As we expected, the market formed a bottom and bounced nicely along with equity markets. We may see some retracements before the market continues to correct a bit higher. We don't expect this to last as many risks remain a factor. Most notably, we are concerned with N. and S. Korea's motives; if things continue to escalate, we could see another big dollar rally for safe haven reasons as the market won't be able to tolerate much risk. Iran is also in the news as Russia is beginning to side with the west on specific sanctions, leaving Iran with one less ally in the region. We are looking for a 38.2% retracement and a continuation for the majors to gain ground vs. the buck. Still cautious as risks are high of a turnaround.

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