 Good morning, ladies and gentlemen to your news update from the Frankfurt office of CMC markets. The price of crude oil, West Texas Intermediate and print, yeah, really had a crash day yesterday, strongly down about 4% after there have been some questions raised about the prospects of a production cut by OPEC or OPEC together with non-OPEC states. So there was Priscil actually saying after the OPEC met and Priscil and other states they met over the weekend in Vienna and there were several states actually saying some disappointing given out some disappointing statements. So there was Priscil said that those talks in Vienna there have been no decisions made. It was just conversations as Priscil said, so OPEC and non-OPEC production cuts might be far, far ahead. Iraq repeated that they want exemptions from that production cut because they just defeated ISIS and now they got their oil back more or less and so now they want to sell their oil and do not want to join actually some production cuts that might come. The secretariat of the OPEC actually said that more talks will be needed. Russia who together with the Saudi spearheaded this attempt to form a global alliance for production cuts, Russia said that a production freeze would be better than a production cut. Nigeria and Libya actually already have exemptions. That was a deal they made in Algeria just in September and so everybody has its interests and his or her interest in that situation and it's all but certain that there will be production cuts coming. So oil went down strongly. We have a major resistance when you look at the in the chart of Prenkrut oil a major resistance at $52. So we attempted to break that resistance but bounce lower. We had a falling wedge formation and yesterday we just fell out of that falling wedge formation so that is bearish for the moment. Watch crude for further losses that might come. One big topic that I've been watching and one trend that I've been watching out of Europe is the behavior and investment allocations of global investment funds. So you look if you look at the Euro stocks, if you look at the DAX or the ATX in Austria then you see that it decoupled from Wall Street. Wall Street is near its all-time highs, it's done some correction yes but it's just very near to its all-time highs where the DAX is actually 20% below its all-time high. So I've been looking for the reasons why this decoupling happened and there are two reasons actually it was the Brexit referendum and everybody fears that after or feared that after the Brexit referendum growth in the Eurozone would go down. Everybody feared that after the Brexit referendum the inflation is going to go down in the Eurozone. But what we have is relatively stable growth. We've got no major expansion in the economy but we've got growth. So no really negative impacts from Brexit to growth and what we also have is inflation ticking up. There is no real trend yet but Mario Draghi and the Bundesbank expect that inflation will double until the year end or the first month of 2017. So investment funds that fled Euro stocks after the Brexit referendum because they feared that deflation will come might think a second time about Euro stocks in the coming days or months or weeks, I don't know when but they might return from their over-investments that they have right now in US stocks and might go back into Euro stocks. There's one statistic actually coming from the Bank of America, Mary Lynch showing that this return of investment funds into Euro stocks has not yet happened. It's the 38th week in a row actually that investment funds pulled money out of Euro stocks and put it into Wall Street. Now if you look at the situation at Wall Street we've got a relatively bearish positioning of options traders. There are seven times more call options on the VIX volatility index for the S&P 500 index. So that is somehow something like a fear gorge and there are seven times more positions betting on a spike in volatility. Then there are positions that are betting on a calm trading environment. So a lot of people expected there will be a somehow second crash coming on Wall Street. And if you look at the low of the Dow Jones in September, should we break lower below that support of that low in September then there might really be a good day for those call options in the VIX. You can also with CMC markets trade the VIX so that might be worth having a look at.