Tuesday, Fed Chair Powell retired the term 'transitory inflation'. I believe 'inflation' will prevail even if the spread of the Omicron variant returns 'stagflation' to the fore.

Treacherous spinning definitely kept traders on edge Monday, during what is a normally docile few sessions ahead of Thanksgiving. Using the SPR to manipulate the market price of oil is inappropriate, it is for an emergency, there is no emergency.

Resilience is the key word to describe this market for some time, and totally inline with our outlook for an upward-tilted Expiration last week, mild defense to start this week and then onward, potentially to another record S&P high.