Macro Voices

In this episode of MacroVoices, commodity‑market analyst Rory Johnston breaks down how President Trump’s aggressive sanctions on Venezuela, Iran and Russia, combined with a stalled “hand‑over” of Venezuelan oil, are actually acting as a bullish force that keeps crude prices elevated despite a global supply surplus. He also examines the geopolitical ripple effects of the Trump administration’s agenda on the forward curve, U.S. strategic petroleum reserves, and broader market dynamics for sophisticated investors.

In this episode of MacroVoices #515, hosts Eric Townsend and Patrick Serezna break down the weekly trade recommendation—a short‑dated bull put spread on WTI crude (sell the $59 put, buy the $55 put) that targets a defined‑risk credit while highlighting the market’s implied 62% probability of staying above the break‑even level. They also review recent equity, currency and commodity trends—including S&P positioning, dollar momentum, and geopolitically‑driven moves in oil, gold, silver, uranium and the 10‑year Treasury—while directing listeners to the full chart deck via a free trial at BigPictureTrading.com.

In this episode of MacroVoices, 42 Macro founder Darius Dale warns that while 2026 may end up as an “up‑year” for markets, the first months will be highly turbulent due to record‑high crowded bullish positioning, an AI‑driven capex bubble, and headwinds across monetary, fiscal, and liquidity cycles. He outlines how these cycles could shift from headwinds to tailwinds over the medium term and offers his outlook on equities, commodities, gold, and other assets as investors brace for short‑term volatility.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna break down Darius’s “Trade of the Week,” proposing a 95‑by‑85 put spread on the S&P 500 as a low‑cost hedge against the crowded bullish positioning and potential near‑term correction while surveying the broader market landscape—from sector rotation and dollar dynamics to oil, gold, uranium and treasury yields. Listeners can download the full post‑game chart deck and research roundup via macrovoices.com and get step‑by‑step trade instructions with a free trial at bigpicturetrading.com.

In this episode of MacroVoices, 42 Macro founder Darius Dale warns that record‑high “crowded bullish” positioning and the AI capex boom could trigger a choppy, correction‑prone start to 2026 before markets potentially swing back to an up‑year, as monetary, fiscal and liquidity cycles shift from headwinds to tailwinds. The hosts also break down the latest market scores—S&P 500 up, dollar firming, oil slipping, gold rallying, and uranium strengthening—while previewing their post‑game trade ideas and macro outlook for equities, commodities, and fixed income.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna explore the intriguing trend of wealthy individuals migrating to New Zealand, discussing the motivations behind their moves and the appeal of the country's Golden Visa program. They interview experts on immigration and taxation, revealing insights into the benefits this program offers and why it has become a popular option among high-net-worth investors.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Serzna explore the intriguing trend of wealthy individuals moving to New Zealand, delving into the motivations behind this migration. Featuring insights from immigration attorneys and tax advisors, they unpack the appeal of New Zealand's Golden Visa program and its potential advantages for high-net-worth investors seeking residency options.

In this episode of Macrovoices, hosts Eric Townsend and Patrick Szna discuss the potential revaluation of the Japanese yen and how to position for a long yen trade amid changing economic conditions. The discussion also delves into the implications of AI advancements on energy demands and national security, highlighting the competitive race between the U.S. and China in the context of future energy capacity and technology.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Serezna welcome back economist David Rosenberg to discuss the future of inflation, Fed policy, and the economic landscape heading into 2026. Rosenberg challenges the prevailing view on inflation, offering insights into the labor market dynamics, the significance of AI in shaping the economy, and potential risks lurking beneath the surface of the stock market.

In this episode of MacroVoices, economist David Rosenberg shares his insights on the U.S. economic outlook for 2026, challenging prevailing views on inflation and Fed policies. The discussion also covers the implications of a K-shaped economy, the pivotal role of AI in driving capital expenditures, and the potential risks that may arise if stock market trends shift significantly.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Srezna interview Robert Kahn from Eurasia Group, exploring the intricate geopolitical landscape heading into 2026, covering topics like tariffs, midterm elections, and the implications of U.S.-China relations. This insightful discussion delves into how these dynamics could shape economic policies and financial markets as the year unfolds, all while reflecting on the broader implications of U.S. foreign policy and monetary strategies.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna welcome Robert Kahn, Global Macro Chief at Eurasia Group, to discuss the geopolitical landscape leading into 2026. The conversation covers pressing topics such as tariffs, the upcoming midterm elections, the Biden administration's industrial policy, and implications for U.S.-China relations, offering valuable insights for investors navigating a complex global environment.

In this episode of Macrovoices, hosts Eric Townsend and Patrick Szna delve into the complexities of the current oil market and potential volatility, discussing a strategic long iron condor trade to capitalize on price movements without taking a directional risk. They also explore broader market trends and the implications of potential dovish policy errors by the Fed as they aim to identify unique trading opportunities leading into 2026.

