- Bernanke's remarks on possible scaling down of Fed's asset purchases coupled with the sinking of China's manufacturing PMI towards the contraction zone sent the bulls ran for cover. JCI tumbled over 100 points before it settled at 5121.4, down 1.66% while the regionals also crumbled as Nikkei sank over 1000 points and the Hang Seng index plunged over 500 points. Within the next three months the market will watch the U.S. data closely, especially the labor market data as well as inflation. Low inflation rate may preserve the current Fed policy, but sharp uptick could mean a scaling down of asset purchases. Similarly, a scale down of asset purchases will be increasingly possible if the employment outlook in the U.S. improves.
- JCI technical outlook for Friday suggests that the correction had almost reached its maximum retracement point at 5082. Further decline may send the index towards 5030 which will mean that the correction will be deeper than initially expected. However at the moment the index is expected to rebound from Thursday's low with the resistances come in at 5127, 5151 and 5170. MACD is starting to decline, so the upside will be somewhat limited. Friday's range is seen around 5151 and 5082.
Kamis, 23 Mei 2013
Morning Dew - 24 May 2013
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