{"id":18009,"date":"2012-03-26T09:27:19","date_gmt":"2012-03-26T13:27:19","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=18009"},"modified":"2012-03-26T09:27:19","modified_gmt":"2012-03-26T13:27:19","slug":"playing-the-quarterlys-on-the-spx","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx","title":{"rendered":"Playing the Quarterly’s on the SPX"},"content":{"rendered":"

This post is the first in a series that we will be publishing over the next month , tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com.
\n<\/em><\/p>\n

With the end of the quarter fast approaching there are two thoughts in my mind: quarterly window-dressing and a potential slowdown in China. For the next week, which is going to dominate and move the market? No one likes to lose when they\u2019re wrong on the direction of the market, but if you\u2019re strictly picking higher or lower over the next week, then I say you have about a 50-50 chance of making (or losing) money.<\/p>\n

But what if you didn\u2019t have to lose if you\u2019re wrong? In fact, it\u2019s possible to make a little money, being wrong on direction, with a\u00a0 popular strategy known as the\u00a0\u00a0 \u201cbroken wing butterfly”.<\/p>\n

Over the next month I\u2019m going to be tracking several different broken wing butterfly scenarios to show you how they can play out, and how it’s possible to make\u00a0 some money if you\u2019re wrong about direction, make more money if you\u2019re right, and even set yourself up for a potential substantial gain\u00a0 if you\u2019re really right.\u00a0 Of course as with all options strategies, there are scenarios where a loss would occur and with this strategy\u00a0 that takes place, ironically\u00a0 with a move \u00a0 going too fast in the intended direction.<\/p>\n

So, if I think China\u2019s slow down will continue to weigh on this market, I\u2019m going to track an SPX March 30 expiration 1360-1355-1345 put broken wing butterfly. This potential trading idea is constructed by buying one of 1360 puts, selling two of the 1355 puts, and buying one of the 1345 puts, as a spread. For tracking purposes I\u2019m using a 30-cent credit as the entry price, which means that each spread risks $470 with a max reward of $530.<\/p>\n

\"\"<\/a><\/p>\n

If I\u2019m right and the market drifts lower over the next week, then this trade can really blossom into a nice winner. Taking profits at 20% wouldn\u2019t be a bad thing, but we can always look to squeeze more depending on market conditions. And if I\u2019m wrong and the market moves higher into the end of the quarter, then the trade expires worthless and the credit represents the profit. What I need to look out for is a 2 standard deviation move to the downside in which case a loss on the position is possible and even likely, depending on when it occurs.<\/p>\n

I\u2019ll be back over the next few days to update you on this, and other potential trading ideas, as the markets move.<\/p>\n

Trade safe!<\/p>\n

Greg Loehr<\/p>\n

Optionsbuzz.com<\/p>\n

Please note: Hypothetical computer simulated performance results are believed to be accurately presented. However, they are not guaranteed as to accuracy or completeness and are subject to change without any notice. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Since, also, the trades have not actually been executed; the results may have been under or over compensated for the impact, if any, of certain market factors such as liquidity, slippage and commisions. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any portfolio will, or is likely to achieve profits or losses similar to those shown. All investments and trades carry risks.<\/em><\/p>\n

