Saxo Market Call Doesn't it take two to TACO when a war has already broken out?
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Mar 10, 2026 A sharp look at whether political rhetoric can calm an active Middle East conflict. Markets react with risk-on moves and a Bitcoin rebound tied to sentiment. Persistent missile and drone attacks threaten shipping, energy flows and oil normalization timelines. Tactical reads on yields, commodities and key technical levels for major tech names.
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Risk On Bounce After Trump 'TACO' Comment
- Market moves reflected a high-beta risk-on bounce after President Trump's interview calling the war "very complete".
- John Hardy noted AI basket +2.7%, NASDAQ100 +1.4% and S&P500 +0.8% as the headline-driven rebound example.
Energy Flows Need Weeks To Months To Normalize
- Ongoing missile and drone launches mean normalization of shipping and energy flows would take weeks to months if hostilities end today.
- Hardy cited Qatar intercepting 17 missiles and six drones and estimated two weeks for ship traffic and up to two months for gas flows to normalize.
Sustained Iranian Attacks Could Erode US Military Edge
- There is a real risk of a strategic U.S. defeat if Iran can sustain drone and missile attacks while U.S. forward defenses are degraded.
- Hardy referenced reports suggesting THAAD and radar assets were damaged, forcing longer-range operations and prompting a third carrier group's deployment.