The issue isn't the bloodbath in the semis and the potential significant drawdown on the broader equity market. The current issue is the inflationary conundrum that is evolving, which is showing significant similar and probable characteristics for those lucky enough to have witnessed and lived through the 1970s. Below is an overlay of the 2020s (Top right chart) that shows the correlation of the 1970s to today's current inflation and the likely second wave. As in the 1970s, this takes some time to play out, and the consequences will be dire if the situation isn't resolved. Study the chart below and understand the lag between high PPI levels that will feed into the PCE metric, which is already evident at the bowser or pump price. Brent crude is showing its might and holding its current gains and likely to head much higher; next week is critical. Stay disciplined, vigilant, and most of all, informed.