No. 1 - Dollar Rebounds

On an otherwise gloomy day, the dollar amazingly jumps to an eight-week high, surging 1.75% in the past week and 2.5% for the month. Today it was at its highest level since Feb 27.

Joe feels this puts traders in an interesting position, because the market "really is not long." It's trying to get long, but can't. Deep down, he says, the Dow is still suspicious and doesn't believe the upward trend will last.

Dylan puts the question forward: has the dollar found its bottom? Karen would not long the Dollar against euro yet, despite its recent rebound.

A strong dollar does have its downside, namely a decline in commodities. The dollar is the trade for the rest of year according to Adami. Commodies trade -- like the gold market -- is over.

The bottom line: even if you don't trade currencies, a strong dollar affects commodity trades adversely, so should be kept on the rader.