Despite an increase in volatility in August, equity indexes remain at near record levels. Treasury yields have been steady. The Euro has strengthened relative to the dollar reflecting improved European economic data. The Baltic Dry Index troughed at 820 on July 11th and has rallied 28% to 1050 in early August reflecting improved worldwide economic activity. Gold, which has been solid all year long, has shown further strength as a result of increased geopolitical tensions with North Korea.