stuart kaiser joins us momentarily with his thoughts.nd we will do a deep dive into wheel and gas, as brent sits at almost $125 a barrel, texas intermediate above 120. michael tran will join us from rbc capital markets. and the latest on the white house response to russia, as the biden administration ways to go it alone or not, banning russian oil imports. dramatic moves in the markets, as the s&p sells off almost 2%. 4245. it is really risk off. investors going into havens, buying the dollar, buying treasuries this morning but that has leveled out. volume gold as well. the nasdaq down 2% as well. by buying tapered off and now selling a little bit, pushing the yield up to a seven handle. nymex crude is the headline today, yesterday, last week. we have seen these giant jumps on crude oil over concern of supply as russia invades ukraine, and now the war about to hit its two-week mark. new york at 120.37. something that caught my eye tied to all of this is the volatility we have seen on the other side of the atlantic ocean. when you compare

stuart kaiser of ubs picking up on that this morning, publishing moments ago, "we are a degree less cautious this week, not because our views on geopolitical and policy rates risk has improved, but because price action shows the market more tolerant of those challenges." it is how the market is responding to the information, not just the information itself. lisa: it is not just predicting the future, it is predicting everyone else's response to that future event. how much do people get confident -- scott minerd you were talking about earlier -- that we could see higher equities from here, even with an inverted yield curve? how much is this the only place you go still? do you hide in the dollar, gold, cash if you've got inflation running at 7.8% on the cpi level? jonathan: let's go to scott's call. he emailed us about 5, 10 minutes ago, and came out with his base case, a move higher of 20% in the equity market. could be more over the next 12 to 18 months. took note of what we are talking about in the bond market. if we can rally through it, we have in the past, so why wouldn't we now? lisa: p