Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Nov. 11. The Bottom Line segment of today’s podcast starts at (4:29) followed by Stocks On The Contrarian Radar©️at (5:46) feat AIZ 0.00%↑ for listeners who want to skip ahead.
State of Play
Stocks had their best week of the year last week, with major US indexes closing at fresh record highs as the ‘Trump trade’ unleashed animal spirits. As we eye our board of indicators for signs of direction at 0650, it looks like the party is going to continue:
The crypto party is certainly in full effect with Bitcoin up another 2.5% this morning to cross $82,000. That’s new all-time highs for Bitcoin. Can $100k be within reach?
Stock index futures are pointing to gains led by small caps. The Russell 2000 (IWM 0.00%↑) is up 1.3%. S&P 500 and Nasdaq futures rising only modestly by comparison, with each up 0.3%;
Commodities are moving lower. WTI crude oil is down almost 2% to trade around $69/barrel. Copper is down 0.5%. Gold is down 0.9% to uncouple from the Trump trade again;
Bonds are unchanged. The 2-year yields 4.25% with the 10-year yielding 4.34%.
(“Bitcoin party feat you-know-who’ artwork by author via OpenArt.ai)
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