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 272 was recorded on May 2020-21. I'm Eric Townsend. This episode

is brought to you by ABAC's Technologies, pioneering the design of smarter markets that better

meet the needs of both market participants and society as a whole, and by freelancer.com,

the internet's premier website for putting independent freelance contractors in touch with

employers who need their services. Our search for credible deflationists continues with

David Rosenberg returning as this week's feature interview guest. Rosie will explain

why he still sees deflation as the governing force and why he disagrees with the suddenly

all popular inflation narrative. Then be sure to stay tuned for our post-game segment after

the feature interview when Patrick's chart deck will be titled Talking Charts on Commodities

in crypto. And I'm Patrick Sarresna, no no, Eric,

let's get to this S&P 500. I mean more or less we've been chopping around going into

this option exploration, more or less holding pretty close to near the highs with the S&P

500 close to 4200. It's a 4157 right now. What's your take on the market here? You know,

I don't have much conviction at all about where stocks are headed from here. I will say

we seem to be testing that 50 day moving average or the time between tests of the 50 day

moving average is getting shorter. And we certainly did see instead of getting another rally

off that last test, you know, we have we have two tests of the 50 day now with no rally

...