Good morning. US equity futures are moderately lower, sp -7pts, we're set to open at 2097. USD is +0.2% in the DXY 97.10s. Metals remain weak, Gold -$2... whilst Oil is +0.7%.
First soft target for the equity bears is the Friday close of 2079. After yesterdays gains, a break below that looks out of range today.
It is notable that any negative close today will keep the door open to a sig' break lower this Thurs/Friday. Naturally, it would likely be the Friday... with the jobs data.
A retrace IS due, but those hoping for anything more are surely going to be very disappointed by year end.
Corp' news. Activision (ATVI) purchase the makers of Candy Crush (KING). This is perhaps the dumbest deal I've seen in some years.
ATVI have paid almost $6bn ($18 a share) for a company that is worth arguably.....nothing. I can only imagine the CEO/board of ATVI are lost for ideas.. and thus went for the old 'lets go buy a company' strategy.
This purchase will likely come to haunt ATVI within a few years. At least EA weren't stupid enough to do such a thing.
Update from a typically loud Mr C.
Have a good Tuesday
*awaiting Factory Orders data (10am)