Wall Street closed. All eyes on the RBA today – Philip Lowe’s last meeting. China vibe good for resources. Futures down 19 firs thing.

The market taking a breath today dropping 35 points ahead of today’s RBA Meeting – Philip Lowe’s last.

SPI Futures up 31 after US jobs numbers were good enough – Not sure the jobs numbers are enough to confirm our best hopes, but they didn’t kill them either. We have survived to thrive.

Good start with the ASX 200 up 60 points – better than the Futures, which were up 31 on the back of the OK Jobs Numbers in the US on Friday. FMG and BEN ex-dividend. Solid progress in the resources sector today – iron ore is up, BHP and RIO up in the US on Friday.

AFR – ASX to drop, Wall Street mixed as US jobs data awaited. US yields dip after inflation, jobless data; market awaits payrolls. Fed’s Bostic says U.S. interest rates are high enough. Core PCE price index rose 0.2% v +0.2% last month; up 4.2% v 4.1% YonY. Dollar rises. July US consumer spending (two thirds of GDP) accelerates 0.8% in July. Most in six months. Reduced risk of recession but spending unsustainable.

Bit of a pause today. BHP down a touch in the US and the recent rally. One strategist noting that the Chineses market has stopped responding to bad news – flogged to death already. Even the $7bn loss in six months from property stock Country Garden didn’t upset it.

US markets extended gains for a fourth straight session.

The risk on rally is alive for another day. More weak economic numbers helping overnight. Inflation number tonight. Jobs numbers Friday. US closed Monday. Bought FANG, LNAS and BHP yesterday. Just a trade at this point. Hoping the rally is not just an end-of-month thing. Strategy Portfolio still in cash. Good CPI number yesterday – RBA Meeting on Tuesday. Last trading day of the month. Last day of the results season. Should we beware The Ides of September? Seasonal chart in today.