August 06, 2013- Overbought Fears Weigh on Markets

Overbought Wall Street has chosen to stay cautious amid a lack of any compelling catalysts, as reflected by the U.S. index futures, which currently point to a flat opening. Asian stocks had a mixed session, while the European markets are also currently trading on a mixed note despite domestic catalysts remaining mostly positive. Some earnings news and a Fed speech scheduled for the day are expected to impact trading, even as traders remain reluctant to build on positions, given the recent strong run up of the markets. The Dow futures are slipping 13 points and the S&P 500 Index futures are down 1.50 points, while the Nasdaq 100 futures are gaining 0.25 points. U.S. stocks went about in a lackluster manner on Monday despite the release of some strong domestic and overseas economic data. On the economic front, the U.S. Commerce Department is scheduled to release its trade balance report for June at 8:30 am ET. Economists expect the trade deficit to narrow to $43 billion from $45 billion in the previous month. Chicago Federal Reserve Bank President Charles Evans is due to hold a press breakfast at 9:30 am ET. The Treasury is set to release the results of its auction of 3-year notes at 1 pm ET.