- S&P’s downgrade on Indonesia’s rating outlook has played its part on pulling the rug off JCI’s feet last week and this may continue to resonate negatively throughout the coming week despite better-than-expected U.S. nonfarm payrolls data.
- Technically speaking, JCI only staged a shallow rebound, just shy below its first Fibo retracement level at 5009. The index fell hard and it hit the low at 4907, piercing the support at 4962. While this could be a sign of another visit towards the support at 4856 the upcoming week, a better-than-expected U.S. nonfarm payrolls managed to fuel the Dow to hit the key 15k mark.
- U.S. jobs gained 165k in the month of April while the jobless rate fell to 7.5% from 7.6%. Private payrolls added 176k which means the government sector shed jobs. The April figure beat the market consensus and thus sent the Dow to hit the 15k mark.
- Lack of key data the coming week may risk the Dow to pull back as profit-taking kicks in. In turn, this will also influence the market sentiment in both Asia and Europe, making them prone to corrective pullback. Earnings season also nearing its end in the U.S.
- Updating the recos list, the recent week saw four recos exited the recos list: BBNI and PTPP with gains while KPIG and PNBN with losses. PTPP gained 64.71% and BBNI 49.66%; KPIG lost 10.88% and PNBN lost 9.41%.
Minggu, 05 Mei 2013
Morning Dew - 6 May 2013
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