Today, the weak tech, strong broad market theme deepens as we wonder what is driving it. Also, geopolitical developments are coming quick and heavy, with the situation in Iran looking especially impactful from here if the regime is overturned. Elsewhere, a focus on the US dollar today on the US jobs report and whether nearly-dead FX can wake up if macro trades are revived in its wake. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

John's The FX Trader from today.

For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

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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 run through a number of factors, from the very tactical, to the very big picture, on why bears might try to make a stand here - with earnings season in the wings to test this wildly bullish market anyway in the weeks ahead. Regardless, Trump's new populist pronouncements on big defense companies and companies buying US housing are pivotal, as they will have strong bipartisan support. Elsewhere, geopolitics will remain a massive distraction even if markets continue to ignore developments there for now, outside of European defense stocks, at least. 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 four 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 the strong risk-on vibe continues, though more in the broader market rather than in the megacaps. We also highlight that major commodity indices are in for an annual rebalancing in coming days, with interesting implications for gold, silver and even cocoa. There's also lots of Nvidia news shaking the autonomous driving space, very little going on in the FX space, though Aussie is doing its best to make noise and key US data incoming. This and more (including geopolitics and oil) on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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.