the YouTube.

Chat because you've only got one job to do and it's a very important job.

You've got to be down there in that YouTube chat with your questions, with your comments, with your stories, and with your.

Jokes and you need to be befriending.

Your local neighborhood algo down there in the YouTube chat.

So, pump that algo. I'm counting on each and every one of you.

Okay, so a couple of housekeeping things.

So, uh, man, it's another week.

That's crazy. It's October 5th. That's pretty wild stuff.

Uh, my anniversary is coming up on Saturday, which is super wild.

I know we talk about months all the time, which I actually haven't even Have I told you guys how I met.

My wife? I don't think I have.

That's crazy stuff. We'll have to get to that maybe next month, but our actual anniversary, like the anniversary anniversary.

Is coming up this Saturday,.

October 10th, which is crazy. It'll be 17 years.

17 years I will have been married.

And man, I'll tell you what, 17.

And it has felt like 70.

But that's coming up on Saturday.

And we are actually going to the Phil Wickham concert here in Tampa Bay for our anniversary.

And we're bringing all the kids, man.

Like, we're wrangling up kids for our anniversary.

We have so little time together.

Like, I literally have no idea what's going on in my wife's in my wife's life, and my wife's life.

I have no idea what's going on with Autumn in her world, but we are bringing the kids with us to the.

Phil Wickham concert on Saturday here in Tampa.

It's honestly going to be amazing.

And so I'm very excited about that.

But housekeeping stuff related to our purposes here for OU.

So I've got three things. So number one, the song.

So don't forget,.

If you guess the intro song that I want to use for the intro for the show so we can break out.

Of the silence that is in the cold open currently.

If you guess the song, I will send you a free case of ghost uh on the house.

Now, we should learn a lot more about the song this week.

I have a feeling that we're going to learn a lot.

It could be good. But it could be bad.

It could be a gimme. It could be a gotcha.

I'm not sure. But I have a feeling we still have a heartbeat on landing this song.

So, I'm super excited. Again, remember, it was written before 2016.

It's a maleled vocalist. It's a band.

Uh, the first word in the title is a verb.

The title has something to do with weather, either directly or indirectly.

Uh, what else do we know?

Uh, I think that it has no title has nothing to do with money.

Uh, I think that's really pretty much all the clues that we that we know at this point.

And I've already given out way too many clues, so I'm not giving out any more clues.

That's the first housekeeping thing. The second housekeeping thing,.

Today's a double feature day. So, don't forget that.

I need you guys now. I need you guys in the afternoon.

So, you guys will be back with me at 2 o'clock for the afternoon show as well.

And then number three, man, U opens up in one week.

So, on October 12th, the formal U community and the formal U resources and the materials, they open up in 7 days.

Now, I'm gonna have a lot more to say about that as we get closer and then into next week and all.

Those kinds of things, but a couple of things.

So, number one, these are premium offerings now, right?

I mean, this is what I've kind of made my bed in, right?

This is how I'm supporting myself.

This is how, you know, I kind of left Hasty.

I left my salary to do this now.

I understand that I've been the free guy for you guys for 10 years.

Like, for 10 years. And I want to continue to be the free guy.

So, I want you to hear it from me now.

And you're going to hear me say this a million times between now and next week.

If we get to the, you know, we get to next week and the premium offerings and whatever and they don't make.

Sense, that's totally cool. Like, I never ever ever want you guys to feel any type of pressure any type of way.

And I want to continue to give out a ton of free content that brings you tremendous value.

And I will never stop doing that.

So, understand that going into next week, that is how I'm viewing these things.

But I understand that some of you will want to take that next step.

And so, that's why I've created these resources.

So in in terms of of taking the next step and kind of you know in line with taking that next step.

These resources specifically are not for beginner traders.

So this is not for someone just starting out.

This is for someone that's kind of clear of the early concepts the language the terminology you've been trading for at least.

Some time and you are ready to take that next step like beginner resources beginner content that's coming later this year that's.

Coming early into next year. Shout out to where do I start with our very own little grace that's going to be.

Amazing. But those are a couple of little breadcrumbs that I want to drop on the trail heading into next week.

Don't worry, they're gluten-free.

So, those are the main housekeeping items.

I think I think that's it.

I think that's it. All right, Ryan, let's do it.

