Saxo Market Call

The bottom just dropped out of this market

April 22, 2022

Slide deck: https://bit.ly/3EBF5Mu   -

Today we assess the sudden and alarming deterioration in risk sentiment as headlines attribute much of the move to fresh hawkish comments from Fed Chair Powell, who called the US labor market "unsustainably hot" yesterday. We look at the technical capitulation in the Nasdaq 100 index, the failure of recent equity investment themes like commodities to provide some defense against the broad selling pressure yesterday, gold's relative quiet actually very impressive in this environment, crude oil, grains, FX themes and the week ahead for earnings and macro data. Today's pod features Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

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