US equities begin the week on a marginally weak note, sp -6pts @ 2104. VIX is higher, +7%, but still only in the low 15s. Metals are flat. Oil remains sharply lower, -2.8%.... but as ever... vulnerable to extremely strong intraday swings.
*Fib retrace - assuming sp'2110 is a short term top, is highly suggestive of a near term retrace to the 2060/40 zone.. where the 50dma is lurking.
So.. a little weakness to start the week, but clearly.. nothing significant. I'm not expecting much from today.... Mr Market is likely to remain in chop mode.. ahead of Yellen at the US Senate tomorrow morning.
Notable strength: DISCA (Discovery Comms'), +7% to the $33s on rumour that FOX might be interested. I like the company, a sound balance sheet. A bid around the $50 threshold is very viable, and even without.. the stock is under-valued, relative to main market.