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[bigworld]

Going into the close I see the 10 Year yield all the way up to 3.12% (TBT now up and over $27); The Russell 2000 is down another 2.2%. The Nasdaq down another 160 points. Oil is quietly back up to $110 a barrel. Hydrocarbon pricing will swing up and down, but the general direction is going to be up. We're running out of cheap, easy to obtain supplies. The West has been so dry that a lot of their hydroelectricity is going to be off line before summer is out...there isn't enough water to run the turbines, especially in Lake Mead. So more oil and natural gas is going to be needed out west to keep the lights and air conditioning on. Fracked oil is so light they can't distill diesel or aviation fuel out of it. We'll be begging the Saudi's to pump more, and forgiving Maduro so we can get some of that Venezuela crude. At some point in the not too distant future we will see oil at new all time highs. Inflation is not going away. Not with 5 or even 10 more rate hikes.