Their revenue will increase from higher-than-average refining margins, increasing profits. The company will continue to show record profits.

Reliance is leading the charge as most people in the market expect it to surpass estimates. There is also a fair amount of short-covering that is helping the market.

We may see some consolidation at the current levels during the earnings season. Everyone is sitting on cash, so the market is not expected to crash.

I hope we can refocus. The players are here to learn about playing in these conditions and we will be getting their heads together for the next challenge.

Merrill, relative to its historical valuations at this stage of the cycle, is quite cheap. And (the company) will of course enjoy some recovery probably over the next few weeks as it has in the last week, as worries about the interest rate environment subside.

That's really the big question for me. Will the company be here in 10 years?