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 267 was recorded on April 15, 2021. I'm Eric Townsend. This episode

is brought to you by ABIC's technologies, pioneering the design of smarter markets

that better meet the needs of both market participants and society as a whole. Are you

ready to hear from a serious deflationist? Jeff Snyder has been one of our listeners'

favorite guests over the years and he's back this week with a poll no punches interview,

making the case for deflation rather than inflation against consensus. Then be sure

to stay tuned for Patrick's weekly chart deck about the 15-day moving average, which

is titled this week about the 50-day moving average.

And I'm Patrick Sarrezna. Eric, let's get to the Cessin P500. I mean, it just hasn't

been quite. We continue to press up toward 4241-58 on the futures at the time of recording.

What's your take on this? Well, if you ever wondered what that word

parabolic means, take a look at this chart. And, you know, we've seen only brief periods

where we've managed to trade under the five-day moving average for a few hours at a time.

And this market just seems to know no limits. Even if you think, as I do, that we're in

the middle of a big picture melt up, a crack up boom in Austrian economics parlance.

Still, this at this point feels to me like it's just overdone and ready for a correction

lower. Now, that doesn't mean it's going to change the big trend. I think they're going

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