On Veterans' Day, remembering those we know and knew that served, we note that the market comeback is nearly complete with only the last shreds of resistance remaining ahead of the recent top, look at some results from Coreweave, Softbank and Rocket Labs, the coming end of the government shutdown, macro data from UK hitting sterling, how AI data center infrastructure ages, some interesting links for the day and more.

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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today, a look at markets bouncing back with considerable enthusiasm as the US government shutdown may be set to end in coming days, though it's worth noting we are only seven days removed from record highs as the market completely ignored the shutdown issue in the first place. Also, talking precious metals and natural gas with Saxo Head of Commodity Strategy Ole Hansen, macro and FX, whether US President Trump is turning hard left, incoming earnings and lots of must read and must listen links. 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Another ugly day on the US markets as the AI bubble focus heats up and key names are bleeding, from Nvidia and Palantir to Meta and Oracle. With VIX near pivotal levels, it feels like we need to find support here or risk a further and possibly accelerating consolidation in this bull market. That's important for other markets as well, as bond and FX markets have shrugged off the volatility in risk assets so far but can't remain immune to the contagion if risk sentiment deteriorates further. This and more discussed on today's pod, which features 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today, a look at the market's attempt to recover from the recent sell-off, noting at least one key name that is not participating in the comeback and noting sectors that are sending off diverging signals. Also on today's pod: key companies reporting and results incoming, macro and FX, some must reads and listens on what could hold AI back even if the hope to spend even more on data centres and more. Today's pod 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today - a rundown of yesterday's significant, if rather mega-cap and AI-concentrated market correction and its possible drivers, including the idea that the drivers weren't so obvious, and possibly therefore a bit more ominous. Still, it is worth noting the lack of contagion into other assets so far as we ponder next steps across markets, including in rates and FX. 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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We are much of the way through earnings season, although some of the bubbliest of the big bubbly names are reporting earnings this week, including speculative favorite Palantir today, while Applovin reports tomorrow and Robinhood, the top performer of the S&P 500 this year, reports on Wednesday. Also today, we look at the state of play in commodities markets with Saxo Head of Commodity Strategy Ole Hansen, including soybeans, gold and crude oil, run through some more compelling developments in FX and much more. Hosting the pod is 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today we break down the weak US equity market session, which was partially reversed after hours by a blowout Amazon earnings report. We also note that the ominous "Hindenburg Omen" has now been triggered, although it's relevance in market history is patchy. Also, a full rundown with Saxo Equity Strategist Ruben Dalfovo of the major companies that reported this week from Meta and Amazon to Apple and others as well as a ahead at next week's earnings highlights. Macro and FX, a bit on geopolitics and 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today, we look at the US and China clearly wanting to de-escalate trade tensions as both sides made concessions, with a one-year time horizon for some of the most important ones. Otherwise, we cover the extreme narrowness of the market's recent advance as most stocks have had a lousy couple of days on Tuesday and Wednesday. Thoughts on Fed Chair Powell's hawkish press conference and an unbelievably dovish Bank of Japan governor Kuroda press conference, many single stock stories, must reads and listens and more are 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Equity markets hit fresh highs on hopes for a friendlier terms-of-trade stance between the US and China to be agreed ahead of a Trump-Xi meeting meant to take place in South Korea tomorrow. We note the important details that need to emerge to justify the market's enthusiasm in what could prove a critical 24-hour window for global markets, with the FOMC on tap later today and an important BoJ meeting tomorrow as well. Plenty of single company stories to pick through as earnings roll in and macro developments are heating up several currencies as well. This and much more on today's podcast, 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today, a look at the strong risk appetite rally encouraged by hopes for a respite or detente in the US-China trade war. Also, a look at some wild moves on AI-chip related moves, Amazon's big job cuts, earnings ahead, and especially, on whether the end of the precious metals meltdown could free up some focus on currencies more broadly after their recent lack of volatility, with particular focus on the JPY. 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

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