Saxo Market Call

Oracle spoils post-FOMC pump, can Broadcom save the day?

Today, a look at the S&P 500 attempting a new all-time high and the broader market bulling up strongly on the nominally dovish FOMC meeting, only to be spoiled by the Oracle earnings after the close as investors worry about the company's rate of spending and cloud revenue miss. Can Broadcom earnings today save the day? Also, Carvana is about to be added to the S&P 500, but is it an out-and-out fraud and an eventual zero as many short sellers would maintain? 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 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.

The stunning silver surge, the FOMC and prepping for a jobs apocalypse.

Today, we look at the equity and treasury markets holding their collective breath ahead of the FOMC tonight and what to watch for in the market's reaction today, noting that key incoming US macro data is in the mix as well. We also talk gold, the surge in silver and the crude outlook with Saxo Head of Commodity Strategy Ole Hansen. Also, one key listen for today asks the question of what would the market trajectory look like if AI causes unemployment rates to rise to 20%? 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.

Is a volatility expansion on tap across markets post FOMC?

Markets are a bit nervous here ahead of the FOMC meeting tomorrow and the delayed key US data, with the key question afoot of whether the US treasury yields are set for a break higher, which could drive higher volatility across all other asset classes. Elsewhere, rising yields driving fresh woes for the JPY, with USD traders holding their breath trying to sort through the reaction function to different scenarios for US data. 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 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.

The 9-minute: Have we just seen a "harbinger of financial apocalypse"?

Today, a quick look around global markets, where the JPY can't find a bid as long as global bond markets are under pressure, the US stock market continues its odd, micro-volatile march higher and we have Netflix trying to acquire Warner Brothers-Discovery if the deal is approved, with the FT noting that some prior Warner Brothers takeovers have come at interesting market inflection points - see link below. Also, the big move in CAD on Friday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

The FT notes a couple of prior Warner Brothers takeovers that came just before ugly bear markets.

The longer versions of the Saxo Market Call usually feature a John J. Hardy substack post to accompany the show, with links and the chart-of-the-day.

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.

Small caps bull FTW, while USDJPY tilting, tilting....

Today - US small caps posting all-time highs while the action in the major indices remains positive, but moribund. Elsewhere, the JPY is knocking on key support levels in USDJPY and EURJPY is faltering within its very restricted range - is something finally afoot for JPY bulls. A look at the week ahead in macro and company earnings and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Our link of the day is to the White House's recent National Security Strategy for the USA, which spells out the US stance to the rest of the world, which in rough terms will likely outlive the Trump administration.

There is no John J. Hardy substack to accompany today's podcast due to time constraints.

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.

Divergences under the surface extend further, while FX heating up.

Today, we note that the recent divergences we have highlighted have almost begun to hyperextend, as small caps, transports and other sectors had a banner day even as Mag7 and Tech were decidedly meh. Elsewhere, FX is heating up as the US dollar is breaking down and sterling is breaking up, among other developments. This, a bit of throwing shade on the concept of "dry powder" and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

One interesting link discussed on today's pod was on Japan's new Tagei submarine class - and its revolutionary battery-driven tech.

There is no John J. Hardy substack to accompany today's podcast due to time constraints.

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.

Crosscurrents all around and outrageous predictions!

Today, a look at the many crosscurrents in this market as some beaten down names and formerly beaten down sectors have surged higher, while the attempt to get the AI and tech rally back on track has only been half-hearted. Also, macro and FX as the USD looks pivotal ahead of today's US data, some must reads 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.

Rotation a go-go and who gives a hoot about Hassett?

Today - a look at another day of powerful rotation moves across themes in the equity market and even within AI, why we shouldn't care that much about who replaces Powell at the Fed, the UK budget countdown today and the likely fallout, more across FX and macro and 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.