- JCI barely able to hold on to its gains last week. The index managed to score a new peak at 5251.3 but tumbled afterwards on Thursday to as low as 5089 before it settled the week at 5155.09. LQ-45 and IDX30 indexes were not as fortunate as their gains all but lost as the two ended down by 0.04% and 0.19%, respectively. Three supports will be key for JCI in the coming week: 5089, 5030, and 4907.60. Resistance lies at 5174.67 and then 5251.3. Technically speaking, the rally stays alive, but the price is likely to consolidate.
- Ben Bernanke's speech last week might have been a game changer after all. The Fed chairman suggested that while taking away the entire stimulus from the economy may not be a good idea, scaling it down a bit may do the trick, on the condition that the unemployment rate and the inflation data are supporting the case. This statement was taken negatively as global stocks went on massive retreat on Thursday.
- Another slap in the face last week came from China as the country's PMI index for manufacturing sector fell below 50, worse than what the market had expected and this suggested that manufacturing had contracted in May. The official data will be released the coming week. So far, global growth has been seen coming from China as well as a product of the Fed's generous stimulus. Taking these away from the equation can only mean more downside for equities.
Jumat, 24 Mei 2013
Morning Dew - 27 May 2013
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