Saxo Market Call Can the bears continue to hold the line? Trump set to hammer Canada?
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Jan 16, 2026 Ruben Dalfovo, an equity strategist at Saxo Bank specializing in market analysis, shares insights into the current market landscape. He discusses the bearish trend in US equities, explaining why the Nasdaq and S&P 500 are facing resistance. Dalfovo also dives into mixed bank earnings, the implications of credit card rate caps, and the heightened interest in defense stocks. The geopolitical implications of Trump's ambitions concerning Greenland and potential US reactions to Mark Carney's return from China add an intriguing layer to the conversation.
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Risk-On But Technical Tension
- US equities show divergent breadth with headline indices stuck while equal-weight and small caps outperform.
- This creates an unstable technical setup (ascending wedge) that can resolve in a sharp sell-off or rapid acceleration.
Palmer Luckey's Humble Origins
- John recounts Palmer Luckey's origin story from his parents' trailer to building Oculus and founding Anduril.
- The tale highlights Luckey as a force of nature and a prolific young defense entrepreneur.
Banks Signal Resilience With Mixed Reactions
- Banks broadly printed resilient results pointing to a steady economy but markets punished some names on company-specific misses.
- JP Morgan disappointed on investment banking while other banks saw dealmaking and trading strength.