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FirstAlert[tm] 7/6: Take a Deep Breath

fa_logo_sq_225px-w_bwJuly 6, 2009 (FinancialWire) (By Genevieve Hawkins) — Dismal employment data led to losses on Wall Street last week, and investors will brace for early earnings reports from Alcoa (NYSE: AA) and Chevron (NYSE: CVX) to provide the market with direction in the coming sessions.

Thursday’s 220 point drop led the Dow down 1.9% for the week, while the S&P 500 dipped 2.5% and the Nasdaq decreased 2.3%, leading the indexes into a neutral range since May. The coming week’s auction of Treasury notes and initial corporate earnings reports should give the market direction but there could be more drops if the news is bad. Investors should be braced for the possible second leg down of a W-shaped recovery.

Economic data of note during the sparse week will include readings on international trade, the service sector and preliminary consumer sentiment, but more focus will likely be placed on corporate earnings. Average returns for S&P 500 companies are expected to drop 35.5% according to Reuters, but investors will likely place more emphasis on the outlooks given for the rest of 2009 and beyond. At this point any early signs of an eventual recovery will spark a rally, no matter how dismal the current situation appears.

Investors will likely give the stock market a direction in the coming few weeks, but that direction is likely to be down for the summer months unless the cheerleaders come out in full force.

The Investrend Economics Calendar lists ISM Services Index for June (10 a.m.), Treasury auctions 3&6-month bills (11:30 a.m.), Treasury auctions 10-year TIPs (1 p.m.).

The Investrend Events Calendar showcases no events today.

The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session’s trading showed eight advancers versus 41 decliners and one unchanged. Advancers were led by Evergreen Solar, Inc. (NASDAQ: ESLR) up 11.16%, Ultrashort Real Esta (NYSE: SRS) up 9.41%, Financial Bear 3x (NYSE: FAZ) up 8.92%, Elan Cp Plc Adr (NYSE: ELN) up 8.57%, Ultrashort Financial (NYSE: SKF) up 6.73%. Decliners followed Discovery Laboratories, Inc. (NASDAQ: DSCO) down 51.65%, Ultra Real Estate Pr (NYSE: URE) down 9.34%, Financial Bull 3x (NYSE: FAS) down 9.05%, News Corporation (NASDAQ: NWSA) down 7.23%, Ultra Financials Pro (NYSE: UYG) down 6.41%, Sprint Nxtel Cp (NYSE: S) down 6.29%.

Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).

Investrend Website of the Day: http://www.aloha-hawaii.com/hawaii/king+kalakaua/

Quote of the Day: “I’ve upped my standards. Now, up yours.” Pat Paulsen

Today is: Independence Day in Comoros and Malawi.

Happy Birthday: John Paul Jones, Sebastian Cabot, Nancy Reagan, Merv Griffin, Bill Haley, Janet Leigh, Pat Paulsen, Della Reese, Ned Beatty, George W. Bush, Sylvester Stallone, Geoffrey Rush, 50 Cent.

Today in History: Richard III was crowned king of England in 1483. Portuguese sea captain Diogo Cão found the mouth of Congo River in 1484. The dollar was unanimously chosen in 1785 as the monetary unit for the United States. In Jackson, Michigan, the first convention of the U.S. Republican Party was held in 1854. Louis Pasteur successfully tested his vaccine against rabies in 1885. The patient is Joseph Meister, a boy who was bitten by a rabid dog. David Kalakaua, monarch of the Kingdom of Hawaii, was forced at gunpoint in 1887, at the hands of Americans, to sign the Bayonet Constitution giving Americans more power in Hawaii while stripping Hawaiian citizens of their rights. The ten world’s largest hailstones fell in Potter, Nebraska, in 1928. Althea Gibson won the Wimbledon championships in 1957, becoming the first black athlete to do so. A Hard Day’s Night, the first Beatles film, premiered in 1964.

[FirstAlertTM was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlertTM do not necessarily reflect the opinions of Investrend.]

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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