Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, Nov. 19. The Bottom Line segment of today’s podcast starts at (4:58) for listeners who want to skip ahead.
State of Play
As we eye our board of indicators for signs of direction at 0705, things are mixed, though Walmart (WMT 0.00%↑) earnings appear to have helped sentiment:
Stock index futures are moving a bit lower with small-cap stocks (the biggest beneficiary of the ‘Trump bump’ outside of cryptos) leading the drop. The Russell 2000 is down 0.8%. S&P 500 futures pointing to a loss of 0.3%;
Cryptos are continuing their advance however. Bitcoin is up 1.5% to trade around $91,700;
Commodities are mixed. WTI crude oil is down 0.7^% to trade around $68.70 with copper down 0.6%. But gold and silver are up again, to the tune of 0.7%;
Bonds are seeing a few bids. The 2-year yield is down 4 basis points to 4.24% whilst the 10-year is down 4bps to 4.38% (yields move inversely to prices).
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