- JCI suffered another decline on Wednesday as the index was back at 5001.22. It is now hovering within the exponential moving average indicators (EMA) while the MACD continues to drift lower. Volume however, seems to be running out of steam, so a rebound is likely to happen, but it remains vulnerable to more pressure. Resistance lies at 5021 first, then 5072 next with additional resistances at 5056, 5093, 5130 and 5177. Support is seen at 4936 at the nearest and 4907 as key support.
- A hint from Europe suggested that there will be no more addition on the amount of quantitative easing while the Fed Ben Bernanke last week hinted that the Fed is considering a reduction in the stimulus if the economy warrants it. Both statements indicate that the era of generous monetary policy is most likely to be over and central banks are likely to hold on to their rates until the economy is giving clear signals of improvement.
- Nonfarm payrolls this Friday will be the focus of market attention as better-than-expected data may spark another drop as better data means more case for the Fed to take away the stimulus. A worse-than=expected data may spark a rally instead as this will imply that the Fed will have to wait until employment situation improves before pondering a reduction in stimulus. Market consensus stands at 165k while Thursday saw jobless claims fell by 11k to 346k, slightly above the consensus of 345k.
Kamis, 06 Juni 2013
Morning Dew - 7 June 2013
Key Points
Langganan:
Posting Komentar (Atom)
Tidak ada komentar:
Posting Komentar