14 Quotes by Michael Cloherty

Yesterday, the Fed's effective funds rate, the average of the funds rate that exists throughout the day, was 1.25 percent, way below their new 3 percent target. Today, it's even softer than that, below 1 percent.

The real has been the main factor behind this rally.

There is a lot of following stocks around today. That was the big thing after the huge decline in the European equity markets - there was a lot of nervousness about what would happen in the U.S.

Greenspan is speaking tonight and it's a matter of some concern that he could surprise people.

Tomorrow the employment report is going to take over. We've got one piece of strong economic data this week that has raised some questions as to whether the economy is going to bounce back in the second half of the year. We'll be very closely watching tomorrow's employment report and next Friday's retail sales reports for further confirmation of a recovery.

Yields have cheapened up, but if the Fed's going to go further, they still may not have value at that level.

The only thing (to drive Monday trade) is the question of whether there's much setup left for tomorrow's Humphrey-Hawkins.

Bonds are looking at equities. The equity market has stabilized after yesterday's tumble and the auction lends a negative backdrop because the market has to absorb more supply.

At these prices right now, people are saying the Fed is going to have to do more to bail out the system for investors to take on leverage again.