U.S stock market shine on dollar plunge

U.S stock indices opened higher today as U.S dollar plunge below previous year low. Dow Jones Industrial Averages posted triple-digit gain and recorded new fresh high. There is no bottom seen yet on U.S dollar index, and it looks like the upward trend in equity market will continue.

Corporate report

General Electric (NYSE: GE) posted $9.64 billion loss. Earnings per share come out at $0.27 vs. $0.29 expectation. Revenue comes out at $31.4 billion, much lower than $33.8 billion expectation. CEO John Flannery noted EPS come out at the low end of the projection, but cash performance was above expectation. Also, visibility and execution of cash are improving.

F, WHR, LVS set to report earnings after the market close.

Asian & European Stock market

Asian stock market mostly up today. Nikkei down 183.37 points (-0.76%) to 23,940.78, Shang Hai Composite up 14.23 points (+0.40%) to 3,560.73 and Australia ASX 200 up 17.70 points (+0.29%) to 6,054.70. European stock under pressure. DAX Germany down 0.12%, FTSE UK down 0.53%, and Euro STOXX 600 down 0.06%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Today upward movement of DJIA mostly attributed to the weakness in U.S dollar index. The dollar index slumped after the move below last year low. There is no bottom seen yet, and DJIA should continue its upward movement.

Jabil Inc (JBL)

JBL share prices continue its movement inside the bearish channel, and it recently rejected from daily SMA 100. There is the possibility of bullish bounce from current level as the price sit near the bottom of the channel. Traders could use the chance to place long position with SMA 50 as the target. Moreover, it is better to look for short position when the share prices near the daily SMA 100 & 200.