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 220 was recorded on May 21, 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 traders unplugged.com, a podcast

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

Daniel LaCoyay returns as this week's feature interview guest will discuss the secular transition

from deflation to inflation, hard assets generally, precious metals, the stock market outlook,

and much more. Then be sure to stay tuned for our post game segment after the feature

interview when Patrick and I will take another deep dive into the crude oil market, discussing

both the bull and bear cases for crude oil looking forward.

And I'm Patrick Sarasna, Eric let's jump into that S&P 500. It's just resilient. It's

not really ripping higher, but it doesn't want to go lower either and we're just chopping

in here. What's your take on how this whole place out?

So Patrick, I got my third chance to short this market above 2930, the 61.8% Fibonacci

retracement of the big move down and I passed on it for a third time. Probably the main reason

is, you know, I look at the market rallying for the silliest of reasons. In this case,

what do we have? We had Moderna, a company which by the way, insiders including the CEO

were selling stock handover fist as it was being bit up during this little event that

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