Morning Dew - 21 June 2013

Key Points

• Fed's FOMC meeting yesterday triggered another wave of selloff as the JCI got pummeled once more. Following that, the U.S. market plunged as the Dow lost 2.34% in Thursday session. Now, according to a Bloomberg poll, 44% of economists surveyed see the Fed to start tapering out its stimulus. Bernanke himself hinted that the entire stimulus may be removed - should the conditions warrant it - sometime in the mid of 2014. Unfortunately, this could mean an unwinding of stocks.
• Cutting through supports with ease, the JCI has arrived near the support at 4597 and this means closer to the crucial 4510. Unfortunately, the latter is seen tested this Friday, following a meltdown at the Street. Below 4510 will mean a move back towards 4222. MACD has turned down again, and we're close to breaking below the 200-day EMA. Resistance is seen nearest at 4880.
• The Thursday drop took out the stop set for WIIM at 840. So, this one has been removed from the reco list with the loss of 11.58%.

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