Saxo Market Call

Today, a look at the market punishing Nvidia shares, and many other AI hardware-related stocks in Thursday's session - was this mostly about options-related flow or red flag related to long term growth concerns? Also, a look at other names with big moves, including Block ripping higher on announcing plans to fire 40% of its workforce due to AI productivity gains. Elsewhere, some thoughts on macro and FX and SMC goes down a rare earth rabbit hole on one of the rarest of all elements as well as the future of memory, a key hardware tech space to watch. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. The Goodfellows discuss Iran and other topics - important for considering scenarios and the odds that something big is set to happen in Iran. Two or three times per week, 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro 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.  

Let's see if the US cash session (and the action into Friday's options expiry) tells us otherwise, but the market's very restrained reaction to Nvidia's very strong report might suggest a concern linked to the long term sustainability of Nvidia's prospects even amidst the incredible near term numbers. Elsewhere, we break down the results of other key software-as-a-service names reporting as well as some thoughts on Iran, a top geopolitical concern the market is ignoring, FX and more. Today's pod features Saxo Equity Strategist Ruben Dalfovo 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 marketcall@saxobank.com 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.

The AI disruption trade finally saw some consolidation yesterday, ironically the day after a viral report on profound AI disruption sweeping over the market. Elsewhere, we have Meta going big on its commitment to AMD and Nvidia and key software-as-a-service names reporting today after the close. In FX, the JPY is tumbling as dovish BoJ appointments have the market questioning whether Japan's PM Takaichi has any commitment to corral JPY weakness, which may have also provided the fresh lift in gold and silver. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro 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.

The AI disruption overlay trade is now bordering on the AI apocalypse trade as a well penned research report intensifies the sell-off in names that the market fears the future of AI will disrupt. IBM suddenly the latest victim on the announcement of the latest Anthropic tool that might be able to update old mainframe software. We try to assess the landscape and wonder when and whether the selling stops, or whether the sell-off sparks widening fears for the market. The latest on macro and FX and much more also on today's pod, which 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 marketcall@saxobank.com 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.

