This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarresna.

Macro Voices Episode 193 was recorded on November 14, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on plug.com, which happens to be my favorite

podcast when it comes to quant and rules based investing. Nomura's securities head of cross-asset

macro strategy, Charlie McElegant returns as this week's feature interview guest. Charlie

and I will start with the high level macro picture, then drill down on the details of everything

from equities to how Nomura's CTA predictive model works, to why VIX futures are back

to record short speculative open interest to what's next for gold. And be sure to stay tuned

for our post game segment when Patrick and I will take a deeper dive into all of the subjects

in our market rep with the benefit of one of Patrick's famous chart books.

And I'm Patrick Sarresna, now Eric, let's start off with that S&P 500, which has been

incredibly range bound right at this 3100 level on the S&P and I'm sure we're going

to get Charlie to give us insights on the gamma situation at the around those strikes.

But what's your take on the markets here? What's next?

I think that the meltup wants to proceed higher. You know, when you get to round number

resistance, as we're seeing here at 3100, you always see several days of kind of, you

know, trying to struggle to get through it. And then usually when you do get through it,

there's a pretty quick move to the upside. Charlie sees a different scenario though and

...