Michael James Move Quotations

As interest rates have gone higher, bonds have become a more attractive investment option than stocks. Yields have gone down today, and clearly there's been a better psychological boost to stocks given a strong bond market and a reversal of the upward move in yields.

The market is overbought short-term. We've had a huge move since the first of the year ... people are looking for an excuse to sell. That came in the form of Secretary Rice raising significant concerns about Iran's nuclear program.