Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, May 12. Today’s briefing is delayed a bit due to Walmart earnings. The Stocks On The Contrarian Radar©️ segment features UNH 0.00%↑ and starts at the bottom of this page.
State of Play
Stocks gained more ground yesterday, led by tech again as the Nasdaq put in its sixth straight day of gains. As we eye or board of indicators for signs of direction at 0715 ET things are pretty quiet:
Stock index futures are taking a bit of a breather. The Nasdaq is down 0.6% with S&P 500 futures off 0.5%;
Commodities are dropping. WTI crude oil is down 3% to drop below $61/barrel. Copper is down 0.3%;
Cryptos are also taking on a little water. Bitcoin is down 2% to trade around $101,700;
Bonds are unchanged. The 10-year yields 4.51%, which is around its highest level of the year.
Listen to this episode with a 7-day free trial
Subscribe to Contrarian Investor Premium to listen to this post and get 7 days of free access to the full post archives.
