No two market cycles are identical. We see that this time a strong US$ is the response to autocratic government threat to native capital that has driven that capital to Western markets, especially so to the US. The US/China tariff initiatives have accelerated capital out of China driving the yuan lower, the US$ higher, real estate prices higher and 10-yr Treasury rates lower. This is a combination not witnessed in previous market cycles. Trading algorithms are also a relatively new presence relying on past price patterns correlated to rates, the US$ and oil prices which