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 352 was produced on December 1st, 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.

Rosenberg Research Founder David Rosenberg returns as this week's feature interview

guest. Rosey says this bear market isn't over yet, and warns that past bear market rallies

have ended at or near the 200 day moving average, which the S&P just moved above this week.

He says inflation has already peaked, but cautions that doesn't necessarily mean the Fed

is going to pivot right away.

And I'm Patrick Sarresna. Listeners, be sure to stay tuned for our post-game segment

after Eric's feature interview with David Rosenberg when Eric, Nick and I discussed

the charts on the S&P 500, Nasdaq Gold, and the junk bond markets. We'll also touch

on hedging option strategies to consider for protection of your portfolio. Now, Eric,

before we move on to the feature interview with David, let's cover crude oil starting

with those EIA inventory data. EIA reported a gargantuan, 12.6 million barrel drawdown.

And that's against consensus expectations of about a 2.5 million barrel drawdown. So

it was a 10 million barrel beat on expectations. And that's really a 14 million barrel drawdown

when you include the 1.4 million barrels that was drawn out of the SBR this week. Cushing

...