Let's go into the market. Okay, so let's take a look at what's going on.

Uh we're pretty much right where we left them off uh at the end of last week, which is crazy.

Because man, I mean, bonds just cannot catch a bid.

I mean, they're trying to catch a bid, but they can't.

Like you've got bonds at 10213.

And the pain continues.

For us with our ZB position.

And so that's why I thought let's take a few minutes before we wait for the market to open here and let's.

Talk about defending outlier moves. Let me just show you guys the current portfolio.

It's no different than what you guys saw on Friday afternoon.

I've done no trades between Friday afternoon and uh and this morning.

So nothing has changed in terms of what you saw then and what you see now.

But I thought we would take a couple of minutes.

And we would go ahead and talk about uh some outlier moves.

So MEES,.

We have our two longs. We have a strangle on and then we have two calls against these two longs.

And I'm really hoping to get.

I want to do this quickly.

Uh I did I did I did put in an order overnight just in case MEES shot way up, but it didn't.

So it doesn't really matter. Uh we'll probably close that out actually just to clean up the book.

Um, but this guy is, if I go back on my activity page,.

This this second MEES trunch is this guy right here, the 78,.

Which you can see I'm at about a scratch on that, and I'm probably down a couple bucks on the premium.

I would really love to get that guy off the books just to lighten up the portfolio delta a little bit.

Uh, but uh, but that's the second trunch of uh, of MEES.

And then I want to go through these other ones quickly because I want to talk about outlier moves really quickly before.

The market opens. And once the market opens, you know, we're kneede in the hoopla.

You've got EQTs, you got market movements, you got bonds crashing.

Like, we're gonna have a lot of things we're gonna have to deal with.

Uh, and so I'm certainly going to be uh distract and I've got you guys, man.

I see you guys already in the house, man.

Look at you guys, man. Stan Lucian's here, man.

Look at Yo, Veto, man. I saw Veto.

I saw Veto 20 minutes ago at the gym.

Veto is my guy, man. I mean, he's a Yankees fan, so he can't be that much of my guy, but Veto.

Is a good dude, man. Saw him at the gym uh this morning.

Daniel Perkins is here. Luminous Bid is here, man.

Look at Goon John in the house, man.

That's crazy. Rick B showed up, man.

Wow. That's crazy stuff, man. They'll just let anybody in here.

Wolf Wolf is here. Garcel's Henry Sankin is here, man.

L3D Dev Bruise in the house.

Okay, I appreciate all you guys.

I'm going to get to as many of you guys as I can here around the second half of the show.

But, you know, we've got our two gold uh, you know, long futures to the upside.

We've got our short put in bonds, which is just a purely directional play.

Now, all the extrinsic value is essentially been sucked out of that option.

Uh, we've got a strangle in Amazon.

We've got our GLD call that's offsetting one of our uh MGC units.

We've got our in the money short put in Netflix.

We've got our uh our long our LEAP option in Nike.

And uh we also have uh a couple short puts in in TLT.

Okay. So, let's talk about defending and we'll come back to all that, you know, later in the show, in the afternoon,.

Later this week, you know, what have you.

But I wanted to take a couple of seconds.

So, let's talk about outlier moves.

Because this is it, right? Like when you think about.

What we've done for so many years as tasty, you know, uh, premium sellers.

I mean, this has been the fly in the ointment.

This has been the thing, the in the armor, right?

Which you have to take risks somewhere.

It's always kind of so funny to me, and this is a tangent, but it's actually it's actually a related tangent, which.

Most of the time they're not.

So, I think this might be a bit of an uptick.

It's always so funny to me when you like lay out your strategy and you just lay it bare for the public.

To see, right? Whether it be, you know, live on the show, whether it be on X, whether it be on TikTok,.

Whatever, you just put it out there and what happens?

All the keyboard warriors, right? All the keyboard Warren Buffets, they bubble up to the surface and they're like, "Oh, yeah, but.

What about X?" "Oh, yeah, but what about Y?"

"Oh, yeah, but what if Z happens?"

Blah blah blah blah. As if there's some strategy that exists out there that doesn't have an X or doesn't have a.

Y or doesn't have a Z.

It's like, well, yeah, there is.

It's called the US bill, right?

And yeah, you make your three and a half, four%, but that's it.

That's all you get, right? If you want a totally risk-free investment, that's your only option.

