Saxo Market Call

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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER

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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER

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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER