There's been some tremendous rebounds, especially in precious metals and crypto currencies... they're all in the green now. Most of the equity markets are off the lows as well.

The big problem here is that what changed this week was the behavior in the New York session. They're beginning to question even the hardware story, particularly after Amazon said they were going to spend $200 billion... looking at something like $600 billion of extra spending by the major tech companies, which is an awful lot to absorb at this stage in the cycle.

If we get something similar on Friday on Wall Street, that will again set up a lot of negative take for the week ahead.

It's really what happens on Wall Street, where the mood is sour there and how it finishes going into the weekend.

It's hard to look beyond the Japanese yen really this week. The yen has been creeping weaker... we're right back into that area where the US authorities intervened.

Very mixed signaling from the Japanese authorities since then which has shown a lot more volatility into markets.

The yen volatility is likely to increase pretty quickly next week.

Investors will be looking for much more clarity, especially from the Japanese side... if they don't, the markets will take it into their own hands and could easily push up to 160, 162.