The recent volatility in the markets has been crazy the Dow moved up or down by more than 100 points in five of the last eight days and we probably should expect the volatility to continue for the immediate future. The dips have however been brief and the market continues to climb and defy and amaze many of the participants.

30-year mortgage rates saw their biggest one-week rise in over three years. A bump of 20 basis points in less than a week brought the average U.S. 30-year to 6.74%.

Investors who bought bonds and bond funds for income and safety of principal are going to be surprised when they open their statements this month and find that they're down 6%.

“Core” inflation gained a wee 0.2% in May. Of course, core inflation doesn’t take into account food or energy, and they are going up as we know. Could this be the reason bonds rates are up? Wheat prices hit an 11-year high last week. Demand for all agricultural products has been rising.

Now leading the WTI, Manuel Leguinha benefited from being fully exposed to the market and has 221% of unrealized gains in Barclays, BP, Fortis, Glaxo, Mishubishi, Prudential, Rentokil, RBS, Unilever. In third place comes another Portuguese, Manuel Gerivaz also fully long in stocks from Asia and the oil sector.  The markets climbing the wall of worry helped most of the top 10 participants.

Slovenian competitors managed to correct the slump they witnessed in week 16, since the average weekly change was 6,84 %. The biggest rally was done by competitor Lan who gained 105 percentage points in the past week and placed on the top of Slovenian rankings. On Friday he managed to show 102.68 return and placed as 8th in the world rankings.