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.

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