Big institutional customers saw this morning's event as a much more longer-term opportunity. So names that were really dislocated found plenty of bids, plenty of support.

Ken Polcari

Categorized in : Business

He is not shutting the door, but he is also not saying there is another one coming in September, so hold on.

Now there's a little trepidation that if the data is coming in strong why are we cutting rates? the market's thinking he's going to cut rates in July and then that'll be it.

The focus is going to continue to be on earnings and what the message is and so far the message hasn't been that great, if they continue to be what they are, these kind of lackluster reports, the market is going to get exhausted and it is going to back off. It is going to be an important week just for direction.

No one expects anything concrete to come of the meeting ... but if the tone is positive afterwards, it won't be a headwind for stocks.

Oil is rallying today so Both Brent and U.S. crude is causing some excitement in the energy space, but that is what you would expect because oil has been so beaten up.

If( people) are comfortable with the economy, the transports certainly is a leading sector. If the economy is going to get better, transports, rails, truckers, airlines and all that stuff will do better in anticipation of that.

I don't think this is a catalyst that's going to cause a bear market in this country at all. People should not be going ‘ the world is coming to an end. ’ It's not.

I don't think we've hit capitulation yet. It certainly has been ugly but in order for there to really be a bottom, it's got to be one of those days where it gets so ugly it's almost panicky.

People are concerned about the health of the economy, there's no catalyst to really take it higher. If you start getting bank and other earnings that are really bad, nothing is going to hold.

Today we gapped open again and the buyers retreated. There's no catalyst to really take it higher. If you start getting bank and other earnings that are really bad, nothing is going to hold.

This is a dead-cat bounce because where there is smoke there is fire and there is plenty of smoke for sure in that high-yield bond market.

(Yellen) is still going to raise rates, which is fine because that is what the market wants. The market has now been prepared for that. The market will have a negative reaction if she chooses not to raise rates and then comes up with some excuse.

Empire State (data) was horrendous compared to what the expectations were, but Empire State is also a very regional number and a very volatile number, they are all looking to Wednesday's FOMC meeting minutes and what it is going to mean, what are they going to say.

Either the transports are going to turn around and start moving higher or the Dow is going to turn around and start moving lower, sooner or later something has to give.

People are now way too focused on earnings, which start in a week or two, and what the impact of the stronger dollar will be and until that happens it is going to hold the market in check.

People are prepared for the strength of the dollar to hurt earnings, but by how much they don't know yet.

There is nothing really to drive sentiment one way or the other that is going to change people's perceptions on anything at the moment so therefore you are just getting this churning back and forth.

There is nothing really to drive sentiment one way or the other that is going to change people's perceptions on anything at the moment so therefore you are just getting this churning back and forth, once we made that new high the other day, the market just backed off and now it is just churning until tomorrow.

A lot of people are sensing you might get the news over the weekend, so you have a lot of caution going into today.

Word's out now that the euro zone is fully prepared to let Greece out, that's not a positive story, it's much more negative.