Many reasons are being handed up to quote hungry media about why we are going through a market sell off, but perhaps the most realistic explanation is the one being ignored – that the US market has run out of juice and is at the end of the long rally from the depths of the GFC in March, 2009, and needs a break.

Commodity prices of course took another pounding overnight, following on from last week’s sell off as fears about the health of Chinese markets and the economy drove volatility higher and undermined investor and consumer sentiment.

All eyes in financial markets will be on China today after a bloodbath across the globe that saw trillions of dollars in value blown up.

Normally the coming week would be dominated by the start of the usual end of month data drop, with some key figures to be released in the US, Japan and Australia.

Gold’s rise last week wasn’t a big surprise – not when the world’s major stockmarkets lost ground heavily, with some going into correction phases.

Not the best of weeks ahead to be producing profits anywhere, especially in the nervy Australian markets.

The Aussie stockmarket will dip into correction territory this morning, if the 110 point, 2% plus fall in the share futures market on Friday night is any guide.

Yesterday’s 91 point fall on the ASX 200 surprised some with its intensity – well they will get a second chance to assess the health of the local market today after Wall Street suffered its biggest fall of the year so far overnight Thursday.

Financial markets will have a very wary eye on China today after another nasty fall rattled investor confidence around the world.

It’s a very quiet week domestically and internationally for major statistics and other potentially market moving data.

Gold up, copper up, US oil down, but Brent oil up, and China’s currency moves are still exerting an influence (though easing) on markets.

Once the dust had settled and investors concluded that a large and continuing fall in the value of China’s yuan was not likely, markets bounced back late last week.

The Australian profit-reporting season moves into top gear this week with dozens of ASX 200 companies reporting, from big miners, to oil groups, property companies, insurers and consumer focused companies.

So what is Warren Buffett up to – no, not with the $US37 billion Precision Castparts buy, but a new, intriguing stockmarket play which emerged from Berkshire Hathaway’s quarterly investment filing with the US Securities and exchange Commission on Saturday morning, our time.