- JCI didn't go far on its rebound on Monday as it only managed to score an intraday high at 4916 before another wave of selloff hammered the index to end even further down at 4777.37. This has put JCI closer to its next support at 4721.32. Should this support also fails to contain the selling pressure, it is likely to test the resolve of the next one around 4610-4630. Resistance now comes at around 4856-4864, its prior support-turns-resistance.
- US credit outlook has been restored to stable by the S&P, but investors were not impressed as the prior rally came to a halt. Chinese data did not came in with any big surprise so most of the plunge on the JCI was attributable to the worsening technical condition of the JCI as laggards running for exit. Lack of meaningful follow-up from the Dow overnight could mean the JCI is either set for another squeeze or to enter a consolidation period this Tuesday.
- BIPI has become the latest victim of the massive JCI rout. It has been brushed aside from the reco pool as it fell below 147, putting it down with 12.05% losses. On the other hand, the strong retreat has triggered both MDLN and WIIM entry prices and thus we now have 11 open recommendations with just four of them above water.
Senin, 10 Juni 2013
Morning Dew - 11 June 2013
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