The correction was severe because it came late. The Saudi market had been highly inflated, especially last month when it shot up by 20%.

The greed is starting to turn into fear. There are markets like Saudi Arabia where stocks have run ahead of themselves.

If someone corrects you, and you feel offended, then you have an ego problem.

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.