Everything else, you have to take risk somewhere.

No, you get to decide.

Where you want to take that risk.

Like, that's what's great about what we do.

We get to customize.

The risk profile of what we're going after.

And so, some people like certain types of risk, other people like other types of risk.

And that's what makes a market, as we say.

But it's always so funny to me that everybody's kind of like, well, yeah, but what about X, Y, and Z, blah,.

Blah, blah? It's like, well, yeah, that's the risk I want to take.

And I'm going into this with eyes wide open.

I understand the gimmies. I understand the gotcha.

And I've got the game plan.

I've got the game plan to go from A to B.

It might work. It might not work.

I mean, we'll have to wait and see.

I mean, the proof will be in the pudding.

But it's always just really interesting to me that it's like, man, unless it's completely bulletproof,.

Which spoiler alert doesn't exist. Then there's like some just just absolutely there's inherent logic or or inerent logic that's going on.

With what you're doing and you should never even consider it.

But anyway,.

I digress. And so,.

Hey, it's only Monday morning. The week's almost over.

Don't even worry. But if we if we go into here, like if we think about like our problem children, right?

So you think about like outlier moves.

And the reason why I want to bring this up is because this bond move this is that's a pretty that's an.

Aggressive looking D. But nevertheless, I mean for me my problem children are obviously gold.

And bonds.

And the gold move, I mean, you know, 4,400 down to 41.

It went down to like 4130 or whatever it was at on the lows.

I don't know if I'd call that an outlier move.

It's a big move, don't get me wrong, but I don't know if it's an outlier move.

But bonds,.

Six points in two weeks. That's a pretty big move.

Or six points in basically a week and a half.

That's a pretty big move. Everybody would classify that as an outlier move.

So, we can kind of talk about, you know, the outlier move as it relates to as it relates to bonds.

Well, when I'm thinking about.

Defending against the outlier moves, it basically comes down to a couple of different things.

And we'll grab a different color here.

I mean, just because we can.

I mean, that's really the only reason that we kind of need.

So, if I think about, you know, if I have two separate kind of buckets.

Hey, shout out to the email I sent out to the trading lab yesterday about the three different buckets.

So, if you're in the trading lab, you saw that email.

If you're not in the trading lab, man, what are you doing?

Like, seriously, what are you doing?

Like, you got to be in the trading lab.

You got to be in there.

I'll send you ideas. I'll send you insights.

I'll tell you all the I'll send you all the discoveries that I've made uh in building ou and uh it'll go.

Straight to your spam pole. Like, you won't have to deal with it.

It'll be great. And so premium uh which you can sign up for that by the way down in the description for.

Uh for free. So premium and then futures, right?

There's basically two separate buckets I want to focus on right now.

So for me, the way I like to deal with outlier moves.

For both of these, they're going to share the common denominator of obviously being small on order entry.

You knew I was going to go there.

You knew I was going to start there.

Like if you've been following me for any longer than 13 minutes, like you knew that that's where I was going to.

Begin because that really is kind of the alpha, pun intended, of what we're trying to do.

That is the beginning of what we're trying to do.

If you are oversized,.

It's amazing when it works,.

Right? Oh, come on, guys. Like, let's be real for a second.

Can we have some real talk?

When you're oversized.

And you nail the move, is there anything better?

I'm Let's just have some real talk.

Is there anything better than you going in at 4x your normal size and you nailed that move, right?

You're like, "Oh man, I knew it."

Like, I knew those next 18 cents in silver were going to the upside.

Like, I knew those next 14 ticks and bonds were going to the downside.

Like, I knew it, man. I felt it.

I felt it in my bones.

Like, I knew it was going to happen.

And then you nail it and you oversized and oh man, there is nothing sweeter.

But that is dangerous.

Dangerous ground, right?

It's very dangerous ground because now all of a sudden that becomes your new normal.

Right now all of a sudden that becomes base camp operations.

And we do not want to go there.

Not at all. And so that's why we have to be small because the reality is you didn't know.

The reality is I didn't know.

None of us know. And so we get lucky and things work out and the probabilities kind of come home to roost.

I mean that's what we're trading based off of.

But we just don't know what's going to happen next.

We have to protect against that on the front end.

And the best way to do that is with position size.

But then going beyond that point.

For me when it comes to premium,.

