US Markets Head Back to Negative Territory


Com. All right, let's get started on this market because you know what? I told you, I didn't buy the rally that we were seeing. I think it was a very short lived bounce. We got the market back in negative territory. No surprise really, given where we are on oil. I want to highlight that. First and foremost, because you know that I have predicted a $130 a barrel on crude oil, which could translate in some parts of the country to $9 a gallon on gasoline by the height of the summer driving season. Well, we hit one 20 and change today, up 3%. And this is despite the news that OPEC announced it's going to add more than $600,000 of 600,000 barrels a day of oil. The administration was pretty psyched about that one. I explained it all in yesterday's program, but let me tell you, the oil market sure as heck doesn't care. I don't think they really buy it. Maybe they don't really believe it, maybe they know that 600,000 barrels really isn't going to be enough. Maybe they're concerned because it's actually OPEC plus, which includes Russia, so that gets a little sticky, does it not give in the sanctions? Anyway, suffice it to say, we've got higher energy prices still, which is going to lead to more and more inflation. How do you deal with this? At a time when the fed is out there aggressively trying to confront it, I'll tell you that the big problem with this from the beginning is that they didn't recognize the cancer that inflation had started to become, right? They thought it was nothing. And yet it grew and it grew and it grew and we kept hearing from people in the administration and economists Talking Heads that were touting the Biden plan, we kept hearing that this was somehow just transitory. And I've been sitting here and let me just say, I don't have Janet Yellen's pedigrees and economists. Let's be very Frank about that. I'm not too shabby, but this is a woman who is steeped in economics and served as the head of the Federal Reserve. Now our treasury secretary, she missed it. I'm sorry. I don't know how these people could have missed

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