Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, Feb. 4. Be sure to read the monthly portfolio update! Today’s Stocks On The Contrarian Radar©️ segment featuring VSCO 0.00%↑ is at the bottom of the page.
State of Play
Stocks dropped yesterday but finished well off the lows. The US trade war with Mexico and Canada was put on ice as the China theater escalated. As we eye our board of indicators for signs of direction at 0650, things are pretty quiet:
Stock index futures are flat as a board. All major US indexes are hogging the break-even point;
Cryptos are seeing some signs of life, with Bitcoin up 4% to trade north of $99,000 again;
Commodities are mixed. Copper is up 0.7% but WTI crude oil is down 2% to trade below $72/barrel;
Bonds are moving a bit lower, with the 10-year yield up 3 basis points to 4.57% (yields move inversely to prices).
(No caption necessary. Cartoon by author via Grok AI)
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