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 234 was recorded on August 27, 2020. I'm Eric Townsend. This episode

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

investing, helping investors overcome behavioral biases, and by farmtogether.com, bringing

farmland a new trillion dollar investment opportunity within reach of all accredited investors.

Santiago Capital founder Brent Johnson returns as this week's feature interview guest. We'll

discuss the US dollar in depth, including why Brent thinks the dollar bears are a little

premature in declaring victory. We'll also discuss stocks, gold, and much more. Then be

sure to stay tuned for our post game segment when Patrick has prepared another of his famous

chart books. We'll go a little bit deeper on some of the things that are going on in the

market and what's driving them. And I'm Patrick Sarresna. Now Eric, let's talk about

that S&P 500. No sooner did we go past the option expiration that we did give volatility,

but it was to the upside and everything seems to be just running full throttle. What's

your take on all of this? Well, I think it's exactly what I predicted

last week, Patrick. Remember what I said is it's perfectly natural to see a pause here

as you hit a technical resistance level of the previous all-time high. Some people thought

it was going to be a double top. They had to sell it. We had to go through that little

bit of uncertainty there. But as soon as we broke out to the upside, we saw a dramatic

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