Saxo Market Call Mag7 deadweight amidst strong market breadth. Silver stumbles.
22 snips
Jan 15, 2026 
Ole Hansen, Head of Commodity Strategy at Saxo, brings his expertise on the ever-fluctuating metals and energy markets. He discusses the striking divergence in the US equity markets, focusing on the Mag7's downward pressure and the banks' disappointing performance. The conversation shifts to silver's recent struggles, attributed to geopolitical shifts and market structure dynamics. They also explore the implications of Iran's unrest on energy markets and delve into the controversial situation in Greenland, highlighting its potential impact on transatlantic relations.
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Large Divergence Between Market Leaders And Breadth
- US indices diverged sharply as MAG7 and big banks weighed while equal-weight S&P and Russell 2000 rose.
- Market internals show concentration risk ahead of peak earnings season and require careful stock-level scrutiny.
Silver And Oil Hit By Geopolitics And Tariff News
- Silver and oil fell after headlines eased geopolitical risk and tariff expectations.
- Ole Hansen warns the market is disorderly with high volatility and frequent short squeezes in a thin market.
Widen Stops In Volatile Silver Trades
- Use wider stops in silver due to elevated average true range now above 6%.
- Expect disorderly trading and avoid tight stop placement during these volatile conditions.