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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Speedrunning dead internet theory - an SMC listener weighs in.
Today, a brief wrap of yesterday's equity market session in the US, which repeated some of the recent AI hardware vs. SaaS performance divergences. A...
Treasury market reaction to US CPI the next key
Today, an emphasis on the importance of this US July CPI hurdle today and different scenarios based on what the data shows, all while emphasizing that...
Pressures from macro backdrop building ahead of US CPI
Today, we delve into the ongoing development of the "super el Niño" weather phenomenon, running through the difficulty in assessing the scale of poten...
Polysilicon supply chains may surprise you. US jobs data today!
Today, a look at how the market is positioned ahead of today's US jobs data and how a surprise - especially a negative surprise - might read across ma...
RIP Victor Niederhoffer
Today, we look at the latest market moves as we position the importance of Friday's US jobs report, noting the reaction to key incoming earnings from...
SpaceX's Starmind to start on terra firma. Gold rally a signal?
Today, a look at the very strong day for US equity markets yesterday as the S&P 500 vaulted to a strong new all-time high amidst broad gains across se...
Palantir beats and entertains. What can SpaceX deliver?
Today, a look at the broad market in a positive mood as recent divergences between AI hardware and other names were nowhere in evidence. We zoom in on...
Coordinated JPY intervention and a cleaner AI hardware slate
Today, a look at the implications for a stronger JPY from coordinated intervention as the US has joined forces with Japan to force yen appreciation. A...
Momo trade roars back to life, but for how long?
Today, a look at the market returning to its past form as AI-related hardware stocks ripped higher even as the median stock on the S&P 500 posted a ne...
Wishy washy Fed Chair Warsh vibe punches sentiment in the gut
Today, a look at the market's concern that this Fed isn't determined to get ahead of inflation and the impact on US treasury yields, which spooked mar...
Peak SK Hynix madness?
Today, we wonder if the back side of SK Hynix's earnings report overnight and the popping of the leveraged ETF bubble in some of the single tech names...
Three hyperscalers set to report as AI momentum stocks stumble
Today, a look at the intensifying sell-off in high momentum AI hardware names, led by a an ugly meltdown in the two Korean memory stocks overnight. Me...
FOMC, BoJ and Earnings Season peak this week
Today, we look at a few things that unfolded late last week in reaction to some of the first big earnings reports of this quarter and preview the week...
With special guest Peter Garnry of Gesda Capital
Today, a conversation with special guest Peter Garnry, co-founder of Gesda Capital on choosing and valuing stocks for the long run, observations on th...
Meta announcement: just a warning shot or the actual pin prick?
Today, a look at global equity markets roiled by Meta's announcement that it will rent out use spare data center capacity for AI applications, raising...
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...