Saxo Market Call

The market is trying to get back on the rally train on a strong Nvidia earnings report, although returning to trend will require some heavy lifting into options expiry this Friday - a failure here would be ugly. We discuss Nvidia earnings and what we're looking for from the company in coming quarters with Saxo Equity Strategist Ruben Dalfovo. Elsewhere, we note the fresh profound JPY weakness ahead of the fiscal package announcement tomorrow in Japan as the market breaks out the EM playbook for the currency. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

Today, a look at the confluence of pivotal market technicals and the big event risk of the earnings calendar tonight after the close: Nvidia. How will the market treat this? Also, it is worth spending a bit of time contemplating the macro implications of what is going on in Japan, its bond market and the coming fiscal package announcement on Friday. Macro, FX, US- and geopolitics and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

Today, we note that the market's stabilization attempt from Friday seems to have failed as risk-off has gone global in equities, perhaps led by the meltdown in Bitcoin. Amidst the deepening unease, it's remarkable that bond markets, with the notable exception of Japan, remain calm, while transmission into FX is minimal. But the tension is building, with a key event risk on Friday for Japan possibly set to unleash volatility. This and much more on today's podcast, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

Today, a look at the further meltdown in risk sentiment that was corralled on Friday before any bigger breakdown, which has now given us a technical line in the sand ahead of the critical Nvidia earnings report this Wednesday after the close. We also look at technical levels, crypto's comeback from a test of key levels, other key earnings ahead this week, macro and FX and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

Today, we cover the very ugly day for US equity markets, with the selling quite broad, but most concentrated in AI-related and crypto-related names as the latter is in a real funk and suggests poor liquidity. With Saxo Equity Strategist Ruben Dalfovo, we pick out several names to discuss including Oracle and Disney. Also, we look to next Wednesday's Nvidia earnings report as the next critical event risk for this market, noting other big retail names reporting in the US as well, including Walmart. Macro, FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. 

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

Today we look at another fascinating session full of divergences, particularly the clearly emerging pattern of AI "picks and shovels" sellers (hardware makers, particularly in chips) performing well versus the biggest spenders on "miners" or those investing in AI data center capacity. Meanwhile, will there be any power to drive further growth? A rundown of the massive comeback in gold, energy and more with with Saxo Head of Commodity Strategy Ole Hansen, notably connecting Trump's turn left and fresh talk of "stimmies" or stimulus checks and the implications. Macro and FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

By now you should have some how realized the things you oughta do... Okay enough of that...(Hint - goofing around with alternative lyrics to the Oasis song Wonderwall). Today's theme and the links (see below) are clearly the K-shaped economy and what that means for the long run. But we also cover some fresh interesting divergences in yesterday's action, macro and FX moves and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.

On Veterans' Day, remembering those we know and knew that served, we note that the market comeback is nearly complete with only the last shreds of resistance remaining ahead of the recent top, look at some results from Coreweave, Softbank and Rocket Labs, the coming end of the government shutdown, macro data from UK hitting sterling, how AI data center infrastructure ages, some interesting links for the day and more.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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.