With Ruben Dalfovo, Saxo Equity Market strategist, today we delve into how to approach and rate the prospects for beaten down software-as-a-service (SaaS) stocks with a systematic approach and how some names may have been unfairly punished recently while the business models of others are indeed in doubt. We also look at a number of important software names reporting this week, as well as previewing the biggest hardware name of them all: Nvidia, who reports earnings Wednesday. Also, Trump tariffs, macro and FX and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's links: Ruben's piece: The AI stress-test for software stocks: a simple framework to spot disruption risk The JPY carry trade is important to understand, as well as the risks should it be set to unwind in coming weeks and months. Two or three times per week, 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro 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, another breakdown of the remarkable dispersion in the US market, with few signs that it is ending just yet, while Europe continues to soar on record inflows. FX is deeper in limbo after USD shorts were squeezed - important to see how we close for the week there, especially for EURUSD as we saw a very pale green shoot from the German Manufacturing PMI today for the first time in years. This and much more on today's pod, which 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 marketcall@saxobank.com 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 look at a modest US equity market rally as we wonder whether those pressing recent themes within AI winners vs. AI losers have overextended themselves. In any case, equity technicals look pivotal here, as does the USD and JPY outlook in key pairs, all while we wonder whether markets, outside of the crude oil market itself, are too complacent in continuing to ignore the risk of the outbreak of a war or regime change attempt in Iran. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, 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 marketcall@saxobank.com 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, continuing to note the wild swings in individual names even as the overall indices look relatively flat on the surface, while wondering whether some of the recent attempts to play the AI winners/losers game has gone too far and if we could see some mean reversion. We run through a number of individual stock stories as well. Over in macro and FX we note the market shifting into limbo mode, which is raising uncertainty levels uncomfortably. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two links for today. The one to a great recent podcast on all things FX, speculative stocks and more with Brent Donnelly and another some comments from Jeremy Grantham on the risks to the main indices if two of the "big three" IPOs happen this year. Two or three times per week, 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 marketcall@saxobank.com 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 discuss the ongoing "AI Overlay" trade, note another AI-related company that is not a hyperscaler, but is set to spend up to USD 200 billion on capacity expansions in coming years. Elsewhere, we discuss the strength of US treasury and Japans' government bond markets and whether this is contributing to pressure on precious metals. As well, we ponder whether both the US dollar and yen might strengthen against the other major currencies and the next keys for sterling direction. 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 marketcall@saxobank.com 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 look at everyone attempting to put on the "AI overlay" trade and whether this unsettles confidence in the market more broadly, or just deepens recent and very remarkable dispersion in the performance of many sectors. We also note the intense new focus on Walmart, which reports earnings later this week. Elsewhere, a rundown of macro and FX developments after soft US CPI data reported Friday and much more. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy. A reminder to have a look at Friday's John J. Hardy substack post with some great additional links. Other links discussed on today's pod: Izabella Kaminska continues to provide some great thought leadership on the implications of widespread disruption from AI and how it can undermine its own future if we don't think through this carefully - particularly this post and her own response to a comment on that post are worth reading. As mentioned, Michael Every appeared on Adam Taggart's Thoughtful Money podcast with his latest thoughts. The overall uncertainty is very important to absorb from the conversation, in addition to the key points. US Secretary of State Marco Rubio delivered an important speech to the Munich Security Conference.  Two or three times per week, 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 marketcall@saxobank.com 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, strong notes of general concern as yesterday could have marked the beginning of a broader weakening in risk sentiment, which has so far been avoided amidst the wild churn in individual stocks in the US even as the overall index has chopped around within the high end of the range. The worst thing for this market might be a sudden return of high correlation across stocks. Elsewhere, the JPY rally stalled out on a modest USD comeback as we await key US CPI data today, while treasuries showed interesting signs of serving as a safe haven yesterday and gold did not - stay tuned there! 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 marketcall@saxobank.com 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 look at carnage for additional individual names on AI disruption fears even amidst relative market calm in US equities. Elsewhere, a break down of the US jobs report, going way beyond all of the headlines on the January numbers to indicate how little the wiser we are all on the actual state of the US labor market from this specific report. As well, a look at the chunky further JPY rally and whether and how a possible revaluation of the yen might unfold from here. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. A link to John's The FX Trader piece from today. Two or three times per week, 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 marketcall@saxobank.com 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 discuss another session marked by notable divergences within the US stock universe, oil markets heading into territory that is starting to look expensive unless geopolitical tensions spill over into actual confrontation, the idea that the best things for gold and silver bulls might be for the price action to just calm down for a while, and the macro backdrop heating up with key US data ahead - especially today's US payrolls revisions, which are far more important than the latest data print. Meanwhile, the JPY is rumbling - can it roar? 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 marketcall@saxobank.com 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's episode features a very special guest, Peter Garnry, CEO and co-founder of Gesda Capital, as we discuss everything from Novo Nordisk's performance in the wake of its Wegovy pill release to nearly everything AI-adjacent, from the market's rough treatment of software-as-a-service names of late to the outlook for Mag7 stocks and hyperscalers on their massive AI capital spending arms race. We also look at the risks of passive investing, discuss the SpaceX IPO and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Link: The Acquired podcast episode on Google: The AI Company that we referenced on the podcast.   Two or three times per week, 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 marketcall@saxobank.com 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 look at the US equity market suffering it first real broad sell-off in a while as nearly everything sold off yesterday, with the negative vibes intensifying after the close on news of Amazon.com's titanic spending plans on AI for the coming year. Elsewhere, crypto suffered one of its worst days ever, unsettling risk sentiment further. Also, a look at macro and FX, especially the wobbles in sterling on BoE and political developments. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, 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 marketcall@saxobank.com 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 look at a remarkable downdraft in nearly all AI-adjacent stocks, with no category escaping the selling, even as much of the rest of the market posted a positive and even strong day, the latest in wildly gyrating internals. We try to piece together a takeaway and wonder as well whether the European equity market performance has gotten overcooked. Perspectives on the Bitcoin sell-off, FX and macro and much more also on today's pod, which 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 marketcall@saxobank.com 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, while the software-as-a-service disruption concern has been roiling for quite some time for many companies, yesterday's market action saw a massive new acceleration in the negative focus on companies that face a risk from AI disruption as new agentic AI applications come on board - some of them names that had escaped negative attention before. We look at a number of these names, other key moves in equities, the latest pressure on crypto and whether it can be stopped and macro and FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, 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 marketcall@saxobank.com 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 look at global risk appetite in a happy mood as precious metals markets have stabilized and the US manufacturing sector shows its first interesting sign of revival in years. Palantir shareholders were also able to celebrate their "cosmic reward" for sticking with the company as the company reported strong earnings after the close. Disney shareholders had less to celebrate. Elsewhere, the USD is back at a tipping point as bears need to make a stand or else. This and more on today's pod, which 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 marketcall@saxobank.com 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 unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for a market that was already showing signs of total dysfunction, as covered in our Thursday January 29 podcast. Elsewhere, we look at the general contagion of the metals volatility into other markets, including in rates, FX and equities, where we continue to monitor some strange behaviors that my suggest considerable market fragility. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. The two links mentioned on today's pod: Izabella Kaminska on X, one of the greatest observers of narrative versus reality and measurer of the Zeitgeist. Especially this post caught my eye today. Russell Napier's most recent appearance on a podcast - one of the most important thinkers about the new market regime we are in and the need to ask the right questions appropriate to that regime. Two or three times per week, 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 marketcall@saxobank.com 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 thorough rundown of big incoming earnings reports, especially Microsoft (which likely drove much of the volatility in the broader US indices yesterday), but also Meta, Tesla, Apple and others. We also look forward to a busy earnings week next week with two more Mag7 names reporting. Also on today's call, a look at the market reaction to stories that Trump is set to announce today that Kevin Warsh will be nominated as the next Fed Chair and how to position this choice. Today features Saxo Equity Strategists Ruben Dalfovo and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two links discussed on today's pod: one is an appearance by Russell Napier with the Hudson Institute on "Understanding the AI oppportunity" and another is a WSJ exclusive (paywall) on the status of the US Clarity Act, which is a deepening of the regulatory approach to crypto in the US. 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 marketcall@saxobank.com 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, much of the AI "pick and shovels" space is aflame on Meta CapEx plans and other announcements after the latter, Tesla and Microsoft all reported earnings yesterday. The average stock had a weak day yesterday, however, even as the S&P 500 touched 7,000 for the first time. Also, a look at the latest chaotic action in gold and silver prices and how the market is becoming increasingly dysfunctional and dangerous. Oil and gas prices, macro and FX and more also on today's pod, which 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 marketcall@saxobank.com 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 look at the focus on FX intensifying after Trump comments blasted an already weak US dollar lower still ahead of today's not-so-anticipated FOMC meeting, given that all market focus for the Fed is on the identity of Trump's nominee to replace Powell in May. More on the yen and other currencies. Also on today's pod, US tech stocks attempting a breakout ahead of key Mag7 earnings incoming, what could greenlight a SpaceX IPO, latest on gold and silver and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's The FX Trader piece from Wednesday, Jan 28. 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 marketcall@saxobank.com 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 the flip in US equity market internals while noting what might be driving it ahead of critical Mag7 earnings and as the Nasdaq 100 once again has rallied to a massive resistance area. As well, Japanese yen volatility is only one focus in currencies as the US dollar is heavily on tilt here, while two-way silver volatility has reached almost absurd levels - is that compressing the timeline to at least a temporary top? This and more on today's pod, which 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 marketcall@saxobank.com 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.

