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 336 was recorded on August 11, 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. Nomura Quant Charlie McGelligat

returns as this week's feature interview guest. I'll ask Charlie whether there's another

shoot-a-drop for this equity market and if so, when it's coming. We'll also discuss rates

and the gamma effects playing out this week in the market. Then be sure to stay tuned

for our post-game segment when Patrick's chart tech will be titled Betting on the Tail

Move in Crude Oil. And I'm Patrick Sarresna, Eric. Let's get to that S&P 500. Obviously,

the first hint at inflation may be cooling off a little bit and the market took it very

bullishly with a pretty good rip in the last couple days. What's your take on S&P here?

Well, they say one data print doesn't make a trend, but boy, Patrick, just one not

quite so bad as expected inflation print sure did ignite a rally in the stock market.

So the logic seems to be that with less inflation to fight, the Fed will be able to pivot

dovishly sooner and that can only be good for stocks. Never mind all the negative economic

data, the oncoming recession and so on and so forth. So it seems like that's the predominant

mindset. We'll see how long it lasts. I'm still skeptical of this rally, but frankly,

I didn't think it could get this far and it sure has. So I'm definitely the odd man

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