June 10, 2013- Stocks Remain Positive Despite Lack of Catalyts

Wall Street looks set to retain the momentum it had picked up in the aftermath of last Friday's non-farm payrolls report. The major U.S. index futures are pointing to a higher opening on Monday. Asian stocks also latched onto Wall Street's optimism and ended higher, while the major European markets are trading mixed amid some volatility. Data released from Japan was encouraging, while a slew of data released from China over the weekend, including fixed asset investment and industrial production, relayed a small loss of momentum. In the absence of any major trading catalysts, it remains to be seen if the markets can sustain the momentum. The Dow futures are adding 52 points, the S&P 500 Index futures are gaining 6.40 points and the Nasdaq 100 futures are moving up 11.25 points. U.S. stocks posted a weekly advance in the week ended June 7th, as the jobs report and hopes that the central bank will preserve its stimulus program at least until the economy gains additional momentum generated optimism among traders. On the economic front, the economic calendar of the unfolding week is back-end loaded, with a few first-tier economic reports due to be released in the later half of the week. The focus of the week is likely to be on the Commerce Department's retail sales report for May, the Federal Reserve's industrial production report for May, the Labor Department's jobless claims report and the results of a preliminary consumer sentiment survey by Reuters and the University of Michigan.