Stocks rallied this morning but gave back much of their early gains as investors pared bets ahead of this afternoon's interest rate announcement (2.30 pm).
Up almost 70 points in early trade, the ASX 200 was recently just 26 points or 0.57% higher at 4599. Resources-sensitive stocks advanced. The metals & mining sector rallied 1%, materials was up 0.9%, gold 2% and energy 0.3%.
In economic news, Australia’s trade deficit narrowed as imports of oil and consumer goods fell. The shortfall receded to $1.52 billion from a revised $1.78 billion in July, but less than economists' expectations for a $900 million gap.
Asian markets advanced. Japan's Nikkei was up 0.03% and Singapore was up 1.28%. Dow futures were neutral at +2. Crude oil and gold futures were little changed.
Not as many fireworks this morning as hoped. Exited original FLT position for a slender profit before the dump and jumped back on for the bounce. Got in late but did okay. Skinny bounce trade in DDT, exited too soon. Opened a speculator in NEU at 3c. Just added IGO at support. Also exited a tiny RNG position for brokerage after discovering after the close yesterday that I failed at simple arithmetic - thought I'd sold the lot yesterday. Schoolboy error.
Potential overnight holds: ORD obviously looks good. FMS and BVA on breakout. JHX heading back to the old high?
PS The interest rate decision will be posted here at 2.30 pm on the dot: http://www.rba.gov.au/
