March 20, 2009 (FinancialWire) (By Frank Kollar) -- The S&P 500 Index (SPX) has risen a remarkable 17% since its bear market lows reached on March 9, though it pulled back a bit on Thursday March 19. Is this, finally, the start of a new bull market? There are several indicators that suggest we have a great deal of upside ahead. Last week we had two trading days of better than 9 to 1, up vs. down volume. These are bullish indicators, especially if there is more than one such day in a short time span. These breadth surges were also unusually strong. 27 to 1 on March 10 and then 19 to 1 on March 12. Remarkably, we had another breadth surge this week, with 10 to 1 up vs. down volume on Tuesday, March 17. Three such days in only two weeks is very unusual. Then, according to Elliott Wave Theory, we appear to have just completed a Wave 5 on March 9. Wave 5's are usually the bottom of a series of waves to the downside. This forecasts an entirely new sequence of waves to the upside ahead. Sentiment is inconclusive as the CBOE Volatility Index (VIX) did not make new highs when the SPX made new lows on March 9 as would be expected. But historically, the VIX is at high levels, in the 40's, so it is difficult to get a read on this. It looks like the real McCoy this time, but traders should remain vigilant. Bear market rallies have a way of looking good before the axe falls.

The Investrend Earnings Calendar features Kirkland's (NASDAQ: KIRK), expected at $0.52. The market will also be watching the Investrend Money Index Most Actives Dryships Inc. (NASDAQ: DRYS) up 27.58%, American International Group In (NYSE: AIG) up 17.39%, and Alcoa, Inc. (NYSE: AA) up 16.79%.

The Investrend Economics Calendar lists Fed Chairman Bernanke Speaks (12 p.m.), Quadruple Witching - options and futures expiration.

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 20 advancers versus 30 decliners. Advancers were led by Dryships Inc. (NASDAQ: DRYS) up 27.58%, American International Group In (NYSE: AIG) up 17.39%, Alcoa, Inc. (NYSE: AA) up 16.79%, Financial Bear 3x (NYSE: FAZ) up 15.37%, Oracle Corporation (NASDAQ: ORCL) up 9.73%, Virgin Media Inc. (NASDAQ: VMED) up 6.04%. Decliners followed Financial Bull 3x (NYSE: FAS) down 19.97%, Citigroup Inc (NYSE: C) down 15.58%, Ultra Financials Pro (NYSE: UYG) down 14.14%, Morgan Stanley (NYSE: MS) down 13.02%, Huntington Bancshares Incorpora (NASDAQ: HBAN) down 10.89%, Wells Fargo & Co. (New) (NYSE: WFC) down 10.45%, The Charles Schwab Corporation (NASDAQ: SCHW) down 10.33%, U.S. Bancorp (De) (NYSE: USB) down 9.92%, Bank Of America Corp. (NYSE: BAC) down 9.65%, Hartford Financial Services Gro (NYSE: HIG) down 9.59%, E*Trade Financial Corporation (NASDAQ: ETFC) down 8.59%, Time Warner Inc (NYSE: TWX) down 8.06%, Jpmorgan Chase & Co. (NYSE: JPM) down 7.97%, Hudson City Bancorp, Inc. (NASDAQ: HCBK) down 6.66%, Marvell Technology Group, Ltd. (NASDAQ: MRVL) down 6.24%.

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

Investrend Website of the Day: http://www.ukalady.com

Quote of the Day: "Before you run in double harness, look well to the other horse." Ovid

Today is: Spring, National Agriculture Day.

Happy Birthday: Ovid, Ned Buntline, Frederick Winslow Taylor, Edgar Buchanan, B. F. Skinner, Ozzie Nelson, Carl Reiner, Fred Rogers, Hal Linden, Ted Bessell, Vaughn Meader, Jerry Reed, Brian Mulroney, Pat Riley, John de Lancie, William Hurt, Carl Palmer, Spike Lee, Holly Hunter.

Today in History: The Dutch East India Company was established in 1602. The "Great Fire" of Boston destroyed 349 buildings in 1760. Napoleon entered Paris in 1815 after escaping from Elba with a regular army of 140,000 and a volunteer force of around 200,000, beginning his "Hundred Days" rule. Albert Einstein published his theory of relativity in 1916. In Gibraltar, John Lennon and Yoko Ono got married in 1969. Libby Riddles became the first woman to win the 1,135-mile Iditarod dog sled race in1985.

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

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