Friday gave us a huge signal that the US may be extending Japan a helping hand in preventing further yen weakness - certainly effective for putting a floor on the JPY price from here on out - but how should we read the US dollar on this apparent move? Elsewhere, US natural gas prices are spiking wildly if only for the front contract on the winter storm there and precious metals prices have extended aggressively once again as silver sliced through 100 dollars an ounce. This and more as earnings season heats up this week. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is 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 marketcall@saxobank.com 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, markets are happy to have dodged a US-Europe trade war this week, but we consider a few issues (besides the acceleration in high-impact earnings reports next week), or "grenades" that may or may not go off from here: first, whether this winter storm hitting the US could have an impact, among other things, on AI data centres - not in a storm sense, but in a storm of protest sense, second, the EU Mercosur trade deal and whether this opens up internal strife within key EU institutions, and third, a very delayed-fused situation for sterling and gilts linked to Labour party politics in the UK. Also, the BoJ, whether FX vol is finally heating up and much more on the pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy Here's that link to that piece on the US and Europe not speaking the same structural language on the world order, indicative of the overall massive rift that remains despite not engaging in a trade showdown this week. 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 marketcall@saxobank.com 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.

Markets are rushing higher on the Trump "TACO" on tariffs against European countries and on calling off any military option for the US taking Greenland. We continue to look at massive divergences in market internals. Elsewhere, natural gas has mounted a stunning rally as the US is headed for a natural disaster on a possibly unprecedented geographical scale as an ice storm could cut power to whole regions of the US for extended periods and spike utility bills. 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 marketcall@saxobank.com 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, another rundown of any number of possible outcomes from Davos after Trump touches down to negotiate with or browbeat European counterparts on the Greenland issue, a continued focus on the implications of Japanese policy moves to address instability in its bond market, the Mag7 leading the market lower, and much more. 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 marketcall@saxobank.com 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, looking at markets in a bad place on concerns for US-Europe relations over Trump's Greenland ambitions, a situation that could fester for global markets even if the European position collapses and there is no major escalation of tariffs or other measures between the two sides. Also, the Japanese government bond market is flashing bright red now after a meltdown in the longest dated JGB's overnight - meaning that the next policy move is incoming, with no attractive options from which to choose. This and more in today's pod, which 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 marketcall@saxobank.com 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.

