I think we're very close to the end of this particular correction. The bull market's not over by any means. We need several increases in interest rates before stocks top out.

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.

A possible explanation is that the data correction is overcorrecting the impact of the five Saturdays in December, which would explain why the data is poor when the retailers reported strong Christmas sales.