There was a fairly significant premium in the market because of the war concerns. You lost some of that premium on the news last night and over time we've been recapturing some of that.
More Quotes from Michael Cloherty:
Greenspan is speaking tonight and it's a matter of some concern that he could surprise people.Michael Cloherty
The underlying news is suggesting some continued strength in the economy. There's nothing to suggest any change from the Fed. Rates are going higher.
Michael Cloherty
The only thing (to drive Monday trade) is the question of whether there's much setup left for tomorrow's Humphrey-Hawkins.
Michael Cloherty
The statement was that it markedly diminished the risks of inflation picking up. So, you know, a very positive statement from the Fed. But I think that, still, the risks are that the economic data could come in a little bit stronger than expected and force the Fed's hand one more time.
Michael Cloherty
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.
Michael Cloherty
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