January 06, 2026

Two Mag stocks aren't so happy. Also, can FX please be relevant again?

14 minutes

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.

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Intro and outro music by AShamaluevMusic

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