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 Sarasna.

Macro Voices Episode 219 was recorded on May 14, 2020. I'm Eric Townsend. This episode

of Macro Voices is dedicated to healthcare workers all over the world, the true heroes

of the COVID-19 pandemic crisis and is brought to you by top tradersonplug.com, a podcast dedicated

to quant and rules based investing, helping investors overcome behavioral biases.

Epsilon Theory newsletter author Dr. Ben Hunt joins me as this week's feature interview guest.

We'll discuss the long-term knock-on effects of the COVID-19 coronavirus crisis and the post-

crisis economy recovery outlook. Then be sure to stay tuned for our post-game segment. Patrick

has prepared another of his famous post-game chart books. We'll be taking a close look at the S&P

and just how many stocks are actually responsible for that bear market rally that we're seeing.

We'll also look at the dollar index, various currency pairs, and other major global indices.

And I'm Patrick Sarasana. Eric, let's dive into that S&P 500. It looked like at the start of the

week that we were going to make a gun for 3,000 and then we've given it all back in the last three

days, almost breaking to a fresh loaf for the month of May. But what's your take here as we go into

OPEX? Well, I had my second choice, Patrick. Remember, I've been saying 2930 was the level to short.

First time we got there, I intentionally passed on it because I just had too much leverage on

and my oil trades. I wanted to stay focused on that. I've taken a lot of that leverage off because,

Frank, we'll get to the oil market in a minute. It's not doing what I originally thought it was going to do.

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