Saxo Market Call Welcome to the 9-minute.
9 snips
Nov 24, 2025 This podcast introduces a new shorter format for quick market insights. Highlights include small caps outperforming big tech, suggesting potential market rotation. There's intriguing chatter about the Fed's December rate cut odds and its minimal impact on yields. The crypto space sees notable volatility, especially with Bitcoin. Plus, European defense stocks face scrutiny amidst peace talks, and key earnings from major companies are on the radar. Finally, a look at macro trends including currency movements and upcoming fiscal decisions.
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Small Caps Led A Rotation, Not A Rally
- The market showed a clear rotation as small caps massively outperformed big tech on Friday.
- John Hardy interprets this as rotation rather than broad strength and sees lingering market nervousness.
Fed Talk Boosts Cut Odds But Bonds Are Unmoved
- Fed commentary has swung market-implied odds for a December cut to about 65%, despite mixed messages from officials.
- John Hardy notes bond moves are muted, so pricing may overstate conviction about a dovish turn.
Prefer Defensive Positioning Now
- Adopt a defensive posture amid market divergences and nervousness in leading sectors.
- John Hardy recommends caution rather than assuming the market's breadth signals durable strength.