- JCI ended up on Wednesday, as the index found support coming from the September inflation data as well as fading negativity coming out of the first US government shutdown in 17 years. Still, the impact coming out of the shutdown is expected to be somewhat limited, but as the indecision is prolonged, the market sentiment will start to deteriorate again, dragging stocks down.
- ADP data showed that private sector had added 166k jobs in September, compared to a 159k (revised) in August. Still, this figure is still less than what the market had expected. Consensus ran at 180k in September, and this result could mean that the upcoming release of nonfarm payrolls data may not be as strong as expected. Currently, Bloomberg survey points at 160k-235k gains in NFP. Payrolls is one of the crucial data being watched by the Federal Reserve. A less than stellar strings of NFP could mean the FOMC may need to bid more time before starting to reduce the stimulus.
- For JCI, the nearest resistance coming at 4425-4452, followed by 4540. As for support, the first crucial support lies at 4313 and 4207. Below this will re-open the door towards the low at 3837. JCI's MACD has reentered the negative area by now.
- No change in view on the recommendations, no new additions as well. So far, three are in the green while four are still underwater.
Rabu, 02 Oktober 2013
Morning Dew - 3 October 2013
Key Points
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