Saxo Market Call

It is not capitulation yet as markets remain nervous

January 24, 2022

Today's slide deck:   -

The VIX Index and the VIX forward curve is not displaying full capitulation yet in US equities so we cannot reject the possibility that equities could slide further, but in early European trading US equities are indeed attempting another rebound. The USDJPY has been sliding in recent weeks with risk-off in equities so if equities can stage a rebound watch out for this FX pair. The Ukraine-Russia tensions are also still lurking beneath the surface and could negatively impact European energy markets if if we see further escalation. On commodities we also talk about gold's resilience despite rising real yields and we also show how almost all of the important commodities remain in backwardation highlighting tight spot supplies. Finally, we go through which stocks to watch today and the most important earnings this week which will be the ultimate test. Today's pod features Peter Garnry on equities and Ole S. Hansen on commodities.

Intro and outro music by AShamaluevMusic

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