Rabu, 10 Juli 2013

Morning Dew - 11 July 2013

Key Points
  • JCI bounced as expected after struggling to defend the crucial low at 4373, helped by the data from China which suggested that China is facing a tough slowdown as government tries to put a brake on the credit growth. Anticipating the speech from Ben Bernanke as well as the release of FOMC minutes on Wednesday, the market seemed to be cautious, thus capping the upside potential.
  • Exports out of China tumbled in June by 3.1% vs. a year ago while imports also fell 0.7%. The market had expected exports to have gained 3.7% while imports were forecast to have increased by 6%.The poor reading indicates that the Chinese authority may still have to wait before loosening up their monetary policy.
  • Nothing new coming out of the Fed's minutes as well as from the Bernanke Chief. Looks like we are indeed, targeting the end of wave C and this could be at 4678, 4848, orc up to 5124 .On the downside, the support will be at the crucial 4373. The index is seen resuming its rebound but the upside is likely to be limited.
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