Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Aug. 11.
Read the latest update to the Contrarian Investment Portfolio.
State of Play
As we eye or board of indicators for signs of direction at 0800 ET these are pointing to risk-on:
Cryptos are rallying with Bitcoin flirting with fresh record highs: BTC $121,000 (+2%)
In commodities land the big move is the drop in precious metals: Gold -2%, Silver -1.3%. This is consistent with risk-on
Stock index futures are pointing to modest gains led by small caps. Russell 2000 +0.4%
Bonds are unchanged. The 10-year yields 4.27%
Known Events
There’s nothing on the calendar today but tomorrow could be big:
We’ll get a fresh inflation reading from the Consumer Price Index
The Sino-US trade truce is due to expire, which means tariffs would go into effect between the two countries. It’s not clear exactly when (ie midnight) just that it will be Aug. 12
