Saxo Market Call Last chance saloon for the bears for a while?
9 snips
Jan 8, 2026 In today's discussion, the focus is on whether bears can make a stand as earnings season approaches. Trump's new policies on defense and housing are sure to spark bipartisan interest. Geopolitical tensions linger in the background, especially around defense stocks. The chat also delves into upcoming events, like key Supreme Court rulings and job reports that could impact the market. Lastly, there’s a look at macroeconomic signals, including US data trends and fluctuations in the metals market.
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Market Internals Signal A Pivotal Inflection
- Market internals show leaders lagging and intraday highs are being rejected.
- Earnings season and technical divergences create a key inflection point for bears and bulls.
Watch Earnings Reception Not Just Results
- Watch earnings reception closely rather than only earnings beats or misses.
- Start with the banks next week and then monitor MAG-7 results in the weeks that follow.
Defense Firms Face A New Political Crosswind
- Trump's statements target defense firms' dividends, buybacks and executive pay while promising bigger defence budgets.
- This combination pressures stocks yet signals a long-term shift in how defence contractors are treated.