Sebagian kecil traders/investors pada bursa Asia, termasuk Indonesia, mungkin melihat pagi ini sebagai kesempatan 'rebound call' berdasarkan perkembangan 'major market average' US Jumat lalu. We dismiss the idea, and prefer to caution that the jump may be too early. Berikut hal penting yang menjadi catatan situasional atas 'major market average' US Jumat lalu:
1. Major US market average, closed positively (except Nasdaq), but ended the session at the lower half of candle. Stocks on Friday *kept to a recent bearish pattern*, starting strong and then *unwinding much or all of the gains later in the day*. The NYSE composite rose 0.5%, and the S&P 500 added 0.3%. But both were up as much as 1% earlier in the session. The Nasdaq shed 0.3%. 2. Up volumes are due to options expiration (quadruple witching). We could no call that institutional buying were strongly in as the indicative rising volumes were distorted by the execution of stocks derivative due last Friday. 3. Greece concern recedes a while, but Italy gets into the picture. Both domestic equities and Europe's bourses bounced in response to news Friday's morning that Greece has appointed a new finance minister and that German and French officials support quick implementation of plans to address the country's fiscal woes. *However, Moody's reminded investors about the precarious fiscal conditions that exist among countries in the eurozone periphery by announcing that Italy's debt rating is on review for possible downgrade*. And, overall, we still follow and label US market status as 'market in correction' since first week of May, and has yet to get a strong fundamental changes to revisit the call. We treat positive US market average last Friday as 'relief rally', not a 'reversal'. The best thing intelligent investors to do under the circumstances is to create and keep up with your stock watch list to ensure you find the winning stocks for the following new intermediate uptrend. '+'
