The pitch of the Nikkei's rise has been quite steep, so after its gains a slight correction was probably in order.

It's not that investors were relieved by the results, which were uniformly bad. It is simply a rebound after banks were sold off sharply earlier in the week.

The market tested the 16,000 level this week and we have found a firm floor there. Now, examples of good earnings coming out are encouraging some optimism in the market.

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.