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Divergences under the surface extend further, while FX heating up.
Summary: Today, we note that the recent divergences we have highlighted have almost begun to hyperextend, as small caps, transports and other sectors had a banner day even as Mag7 and Tech were decidedly meh. Elsewhere, FX is heating up as the US dollar is breaking down and sterling is breaking up, among other developments. This, a bit of throwing shade on the concept of "dry powder" and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.
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Today’s Links
The only link we have for you today is to an interesting X post that made us aware of Japan's new Tagei submarine class, which represents a massive leap forward in submarine capabilities, able to stay below the surface, and very quietly so, for incredibly long periods of time due to its using batteries for all power.
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