Just caught up on Indonesia's market action and it's worth noting for anyone tracking Indonesia ETF exposure. After getting crushed for three days straight, the JCI finally bounced back hard on Thursday, recovering over 650 points or 7.2 percent that it had lost. The index is now sitting around 7,710, up 1.76 percent for the day. Banks led the charge - Mandiri, BCA, BRI all rallied between 1.6 to 3.3 percent, and some of the cement and resource plays popped off too. Semen Indonesia jumped 6.8 percent alone.

But here's the thing keeping me cautious for Friday - the global setup looks rough. Wall Street got hit yesterday with energy concerns spiking oil prices again. WTI crude shot up 8.7 percent to 81 bucks a barrel, and that Middle East situation is keeping pressure on. Dow dropped 1.6 percent, NASDAQ down 0.26 percent. When U.S. markets struggle like that, Asian markets usually follow the next day, which means Indonesia ETF traders might see some selling pressure at the open.

The Indonesia market benefited from some financial and commodity strength yesterday, but if crude keeps climbing and global risk sentiment stays negative, that bounce could fizzle out quick. Worth monitoring how those bank stocks hold up - they're usually a good barometer for where sentiment is heading. The real test will be whether this recovery sticks or if we're just seeing a dead cat bounce before more selling hits Indonesia-focused positions.