May 1, 2009 (FinancialWire) (By Frank Kollar) — The S&P 500 Index (SPX) continues to rally but is past due for profit-taking. Thursday’s reversal from a substantial gain to a fractional loss placed the SPX right below its early 2009 highs. If the SPX can close above 874.09 it would be a breakout for this big cap index. The S&P Deposit Receipts (NYSE: SPY) can be traded as a proxy for the SPX.

Bullishly, the Nasdaq 100 Index (NDX) has traded not only above its early 2009 highs, but also above its November 2008 rally highs. This close points to a continued advance to at least NDX 1498 in coming weeks, though profit-taking can slow things down at any time. The Powershares Nasdaq 100 ETF (QQQQ) can be traded as a proxy for this index.

You have to be bullish with charts that continue higher, seemingly without pause, but no advance goes in a straight line for long. Be bullish but watch for the inevitable correction that gets closer every day.

The Investrend Earnings Calendar features MasterCard (NYSE: MA), expected at $2.61 a year ago versus $2.59 a year ago; Clorox (NYSE: CLX), expected at $0.9 versus $0.71 a year ago; NWNatural (NYSE: NWN), expected at $1.69 versus $1.63 a year ago; Simon Property Group (NYSE: SPG), expected at $1.48 versus $1.46 a year ago.

The Investrend Economics Calendar lists Treasury Sect. Geithner speaks (8 a.m.), U. of Michigan Consumer Sentiment Index for April (9:55 a.m.), Factory Orders for March (10 a.m.), ISM Index for April (10 a.m.), Auto Sales for April.

The Investrend Events Calendar showcases CTV Annual Meeting of Stockholders; FLIR Shareholders Meeting; KIM at Information Management Network Latin American Real Estate Opportunity & Private Fund Investing Forum; MAR Annual Shareholders Meeting; OXY Shareholders Meeting; R Shareholders Meeting; TLAB Shareholders Meeting.

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 34 advancers versus 14 decliners and two unchanged. Advancers were led by M G M Mirage (NYSE: MGM) up 35.60%, Dow Chemical (NYSE: DOW) up 18.43%, Dryships Inc. (NASDAQ: DRYS) up 13.28%, Ford Motor Co (NYSE: F) up 9.72%, Seagate Technology (NYSE: STX) up 9.68%, Marvell Technology Group, Ltd. (NASDAQ: MRVL) up 6.40%, Gen Motors (NYSE: GM) up 6.08%. Decliners followed Sequenom, Inc. (NASDAQ: SQNM) down 75.72%, E*Trade Financial Corporation (NASDAQ: ETFC) down 12.27%, Mylan Inc. (NYSE: MYL) down 8.87%.

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

Investrend Website of the Day: http://www.lkwdpl.org/wihohio/cana-mar.htm

Quote of the Day: “To define it rudely but not ineptly, engineering is the art of doing that well with one dollar, which any bungler can do with two after a fashion.” Arthur Wellesley

Today is: Amtrak Day

Happy Birthday: Joseph Addison, Martha Jane “Calamity Jane” Canary, Arthur Wellesley, Kate Smith, Louis Nye, Glenn Ford, Jack Paar, Art Fleming, Scott Carpenter, Judy Collins, Eric Burdon, Rita Coolidge, Joanna Lumley, Tim McGraw.

Today in History: The Act of Union in 1707 joined England, and Scotland to form the Kingdom of Great Britain. Species Plantarum by Linnaeus was published in 1753, the formal start date of plant taxonomy adopted by the International Code of Botanical Nomenclature. The Marriage of Figaro by Wolfgang Amadeus Mozart opened in Vienna in 1786. The United States completed its first census in 1790. The Pan-American Exposition opened in Buffalo, New York, in 1901. The Empire State Building was dedicated in 1931 in New York City. Guam was organized as a United States commonwealth in 1950. The polio vaccine developed by Jonas Salk is made available to the public in 1956. Amtrak (the National Railroad Passenger Corporation) was formed in 1971 to take over U.S. passenger rail service. The first e-mail spam was sent in 1978 by a DEC marketing representative to every ARPANET address on the west coast of the United States.

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

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