 Good morning, ladies and gentlemen and welcome to your daily news update from the Frankfurt office of CMC markets What you can see here is the DAX Germany 30 cash index One candle is a price range of four hours What you can see here. I'm sorry for that being German is the open interest in the options that will expire on Friday at 1 p.m. German time they will expire So that's the big expiry day for options and futures contracts And if you look at the next net exposure and the open interest and compare them then the strike prices from 10,500 to 10,000 650 are the range where there is Net exposure going in net short exposure is going to be a net long exposure So the big boy is the big capital hedge funds investment managers Would feel best and the banks everybody would feel most comfortable When the DAX would be between 10,500 and 10,650 by expiry on Friday And that is the big topic For the market going forward and going into this week the DAX is virtually pinned where it is right now it could rise a little you saw it in the chart and Yeah, but big rallies are actually less probable government sacks has Published a forecast they hold on to their bullish dollar Call the Fed will hike rates if not in September then afterwards Will be rate hikes this year the market are underpricing the markets are underpricing the risk of a rate hike That's what Goldman Sachs says and they expect that the US dollar has still way to go up The DAX as I said is pinned between 10,500 and 650 until expiry after expiry there is new way a new potential for the DAX to move stronger and one In one direction should be up or down. We will see but after expiry investment managers are Confronted with a new time horizon until the next expiry and the question is what will define This time from this Friday until the next expiry one of those Markets and defining moments will be the alchiria oil conference the international energy forum WTI has been volatile yesterday. The market was worried about a post-herican rebound in supply Which wasn't coming yesterday. There was only a slight build in crude crude supplies, but there was a Somewhat strange very huge build in distillates In inventories in the United States, which confused traders yesterday. It was very volatile trading in WTI yesterday Which made new weekly lows? For the time being that is a market, which is very interesting for active in today traders Harvard University Professor of economics Kenneth Rogoff also published an old pet which very is said that he has The feeling that there is a veining confidence in central banks ability to boost inflation At the same time the Bank of Japan published or at least was cited Indirectly by Reuters without naming anybody within the Bank of Japan, but Reuters says that they heard The Bank of Japan will consider making negative interest rates the centerpiece of future monetary easing another piece or defining moment of the of the new expiry date So expiry from Friday to the next expiry date for at Germany 30 options and also on Wall Street and of course the footsie will be the Referendum which will come out of Italy at the 8th of August the court there has said that they are Actually Accepting that there will be a referendum so now the government in Rome has 60 days to Name a day where the referendum will be it should be an autumn and that referendum What is it all about it is all about to? pull power away from the Senate in Rome and give it to the local areas and that is actually a step which is actually Seen as a threat for the European Union and that could have Ripple effects and negative effects on the markets that are comparable to the Brexit referendum So keep that in mind. It's completely out of the news. Nobody's really reporting about it But that will be a big big thing for autumn the Italy referendum another big thing yesterday was for single stock traders And I can say every time where there is macro risk. There is always Micro opportunities and one of those micro opportunities could be from a technical standpoint is the stocks and equities from apple Made a higher high yesterday and that resistance which it broke yesterday is a very important one from the If you look at it at the chart from an idiot waves perspective And if you look at it from a trend following a doubt theory perspective, that was a very Important higher higher the market made yesterday in apple shares For us Internally, we we said okay if it goes above that major resistance markets believe that the iPhone 7 will be a success So watch that's very interesting to see if there are any follow-on buyers coming in today