Clip turns into red and white checkers after grading in Speedgrade CC Direct Link
I have updated to the latest Premiere Pro CC and Speedgrade CC to use Direct Link. I opened the project in Premiere Pro CC and then used Direct Link to open it in Speedgrade CC. I then graded a couple of clips to test, saved the project in Speedgrade CC and was automatically taken back to the file in Premiere Pro CC. However, when I got transfered back into Premiere Pro CC the clips that were graded turned into red and white chequers and I am no longer able to view the 2 graded clips.
Also, I can't find where the new Speedgrade CC files are saved to?
Any help would be much appreciated.
Thanks,
Nelson

Specs below:
Premiere Pro CC v 7.1.0 (141) and Speedgrade CC with Direct Link
Running OSX v 10.8.5
iMac 16GB 1333MHz DDR3

