Today, we break down a truly remarkable session yesterday, with new local highs on the sentiment boost from Nvidia's strong earnings and guidance completely wiped out as the market was stung for a loss on the day and a massive tumble from the opening highs. This looks like a "tell" indicating profoundly weak sentiment. We question whether one of the angles is that the entire AI ecosystem faces both technical disruption and financial fragility based on faulty assumptions. We also look at the latest on macro and FX and note the horrible breakdown in crypto has been leading everything risk-related lower of late. Today's podcast 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.

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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.

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, 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.