This is Macro Voices, 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 or bearish, no holds barred.

Now here are your hosts, Eric Townsend and Patrick Sarrezna.

Macro Voices Episode 384 was produced on July 13, 2023. I'm Eric Townsend.

42 Macro Founder Darius Dale returns as this week's feature interview guest. Darius and I

will discuss what the bears got wrong and why Darius thinks there's still some

upside left in the stock market before it ultimately reverses direction to vindicate the bears.

We'll also discuss inflation, why the macro backdrop is changed considerably and finally

China's recovery and why it didn't have the expected effect on global demand recovery.

And I'm Patrick Sarrezna with the Macro Scoreboard Week Over Week as of the close of Wednesday,

July 12, 2023, the S&P 500 September futures, where up 51 basis points closing at 45.07

We'll take a closer look at that chart and the key technical levels to watch in the post game segment.

The US Dollar indexed down 271 basis points closing at 100 spot 55 material breakdown,

particularly after the CPI numbers were released. The August WTI Crude Oil contract up 552 basis points closing at 75.75.

We'll take a look at that chart in the post game as well. Eric will have the EIA inventory data

gold up 180 basis points to 1961 attempting to break out after a month-long consolidation and copper up

212 basis points to 385 up ticking as many commodities are gaining tailwind this week.

Uranium down 36 basis points to 55 55 and the US 10 year treasury yield down 4 basis points closing at 386.

The key news to watch this week is Friday's University of Michigan consumer sentiment levels.

Next week we have the Empire State Manufacturing, Retail Sales, and the start of the July earnings releases.

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