June 19, 2013-Markets Remain Apprehensive Edging Higher Ahead of Fed Statement

Sentiment on Wall Street remains wary on Wednesday, although trading in the major index futures point to a higher open. The catalyst that could define the day's market direction is the Federal Open Market Committee announcement and the ensuing press conference by Chairman Ben Bernanke. Indications from Bernanke that the trimming is something that would happen as the economy steps into a firmer footing could dispel some fears lurking in the minds of traders. That said, the markets have traded up in anticipation of such an outcome and therefore it remains to be seen how much of an impact even a positive announcement can have. The Dow futures are rising 22 points, the S&P 500 Index futures are adding 3 points and the Nasdaq 100 futures are moving up 9.75 points. U.S. stocks gained for the second straight day on Tuesday, as the housing starts data was fairly positive and the traders took a positive stance regarding the FOMC decision. On the economic front, the Energy Information Administration is scheduled to release its weekly oil inventory report for the week ended June 14th at 10:30 am ET.