Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, May 14.
State of Play
Stocks advanced again yesterday with tech leading the way again. As we eye or board of indicators for signs of direction at 0630 ET, there is very little to go by:
Stock index futures are flat as a board. No major US index is moving at all from the break-even point;
Bonds are seeing a few bids after several days of selling. The 10-year yield is down 5 basis points to 4.45% (yields move inversely to prices);
Commodities are retreating a bit. WTI crude oil is down 1.4% to trade below $63/barrel again. Copper is down 0.6%;
Cryptos aren’t doing anything. Bitcoin is unchanged trading around $103,500.
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