- JCI ended slightly up after briefly dipped during Wednesday session. The index is seen trading light ahead a week-long holiday next week. In addition, lack of major macro catalysts will shift the attention to earnings report of individual stocks. Upside still seen capped around 4779 while the downside is seen supported around 4545. MACD is flirting with the zero line while the RSI has dropped as well.
- US GDP rose 1.7% at annualized rate following a 1.1% increase in the first quarter. This reading is better than the consensus which forecast a 1% increase. Consumer spending was reportedly slowed to 1.8% rise after 2.3% in the prior quarter. Elsewhere, ADP employment report showed that the private sector added 200k jobs in July, better than the forecast increase of 180k. Next Friday we are expecting the release of nonfarm payrolls of about 185k following a 195k increase in June. Better-than-expected NFP will bolster the odds that the Fed will start reducing the stimulus sooner rather than later.
- Falling Dow could push the JCI back to the downside this Thursday. The immediate support is seen at 4545 followed by 4491. We are now at the second leg of wave c of B which, theoretically can go as far as to the beginning of wave c at 4403. As for the recos update, the rise on Wednesday took BBCA to meet its objective at 10450. Thus, this reco is closed at a 13.59% gains. Five other recos stay active and there's no change in viiew.
Rabu, 31 Juli 2013
Morning Dew - 1 August 2013
Key Points
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