Summary

• Fireworks began at the end of the week with Trump announcing he was not happy with the Fed and currency moves
• Bonds sold on Friday
• EM FX mixed
• The dollar index closed weaker after Trump tweets.  Note the dollar fell more that 10 percent during Trump’s first year, and now is moving higher.  It is still down over 5 percent since his administration took office
• Stocks relatively quiet, bookended by Turkey, up over 4 percent, and Russia down over 6 percent
• S&P closed at the exact level of last Friday’s close. The only 5^th  time it has happened in the past 70 years.  Weekly S&P500 having trouble closing above 2802
• Financials performed well as the S. yield curved steepened five bps
• Grains up around 4 percent as lumber now in a new bear market after making multi-year highs in May, down over 25 percent
• Only Oil exporter country ETFs with double digit gains this year

Commentary:  We noted S&P might have used up its juice after rallying over 3 percent in the first two weeks of the month.   Risks are rising as S&P moves into August, one of the most treacherous months.  The month of big drawdowns and no liquidity with everyone on holiday.   Cautious.