1. Markets are holding firm after a strong gap lower open. Yesterday, the major indexes staged a solid broad based rally. We shall see if they can keep it going into the close today. Often after a big rally we see a more subdued market so that is likely today. 

2. Fed Chairman Jay Powell is testifying in front of the Senate Banking Committee. This used to be called the semi-annual Humprey Hawkings testimony. Powell is being asked how he is going to fix the inflation problem that the US consumer is facing.  While a lot of the inflation in the US is caused by the Fed's money printing it is also monetary policy that is a huge problem and that doesn't seem to have an end in sight.  Obviously, energy inflation could be solved rather quickly, but it won't be. 

3. Gold is catching a bid today. 

4. Bitcoin is pulling back a little but still trading above the psychological 20,000 level.  Could bounce up to 25k to 27.5, but Nick’s