In this episode of MacroVoices, Eric Townsend interviews Jim Bianco, founder of Bianco Research, who shares insights on the recent Federal Reserve rate cuts, inflation dynamics, and the implications of government spending on the economy. The discussion also delves into the generational shifts in economic ideologies, particularly highlighting Gen Z's growing attraction to socialism in light of current economic trends.

In this week's MacroVoices episode, hosts Eric Townsend and Patrick Serezna discuss the implications of the recent interest rate cuts and their effects on equity markets, alongside a new asymmetric trading strategy designed for those forecasting higher bond yields. They delve into various asset classes, including treasury yields, gold, and uranium, providing insightful analysis for sophisticated investors.

In MacroVoices episode #509, Eric Townsend and guest Marco Papic explore the geopolitical and macroeconomic landscape shaping financial markets in 2026, discussing issues such as the U.S. midterm elections, tensions between Japan and China, and the implications of the situation in Venezuela. They analyze how these dynamics could influence oil prices, international relations, and the overall investment outlook for the coming year.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Sesi discuss the bullish outlook for European defense spending, emphasizing actionable trade strategies centered on Airbus amidst a recent market correction. The show also introduces the Asymmetric Trading Challenge for 2026, aiming to enhance traders' skills in real-time market conditions with comprehensive guidance and support.

In MacroVoices episode #509, host Eric Townsend interviews BCA Research's Marco Papic, discussing the significant geopolitical factors influencing the macroeconomic outlook for 2026. The conversation covers critical topics such as the impacts of Venezuelan politics on oil prices, US-China relations, and the dynamics surrounding the upcoming midterm elections, providing insights into potential market implications.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szno interview Lakshman Achuthan, co-founder of ECRI, as they explore the implications of changing political landscapes on inflation cycles and economic growth. They delve into the current state of the economy, highlighting a unique K-shaped consumption trend and the potential risks associated with structural shifts in the financial system.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna interview ECRI co-founder Lakshman Achuthan, exploring the intricacies of inflation cycles during significant regime changes and the implications for economic indicators. They delve into the current market landscape, assessing growth outlooks, K-shaped consumption dynamics, and the potential impacts of AI investments, while emphasizing the importance of cyclical indicators amidst changing economic conditions.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Serezna discuss the current market dynamics, emphasizing the need for a risk-managed trading approach amid AI bubble concerns while maintaining a bullish outlook on macroeconomic resilience. They introduce a strategic S&P 500 collar trade designed to protect against downside risks, highlighting the interplay between liquidity, fund manager behaviors, and market volatility as year-end approaches.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna welcome Michael Howell, CEO of Global Liquidity Indices, to discuss the potential end of the Everything Bubble amid a significant shift in global liquidity. They analyze the current state of the 65-month liquidity cycle, its implications for equity and commodity markets, and what investors should consider moving forward.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Serezna discuss key financial market insights, including predictions about the Federal Reserve's likely interest rate cuts and their implications for upcoming trades. They also analyze recent market performances, focusing on equities, commodities, and currencies, while providing strategies for navigating potential shifts in the macroeconomic landscape.

In this episode of MacroVoices, host Eric Townsend interviews Michael Howell, CEO of Global Liquidity Indices, discussing the implications of the global liquidity cycle and its potential impact on the ongoing "Everything Bubble." Howell elaborates on market corrections, shifting trends from equities to commodities, and the crucial relationship between debt and liquidity in the current economic landscape.

In this episode of Macrovoices, hosts Eric Townsend and Patrick Szna discuss the bullish sentiment surrounding uranium miners and explore various trading strategies for navigating the current market dynamics. They highlight the importance of understanding option structures in the face of volatility while analyzing other key market factors, including gold and crude oil trends.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Serezna welcome Mike Green, Chief Strategist at Simplify Asset Management, to discuss market trends in volatility, high-yield bonds, and precious metals amidst a backdrop of increasing government shutdown fears. The conversation explores the impacts of passive investing, inflation on commodity prices, and specific investment strategies, including a trade recommendation in uranium miners during the "trade of the week" segment.

In this week's Macrovoices episode, Eric Townsend and Patrick Serezna delve into a compelling trade opportunity, contrasting the recent rally of South Korea's technology stocks against the broader performance of the NASDAQ. Highlighting the risks of Korea's narrow market focus and geopolitical tensions, Patrick presents a relative value setup, advocating for a long position in U.S. tech while shorting South Korea's EWY ETF.

In this episode of MacroVoices, hosts Eric Townsend and Patrick Szna welcome Michael Every from Rabobank to discuss the current geopolitical tensions and their implications for global markets, notably focusing on the US-China relationship and the rise of economic statecraft. Listeners will also hear insights into upcoming market trends, including a proposed pairs trade strategy and the potential impact of evolving monetary policies and capital controls.