Macro Voices, Released on 4/27/20

• Why USO’s 1:8 reverse split is a setup for massive retail inflows to Crude Oil ETPs this week
• Why oil producers will be taking the other side of futures bought by USO and other ETPs
• The perfect storm: What happens when a historically unprecedented % of shorts stand for physical delivery
• There simply is no good solution: Even with a financial bailout, the logistic nightmare could cripple the industry

Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Prior to joining Arbor and Bianco Research, Jim was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

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