Video

Playlist

Show less
10:20
Morning Call: Softer dollar boosts commodities, stocks
#SaxoStrats
21 September 2018 at 7:40 GMT
10:35
Morning Call: Markets stabilise as trade tensions ease
#SaxoStrats
20 September 2018 at 8:28 GMT
10:03
Morning Call: Chinese shares surge as trade war rages on
#SaxoStrats
19 September 2018 at 8:36 GMT
8:51
Today’s FX chart analysis - video
John J Hardy
18 September 2018 at 10:28 GMT
9:42
Morning Call: Trump hits China with tariff plan
#SaxoStrats
18 September 2018 at 7:29 GMT
2:45
The week ahead in macro
Kay Van-Petersen
17 September 2018 at 8:11 GMT
27:58
Macro Monday week 38: Keep Global Macro and Carry On
Kay Van-Petersen
17 September 2018 at 8:02 GMT
10:00
Morning Call: US yield curve lifts, boosting dollar
#SaxoStrats
17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
#SaxoStrats
11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
#SaxoStrats
10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
Kay Van-Petersen
10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
#SaxoStrats
07 September 2018 at 7:35 GMT
Video / 20 June 2017 at 7:48 GMT

From the Floor: 'Almost too good to be true' — #SaxoStrats

#SaxoStrats
   • US Fed's Dudley confident regarding inflation
   • Brexit talks begin with focus on settlement, citizens' rights
   • Nasdaq 100 surges 1.6% as tech stocks turn it around
   • Energy sector weighed down by Libyan, US oil production
   • 'Still room for higher highs' in S&P 500: Larsson


SaxoStrats
By Michael McKenna

The US tech sector made a determined move higher Monday with financials surging as well on the back of the latest Federal Reserve interest rate hike.

The New York Fed's Dudley was out Monday with a hawkish address in which he expressed confidence in continued inflation gains while Fed vice-chair Stanley Fischer will speak today. According to Saxo Bank head of forex strategy John J Hardy, it will be interesting to see whether a hawkish "party line" is coalescing within the central bank.

 The Nasdaq 100 climbed by 1.6% and while Saxo Bank head of equities strategy Peter Garnry says the move appears "almost too good to be true" given the lack of an obvious catalyst, there is similarly no real reason to foresee an imminent correction despite mixed data of late.

"A close above 5,775 in the Nasdaq 100 could see us head to 6,000 and beyond," says Saxo technical analyst Kim Cramer Larsson, adding that the S&P 500 could push higher yet, despite sitting at record levels.

"We might be seeing a rising wedge developing on the S&P 500 chart," says Larsson.

Nasdaq 100
Nasdaq 100

Create your own charts with SaxoTraderGO click here to learn more

Source: Saxo Bank 

Monday also saw Brexit talks commence between the European Union and the UK with the "divorce settlement" to be paid by London, along with citizens' rights, the key area of focus.

US bond yields are headed higher in a development that Hardy says could see USDJPY return to local highs, though he cautions that more solid economic data are needed are to move the needle significantly.

While tech and banking shares are performing robustly, Garnry remains negative towards the energy sector as continued crude oil production from Libya and the US – where the number of active fracking wells is hitting a three-year high – is adding to the global glut.

"Opec can't balance the market at this level," says Garnry.

The American Petroleum Institute's weekly statistical bulletin is due at 2030 GMT today, and Wednesday will bring a decision on whether mainland Chinese stocks will be added to the MSCI Emerging Markets index.

Wall Street
Wall Street bulls are pushing US stocks higher. Photo: Shutterstock 

Michael McKenna is an editor at Saxo Bank

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail