So how much further can earnings deteriorate? Looking into my magic ball of future forecasts, I wouldn’t be surprised that by this time next year 1) Oil is +10-15% higher 2) Soft commodity prices recover 3) Coal prices are +20% or more, and 4) spreads for certain petrochems improve as well. I see that commodities have been incredible under invested over the past 7-8 years, I think that there are financing issues bubbling under the surface in the developed markets that will lead to refinancing issues and guess what, demand for the hard commodities isn’t declining at all, its the opposite, now let me go back to my magic ball and try to figure out when this may all materialise…..