The index is off the bottom, but we had one big sell-off last year.

The dollar strengthened, oil prices fell and Treasury securities, which have been a haven for many investors, suffered their biggest sell-off in two months.

Shareholders responded to the projected 5 percent decline with the biggest sell-off in shares since 1987, driving them down $8.48, or 12.2 percent, to $52.93.

The lowest level of the last 15 years occurred in 1983, when a severe drought followed a big sell-off of surpluses.

A big sell-off adds in market forces - more sellers than buyers - reducing the price further.

The big sell-off is largely a result of changing economics in the timber business.

One measure of that is what happened yesterday, after the big sell-offs on Thursday and Friday.

Last week it suffered a big sell-off of its shares after announcing disappointing quarterly financial results.

The risk is that a major financial shock could lead to a big sell-off, and so we are circumspect.

"This market has a history of big sell-offs that last for four to six weeks," he said.