This is where rolling.

And adjusting.

Comes into play.

So this is where rolling at 214.

Days comes into play. This is where adjusting your strikes up and down comes into play.

And so that is so incredibly effective for extending the duration of trades that are not working and buying more time and.

Giving you more time and giving it more room to breathe while you figure out what you want to do next.

This is not to say you're not going to have losers.

You're going to have plenty of losers.

I have plenty of losers. We all have plenty of losers.

That's trading. That's just the way that it goes.

But when it comes to an outlier move, if I'm small on entry, because this bottom move is pretty crazy and my.

ZB position, it's not even tiny for a $50 $55 portfolio.

It's not even that tiny. I mean, it's not oversized,.

But this isn't like, you know, an MEES position.

This isn't even like an MNQ position.

It's definitely a little bit larger than that, but we've been able to hold it and we've been able to kind of.

Absorb it uh partially because of the other things that we're doing, which I'll get into here in uh two seconds.

But from a future standpoint,.

The adjustment mechanics are basically right, the premium.

Against the EQT, which I've talked about a ton, and then also the extratious,.

Right? So getting in and improving your overall basis by go by intentionally going in.

Underneathing like sandbagging your total position size with the first trunch of the trade package so that if it gets to it,.

You can lay something else out in terms of an extra trunch to improve the overall basis.

On the package on the package.

But then while you're having these problem children in these last 30 seconds before the market opens, while you're having these problem.

Uh children, the real key to me is not only doing these things, but it's doing them in a way that allows.

You to continue business as usual with everything else you're doing.

Case in point, look what's happening to me.

The account's hanging in there pretty well.

Like we don't even need that much of a rally out of gold or bonds and we will be back in the.

Green from the time that we started eight weeks ago.

We're still green on the year, but I'm talking about green from when I started with you all eight weeks ago.

And that would be amazing to be able to absorb a move in bonds like this.

And that's just a testament to the entire package and the structure of uh of what we're doing.

So anyway, hopefully that makes a little bit of sense.

And there's your market open. All right, so let's see.

Uh man, it's almost like we've been doing this for 10 years.

We timed that out pretty well.

And so all right, let's see what happens here.

And um I wouldn't mind.

Okay, bonds at 10210.

Man, if we see 101 again, that's going to really be something.

Like, that's going to really be something.

Okay, let's take a look and see what happened, though.

Um, I wouldn't mind possibly playing MNQ from the short side, but I'll probably want to see a little bit of a.

Pop in uh in MNQ before we do that.

Like, if I go to the chart, and this is ENQ, of course, but I mean, if you take a look at,.

You know, this is a one minute chart.

Yep. So, I mean, if we get a pop back up around 31,000,.

You know, 80 90 31, 100, we may get short some NASDAQ there.

I don't want to I don't want to do any more equilibrium trades to the long side because I'm already kind of,.

You know, I feel comfortable at this level.

I'd like to trim alongside.

Uh Delta. I'm not looking to really add any alongside Delta right now.

And so, if we get an up move, uh we may be able to peel off this MAS uh second trunch, which.

Would be nice. We can get rid of the MES second trunch, we can get rid of the call against the MES.

Trunch, and then that would be uh super awesome.

Uh from a portfolio theta standpoint since I'm already at about 210 of 1% I'm not really looking to add too much.

Additional premium here simply because I'm already at a pretty good spot.

So I'm just and we talked about this on Friday, right?

How the portfolio theta and the overall decay is kind of the engine.

It's kind of the driver of everything I'm trying to accomplish, everything I'm trying to do.

And so I'm not really in a hurry to um to do anything uh in terms of adding more premium.

But it looks like the NASDAQ did kind of pop up a little bit.

So, let's do a little.

Let's do a little something,.

You know, just a little.

Just a little something.

Uh, I'll do um.

We'll do 10450.

We'll let him come up there and snag us.

And then that'll balance out my portfolio delta.

And then I mean, for me, it's the same story.

I mean, it's basically it's gold and it's bonds.

I mean, it's going to be gold to the upside.

It's going to be bonds to the upside.

That's going to be that's going to largely determine where things go from here.

All right. So, there's your NASDAQ at 104.

That's going to largely determine where things go from here.

And uh it's kind of uh unsettling to be on the curve view.

Hold on. Ah, yes, we're back.

