Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 16 August 2013 at 6:36 GMT
Chief Economist & CIO / Saxo Bank
Macro comment:

While the market consensus is now 90% certain there will be tapering in September, the gap between reality and consensus is the biggest ever. Yesterday saw dominant names like Cisco and Wal-Mart downgrade their forward looking numbers, Philly Fed tanked - AND - Obama handling of the economy in polls also COLLAPSED:


There will more QE not less- the pundit analyse market via linear relationship ignoring taders/people are cyclical in their approach to life - hence - with lag this is low in unemployment, high in rates, and there is probably - despite this morning and yday negative markets - another high in S&P ahead by end of Q3 (1770/1800). Clearly the negative crowd will point to VIX increase in vol - but being a simple man I will remain constructive (Bought @ 1662/64) yday untill 100 SMA is broken (1623/20 on a two day close.
dbp dbp
Steen, you are a rational man and you always make good sense. But, I don't believe either the markets or the policy-makers are rational. It seems to me that everything is building on air, and that anything could happen at any moment. David


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