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Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Nov. 18. The Bottom Line segment of today’s podcast starts at (4:06) for listeners who want to skip ahead.

State of Play

Stocks dropped on Friday to conclude a losing week. As we eye our board of indicators for signs of direction at 0640, things are pretty quiet:

* Stock index futures are pointing to small gains for tech. The Nasdaq is up 0.3%. Other US indexes are unchanged;

* Commodities are moving higher, led by precious metals. Gold and silver are up 1% each. WTI crude oil is up 0.6% to trade north of $67/barrel. Copper is up 0.2%;

* Cryptos are unchanged after a volatile weekend. Bitcoin trades around $91,000;

* Bonds aren’t doing anything. The 2-year yields 4.31% whilst the 10-year yields 4.47%.

Earnings Should Drive this Week's Narrative