matt maley is with us now. matt, great to have you on this morning.a day ago caught my eye. you were doing something i didn't think you were allowed to do you were talking about oil and oil stocks i understand they are a tiny percentage of the market smallest as a sector they have ever been. as you note, it does appear that because they are so unloved, that there is something riding it how is oil playing out vis-a-vis the overall market >> the most important thing is it is getting a lot of attention. finally. after the rally and firms upgraded the group last week after 990% rally. it is starting to pull back. that is normal and healthy it was under loved people are talking about it now. it is still under owned by the institutional community. these investors own huge portions of the apple and amazon and other faang. apple and amazon are great companies. i see why you love them and hold on to a big chunk of them. if you are an institutional investor, you are looking at the s&p 500 which is up 10% this year the s&p energy index is up 40% the tech index i

jonathan: let's bring in matt maley, miller tabak chief market strategist. e data at 8:30 eastern time. do you still think we are underestimating the price pressure? matt: yes we do. one thing we may be a little care for off -- a little careful of is a lot of these commodities are getting incredibly overbought. copper, some of these things, they are probably going to come down at some point on a purely technical basis. that might if some people some relief that inflation is really not a big deal. but i totally disagree, that will be a head fake because inflation will do nothing but go higher. you look what happened before the pandemic. we had record levels of debt around the world, not just in the u.s. since then, the debt has exploded even higher. when we have a situation like that, you only have two ways out. it is default, or you can inflate your way out. the fed knows it. as bad as inflation can become a default is much worse. so those thinking inflation is going to be transitory i don't think are right. it may not be ending 70's style, but it is going to