- Despite the more-than-expected gains in the number of NFP released last Friday, JCI fell again earlier this week. It fell to as low as 4433, more than the maximum retracement level of the rebound off 4373. This means the index's next support will be the key 4373. If this support is broken we are staring at the potential of the beginning of wave C. Currently, we can still assume that wave B remains in progress. Near-term resistance is seen at 4647.
- Concern over a cut in budget spending by the parliament also hit the sentiment. So far, only around 60% of the proposed budget of 110T rupiahs had been approved. Bank Indonesia's statement during the weekend that it is monitoring the channeling of lending from banks to the property sector to avoid rising nonperforming loan (NPL) among banks.
- U.S. stocks ended up again on Monday, suggesting that the regionals won't see red on Tuesday. Entering the earnings season in the U.S., corporate company reports are seen to be additional catalysts in shaping the market sentiment. This midweek we are also about to see the minutes of the latest FOMC meeting last May. Ben Bernanke is also scheduled to speak this week.
- More exits from the list as RALS, KBLI, BWPT and BMRI got brushed aside on Monday's massive rout. This brings the remaining recommendations to IMAS, TELE, BBCA and BBRI. We will continue to watch the market first before deciding whether to add more recos to the list.
Senin, 08 Juli 2013
Morning Dew - 9 July 2013
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