ET Now: What do you make of the current bloodbath in the commodity space currently? How long do you think this lasts?

Jim Rogers: I am not sure if there is just bloodbath. Oil has gone down a whole lot more before, so which bloodbath are we talking about?

ET Now: How about a correction that we are seeing for the last couple of days?

Jim Rogers: What it means is that Greece and China are scaring people. All of these things coming together are making the price of oil go down, but the way markets work when something has a big collapse, there is an automatic rebound after a while. In America, we call it a dead-cat bounce. There is a big bounce and then the market rechecks the low. they go back and have a test of what happened before.

I feel that is what is happening now. It always happens. So, I expect oil to have an automatic normal recheck at the lows.