A weak overnight lead was eased with a late recovery in the US as some investors took the view that the lack of need for QE3 might be a good thing. The Aussie market was always a chance to outperform today because we'd already had two days of congestion after a good run. An unexpected monthly trade deficit took the wind out of an early recovery attempt but as the afternoon rolls on, the Asx 200 has almost regained yesterday's close thanks to a resumption in the rally for financials and defensives.
As far as my book goes, a residual position in NAB has rallied and SUN has also pushed higher to 834. I have April 850 calls, May 850s and May 875s plus some stock. The options aren't doing much but the premium markdown thanks to Easter is almost over and there's often a bounce back post the holiday.
I sold the last portion of KCN at 622 on the open and that's now trading at 600. MSB and PXS are flat after falling earlier and I'm looking for them to resume their rally following a retracement. I've bought more MSB over the last two days at an average price of 781 having tipped some out around 800.
I'm less confident about PXS. It may have topped but I'm looking for another high. A fall into the low/mid 120s would be a sign that the party was over.
4.11 The Asx 200 edged into positive territory but matched a touch weaker, down 3 at 4334. PXS finished with a push to 135.
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