 Good morning to CMC Espresso from the Frankfurt Office of CMC Markets. With a massive oversupply in oil services that is drilling rigs, completion rigs, frag spreads and so on, it will take years for oil services prices to recover back to old highs. But, as recently as the start of this week, Wall Street rediscovered its appetite for oil service stocks as TransOcean published the news that it has won a large contract to dig for deep sea oil off the coast of India. This is seen by many as a signal that after two years of downsizing and to cost cutting the oil services sector may get ready to stabilize and prepare for a rebound. Indeed, the reason for this is also the oil price itself which settled higher above $51 yesterday when you look at print crude prices and that was on the back of news of terror attacks in Nigeria and because of Colin, that is a tropical storm in the Gulf of Mexico gaining strength. So far no production has been idle, but nobody knows if that may be coming the storm season ahead of us in the Gulf of Mexico. So when you look at the trend in print and WTI prices, technically it's absolutely intact so there are technical bias, momentum bias all together pushing crude prices higher. Some oil service stocks like Noble, Enscor or Nabors went up over 10% in the past two days while there will still be problems in the sector. It seems that after the rebound in oil prices markets no longer think that there will be a widespread bankruptcies wave coming. In the end we have a classic pork cycle here. High prices induce higher production which in turn pressures prices and hampers production growth and then prices go up and so on and so on. Gold yesterday had its second day of consolidation as it still competes with stocks in the Dow Jones Nasdaq and S&P 500 indices which might very well be just in the beginning of a major technical breakout although futures were coming back when you look at the S&P on the CMC markets overnight it came back a little and there was a breakout out of a technical flag on gold so points go to gold overnight. Interestingly Bank of America Merrill Lynch institutional and retail clients after selling stocks for 19 consecutive weeks they stepped back into the markets as buyers of stock in the past week so that was the largest bank in the United States publishing this series for the last months and I was always wondering who is buying stocks when the customers of the great of the largest US bank is selling on our selling stocks so the same was for mutual funds capital flows could see that over the past weeks and months they were sellers of stocks and now they might return so this may be a sign that under-invested fund managers are readily willing to enter the market and buy into rising equity prices to reinvest the high cash rates which have been as high as 8% on average globally so as early as the start of last week so that was a Reuters survey back then so yes one should clearly watch what US stocks are doing here they could be there could be some chances of a major technical breakout or some highs are just in reach just 1% ahead.