- JCI set another record high at 5089.34 as it nears its Fibo projection objective at 5114. Beyond this target lies the more ambitious objective: 5242. At the moment, negative catalysts coming from rating agencies and slowing economic growth seem powerless to stop the rally. Still, investors should remain cautious as risk of corrective pullback will also increase the higher the index goes. Critical supports remain seen at 4907 and 4856.
- China trade data added fuel to the Wednesday rally as exports were reportedly up 14.7% in April from a year ago. Imports however, were up 16.8% from prior year. Both were improving from last month's gains in exports of 10% and imports of 14.1%. There's a concern however, that the data might be inflated by companies to avoid capital controls and bring money into China.
- Domestic market will be closed on Thursday but will resume on Friday. Hence, the cue for Friday's market will lie on how the overseas markets fare on Thursday. So far, the Dow continues unchallenged as it managed to clear the resistance at 15k. Light economic data will support the rally but the bulls should remain cautious of sudden pullbacks should profit-taking starts to kick in.
Rabu, 08 Mei 2013
Morning Dew - 9 May 2013
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