The Fed's gloomy economic outlook, coupled with apprehension that little can be done to keep the global economy from skidding into another recession, sent market participants ditching risky assets and fleeing into Treasuries in the worst two-day plunge since the financial crisis in 2008.The Dow Jones Industrial Average tumbled 391 points, or 3.5%, to 10,734, the S&P 500 fell 37.2 points, or 3.2%, to 1,1230. How about Indonesia market today?
Jakarta Composite Index (JCI) may continue to face pressure and move within the range of 3,240-3,395. The index movement is still affected by regional stock markets. The JCI plunged 8.88% to 3,369.14.
Technically, the index may continue its drop in the range of 3,310-3,465 today. The Fed's result meeting on Wednesday was negatively responded by the market. European sovereign debt crisis remains affecting the JCI.
Minna Padi Investama:
The JCI is in bearish trend. Wait and see action is currently the right choice. Several stocks to watch: BDMN, BBCA, and ITMG. Yesterday, the JCI suffered the biggest drop among the regional markets.
The index may move within the range of 3,309-3,405. Yesterday, the JCI fell 8.88% or 328 points to the low level of 3,369.14.
Disclosure: No position at the stock mentioned above.
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