Saxo Market Call Another day, another silver handle. US economy weaker than it looks.
25 snips
Jan 14, 2026 The discussion dives into the mixed performance of the US markets, highlighting Jamie Dimon's concerns over JPMorgan's earnings and the long-term implications of national deficits. AI's impact on companies like Adobe and Salesforce is explored, showcasing stock fluctuations driven by fear rather than fundamentals. The podcast also uncovers hidden weaknesses in the US economy, emphasizing that reported GDP may overstate actual strength. Plus, a surge in silver's value and its historical significance is examined, alongside geopolitical risks tied to Iran and China.
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Nasdaq Resistance Is Pivotal
- The NASDAQ 100 is the pivotal index after stalling at resistance and could decide the market's direction during earnings season.
- John Hardy calls this the "last chance saloon" for bears, needing a strong earnings catalyst to push markets higher.
Dimon Flags Deficit Risks For Banks
- Jamie Dimon's comments on deficits and long-run implications weighed on the financial sector despite the economy being "reasonably well supported."
- John Hardy highlights credit-card fee debate and policy rhetoric as added pressure on banks and payment companies.
Swipe Fees Under Political Attack
- U.S. swipe fees are exceptionally high versus Europe and are now a political target, hitting MasterCard and Visa sentiment.
- Hardy warns that introducing competition or cutting fees materially threatens their monopoly-like margins.