Morning Dew - 3 May 2013

Key Points

• JCI tumbled below the 5k mark again as sentiment was hit by slip-up of the DJIA overnight. As the 5k mark got broken again, the next support is seen at 4962 and afterwards at 4856. The upside is seeing Fibo-based resistances at 5009,5019, 5028, 5036 and 5046.
• The Thursday's rout took its toll as PNBN dragged down to hit its stop level below 780, thereby forced it to settle at 9.41% losses. Among 9 recos remaining, APLN has returned to neutral while TELE, MPPA and RALS are struggling to hold their gains. KPIG has the worst performance, followed by KBLI, BKSL, BIPI and IMAS.
• ECB rate cut and better-than-expected jobless claims data put the bulls back on the lead as the Dow jumped 0.89% while the S&P and NASDAQ also gained 0.94% and 1.26%, respectively. The positive end of the European and American sessions are poised to set up a rebound for the JCI on Friday. Nonfarm payrolls data later in the NY session may risk another dip as payrolls growth may be subdued in April.

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