This may be a very volatile trading session. The market wants good numbers, but an exceedingly good report may lead to further rates increases, and that's not good for stocks. On the other hand, a bad report on top of disappointing earnings, could spark another sell-off.

The idea for the yuan market makers is to have the mechanism in place before seeing very volatile trading. It needs time for the market to develop.

hasn't been baked into the market yet.

I think the market has discounted a lot of the bad second-quarter chatter we're going to hear, and my guess is that conference calls going forward are going to be much more positive,

I think the fact that we had this awful bombing ... and yet the market seems to be moving on, that it's starting to become sort of priced into the marketplace. We may get investors to get back in off the sidelines at some juncture as we start to get earnings reports for the quarter.

It was a very volatile session. The Argentine market tried to a certain degree to arbitrage and adjust its prices with relation to other regional markets.