June 12, 2013-Stocks Attempt to Rebound Needing to Break Resistance

Trading in the U.S. index futures suggests that Wall Street stocks may shed off their negativity and attempt a rebound on Wednesday from the declines in the previous two sessions. That said, apart from the pullback, the markets have very little reasons to add to their equity holdings, given the lack of any major earnings and economic catalysts. With retail sales and industrial production data due for release over the next two trading sessions of the week, the underlying mood in the markets may be one of caution. The Dow futures are rising 64 points, the S&P 500 Index futures are adding 7.80 points and the Nasdaq 100 futures are moving up 11.75 points. Amid intensifying risk aversion, U.S. stocks retreated sharply on Tuesday. The major averages were also hurt by a lack of trading cues to render a direction. On the economic front, the Energy Information Administration is scheduled to release its weekly oil inventory report for the week ended June 7th at 10:30 am ET. The Treasury Department is set release its monthly budget report for May at 2 pm ET. Economists expect a deficit of $110 billion for the month compared to a surplus of $112.9 million in the previous month.