The table view. Uh.

I try to go to the curve view.

I mean, not super often, but every once in a while, we try and do it.

And so, uh all right, let's go ahead and Oh, the look at MES up at 90.

Okay, let me put in my takeprofit order here on uh the NASDAQ.

65.

75.

That'd be about 40 points. That'd be that would be a solid trade.

I'd be very happy with that.

Let's do that. And then uh let me take a look at this MEES situation.

We might be able to get off of this unit here.

Um.

The premium.

That would be Yeah, I'm going to go ahead and take this off.

So, I'm going to take this off and then I'll unpack the math that I just looked at so that everybody's so.

That we're all on the same page.

But let me go ahead. I'm going to take off.

So, I'll take off this premium first.

This is going to be um.

The one that I sold.

On Friday.

Yeah, we can do that. It's fine.

36 and a quarter. All right.

So, there you go. We got that off.

Now we Now we sell MEES.

At 88.

Hopefully they come up there and grab us.

And then everybody goes home happy.

And by everybody goes home happy, I mean,.

Man, lots of pain with bonds and gold.

And so, all right. So, we're out of ME.

So, we're out of MES. Okay.

So, now uh Okay. So, uh, MNQ is just chilling.

Bonds are somehow above zero, which is kind of remarkable.

Uh, gold is, you know, gold has sold off and yeah, we're basically in the same spot that we're in.

Okay, that's fine. Uh, I actually,.

If the market rallies up a little bit more, I actually wouldn't mind playing MEES to the short.

Well, I'm already long. Hold on, hold on, hold on.

Let me think.

No, we're good. We're good. We're good.

Okay, so let me let me actually unpack what I just did because there's nothing else to do really.

Like I said, I'm not looking to sell more premium because we already have a good amount of Theta.

Um, unless there's something I can unpack that math at any point.

It's not going to change obviously.

Uh, and it gives you a reason to come back.

And so, uh, hang on. Now that my VA has dipped down a little bit.

Let me go ahead and see because we've got we got a good amount of buying power here.

Um,.

And I mean, what's silver doing?

6168.

Yeah, I mean, a long silver play here doesn't seem like the worst idea in the world.

Uh to possibly play an equilibrium trading silver.

That'd be long bonds, long gold, long silver, that concentrated risk would be pretty high.

Uh, which is, you know, I don't mind that.

I'm okay with that. And if you look at I mean, if you're looking at, you know, the price action of silver,.

Uh, to help you find a potential entry point, I mean, you can see that I mean, you would be buying on.

Some relative low, which I mean, this is the basic idea, right?

Uh, I mean, if you want to use these things to help guide you, of course, I think it's totally fine.

I've said this a million times.

I like to personally just look at the tape myself and I just mean like looking at the actual movement of the.

Bid ask and the last and things of that nature.

Uh, but if you were looking at, you know, tick charts or 15-second charts or a Coleman settings with like a one.

Minute, two-minute guy, whatever. I mean, just buying on relative lows and selling on relative highs, however you define that within these.

Equilibrium windows where the search for equilibrium is incredibly high.

And I feel like based on the leptocratic distribution, there's going to be so many observations.

That want to hug around that mean with all this activity on both sides of the market, you know, it could potentially.

Provide you with opportunities.

To take advantage of. I mean, that's my thinking, uh, at least.

And so, I kind of think, nah, we'll we'll chill on this.

Um, I mean, I think silver could be an opportunity, but again, you know, just being mindful of the fact that it's.

Like, okay, we're already if I was if I was only long one gold, it would be a different discussion and a.

Different story, but we're long two gold, we are long bonds.

They have tended to follow uh they have tended to follow each other forward through the forest over the course of the.

Last, you know, couple of weeks or the last month or so.

And so I again I think correlations are a little bit tricky to kind of really hang your hat on and say.

Okay I'm going to diversify because of correlations or I'm going to spread out my risk because of correlations because so many.

Times things do tend to follow each other.

So many times things do tend to.

You know kind of clump together and that might be because they are highly correlated but correlations are so variable from one.

Day to the next. I almost prefer to just use I mean honestly kind of trader common sense from the standpoint of.

Okay if I run into this constant or this correlation equals one type of scenario where there are a lot of things.

Moving together how am I going to handle that well the the best way to handle that is on the front end.

