Saxo Market Call Small caps bull FTW, while USDJPY tilting, tilting....
Dec 5, 2025
US small caps are surging to all-time highs while major indices show lackluster performance. Attention turns to the JPY, which is at crucial support levels, stirring speculation among JPY bulls. The podcast explores Bitcoin's resistance levels, Warner Bros' potential takeover of Netflix, and an upcoming earnings calendar featuring major companies. Additional insights include recent job data, central bank meetings, and a significant German pension vote that could impact political stability. A review of the US National Security Strategy adds more depth.
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Small Caps Diverging From Big Indices
- U.S. equity internals show a strong divergence: small caps and transports rallying while big indices stay muted.
- John Hardy flags this as a notable market breadth signal that may presage real-economy strength or a narrow, quality-agnostic rally.
Private Equity Bounce Could Be Low-Quality
- Private equity names have rallied recently after a long slump, suggesting either a genuine risk-on comeback or low-quality assets catching a bid.
- John Hardy warns this could reflect a rally in lower-quality stocks rather than durable fundamentals.
Warner Bros Discovery Deal Drama
- John Hardy narrates how Warner Brothers Discovery jumped after entering exclusive talks with Netflix and a reported $5bn breakup fee.
- He uses the episode to illustrate deal-driven share moves and regulatory takeover risk.