Markets are nervous as it feels like an either-or setup soon with the US-Europe relationship over the Trump administration's apparent intent to "take" or "buy" Greenland - are we set for a TACO and a deal or a significant break in the transatlantic alliance, both in terms of defense and trade? Also, history is being made with the treatment of Venezuela's oil revenues, US treasury yields may finally be on the move, earnings season is revving up and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. As noted on today's pod, Brent Johnson of Santiago Capital interviewed Rabobank's visionary macro strategist Michael Every - a must watch. Also, an X account of unknown authenticity but with many provocative takes on many pressing issues of late points out the novel treatment of Venezuela's oil revenues and what this could indicate. 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 marketcall@saxobank.com 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 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 marketcall@saxobank.com 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 marketcall@saxobank.com 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 marketcall@saxobank.com 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 Commodities 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 marketcall@saxobank.com 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 marketcall@saxobank.com 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, the weak tech, strong broad market theme deepens as we wonder what is driving it. Also, geopolitical developments are coming quick and heavy, with the situation in Iran looking especially impactful from here if the regime is overturned. Elsewhere, a focus on the US dollar today on the US jobs report and whether nearly-dead FX can wake up if macro trades are revived in its wake. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's The FX Trader from today. 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 marketcall@saxobank.com 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 run through a number of factors, from the very tactical, to the very big picture, on why bears might try to make a stand here - with earnings season in the wings to test this wildly bullish market anyway in the weeks ahead. Regardless, Trump's new populist pronouncements on big defense companies and companies buying US housing are pivotal, as they will have strong bipartisan support. Elsewhere, geopolitics will remain a massive distraction even if markets continue to ignore developments there for now, outside of European defense stocks, at least. Today's pod 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 marketcall@saxobank.com 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 the strong risk-on vibe continues, though more in the broader market rather than in the megacaps. We also highlight that major commodity indices are in for an annual rebalancing in coming days, with interesting implications for gold, silver and even cocoa. There's also lots of Nvidia news shaking the autonomous driving space, very little going on in the FX space, though Aussie is doing its best to make noise and key US data incoming. This and more (including geopolitics and oil) on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and is 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 marketcall@saxobank.com 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 a positive day for stocks, though two Mag 7 stocks look rather weak here given the backdrop. We also discuss a reconstitution of our AI basket, FX trying to become relevant again with some possibly interesting moves developing and the hope that the US dollar can make a statement one way or another by the end of the week with key data incoming. A few comments on Venezuela and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's interesting link is to a comment on AgrisAcademy's X account by a former Cargill trader who describes what a failed state looks like from ground level. There is an awful lot to change to get a functioning economy again. 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 marketcall@saxobank.com 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, an assessment of the reasons behind the US' surgical removal of Venezuela's political leadership and what the fallout may be for oil and likely more importantly, geopolitically. We also bring the Iran situation into the conversation and note that it could prove a far bigger deal for oil and gas markets if sanctions are eventually lifted there. As well, we discuss the insane ramp in silver prices into year-end, the moves in FX and 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 marketcall@saxobank.com 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 take a humble stab at forecasting the coming year, from the economy and global equity markets to outcomes for rates and FX, as well as touching on key policy and geopolitical topics with uncertain outcomes that could make a mockery of any forecast. We even assemble a sample portfolio for 2026 that we'll return to throughout the year. (Important: this is not a recommendation, it's presented in order to have as a point of departure for discussions). You can find the sample portfolio instruments listed in a coming post on the John J. Hardy substack (within a few hours of this 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 marketcall@saxobank.com 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 look at equity markets trying to ramp up for a strong close to a strong year. On Tesla's recent share price ramp, we have finally gotten the memo, as there is clearly a SpaceX angle for the company's stock of late that could send it higher still depending on market conditions for an eventual SpaceX IPO and whether Tesla shareholders get special access. Elsewhere, the JPY tries to make a stand after Friday's ugly downdraft and as JGB yields spike again. This and more on today's pod, which 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 marketcall@saxobank.com 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 look at AI stocks trying to get back their stride, Trump's DJT stock now becoming a nuclear fusion play and thoughts on what exactly can stop the yen from weakening when the market continues to play the currency as an emerging market currency after today's BoJ hike, with weakness in the currency coinciding with new 26-year highs in the 10-year JGB yield, which has ripped higher through 2.00%. 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 marketcall@saxobank.com 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 look at a weak session for US equities, led by fresh selling in nearly everything AI-related, though Micron did all it could to right sentiment after the close with stunning forward projections. We also talk Oracle's latest stumbles, Nike earnings incoming and the European fashion space, macro and FX, especially the incoming Bank of Japan meeting Friday as yen traders are likely set to pounce. Today's pod features Saxo Equity Strategist Ruben Dalfovo and was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's links:  Ruben's look at European fashion stocks The epic Craig Tindale X post with a strategic analysis of critical materials supply chains - super stuff. Arnaud Bertrand breaks down the recent shocking US National Security Strategy document as a historic moment for Europe, finding parallels in Khrushchev's shocking the Soviet relationship with China. 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 marketcall@saxobank.com 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.

