Saxo Market Call Massive ice storm set to knock US as sentiment celebrates a supposed TACO.
Jan 22, 2026
Ole Hansen, Head of Commodity Strategy at Saxo, shares insights on the market's recent response to Trump's tariff relief, sparking a rally amid unusual market divergences. He discusses precious metals, highlighting gold's resilience and silver's retail demand challenges. The looming ice storm raises concerns about natural gas supply and infrastructure vulnerabilities, while Hansen explains the potential impact on global LNG demand and currency dynamics, particularly with NOK and SEK strength.
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Relief Rally Masks Market Divergences
- Markets rallied sharply after Trump de-escalated threats on Greenland and tariffs, creating a relief rally.
- Divergences persist beneath the surface with equal-weight indices and small caps outperforming large-cap MAG7 names.
Concentrated Momentum Fuels Tech Moves
- Momentum within a handful of semiconductor and hardware names is driving broader market moves and feeding on itself.
- Passive investing and concentrated momentum trades can create outsized returns but risk becoming dangerous when too many participants join.
Gold Strength Despite Eased Geopolitics
- Gold has held up strongly despite easing geopolitical tensions, supported by physical demand from key markets.
- Silver lags due to industrial demand uncertainty and the gold-silver ratio rising above 50 signals relative strength for gold.