Right being mindful of concentrated risk just being mindful of okay what am I exposed to like for now for example you.

Know had I done the NASDAQ to the long side instead of the short side obviously that would have worked because the.

NASDAQ is rallying now but I didn't know that beforehand and you didn't know that beforehand.

And so we've just got to control these things on the front end to the best of our ability.

And I think the way to do that is just be super mindful of okay, am I long like everything?

Am I short like everything?

Because yes, if the correlations do hold where gold is only, you know, it has a correlation coefficient of like 0.3.

Or bonds has a have a have a correlation coefficient of 0, you know, four five or whatever.

They might be I think that they're pretty close to that in the current market.

If that holds,.

Then that's going to prove to be okay.

But there are so many situations where there's some macro catalyst or there's some marketwide event.

Where, you know, things don't necessarily.

Spread out in terms of moving differently and moving independently.

They all kind of cluster and clump together and then all of a sudden you're like, man, like all my leverage points.

Are being tested across the board, my equity leverage point, my non-equity leverage point.

And if you want to play that game, hey, you've got to blaze your own trail, man.

I cannot tell you what to do.

I would never even begin to tell you what to do.

Again, never forget, never, ever, ever, ever forget.

This is all education.

This is all information and maybe even a wee little bit of entertainment.

What this is never is actionable advice.

What this is never is something you should actually do with real money.

You need to talk to someone who knows what they're doing.

I am not that person, right?

I am an internet rando. And so, keep that in mind as we move forward.

It's never financial advice. It is not a trade recommendation,.

But uh but yeah, just being mindful of these things on the front.

I'm like, okay,.

I'm comfortable with my risk levels right now.

I would prefer they work out as opposed to, you know, continuing to bring more and more pain.

But should that happen, I mean, I can hold these positions for the foreseeable future and then we'll kind of treat it.

On a day-by-day basis. That's kind of how I how I think about these things.

And, you know, with the NASDAQ,.

I mean, the good thing is, I mean, we're pretty neutral now in terms of our overall portfolio delta.

With the NASDAQ. You know, if this guy continues to run higher,.

I'm gonna sit tight for now.

But if it runs up another.

150 points, let's say, I mean, we can easily Well, not easily because they've done the cash settle than the physically settled.

Oh, man. It's brutal. Ah, it's so brutal.

And so, we used to be able to more easily go in and sell premium against MQ.

And so, we'll just have to we'll deal with it as it comes.

Uh, I don't want because we're almost halfway done.

We're almost Wow, we're halfway done with the show.

Wow,.

That's nuts. I don't want to talk about this now because we may not even get to this.

Uh so I don't want to I don't want to do that.

But let me go ahead. We may be able to find some more premium opportunities with our theta, but it's not like.

We're not like on, you know, we're not in life support with our theta numbers here.

I mean, we're at 86, so we're at almost 210 of 1%.

I wouldn't mind adding a little bit more to give me a little bit more padding around the edges just from the.

Passage of time and, you know, decay and all the things we've talked about for so many years now.

But uh but for now, we'll we'll sit tight.

I do want to go in.

Let me close this loop in MES so you guys can follow the math that I did when I closed out of.

This MEES uh this MEES position.

So, let's take a couple of minutes and let's go ahead and uh we'll unpack this.

So, on Friday,.

This was between the streams. I talked about this in the afternoon stream, of course.

On Friday,.

Uh I went ahead and I bought a second trunch of MEES.

You know, the market was kind of strong in the morning and things were looking really, really good.

And then it faded and I said, "Okay, well, let's go ahead and play the other side of the fade.

Maybe a little midday EQ,.

Uh, which I still think could be, uh, maybe just as effective as the morning EQs,.

But uh, but I don't do them as often as the morning the morning EQs."

And so I did this guy and then the market started to slip away from me.

Uh, just so we don't have to navigate away from the screen, I'm going to say it went down to maybe 58.

Or 59,.

Give or take.

And by that of course I mean 7758.

Or 7759.

And so when it did that I'm like okay well let's go because at the time I mean my delta was probably.

Around like 170 or 180 uh to the upside.

And so I was like okay well let's go ahead and go in let's use uh you know one of these cash.

Settle deals and let's sell a call against this against this long just to control our risk.

Right? This is one of the key components of kind of the EQ strategy having this toto.