Saxo Market Call
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Saxo Market Call
For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.
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Rocket Lab enters the space comms fray with Iridium grab. Also, USA at 250!
John's piece: Wall Street at 250 through a Wall Street lens: Where we've been and what comes next.
Today, a round-up of another session with AI...
Leverage upon leverage, what could go wrong?
Today, a look at the latest strong session for some of the market's highest momentum names, as we note with some caution the risks that leverage, espe...
Flat Friday on the index surface, but bonkers beta underneath.
Today, a look at a much zanier Friday session in US equities than the almost flat close on the S&P 500 suggested as market internals have become wildl...
Apple pays for the hubris. Samsung to bust out a quadrillion in cap-ex.
Today's John J. Hardy substack post.
Today, a look at some incredible volatility and cross-currents in the US equity market as Mag7 continues to...
Micron tries to revive AI hardware momo. Gold tests below 4,000.
Today, the blow-out Micron earnings report is doing all it can to revive the AI hardware momentum trade, and it will be interesting to see how the hug...
The US dollar is having its cake and eating it too...for now.
Today, we look at the drivers of the stronger US dollar as it pulls to new highs for the year and what may be holding back USDJPY from participating i...
Chips suddenly on tilt into Micron earnings Wednesday
Today's John J. Hardy Substack post - you won't want to miss today's links!
Today, a huge vibe shift overnight as Korean memory stocks come ungl...
Likely Super El Niño building: a non-alarmist take on the risks
Today, a sober and thorough look at the risks for key commodities and equities on the powerful El Niño climate phenomenon building in the Pacific, one...
Accenture needing dentures after market knocks its teeth out
Today, we highlight another high energy day for the equity market, with semiconductor stocks screaming back higher and the US dollar continuing its mo...
Fed Chair Warsh impact washes over markets
Today, we note the huge change in vibe and substance as new Fed Chair Kevin Warsh took charge at the Fed at his first meeting. He is a great communica...
Choppy chips even as crude mega-dips. Warsh on tap.
Today, some last thoughts on the FOMC ahead of the meeting as the market is treating it with little anticipation even if this is likely to prove the m...
The tails wagging the market and SpaceX dogs
Today's John J. Hardy Substack post for this podcast
Today we look at a fresh stunning advance in US equities as we reapproach the all time high...
FOMO in equities, ho-hum in macro even as new Fed era begins this week.
Today, a look at risk sentiment in full swing after a successful SpaceX IPO on Friday and a stronger sense that the Iran war ceasefire may last long e...
Rounding up the usual suspects as a new era at the Fed dawns next week.
Today, the usual suspects knee-jerked higher Thursday on Trump's latest peace declaration as crude oil dropped, while the other usual suspects (softwa...
The either-or moment for US stocks and gold
Today, a look at markets testing the lows again yesterday, but trying to put in a rally ahead of a huge market event tomorrow that could define where...
Market volatility expansion flashes red. Gold key support in view.
Today, a look at what the further acceleration in US- and other market volatility means, particularly for the highly speculative chip stocks that have...
Many moving parts ahead of next week's seminal event
Today, a look at the market trying to continue its bounce-back from Friday's meltdown in especially chip stocks, interesting news flow on the AI data...
Correction not yet a calamity.
Today, putting Friday's big market sell-off in perspective as an overdue development after the huge recent ramp in high momentum stocks. Broader risk...
The real reason Musk wants to go to Mars?
Today we look at fresh blow-out enthusiasm for a major tech name reporting strong earnings that blasted its stock into the stratosphere after hours ye...
Snowflake rips, Gold at critical levels.
Today, we note the very different outcomes for the two admittedly very different software names Salesforce and Snowflake as both reported earnings aft...
Memory mania or just catching up with fundamentals?
Today's John J. Hardy substack (and yes, embarrassing bad math from your host in today's podcast)
Today, we try to keep observations balanced as...
Solace for quantum investors as long weekend awaits
Today, a look at quantum computing stocks getting a big bump on public investments in the space in the US. Elsewhere, it remains all about AI stocks p...
Nvidia earnings a damp squib as something else is blotting out the sun.
Today, the prospect of perhaps the most anticipated IPO ever is overwhelming the market's interest in processing Nvidia's latest earnings report, whic...
Pivotal days for tech and AI stocks, FX and rates
Today, markets are looking pivotal across the board ahead of the single biggest earnings report of the quarter as Nvidia reports after the market clos...
Which vehicle does the Musk cult choose post SpaceX IPO?
Today, a look at markets that are - and should remain - a bit nervous given the big push higher in global yields of late. Up ahead, we have some huge...
Global bond yields are the captain now.
Today, a look at global bond yields setting the agenda across markets, the "nothingburger" Xi-Trump summit failing to make waves, the king of earnings...
Dip bought as Jensen Huang joins Trump in China. Also: oil, gold and wheat.
Today, a rundown of the market largely springing quickly back from a vicious semi-conductor sell-off ahead of critical potential incoming news as Jens...
Korean politician pops the chip vibe. Sterling under pressure.
Today - a Korean politician sparked enormous volatility in the key chip names there on suggesting the idea of a "citizens' dividend" to be extracted f...
Trump-Xi summit an historical moment. Also, an exquisitely timed IPO on deck.
Today, a look at the massive further ramping in the hottest AI-adjacent hardware names on Friday, although it was a former SaaS victim that rallied ha...
Some relief in software. Eyes on Trump-Xi next week.
Today, a look at US market performance behaving very differently yesterday as some software names got a big boost on an otherwise negative day, in par...
Chip madness getting close to FOMO mania phase?
Here is today's John J. Hardy substack post.
Today, a look at the latest run-up in semiconductor names, especially after AMD reported earnings y...
Does this market rhyme with 1926, 1928 or even 1929?
Today, a look at the remarkable US market and its seeming immunity to any external development and what that suggests about where we may be in some so...
JPY intervention! And, can Economist covers open the Strait of Hormuz?
Today we discuss the key companies reporting in this week's earnings bonanza with Saxo Equity Strategist Ruben Dalfovo, including Meta, Alphabet, Amaz...
Capex bombast versus spiking energy prices creating unbearable tension. Also, the JPY!
Today - how the market is parsing the titanic capex plans for the four Mag7 companies reporting after the US market close yesterday. With crude oil pr...
Four megacaps on tap late today to test market sentiment.
Today, a look at a modest market setback ahead of the single most important day on the earnings calendar this quarter, as four of the Mag7 are set to...
The cognitive dissonance is getting painful here.
Today's John J. Hardy substack post.
Today, challenging the notion that energy prices can remain here or go higher and risk sentiment can stay s...
Semiconductor momentum getting bubbly. Meanwhile, Hormuz Strait - what's that?
Today, a look at the continued incredible ramp in semiconductor names and whether we are inflating an incipient bubble, even if forward valuations in...
SaaSpocalypse NOW. Also, massive earnings and central bank week ahead.
Today, we look at the collateral damage in software-as-a-service land after ServiceNow shares suffered a nasty markdown yesterday after reporting earn...
AI picks & shovels rocket higher. If only they could open the Hormuz Strait.
Today, a look at a concentrated market rally in the US yesterday, led by big picks and shovels names in AI, with GE Vernova leading the pack, even as...
Vast demand destruction is helping keep a lid on oil. Big SaaS test today.
Today, a look at a key factor keeping oil in check - namely demand destruction, as shipping flows through the Hormuz Strait remain at a trickle or les...