- JCI slipped below the 5k mark as the rout continued on Monday. The market sentiment has been turning for the worse after last week's remark by the Fed that the stimulus program could be curtailed if condittions warrant it. JCI plunged to as low as 4958 before a bounce kicks in and lifted the stocks to close at 4971.35. Interim support lies at 4958 and then 4907.59. Resistance lies at 5072, then 5200.692 and 5251.30.
- After a string of more bad news, the U.S. stocks clawed its way back up. This indicates that JCI may also have some bounce on Tuesday. US manufacturing PMI fell below the 50 mark and this brought the Fed's stimulus scaleback into doubt. Surely, the more bad news we will see, the more likely the market will be positive. Key data will come on Friday as nonfarm payrolls will again test the investors' faith. For now, payrolls are expected to grow by 168k from last month's 165k. Unemployment rate is seen steady at 7.5%, however.
- While the market was pummeled on Monday, AKRA managed to rally and reached 5950, its final target. The recommendation is now closed with gains of 11.21%. We still have two more recommendations to fill up: MDLN and WIIM. No change on the recommendations for today. Expect the JCI to claw its way up as corrective bounce sets in. Still the upside is seen very much limited.
Senin, 03 Juni 2013
Morning Dew - 4 June 2013
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