Today we note that yesterday's divergences in the US equity market internals were particularly large as Mag7 and banks suffered yesterday amidst otherwise strong market breadth, while silver stumbled on a double whammy of news but is already posting a comeback attempt. Elsewhere, we scratch our head at the situation over Greenland, remind of the critical stakes for energy and the Middle East at large as Iran's regime teeters and much more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Mag7 deadweight amidst strong market breadth. Silver stumbles.

Saxo Market Call

Mag7 deadweight amidst strong market breadth. Silver stumbles.