Saxo Market Call

Market volatility unlikely to fade quickly

Today's slide deck:  https://bit.ly/3osHI9X    -

Today, we take a crack at breaking down the market action of the last few days and especially why the most-shorted-stock basket is negatively correlated with the broader market, while also making the case that a fading away of the short squeeze phenomenon may not necessarily lead to quieter markets again. Also, a look at USDJPY's odd behavior, the speculative attack on silver positions yesterday and much more. Today's call with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

Helmets on as volatility rips higher

Today's slide deck: https://bit.ly/3qXa4L5   -

Today, we look at the ongoing short squeeze across virtually all of the most shorted equity names and discuss the degree to which this is contributing to the worst spike in volatility for the broader US equity market since mid-March of last year, a couple of weeks prior to the market bottom at the time. We also look into Apple and Tesla earnings reports, signs of investors running for cover in the USD and US treasuries and what that means, and the contagion of the volatility across assets, including into commodities. Today's call with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

Squeeze on shorts continues to dominate headlines on FOMC day.

Today's slide deck: Today's slide deck:  https://bit.ly/2KXHVUY   -

Today, another look at the short squeeze developments and as the intense GameStop squeeze continued yesterday and even after hours despite Monday's pump and dump in the stock. We underline the danger of engaging in the zany action here while at a loss to understand how long the phenomenon can continue, though the time frame is likely to prove relatively short. Elsewhere, we look into the US treasury and BTP market, preview the FOMC meeting tonight, note signs of strong demand for risky UAL debt and more. Today's call with Peter Garnry on equities, Althea Spinozzi on fixed income, and John J. Hardy hosting and on FX.

The wheels are coming off.

Today's slide deck:  https://bit.ly/3ojt7gP  - 

Today, we look at yesterday's mini flash crash in US equity markets and the activity in the retail space - and undoubtedly amplified by other sharp market operators - that is driving an enormous squeeze on the most shorted equity names, most spectacularly yesterday in GameStop. It is a dangerous game that will stop at some point and we encourage traders to exercise extreme caution here. Elsewhere, we dive into the Chinese warning on asset bubbles, focus on US long rates, semiconductor shortages and much more. Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Big week ahead for earnings, macro

Today's slide deck:  https://bit.ly/2NpCNcS    -

Today, we delve into the market's positive start to the week and the blitz of big earnings reports ahead, including Wednesday's bonanza of US megacaps reporting. Also, a wrap of the huge correction in the grains market last week and whether it marks a trend change,  what is driving the weaker US dollar narrative and more. Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

It's time to take some chips off the table

Today's slide deck: https://bit.ly/3sLcQ7Z   - 

Today, we look at whether it is time to take a few chips off the table at minimum on a few signs that the most speculative assets have hit a rough patch, as we question the ability of "story"  and "theme" companies with zero earnings to continue their vertical ascent. Action in the commodities space and positioning there are likewise a headwind for the reflationary narrative at this time. We also take a  look at how to hedge for a possibly correction across markets.. Today's call with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX. 

The Biden Presidency greeted with a swell of enthusiasm

Today's slide deck: https://bit.ly/35YtqaL   - 

Today, a look at the best Inauguration Day performance for US stocks since Reagan's re-election in 1985, a run down of BIden policy priorities, a status check on the earnings season thus far, a discussion of our equity theme baskets for green energy and next generation medicine, the odd dissonance of still low long rates despite the narrative and much more. Today's call with Peter Garnry on equities and John J. Hardy hosting and on FX. 

Inauguration Day

Today's slide deck: https://bit.ly/3sFobq0   - 

Today, a look at the end of the short Trump era and the transition to a Biden presidency today, including the priority list from incoming Treasury Secretary Janet Yellen after her nomination hearing yesterday. We also dive into the latest on volatile Italina politics and how the ECB continues to crush EU sovereign yield spread. A full run down of important commodity markets also on the call. Today's call with Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.