Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, Dec. 19. The Bottom Line segment of today’s podcast starts at (3:09) for listeners who want to skip ahead.
State of Play
Stocks closed a little higher yesterday after another blah session. As we look at our board of indicators at 0640, all is pretty quiet:
Stock index futures are unchanged with the exception of small caps, which are moving higher. The Russell 2000 is up 0.4%;
Commodities aren’t doing much either. WTI crude oil is unchanged trading around $72.80/barrel. Copper is up 0.9%;
Bonds are seeing a few bids. The yield on the 2-year is down 2 basis points to 4.44% whilst the 10-year yield is down 5bps to 3.91% (yields move inversely to prices);
Cryptos are regaining ground, with Bitcoin up almost 5% to move north of $43,000 again.
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