Saxo Market Call

Pivotal rest of week ahead for stocks and USD

Today's slide deck: bit.ly/3k03aRV -
Today we look at the importance of the rest of the week as a possible test of trend for US stocks after the steep, pre-holiday sell-off last week. We also note the recent strong EM comeback and have a look at the USD closing in on a tipping point, sterling already in capitulation versus the greenback and interesting CHF price action. In commodities, a focus on grains and copper. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

A pivotal week ahead after brief meltdown

Today's slide deck: bit.ly/3bxTqew  -
Today we try to sort through the market's condition after the trauma of late last week and ponder the implications of the FT's story on Softbank and its heavy new involvement in speculating in US tech names. Also a look at interesting moves on Friday in treasuries, key event risks for the week ahead and much more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Bloodbath for high flying mega-cap names, what now?

Today's slide deck: bit.ly/32Yw11U -
Today we look at yesterday's broad-based bloodbath in the US session, one that was concentrated in some of the highest-flying names that have seen wild swings driven by options market dynamics that we discuss in today's call. Other markets were mostly quiet, but any further rise in the USD and/or JPY could drive further volatility. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Signs of market fragility in hottest equity names

Today's slide deck: https://bit.ly/2EWcBme    - 
Today we look at signs of an increasingly fragile market as major speculative names like Tesla and Apple suffered enormous volatility yesterday even with a positive market backdrop. We also note the stress on the commodities complex, particularly oil for once, as the USD has notched higher. Much more on the call as we round up the markets and look at the agenda for coming days. Today with Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX:

VIX structure and what it means

Today's slide deck: https://bit.ly/32U9jrY   - 
Today we look at another strong equity session - this time a more broadly positive one, discuss the turnaround in the US dollar and key commodities developments, but most of all the remarkable behavior of the VIX and what options markets are telling us about now and about the US election risk. Today with Peter Garnry on equities, Ole S. Hansen on commodities and John J. Hardy on FX.

US megacaps zoom higher, tepid action elsewhere

Today's slide deck: bit.ly/3jCvtpj  -
Today we look at a fresh record for US megacaps as the Nasdaq zoomed higher to a new record close even before virus lockdown poster child Zoom Video Communications reported a blowout quarter after the close. Elsewhere, equity action was merely tepid to downright downbeat Down Under. The USD weakened to new lows, helping power precious and industrial metals higher. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Inflection point for value vs. growth?

Today's slide deck: https://bit.ly/3hPxIFm    - 
Today we look at the implications for value versus growth stocks, particularly if the Fed has so far failed to more forcefully signal its interest in yield curve control after the major Powell speech last week. We also look at the US dollar, individual stock and commodity stories and a busy macro calendar for the week ahead. Today with Ole Hansen on commodities, Peter Garnry on equities and hosting and on FX, John J. Hardy.

Markets churn post-Powell, Japan's Abe to resign

Today we look at Fed Chair Powell's speech outlining the Fed's new policy stance and the ensuing market churning and lack of strong conclusions we can draw from the new "flexible average inflation targeting" regime. Elsewhere, JPY on the move early this morning as Japan Prime Minister Abe is set to resign. More equity and commodity topics on the call. Today with Ole Hansen on commodities and John J. Hardy hosting and on FX.