European bonds have fallen a lot and yields have gone too high. We think there's room for a correction.

Yields can go higher. People are starting to speculate on the effect the commodity rally will have and if inflation starts to pick up that will hurt bonds.

I think the Nasdaq is playing catch-up, because we have had a full blown correction in most of the major indexes, but the Nasdaq hung up there I think toward participating fully,

We've climbed very quickly and strongly so prices are ready for a correction. The fundamentals haven't really changed. The crude market in the Atlantic basin is well supplied.

The fact that we have gone three years without a correction tells me we are overdue for one. Markets don't go in one direction without interruption.

Correcting with love is ten times more effective than correcting with hatred.