Even in an area like natural gas, where I cannot see why people would be so nervous, people are selling.

I still think we’re in the early stages of a new bull market, but we’re trying to work away some of those excesses.

There’s been an ongoing battle for a while between people who are positive on the recovery and the people who aren’t.

People want to see some evidence that the world is not falling apart.

I think what’s happening is that with Japanese banks wanting to clean positions by March 31, we’re hearing that they have been big sellers in North America.

It’s hard to find any sector that is hanging in there.