Saxo Market Call

Today, we note that the bearish line continues to hold in US equities, as the Nasdaq 100 index can't seem to break through the local resistance and the S&P 500 index has shied away from the 7,000 level. We also run through this week's earnings for takeaways, preview Netflix earnings for next Tuesday as well as other key tech names reporting next week. In geopolitics, we continue to assess the true nature of the Donroe Doctrine and Trump's ambitions for Greenland, as well as shielding our eyes for what awaits Carney on his return from China. Today's pod features Saxo equity strategist Ruben Dalfovo and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two links for today: one a podcast discussing US military deterrents to China's invasion of Taiwan, among other US defense topics, and two, a profile of the remarkable entrepreneur Palmer Luckey, billionaire and founder of military technology company Anduril, which he started at the age of 25. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today we note that yesterday's divergences in the US equity market internals were particularly large as Mag7 and banks suffered yesterday amidst otherwise strong market breadth, while silver stumbled on a double whammy of news but is already posting a comeback attempt. Elsewhere, we scratch our head at the situation over Greenland, remind of the critical stakes for energy and the Middle East at large as Iran's regime teeters and much more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a rundown of the latest market action and the "last chance saloon" for bears still hanging in there for now as earning season picks up momentum from here after yesterday's downbeat reception of JPMorgan's earnings call, with Jamie Dimon downbeat on implications of US deficits for the long run. Elsewhere, a look at two companies that are under massive pressure from AI - more for narrative reasons than anything in their earnings. And we discuss the US economy's much weaker state than is widely recognized among many other topics. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today we round up the market action and focus especially in on the precious metals and other commodities markets with a spotlight on silver and whether it is getting overdone here to the upside, or if the rallies in gold and now silver are leading indicators of a more transformative repricing of the physical world relative to the paper/financialized world, which could mean we're only getting started. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. As discussed on the show, a post from Craig Tindale on the importance of critical materials and what China understood a long time ago that has led to this ugly wakeup moment for the rest of the world. There is also this post from Craig, which discusses another angle on the same topic. Also note that the Trump administration is listening. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

A rocky start to the week as the market looks on with unease at the latest Trump administration move against Fed independence, but the move could also be about this story reinforcing a wider pattern. Elsewhere, Merck is pursuing a giant acquisition, earnings season is set to kick off tomorrow and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.  Sign up for the webinar John will host with Chief Economist at CME Group Erik Norland on the outlook across markets - tomorrow at 1200 GMT. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.