 Good morning to CMC Espresso. Internal differences are killing the oil cartel OPEC and its ability to influence the markets has all but evaporated top oil Russian executive Igor Sechin toiled Reuters in some of its harshest remarks about the oil cartel so far. At the moment key factors which are influencing the oil markets are finance, technology and regulation. Anyone can see this with the example of shale oil which became a powerful tool of influence on the global market Sechin said. A powerful tool to the market of the Japanese yen could be the proclaimed forex interventions by the Japanese government. The finance ministry there said that in case the yen happens to be so firm that it goes to between 90 to 95 yen per dollar then Japan would have to intervene even if it angers the United States. The last time Japan intervened was in year 2011 at that time incidentally with the blessing of the G7 countries. This is a luxury they do not have today there will be a G7 meeting at the end of May so it could be interesting for any yen traders out there to watch if there are any interventions they said that verbal interventions against the yen alone also does the work but if it is repeated many times the ministry said it will become ineffective so yen traders praise for any potential interventionist news coming out of Japan in the coming weeks on any further yen strength. Chinese consumer inflation remained modest in April with producer prices 4 years slump moderated as commodity prices rebounded and that eased concerns about any deflationary risks to the world's second largest economy. But as you know good news are bad news in this market environment as they make further rate cuts by the Chinese central bank seem less likely anyway it seems that China is very busy right now with curbing recent commodity speculation excesses. Thousands of traders bet money on commodities one day not long ago the daily turnover on all Chinese commodity exchanges reached 261 billion US dollars that is almost double the volume as at the height of the speculative bubble on the Nasdaq in the year 2000. Question is how big a share does that have on the global commodity prices. The Chicago board options exchange volatility index in measure of implied volatility on the S&P 500 index is meanwhile at its lowest levels of the year so quiet trading there it's been over a month since the S&P 500 moved more than 1% in either direction. The United States of America warned yesterday that there will be a vortex of negative headlines coming in June that could soon push the S&P 500 back to 1850 that will be back to near the February lows. Among the factors the bank cited are the upcoming Brexit vote, the June decision from the Federal Reserve and the upcoming US election that throws its shadows. The markets heading closer and closer to the most polarized election in recent history we all know that with Sanderson Clinton and Trump on the other side so there's a lot to worry about the bank said. That is a view activist investor Carl Eichen seems to agree with. Eichen has been very vocal in recent weeks in the media about his negative views as it turns out Eichen's apple liquidation was just the appetizer of how truly bearish the legendary investor has recently become. Right now he's much more concerned about the market dropping 20% than it going up by 20%. That is also the reason why currently he sits on a significant short position on the stock markets.