Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, Nov. 12. The Bottom Line segment of today’s podcast starts at (5:06) for listeners who want to skip ahead.
State of Play
Stocks rallied again yesterday, closing at fresh record highs once more. The rally was even more pronounced in cryptos, As we eye our board of indicators for signs of direction at 0640, things are a bit more nuanced (though not much):
The crypto bull continues to rage, with Bitcoin up 7% to trade around $87,600. It briefly got close to $90,000 overnight;
Stock index futures are quiet with just small caps moving from the break-even point and that move is lower. The Russell 2000 is down 0.6%;
Commodities are mixed. WTI crude oil is up 1% to trade close to $69/barrel again. Copper is down almost 2%. Gold and silver are dropping as well;
Bonds are selling off at the short end of the curve with the 2-year yield up 5 basis points to 4.31% (yields move inversely to prices). The 10-year yields 4.36%. So the 2/10 yield curve is almost back to inversion territory.
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