Moody's news surely helped turn around sentiment. It gave Brazilian markets a good boost. Dollar futures fell, interest rate futures fell, and C-bonds rose.

If Argentina can make it through the weekend, I see the real steady at around 1.7 or 1.71 per dollar.

Speculation about resignations with the weekend ahead of us has made people a bit crazy about getting a dollar hedge.

Between very high short-interest looking to cover, fairly good economic news, signs the Fed is staying put and better earnings on the way, people are very eager to get in right now, ... I think that barring a terrorist attack or some very disappointing earnings, the market looks like it's going to continue to gain through the next few weeks.

They really showed an interest in helping. They've seen a lot on the news and realize how blessed they are and would like to do something for the ones going through this difficult time.

Consumers will be squeezed with higher interest rates, which is not good news for the market generally.