Yes. Like most things in CLOSEM, there are a couple ways to get there. If you go to the contact's detail page, you can see what sequence he is in, and what stage of the sequence.
At any given time you can see where they are in the sequence. At any time you can click "stop Sequence" -- so if that particular prospect calls and you set up a meeting, or they order, you can stop the sequence so they don't get any of the remaining messages.
You can also easily click "Change Sequence" -- so you might have one general followup sequence running, your prospect responds, and you can then change to a different sequence you've created to more accurately followup based on what they need
Another way is to visit the sequences page and click on the Sequence Report, where you can review all the messages in the sequence and see at what stage any of your prospects are.