On a meh day for US equities, retail traders take Tesla to a new all time highs on robo-taxi hopes. Elsewhere, we break down some critical news for owners of US defense stocks as Trump weighs moving against their buybacks and dividend payments. Elsewhere, we run through the latest on the crude oil and natural gas outlook, the wild price action in metals, a key US dollar reversal and the massive stakes going into the Bank of Japan meeting this Friday for the yen. This and more in today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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 marketcall@saxobank.com 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 look at another weak session for the US equity market, especially for many AI-related names, although Tesla had a banner day on hopes that its Robo-taxis are set to go driverless. We do some of the maths on robo-taxis to show why market hopes are so high - but also why the company must deliver them on a staggering scale to justify Tesla's share price. Thoughts on macro and FX ahead of key central bank meetings later this week and much more also on today's pod, which 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 three 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 marketcall@saxobank.com 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 look at Friday's ugly session, where internals suggest a market where some of the pros may be in profit-taking mode ahead of year-end as some of the most recent high-profile gainers suffered an ugly setback while many weak companies posted strong gains. Also, a look at the busy calendar for the week ahead for macro traders, as we await key US data and central bank meetings, especially the Bank of England on Thursday and the Bank of Japan on Friday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's link: Mike Green has made a huge splash on middle class financial insecurities and cost of living affordability challenges at surprisingly high income levels and was recently a guest on a very long form podcast discussing this very topic. Really critical to get at the root of why someone like Donald Trump has become president - because the system isn't working for most people anymore.   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 marketcall@saxobank.com 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 the extension of the recent boom in the broader market and small caps relative to tech, as the relative rotation away from AI continues and Broadcom is the latest AI/tech megacap to be punished despite reporting strong results for last quarter after the close yesterday. We also profile an intriguing and wildly successful name for the last thirty years that reports next week, assessing Micron and its massive advance. Lots more on today's pod as well, especially on macro and FX and ongoing concern about the US treasury market and its potential to drive market volatility. Today's pod features Saxo Equity Strategist Ruben Dalfovo 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 three 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 marketcall@saxobank.com 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 look at the S&P 500 attempting a new all-time high and the broader market bulling up strongly on the nominally dovish FOMC meeting, only to be spoiled by the Oracle earnings after the close as investors worry about the company's rate of spending and cloud revenue miss. Can Broadcom earnings today save the day? Also, Carvana is about to be added to the S&P 500, but is it an out-and-out fraud and an eventual zero as many short sellers would maintain? This and more on today's pod, which 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 three 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 marketcall@saxobank.com 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 look at the equity and treasury markets holding their collective breath ahead of the FOMC tonight and what to watch for in the market's reaction today, noting that key incoming US macro data is in the mix as well. We also talk gold, the surge in silver and the crude outlook with Saxo Head of Commodity Strategy Ole Hansen. Also, one key listen for today asks the question of what would the market trajectory look like if AI causes unemployment rates to rise to 20%? Today's pod 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 three 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 marketcall@saxobank.com 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.

Markets are a bit nervous here ahead of the FOMC meeting tomorrow and the delayed key US data, with the key question afoot of whether the US treasury yields are set for a break higher, which could drive higher volatility across all other asset classes. Elsewhere, rising yields driving fresh woes for the JPY, with USD traders holding their breath trying to sort through the reaction function to different scenarios for US data. This and more on today's pod, which 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 three 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 marketcall@saxobank.com 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 quick look around global markets, where the JPY can't find a bid as long as global bond markets are under pressure, the US stock market continues its odd, micro-volatile march higher and we have Netflix trying to acquire Warner Brothers-Discovery if the deal is approved, with the FT noting that some prior Warner Brothers takeovers have come at interesting market inflection points - see link below. Also, the big move in CAD on Friday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. The FT notes a couple of prior Warner Brothers takeovers that came just before ugly bear markets. The longer versions of the Saxo Market Call usually feature a John J. Hardy substack post to accompany the show, with links and the chart-of-the-day. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com 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.