March 23, 2009 (FinancialWire) (By Genevieve Hawkins) Wall Street managed to extend its rally last week but selling pressure by Thursday and Friday may be an indication that the buying spree has run out of legs. For the week the Dow gained 0.75%, while the S&P 500 rose 1.58% and the Nasdaq rallied 1.8% on news that the Federal Reserve would expand its balance sheet and buy more mortgage-backed securities. Although investors will be analyzing further moves by the Fed and the government to combat the financial crisis in the coming week, these measures may prove to be a headwind for the markets to fight against. For the coming week the Treasury is expected to release details about its long awaited plan to buy up toxic bank assets, and markets will likely dip as holes get shot into their proposals. Many companies are expected to release pre earnings announcements, which may help propel stocks forward if these prove to be in line with modest expectations. Economic indicators of note for the week include those on consumer sentiment and on February personal income and spending. Expect a volatile week with sharp rallies and maddening drops. When all is said and done, the battle between bulls and bears may end in a tie by this Friday.

The Investrend Earnings Calendar features Focus Media Holding (NASDAQ: FMCN), expected at $0.44; Phillips-Van Heusen (NYSE: PVH), expected at $0.28; Sonic Corp. (NASDAQ: SONC), expected at $0.09; Walgreen (NYSE: WAG), expected at $0.66.

The Investrend Economics Calendar lists Existing Home Sales for February (10 a.m.), Treasury auctions 3&6-month bills.

The Investrend Events Calendar showcases CRM Analyst Day; GLW Investors Meeting; NBL, RIG, APC, MRO at Howard Weil Energy Conference.

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 11 advancers versus 39 decliners. Advancers were led by Financial Bear 3x (NYSE: FAZ) up 15.13%, General Motors Corp (NYSE: GM) up 10.80%, Ford Motor Company (NYSE: F) up 9.56%. Decliners followed Freddie Mac (NYSE: FRE) down 27.72%, American International Group In (NYSE: AIG) down 22.22%, Dryships Inc. (NASDAQ: DRYS) down 15.60%, Financial Bull 3x (NYSE: FAS) down 12.60%, Bank Of America Corp. (NYSE: BAC) down 10.68%, Lm Ericsson Telephone Company (NASDAQ: ERIC) down 10.65%, Wells Fargo & Co. (New) (NYSE: WFC) down 9.27%, Sprint Nextel Corp (NYSE: S) down 8.97%, Ultra Financials Pro (NYSE: UYG) down 7.84%, Jpmorgan Chase & Co. (NYSE: JPM) down 7.21%, Sun Microsystems, Inc. (NASDAQ: JAVA) down 6.14%.

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Quote of the Day: "Man is a genius when he is dreaming." Akira Kurosawa

Today is: International Day of Meteorology.

Happy Birthday: Schuyler Colfax, Erich Fromm, Joan Crawford, Akira Kurosawa, Wernher von Braun, Sir Roger Bannister, Viktor Korchnoi, Craig Breedlove, Moses Malone, Richard Grieco.

Today in History: Patrick Henry delivered his famous "give me liberty or give me death" speech at St. John's Church in Richmond, Virginia, in 1775. Elisha Otis's first elevator was installed in 1857 at 488 Broadway, New York City. Theodore Roosevelt left New York in 1909 for a post-presidency safari in Africa. NS Savannah, the first nuclear-powered cargo-passenger ship, was launched as a showcase for Dwight D. Eisenhower's Atoms for Peace initiative in 1962. NASA launched Gemini 3 in 1965, the United States' first two-man space flight (crew: Gus Grissom and John Young).

[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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