Saxo Market Call

Does this market rhyme with 1926, 1928 or even 1929?

Today, a look at the remarkable US market and its seeming immunity to any external development and what that suggests about where we may be in some sort of bubble super-cycle, one that has the host thinking of 1929, perhaps because he is reading the great book of that title by Andrew Ross Sorkin. Also, a look at Palantir's incoming earnings, FX moves and the US dollar and incoming earnings and macro figures of note. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week, you will 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.

JPY intervention! And, can Economist covers open the Strait of Hormuz?

Today we discuss the key companies reporting in this week's earnings bonanza with Saxo Equity Strategist Ruben Dalfovo, including Meta, Alphabet, Amazon and Microsoft and Apple. We also note Nvidia's big drop on an otherwise positive day for the market - a concerning sign. Next week features several companies of note. Elsewhere, we note everyone rushing to declare a top in the crude oil market because of a classic Economist cover indicator. Really? Finally, a look at the macro and FX space, where the focus is on a strong bout of JPY intervention that sparked significant JPY volatility. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two 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 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.

Capex bombast versus spiking energy prices creating unbearable tension. Also, the JPY!

Today - how the market is parsing the titanic capex plans for the four Mag7 companies reporting after the US market close yesterday. With crude oil prices spiking aggressively, maintaining the AI exceptionalism trade will prove difficult unless prices back down. Also, a far more interesting FOMC meeting than was expected as Powell vows to stay on and put up a fight for Fed independence, a fight that is doomed to fail. Elsewhere, Japan fights against JPY sell-off while recording today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week, you will 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.

 

Four megacaps on tap late today to test market sentiment.

Today, a look at a modest market setback ahead of the single most important day on the earnings calendar this quarter, as four of the Mag7 are set to report earnings after the close today - each with its own twist, but overall with the focus on the scale of capital expenditures and cloud growth. Also, a look at yesterday's incoming earnings of note, energy (including of the nuclear sort), macro and FX developments and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

A link for today: billionaire and trading legend Paul Tudor Jones was on the Invest like the Best podcast, mostly talking great life- and trading lessons more than markets, but very much worth a listen.

About twice per week, you will 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 cognitive dissonance is getting painful here.

Today's John J. Hardy substack post.

Today, challenging the notion that energy prices can remain here or go higher and risk sentiment can stay stable as we wonder where the market's pain point is. It's either that, or we must see clarity emerge in the Hormuz Strait to justify the equity market's strong sentiment. Also, a look at companies reporting yesterday and today, macro and FX, the Bank of Japan's meeting today and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two 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 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.

Semiconductor momentum getting bubbly. Meanwhile, Hormuz Strait - what's that?

Today, a look at the continued incredible ramp in semiconductor names and whether we are inflating an incipient bubble, even if forward valuations in many case look quite reasonable. Elsewhere, we note the lack of progress in opening the Hormuz Strait and the implications that continue to multiply with every day and week that crude oil and refined products aren't reaching the global market. Meanwhile, we have peak earnings season and five central banks meeting this week. This and more 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.

About twice per week, you will 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.

SaaSpocalypse NOW. Also, massive earnings and central bank week ahead.

Today, we look at the collateral damage in software-as-a-service land after ServiceNow shares suffered a nasty markdown yesterday after reporting earnings. We also look Intel's massive advance and other big movers on the day, and preview next week's peak-earnings season calendar with Saxo Equity Strategist Ruben Dalfovo. Also, a preview of the five G10 central banks meeting next week, with the Powell's swan song FOMC meeting next Wednesday. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two 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 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.

AI picks & shovels rocket higher. If only they could open the Hormuz Strait.

Today, a look at a concentrated market rally in the US yesterday, led by big picks and shovels names in AI, with GE Vernova leading the pack, even as market breadth was flat and risk sentiment is wobbly elsewhere on Iran continuing to obstruct shipping through the Hormuz Strait. Software-as-a-service names were under pressure after the US market close yesterday on ServiceNow reported earnings, the first major SaaS name to do so for this earnings cycle. Also, Tesla earnings, macro and FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Luke Gromen was on Macrovoices last week and makes some key points on the risks to the global economy and markets if this Hormuz Strait crisis drags into summer.

About twice 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.