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 333 was recorded on July 21st, 2022. I'm Eric Townsend.

This episode of Macro Voices was made possible by respect energy, a leading European trader

of renewable energy and a one-stop shop for all green energy investors.

Convexity Maven Harley Baspen returns as this week's feature interview guest. We'll

discuss the relationships between inflation and bond yields, why the stock market has been

so resilient in the face of worsening macro data and much more. Then be sure to stay tuned

for our post-game segment after the feature interview when Patrick's chart deck will be

titled What's Next for the Summer. To avoid a repeat of last week's 25-minute market

wrap, I'm going to save most of my extensive crude oil market coverage for the post-game

segment. There's a lot to cover in oil markets this week, so we'll wait for post-game

when we have charts to reference for that discussion.

And I'm Patrick Sarresna, Eric. Let's get to that S&P 500. Bad news after bad news, the

market stopped selling off and it just seemed to... I wouldn't call this a big rally, but

it certainly stopped going down and is crawling higher. What do you make of it?

Well, I don't mind admitting that I am in a complete conundrum to understand this. It

baffles me and I freely admit that I am confused by this tape action. The best sign is

you just alluded of when a bear market has ended is when you get more bad news. That's

...