Markets are still trying to firm up where rates will peak in the U.S. and Europe.

The process has begun. This will take about one-and-a-half months. We are trying to do it faster.

He will look to make the play first before trying to do things himself. He's always going to make the play that involves his teammates. And that's what this game is all about. He's recognized it a lot better than most do at this age.

It's all part of the pattern we've seen since the New Year. We had an extraordinary end to 1999 and we started the year by blowing some of the froth off.

The American numbers showed the people who had been getting nervous about interest rates may now think we may be overdone.

I would sign up for the view that industrial, 'old economy' stocks could well be the next to move higher. But I don't see a definitive move until we see some of the economic data in July.