Ed Siddell sees the energy price spike as a short term refinement problem rather than a production shortage, with the national gas average needing to hit $7 before recession risk becomes real. He expects a 90 to 120 day lag before pump prices moderate, and believes the Fed's rate hike was a hedge against temporary inflation pressure. Siddell still expects markets to finish the year strong, bolstered by tech and energy earnings growth of up to 30%.