Saxo Market Call Two Mag stocks aren't so happy. Also, can FX please be relevant again?
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Jan 6, 2026 The market is buzzing with a rally in US equities, but two major stocks are stumbling. Venezuela's regime change is raising questions about oil flows and necessary reforms. Exciting changes are planned for an AI investment basket, while FX volatility remains low and the yen is struggling. The dollar's direction hangs in the balance as key US data approaches, and the sterling shows surprising strength against the euro. Additionally, the Aussie dollar is gaining traction, bolstered by favorable Australian economic outlooks.
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Broad Equity Strength Led By Small Caps
- Global equities rallied with NASDAQ +0.69%, S&P 500 +0.64% and small caps leading as Russell 2000 rose 1.58%.
- Crypto-exposed stocks like Robinhood and Coinbase were among the biggest gainers on the day.
Firsthand View Of Venezuela's Collapse
- John Hardy shared a linked post from a former Cargill trader describing Venezuela's descent into kleptocracy and economic collapse.
- He warned that restoring oil flows requires major change on the ground and a new way of doing business.
Restructure The AI Basket For 2026
- John announced he'll restructure Saxo's AI basket by dropping most Mag 7 names except NVIDIA and adding Western Digital and Seagate effective Jan 1.
- He suggested tracking this 2026 basket versus benchmarks as a discussion portfolio.