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We did not close any positions since the last Newsletter. Our Current Portfolio is feeling the effects of the recent market slaughter, particularly in the NASDAQ and Russell 2000 averages. Of course, the big bugaboos are nose-bleed oil and gasoline prices, and now rising interest rates are gaining more attention than they had been. The Fed is still following the previous chairman’s mind set, which is to raise rates in hopes of calming inflation. Doesn’t raising rates only fuel inflation, since this expense will also be factored into costs, which, in turn, leads to higher prices? A major key for the markets between now and the Fall is what the Fed does at its June meeting. It may not be pretty. Now, after having sounded like the Grim Reaper, the markets all too often take off during the darkest moments.