Good morning contrarians! Stock futures are up a bit ahead of a busy day for earnings…

$JNJ $LMT $HAS $HAL are among the earnings highlights in the premarket. After the close we’ll hear from $NFLX

New residential construction is out at 0830. Housing data has been moving steadily lower. Yesterday’s NAHB Housing Market Index fell well short of estimates and printed at its lowest level since before the pandemic. In fact, it was the largest single month drop in the index’s 30-year history with the exception of April 2020.

For whatever reason this didn’t spook the market. Presumably because the housing slowdown is a known thing with mortgages effectively trebling over the last 18 months. Still, one would think the velocity of the slowdown might give investors pause before allocating to risk assets.

But then fortune favors the bold, to quote Matt Damon. He should know. He cashed in on cryptos at the peak. Be like Matt Damon.

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