# Sleepwalking at the S&P High

Page: https://stenobird.com/podcast/the-macro-dirt-podcast-7189318/sleepwalking-at-the-s-p-high
Text version: https://stenobird.com/podcast/the-macro-dirt-podcast-7189318/sleepwalking-at-the-s-p-high.md
Podcast: [The Macro Dirt Podcast](https://stenobird.com/podcast/the-macro-dirt-podcast-7189318)
Published: 2026-04-29T11:06:09+00:00
Episode link: https://podcasters.spotify.com/pod/show/macrodirt/episodes/Sleepwalking-at-the-SP-High-e3ikr44
Audio file: https://anchor.fm/s/f7e06fa8/podcast/play/119220804/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-29%2F423108926-44100-2-5ae83fab8dc85.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-macro-dirt-podcast-7189318/episodes/sleepwalking-at-the-s-p-high
Duration seconds: 1575

## Resource

In this podcast, Tony Greer and Jared Dillian break down a market stuck at critical highs as oil threatens another leg higher, gold rolls over, and traders wrestle with whether this is consolidation or the setup for a bigger reversal. They dig into energy leadership, Intel and semis as strategic trades, OpenAI cracks, bond market warning signs, and whether rates may stay tighter than markets expect. The conversation explores momentum versus mean reversion in a brutal trading tape, why oil may still be the key macro trade, and how inflation, Fed policy, and tech positioning could collide next. They riff on the dark mood of 1994 grunge, Kurt Cobain, iconic music videos, and the cultural backdrop behind some unforgettable songs. Sign up for The Navigator at $99 ONLY - https://tgmacro.com/the-navigator/

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## Transcript

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