Saxo Market Call The boy who cried "Hindenburg Omen!"
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Oct 31, 2025 Ruben Dalfovo, an equity strategist at Saxo, shares his insights on the recent shakeup in the US equity market, spurred by Amazon's impressive earnings. The conversation dives into the mysterious 'Hindenburg Omen' and its mixed track record. Dalfovo analyzes major tech earnings from Meta, Alphabet, and Apple, highlighting contrasts in AI investments and consumer behavior. Key themes include NVIDIA's partnerships and Eli Lilly's strong performance in obesity drugs, leaving listeners curious about next week's pivotal earnings reports.
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Hindenburg Omen Signals Caution, Not Certainty
- The Hindenburg Omen shows many simultaneous 52-week new highs and lows but has produced many false signals.
- It signals caution but requires a sharp quick market wipeout to confirm bearish technicals.
Small Data-Center Supplier Took A Big Hit
- John flagged MCOR as an extreme mover down 16% after missing expectations despite being an AI data-center supplier.
- Ruben noted Amcor's backlog boom but warned its shares rose 200-300% in two years, setting up a correction.
Alphabet Beat Fueled By Cloud And YouTube
- Alphabet surprised positively with double-digit YouTube and search growth and a 35% cloud expansion.
- Strong cloud margins and revenue eased investor concerns despite a €3.5bn EU fine reducing profits.