Saxo Market Call

Something weird is brewing, but what?

Today, we run down some of the odd factors in this market that are keeping us on the edge of our seat that something weird, and possibly ominous, is brewing, if disguised by the wall of retail, passive and corporate buyback bids in this market. We also talk incoming earnings and strong reactions to those, macro and FX and today's latest batch of must reads and listens. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.  

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or two hour delay 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 and outro 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.

And the next Fed Chair is...

Today, we await the imminent announcement of the identity of the next Fed Chair as Trump has two empty Fed board seats to play with and could fill one of them with his next Fed Chair nominee. We also talk earnings yesterday (AMD, Supermicro and Novo Nordisk) and upcoming earnings today, whether the USD bears are set to get the upper hand again here, key resistance that is still in place for US equities, some great links and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or two hour delay 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 and outro 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 AI train keeps chugging. Challenging our own bearish case.

Today, we note that US stocks have closed last week's gap in the major indices. Do bears re-engage or get trampled by the bulls? We round up the blowout Palantir earnings, look at the next key AI names to report today and discuss some great links, including one that is supports the idea that bearish concerns are misplaced in an era of fiscal dominance, in a policy mix possibly unlike anything we have seen since at least the 1940's and structurally, unlike anything we have seen ever. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or two hour delay 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.

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 cracks beginning to show as we are flying blind on state of US labor market.

The overdue US equity market correction finally arrived. Will this just prove a healthy correction or are the cracks beginning to show, pointing to something bigger afoot? It is certainly clear that the data is not giving us any real clue of the status of the US labor market after Friday's shock negative revisions to payrolls. Also on today's podcast, we discuss listed rare earth companies and an ETF, the situation in industrial and precious metals, geopolitics, critical incoming earnings, important listens and links and more. Today's pod features Saxo Head of Commodities Strategy Ole Hansen, with Saxo Global Head of Macro Strategy John J. Hardy hosting.

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or two hour delay 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.

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.

What one Mag7 name giveth, another Mag7 name taketh away

Link to today's slide deck.    -

Today, a look at a very unusual and very climactic third consecutive outside day on the Nasdaq 100 index, as the intraday rally tested all time new highs before selling started that accelerated on Amazon.com's earnings after the close. Also, a look at Europe struggling mightily today and some of the mighty that have fallen of late. Huge focus today as well on the US July jobs report and how it will impact the US dollar, as well as a preview of critical names reporting earnings next week. 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 can be found on the John J. Hardy substack (with a one or two hour delay 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.

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.

Is Meta bad for humanity, even if earnings were as good as it gets?

Today, a look at Meta blasting it out of the park in its latest earnings report, though this could be about as good as it gets for a company of its size, and its roadmap has some "questionable" elements. Microsoft also surprised, sending Mag7 sentiment higher ahead of two further Mag7 names to report today - Apple and Amazon. Also, a look at Trump's latest tariff announcements, the FOMC and Bank of Japan meetings and USDJPY levels and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or two hour delay 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.

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.

Most dangerous market of all time?

Today, a run down the gauntlet of risks that this market has to navigate in the coming two weeks, from earnings and US data to geopolitics and other factors as we fret that a reasonable consolidation at minimum is imminent, and even if it isn't, would further destabilize the course of future returns. A discussion of Meta reporting today, Novo Nordisk's profit warning and whether the bottom is near for that company and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast can be found on the johnjhardy substack (with a one or two hour delay 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.

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.

Euro crushed and what does Visa tell us about US equity market valuations?

Today, we look at the downdraft in the euro and European stocks yesterday and wonder if this is merely a kneejerk reaction to the EU-US trade deal or the start of something bigger. We also run down a few big movers in the US yesterday as the AI theme remains strong in the "shovel" space in AI (those who make the hardware driving AI data centers). Finally, we use Visa's valuation to demonstrate the rich valuation in US equities, look at levels for major Euro crosses and gold and silver, break down the US macro data up today and more. Today's pod hosted by John J. Hardy, Saxo Global Head of Macro Strategy.

Link to John's substack for more links to Saxo and other content.

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.

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.