- JCI ended the week down more than 4% as selling pressure continued. Technically, the JCI is unfolding an inverted head-and-shoulders pattern which could be triggered once the neckline around 4760s is broken. More confirmation will be when the resistance at 4818 is broken. Breakout of the neckline could zoom the index up by around 400 points from the breakout point. For now, this is expected to be around the year's high. Still, until then the downside pressure remains as the index stays below the EMA curves, threatening a revisit of 4373 low. Near-term supports come at 4543 and 4478. Positive reaction to the NFP data on Friday signals a potential push upwards next Monday.
- US Nonfarm payrolls maintained its pace at 195k, the same as May, but beating the expectation of 165k. Unemployment rate also stayed at 7.6%, more than what the market had expected. Reaction was positive as the Dow climbed almost 1% along with S&P and NASDAQ indexes which also each edged 1% higher. The figure held that the increase in payrolls were still not enough to prompt the Federal Reserve to end its bond purchases soon.
- BSDE became the latest victim of the rout as the reco ended with an 11.35% losses. Hence, there are 8 recos left on the list. We're still watching the market for now before deciding to add more to the list.
Minggu, 07 Juli 2013
Morning Dew - 8 July 2013
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