Morning Dew - 2 May 2013

Key Points

• A follow-up surge by JCI put the index close to its projection target at 5068. Ending at 5060.92 after briefly touched 5062.67 the index is expected to be well-supported above the 5k mark. Nevertheless, key supports still lie at 4962 and 4856 while the upside is seen capped around 5068. Should the index powers through this resistance as well, resistances are seen at 5121-5133, followed by 5239 and 5284.
• After PTPP exited at its objective, now it's BBNI's turn to exit at its final target at 5500, which brought the reco a 49.66% gains. Among the remaining recos, MPPA holds the best temporary gains of 9.44% while KPIG and PNBN are still below water with 7.48% and 7.06% losses, respectively.
• Fed kept its policy unchanged while the ADP employment report however, showed that April saw a smallest increase in private payrolls as the 119k increase trailed the consensus of an expected 150k rise. The figure also less than the prior month's 131k gain. Weak private payrolls suggests that Friday's non-farm payrolls may also trail the market's expectations.
• Weak U.S. Data and falling Dow suggest that the JCI may be on the defensive on Thursday's session.

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