Economy

Now we are faced with light stagflation and robust employment. Can't fight inflation with more jobs and rising real spending power. Nor with energy prices that have peaked because they increase growth and spending power.

What I'm seeing in more than half my watchlist is eroding price over days and weeks. No or few robust rebounds. Asset plays - food, utilities - poor. Speculative growth - cannabis, pharma - flagging badly. Big Tech is treading water at best. My mutual funds are similar.

So now there's no place to hide if you want to be long.