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 233 was recorded on August 20, 2020. I'm Eric Townsend. This episode

is brought to you by top traders on plug.com, a podcast dedicated to quant and rules-based

investing, helping investors overcome behavioral biases, and by masterworks.io, which brings

investment in fine art within reach of all investors.

Former hedge fund manager Jesse Felder returns as this week's feature interview guest,

will discuss everything from the stock market to the US dollar to gold and even digital

reserve currencies. Then be sure to stay tuned for our post-game segment when Patrick and

I will discuss equity markets, credit spreads, volatility, and the extraordinary contango

in the gold market. And on Patrick Sarasna, now Eric, let's just

jump right to the S&P 500. Yesterday on the FOMC we had a quick dive in the market,

it wasn't that crazy, I mean 50 S&P points or so. And more or less today we've made

most of it back. We're about 3380, I have some charts to share in the post game, but

what's your take on all of this?

Well, you know, it's perfectly normal, even independent of the Fed minutes and everything

else going on. You know, it's perfectly normal when you hit a resistance level and certainly

the prior all time high is always a resistance level. You expect to see some consolidation

for a while before you either break higher or lower. You know, it's got to at least slow

...