Good morning contrarians! It’s a pretty busy Friday with several economic data releases on the calendar today after stocks rallied yesterday thanks in no small part to that Arm ($ARM) IPO.

The question now is if yesterday’s buying can be sustained. Every rally over the last six weeks has kind of fizzled out after a day or two. We’re now on two straight days of gains, which would mean we’re due to give some of it back. Maybe even all of it? For the week, the S&P and Nasdaq are up just 1% and change.

Worth pointing out that several airlines have cut guidance this week. Perhaps the resumption of student loan payments are taking a toll here? Whatever the cause, if travel is declining it could be a leading indicator that finally the US consumer is starting to roll over…

Free audio included in today’s briefing so check it out here: