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Stocks tumble again to cap volatile losing week
Stocks tumbled again Friday and capped off a volatile week of trading as investors were torn between a mixed batch of economic reports and fears about when the Federal Reserve would begin tapering off its market-friendly stimulus policies.
The Dow Jones industrial average fell 105.90 points, or 0.7% to 15,070.80. The S& P's 500 index dropped 9.63, or 0.6%, to 1,626.73 and the Nasdaq composite fell 21.81, or 0.6%, to 3.423.56.
For the week, the Dow fell 1.2%, the S& P 500 slid 1.0% and the Nasdaq dropped 1.3%. It was the third negative week of losses out of the past four.
Economic reports released Friday showed that industrial production was flat in May and a key consumer sentiment index dipped.
Wholesale prices rose more than expected in May on rising food and gas costs, but inflation remained mild otherwise. If inflation remains under control, the Fed can continue to use its economic tools to stimulate the economy.
The IMF added to the uncertainty after it said Friday that U.S. government budget cuts that kicked in March 1 were slowing the economy down.
...We should have clearer picture next Thu local time... after Fed Chairman speech....
kelvinLim123 ( Date: 15-Jun-2013 02:05) Posted:
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If these figure cannot hold, you better hold your breath !!!
i hope it does, but if it do not, then good luck everyone.
we will know soon, over the 2 wks
kelvinLim123 ( Date: 15-Jun-2013 01:49) Posted:
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Russel 2000 respresent all small cap and businesses in the US, if these cannot hold , crack line below will soon give way to big fall in S& P and the Dow.
Just to share with you for the last post.
goodbye.
What BB at Wall st think is more important than what Maybank KE, DBS and OCBC or any other dick, tom and harry u call sifu here think.
u think u buy cheap, but mkt make u look cheap.
kelvinLim123 ( Date: 15-Jun-2013 01:49) Posted:
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Now these are what BB at wall st think, that is more important than what DBS think !!!
Just goes there and tell them what DBS think, they going to laugh to death.
Dow must hold 14850. S& P must hold 1598, russell 2000 must hold 994( this one already give way, tonite it is 980)
nasdaq must hold 3329.
These number are what BB GS think !!!
It is not how attractive Miss Singapore is, it is how the BB think whether are they attractive to their pocket.
Int rate going up , make everything urgly
BB couldn't care a dime of how cheap and attractive you are, they are only interested in their saftey
What BB think is more important than what an unknown economist to those BB think.
Just because mkt up today , lot of gangho come out to shout , have the business change , have this and that change.
That is not how the mkt work. Listen to analyst is sure sucicide
Those bought think they got cheap, maybe right for a while and then they will be speechless later.
Have not hello123...told you that season of shorting has begun!!!
Short sell orders executed on 14 June 2013
that's y always says..
don't anyhow go in..
don't anyhow come out...
Think Singapore (CITIBANK)
Alert: Singapore Nearly Back at an Attractive Entry Level
risen sharply (Fig 1), reaching just above the 5-year average of 2.1%. Better GDP
growth (we recently raised 2013’s GDP forecast to 2.3%, more details in Citi’s
economist Wei Zheng Kit’s note
possibility of the US tapering its QE program plus a stronger US$ are likely
contributors. While rising 10Y yields have initially caused weakness among REITs
and yield stocks in Singapore, recent concerns about the current-account deficit in
Indonesia have increased worries. The STI Index has lost nearly 10% in a month
and is now flat YTD. Singapore’s economy is linked to Indonesia’s via exports,
banking (trade finance, wealth management), property ownership, tourism as well
as the medical tourism segment.
Singapore's 10Y government bond yields rise to 5-year average — Yields haveSingapore Macro Flash), discussions on the
back to its mean of 15x PER vs. +0.5 SD only a month back, just about 4% away
from 14.2x PER -0.5SD (3000 STI Index). Assuming no regional contagion that
leads to a sharp decline in asset values, we would be looking at this as a relatively
attractive entry level for investors given the anticipated cyclical recovery for
Singapore in 2H13. Post the GFC, Singapore’s key support level during the Euro
crisis in Oct 2011 has been 13x PER -1SD (~2700 STI Index). Expectations in
Singapore are benign - within our coverage universe, flat aggregate EPS trends are
expected for 2013, growing into a modest 8% in aggregate EPS growth for 2014E.
Our Earnings Revisions Count ratio (ERC, the upgrade vs downgrade count) is in
mildly negative zone at -10% (vs -16% at end-Feb post 2012 results – see Fig 4).
Singapore nearly back at an attractive entry level — STI Index valuation is now
been strong YTD, a decline of 30% YoY (see Fig 3) is similar to the weakest point
during the Euro crisis. At its weakest point, Singapore’s electronics exports declined
to -40% YoY during the tech bust more than a decade ago as well as during the
GFC. This suggests cyclical drivers are likely in 2H13E. A bottom in electronics
exports has historically led Singapore’s GDP and stock-market recovery cycles.
Electronics exports bottoming — While Singapore’s electronics exports have not
Our view remains that the rig cycle remains intact despite volatility in oil prices and
believe orderbook momentum can continue in 2H13, with margin resilience. 2)
3 key stock picks when we return to stock-picking mode — 1) Keppel Corp:UOBhas retraced by ~10% and has come back to levels where there is positive ETR. 3)
HK Land
risk of rising interest rates impacting cap rate valuations, we are already using a cap
rate of 5.0% vs the firm’s 4.25%. Within a stronger US$ environment, we would also
be looking at industrial firms such as ST Engineering and Venture Corp.
China-EU deal could be game-changer: Andy Xie 谢 国 忠
Commentary: Trade agreement could boost China’s reforms
China and the European Union should negotiate a comprehensive FTA to solve bilateral disputes. Such an agreement could spark an investment boom in both economies and help them climb out of the current downturn.
The EU could see a closing of its trade deficit with China through such an agreement. China’s emerging middle class could sustain higher demand for European food products and branded goods. Chinese tourism, if opened up further beyond group tours, could bring billions of euros to the EU economy quickly.
...an interesting but long article...
DBS
STI found short-term low at 3100, scope for an initial
rebound to 3200.
We believe that STI’s correction has touched a short-term low
off the 3100 level that coincided with the 13.1x (-0.5SD) 12-
mth forward PE level. The Singapore McClellan short-term
market breadth indicator fell to -58 yesterday, which is the
lowest reading since August 2011 and near to the extreme
oversold reading of -70. This adds to the list of oversold
technical indicators that includes the stochastic and RSIs.
Scope for an initial rise to c.3200.
The decline in SREITs should also stabilize heading into next
week’s FOMC meeting and as more of them have fallen
closer to their respective Nov12 lows that opens up trading
Buy opportunities. Our analyst’s picks are MCT, MGCCT,
FCOT, Cache, AREIT and MIT.
Our regional strategist expects US bond yields to fall and
trigger a rebound in equities in the near-term as equity
valuations are more attractive now. QE tapering is unlikely to
start until December, but regardless, QE exit should be
positive for equities as bond funds shift to equities.
US markets rebounded after May retail sales (actually 0.6%,
consensus 0.4%) and weekly initial jobless claims (actual
334k, consensus 346k) came in better-than-expected and on
the hope that FED will maintain low interest rates. May’s PPI
scheduled for release today is expected to read a tame 0.1%
rise m-o-m.