Risk Disclaimer<\/a><\/p>\n

No relevant positions.<\/p>\n

<\/em><\/p>\n

<\/em><\/p>\n

<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

This post is the first in a series that we will be publishing over the next month , tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. With the end of the quarter fast approaching there are two thoughts in my mind: quarterly window-dressing and a potential slowdown in China. For the next week, … Read More<\/a><\/p>\n","protected":false},"author":904,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1402],"tags":[2016,4688,4694,4698,1598,1899,1259,4693,1595],"class_list":["post-18009","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-options-education","tag-broken-wing-butterflies","tag-options-education","tag-options-income-strategies","tag-options-mentoring","tag-options-strategies","tag-options-trader-training","tag-options-trading","tag-options-training","tag-smb-options-training-program","no-post-thumbnail"],"yoast_head":"\nPlaying the Quarterly's on the SPX | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playing the Quarterly's on the SPX | SMB Training\" \/>\n<meta property=\"og:description\" content=\"This post is the first in a series that we will be publishing over the next month , tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. With the end of the quarter fast approaching there are two thoughts in my mind: quarterly window-dressing and a potential slowdown in China. For the next week, ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-26T13:27:19+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg\" \/>\n<meta name=\"author\" content=\"Greg Loehr\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Greg Loehr\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\"},\"author\":{\"name\":\"Greg Loehr\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/eca1238be72d9e66123c20153cbd2158\"},\"headline\":\"Playing the Quarterly’s on the SPX\",\"datePublished\":\"2012-03-26T13:27:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\"},\"wordCount\":598,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg\",\"keywords\":[\"Broken Wing Butterflies\",\"Options Education\",\"options income strategies\",\"options mentoring\",\"options strategies\",\"options trader training\",\"options trading\",\"options training\",\"SMB Options Training Program\"],\"articleSection\":[\"General Comments\",\"Options Education\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\",\"name\":\"Playing the Quarterly's on the SPX | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg\",\"datePublished\":\"2012-03-26T13:27:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage\",\"url\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg\",\"contentUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.smbtraining.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Playing the Quarterly’s on the SPX\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"name\":\"SMB Training Blog\",\"description\":\"Lessons from the trading desk\",\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\",\"name\":\"SMB Training\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"width\":230,\"height\":81,\"caption\":\"SMB Training\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/smbcap\/\",\"https:\/\/x.com\/smbcapital\",\"https:\/\/www.youtube.com\/user\/smbcapital\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/eca1238be72d9e66123c20153cbd2158\",\"name\":\"Greg Loehr\",\"description\":\"Greg Loehr has been active in the options trading industry since 1990 when he first began working for the preeminent proprietary options trading firm Susquehanna Investment Group. Loehr began his career on the floor of the Chicago Mercantile Exchange in Susquehanna\u2019s FX futures and options operation as part of a team supporting five currency option traders, as well as the firm\u2019s traders on the Philadelphia Stock Exchange and the London spot currency trading desk. His professional training came in the form of game theory, quantitative option theory and pricing, and position risk management, and he spent time training with the firm\u2019s founding partners before going on to trade the firm\u2019s capital for the next three years as an equity options market maker on the floor of the Chicago Board Options Exchange. Loehr co-founded Third Millennium Trading, LLC with a Susquehanna colleague after leaving that firm in 1995. He continued to trade on the floor of the CBOE and co-managed the firm's trading desk. He also was responsible for training the firm\u2019s market makers to trade the company\u2019s capital. After nine years as a member of the CBOE, Loehr left the trading floor. In 2004, he discovered his passion for sharing his knowledge with others, teaching options strategy, and has been teaching online courses and weekend seminars ever since. Loehr\u2019s approach to options education breaks down \u201ctheory to tactics\u201d as he details the core skills used by every professional on Wall Street into useable and practical details we can all follow. Loehr has taught thousands of students through webinars and in-person seminars throughout the US and around the globe including Ireland, England, Dubai, Canada and Australia. Loehr earned his J.D. from The John Marshall Law School in Chicago, IL; and he holds the RG146 license from the Australian Securities Investment Commission.\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/gloehrroadrunner-com\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Playing the Quarterly's on the SPX | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx","og_locale":"en_US","og_type":"article","og_title":"Playing the Quarterly's on the SPX | SMB Training","og_description":"This post is the first in a series that we will be publishing over the next month , tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. With the end of the quarter fast approaching there are two thoughts in my mind: quarterly window-dressing and a potential slowdown in China. For the next week, ... Read More","og_url":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx","og_site_name":"SMB Training Blog","article_publisher":"https:\/\/www.facebook.com\/smbcap\/","article_published_time":"2012-03-26T13:27:19+00:00","og_image":[{"url":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg","type":"","width":"","height":""}],"author":"Greg Loehr","twitter_card":"summary_large_image","twitter_creator":"@smbcapital","twitter_site":"@smbcapital","twitter_misc":{"Written by":"Greg Loehr","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#article","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx"},"author":{"name":"Greg Loehr","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/eca1238be72d9e66123c20153cbd2158"},"headline":"Playing the Quarterly’s on the SPX","datePublished":"2012-03-26T13:27:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx"},"wordCount":598,"commentCount":0,"publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg","keywords":["Broken Wing Butterflies","Options Education","options income strategies","options mentoring","options strategies","options trader training","options trading","options training","SMB Options Training Program"],"articleSection":["General Comments","Options Education"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx","url":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx","name":"Playing the Quarterly's on the SPX | SMB Training","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg","datePublished":"2012-03-26T13:27:19+00:00","breadcrumb":{"@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#primaryimage","url":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg","contentUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/03\/spx-weekly.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.smbtraining.com\/blog\/playing-the-quarterlys-on-the-spx#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smbtraining.com\/blog"},{"@type":"ListItem","position":2,"name":"Playing the Quarterly’s on the SPX"}]},{"@type":"WebSite","@id":"https:\/\/www.smbtraining.com\/blog\/#website","url":"https:\/\/www.smbtraining.com\/blog\/","name":"SMB Training Blog","description":"Lessons from the trading desk","publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.smbtraining.com\/blog\/#organization","name":"SMB Training","url":"https:\/\/www.smbtraining.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","width":230,"height":81,"caption":"SMB Training"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/smbcap\/","https:\/\/x.com\/smbcapital","https:\/\/www.youtube.com\/user\/smbcapital"]},{"@type":"Person","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/eca1238be72d9e66123c20153cbd2158","name":"Greg Loehr","description":"Greg Loehr has been active in the options trading industry since 1990 when he first began working for the preeminent proprietary options trading firm Susquehanna Investment Group. Loehr began his career on the floor of the Chicago Mercantile Exchange in Susquehanna\u2019s FX futures and options operation as part of a team supporting five currency option traders, as well as the firm\u2019s traders on the Philadelphia Stock Exchange and the London spot currency trading desk. His professional training came in the form of game theory, quantitative option theory and pricing, and position risk management, and he spent time training with the firm\u2019s founding partners before going on to trade the firm\u2019s capital for the next three years as an equity options market maker on the floor of the Chicago Board Options Exchange. Loehr co-founded Third Millennium Trading, LLC with a Susquehanna colleague after leaving that firm in 1995. He continued to trade on the floor of the CBOE and co-managed the firm's trading desk. He also was responsible for training the firm\u2019s market makers to trade the company\u2019s capital. After nine years as a member of the CBOE, Loehr left the trading floor. In 2004, he discovered his passion for sharing his knowledge with others, teaching options strategy, and has been teaching online courses and weekend seminars ever since. Loehr\u2019s approach to options education breaks down \u201ctheory to tactics\u201d as he details the core skills used by every professional on Wall Street into useable and practical details we can all follow. Loehr has taught thousands of students through webinars and in-person seminars throughout the US and around the globe including Ireland, England, Dubai, Canada and Australia. Loehr earned his J.D. from The John Marshall Law School in Chicago, IL; and he holds the RG146 license from the Australian Securities Investment Commission.","url":"https:\/\/www.smbtraining.com\/blog\/author\/gloehrroadrunner-com"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/18009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/904"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=18009"}],"version-history":[{"count":0,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/18009\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=18009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=18009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=18009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}