A.M. Update

It has been a crazy morning so far with Futures dumping, gold, oil and bonds jumping as the Saudi military ramp up on their shared 1100 mile border hit the wires yesterday and a campaign of air strikes with other gulf states began last night  which sent crude, gold and bonds higher and the $USD and Futures lower.

S&P futures tumble on the start of the Saudi-led campaign against Iranian backed Houthi rebels in Yemen, then not long ago, reports came in that the top Houthi leadership had been killed.

Since, the $USD has soared, oil has come down and bond yields have rose higher.

The proxy war between Iranian backed rebels and the Saudi led coalition has seen a navel blockade , 100 Saudi fighter jets and some 150,000 troops deployed.

We'll obviously continue to monitor the situation, the best place to do that is in the cash market.

This may be over before it really started with overwhelming Saudi force. This is one of those fundamental events that the market can't discount until it happens, the strange thing is or perhaps not so strange, other MENA conflicts have had a lot less effect on the market which should tell you something about the strength of the market, it's underlying structure isn't there.

As to our bounce, we'll see what the early underlying trade signals.