Saxo Market Call

Today's slide deck: bit.ly/2VvVDQaToday we continue our discussion of the remarkable lack of breadth in the equity market, the difficult path of opening up and whether the markets' assumption of the pace of a return to normal conditions is too complacent or merely reflects confidence in ongoing massive central bank support. More on oil and EU existential risks as well. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/2RCtYfh  Today we discuss the remarkable short squeeze (or comeback, depending on your point of view) in the major US equity indices on the "Don't fight the Fed!" narrative that has accompanied the action since last Thursday, and to what degree that narrative is justified. Also a discussion of oil, existential EU risks and Italy, and much more. Today with Saxo CIO Steen Jakobsen, Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/3a697HzToday we discuss the key levels for sentiment as markets are clearly trading on hope rather than reality on the ground as the EU comes back from the holidays and oil markets hope that the agreed "OPEC++" deal will support prices. Earnings season is upon us starting today as well. Today with Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy on FX.

Today's slide deck: bit.ly/2xW5YN2Today we discuss the Eurogroup meeting failure and implications for the EU and euro, even if the parties are set to resume talks tomorrow. As well, a discussion of the new lines in the sand for the major equity markets after yesterday's somewhat disappointing finish in the US. Today with Christopher Dembik on all things EU and macro and John J. Hardy on FX.

Today's slide deck: https://bit.ly/2xXKsaU  Today we discuss the major US stock indices breaking important resistance, which stocks are most aggressively on the move, and try to put the Nasdaq100 index level in context - back to early November's then all time highs! Also - noting the important divergences in the gold market as futures diverge from spot prices and much more. Today with Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/3aOG1NZ Today we discuss the sentiment surge overnight and whether it will prove sustainable as medium term questions remain for oil and for the broader economy on how quickly normal activity can resume. We continue to see EM weak links as a possible concern and need to see more fiscal solidarity from the EU this week. Today with Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/344d4es  Today we discuss concerns across asset markets, including the scale of potential forward earnings results declines, that attempts to talk the oil market higher will struggle, and in EM FX, concerns that some of the weaker links are under mounting strain. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/2UVDASV  Today we talk yesterday's ugly session for equities and weak market breadth, a jump in oil markets this morning and putting that in perspective with recent volatility, FX impacts from crude oil on NOK and CAD and much more. Today with Ole Hansen on commodities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/2JrfTwJ  Today we discuss the evidence that quarter end factors may have been behind much of the recent bid in equities, if we are to judge from the lurch back into risk-off overnight in Asia, though other drivers may be afoot. In any case, we ponder the risk of binary outcomes for the market here, the risk of zero dollar oil and danger of trying to bottom pick that market and much more. Today with Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy on FX.

Today's slide deck: https://bit.ly/2UOi1DV  Today we discuss the key levels we are watching for risk proxies over the quarter end after the US market posted a strong session yesterday, if on very thin volume. Also, we discuss the collapse in crude prices and where that is hurting as well as how to trade a longer term recovery in prices. In FX, the focus is on risk proxies and we spotlight HUF after it closed at a record low against the EUR on the declaration of one-man rule in Hungary.