It is all fund liquidation, probably commodity-index related. This was a commodity flush-out.

It was a combination of long liquidation and fund selling. We do see rising copper stocks and that is some of the impetus behind the recent pressure.

Anyone can get an index fund — buying the benchmark — for pennies, so we don't feel we deserve much compensation for just doing as well as the index. If we don't add value, we shouldn't get paid.

We have probably hit the bottom in inventory liquidation, and hopefully we are actually now rebuilding inventory,

The soybean complex was the first commodity to feel the index funds presence, but wheat and corn are attracting the index funds' attention as well.

With the index up 22 percent in three months, the market was definitely vulnerable, especially the commodity-driven sectors. The sentiment was way too optimistic and there was too much momentum, so from a technical perspective it was due for a retreat.