It’s a light day on the US calendar but all eyes on the block trade liquidation

Shares in focus


The US economic calendar features only the lowly Dallas Fed manufacturing survey today and that’s not going to be a market mover.

Instead, all the focus is going to be on further liquidation from Archegos Capital’s Bill Hwang. There are reports of further huge block trades with all eyes on Discovery and ViacomCBS.

Shares of VIAC closed Friday at $48.23 and they’re trading at $47.07 so the market appears to be digesting it. I believe the trade is to pickup the pieces after the selling is done and that’s what’s happened in some of the Chinese tech names.

Otherwise, we’ll continue to watch the Suez, where the Evergiven is partially refloated. Oil has bounced around but I don’t think it was a big driver in any case.

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