Good morning contrarians! Stock index futures are pointing to small losses a day after a substantial rally. Cryptos are gaining ground again…

Some earnings today, along with ADP payrolls and pending home sales. Pretty boring in all honesty.

That’s three days in a row of gains for stocks. Looks like the bull market could still have legs after all. As we told you on Monday, the environment for risk allocation has been a lot worse. The S&P 500 is 2% short of reaching the break-even point for August. The Nasdaq is a little further off, still down 2.8% on the month. With two trading days left in the month, including today, could August actually turn into a winning month for stocks? What a reversal that would be after all the doom and gloom of one short week ago.

More here in today’s briefing/podcast: