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 Sarrezna.

Macro Voices Episode 194 was recorded on November 21st, 2019. I'm Eric Townsend. This

episode of Macro Voices is brought to you by Freelancer.com, the best place on the internet

to hire freelancers for any job description. My feature interview guest this week is Peter

Bukfar, editor of the book report and chief investment officer for Bleakly Advisory Group.

We'll discuss monetary policy, the macro backdrop, and how to translate those views into portfolio

positioning strategies. And be sure to stay tuned for our post-game segment. When Patrick

and I will take a tour of the commodities complex with another of Patrick's famous

post-game chart decks. And finally, a quick housekeeping note. Due to the American Thanksgiving

holiday next week, Macro Voices will air one day early on Wednesday, November 27th. When

CPM groups, Jeffrey Christian will join me as our feature interview guest.

And I'm Patrick Sarrezna. Now, Eric, the S&P 500, has been toying with trying to start

a market correction, but every time it seems like the selling is about to start, the bulls

bring it right back and just it seems like it's more choppy than anything else. What's

your take on the S&P here? Well, Charlie McGelligat told us he expected

a short-term tactical pullback. So maybe one has begun in the last few days. As far as

the choppiness that we're seeing, I think it's all based on this this frankly irrational

preoccupation that the market seems to have with this China trade deal signal. It's on

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