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Robin Griffiths

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It's going to get worse before it gets better. There are quite a lot of people frozen like rabbits in front of headlights and they don't know what to do.

The 19-percent rally in Nasdaq stocks was a big turnaround. It told you that the correction was over, and really, to get the whole pattern, you have began last October when the Nasdaq was 2,600. It actually doubled to the March high of almost 5,200. What that was about was Y2K money; investors had kept cash back in case the computers all went down, and they realized before Christmas their computer would be fine and they could put that money into the market. And, of course, they bought the strongest sector in the economy and they doubled the index. Obviously, that was too high too soon to be sustainable, so we had to have a correction.

We've had a very good year, certainly in Europe, and I expect investors to remain locked in equities.

My hunch is BP and Shell won't fall, but they won't rise much. That makes it difficult for London to outperform.

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