June 1, 2009 (FinancialWire) (By Genevieve Hawkins) — Wall Street managed to record another winning month in May, but with the pending bankruptcy filing of General Motors (NYSE: GM) on Monday and another unemployment report on Friday, enthusiasm may be more subdued in June. The upward trajectory of oil prices and the decline of the US dollar could lead stocks frustratingly upward despite signs of severely weakened economic conditions. But with so much bad news filtering through, a rally will be difficult to sustain, so gains could be volatile and erratic.

For the coming week, investors will be listening to Ben Bernanke address Congress and will be watchful of signs he gives regarding the bond markets and the potential for interest rates to rise due to the US debt burden. The May U.S. nonfarm payrolls report on Friday may also influence the market, especially if it shows a move away from the estimated rise to a 9.2% unemployment rate. Oil prices may go up again on the dollar’s dips but ultimately such moves will prove bearish for Wall Street. There is an issue of declining storage space for crude that could lead to its drop following the July 4 holiday.

Another winning week could be expected, but the number of potential pitfalls are on the rise. It’s difficult to go short or long on stocks in such an environment.

The Investrend Economics Calendar lists Personal Income & Consumption Spending for April (8:30 a.m.), Construction Spending for April (10 a.m.), ISM Index for May (10 a.m.), Treasury auctions 3&6-month bills (1 p.m.), Auto Sales for May.

The Investrend Events Calendar showcases APPA, IMGN, SNSS, SGEN at American Society of Clinical Oncology Annual Meeting; GOK, TDW, DYN, XTO at RBC Capital Markets Global Energy & Power Conference; MRVL at D.A. Davidson & Co. New York Technology Forum; PENN, DPZ, IGT at Goldman Sachs Lodging, Gaming, Restaurant & Leisure 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 33 advancers versus 16 decliners and one unchanged. Advancers were led by Cell Therapeutics, Inc. (NASDAQ: CTIC) up 17.21%, Genworth Financial (NYSE: GNW) up 14.29%, DryShips Inc. (NASDAQ: DRYS) up 12.19%. Decliners followed Gen Motors (NYSE: GM) down 33.04%, Level 3 Communications, Inc. (NASDAQ: LVLT) down 8.55%.

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Investrend Website of the Day: http://news.zdnet.com/2100-9595_22-514476.html

Quote of the Day: “No illusion is more crucial than the illusion that great success and huge money buy you immunity from the common ills of mankind, such as cars that won’t start.” Larry McMurtry

Today is: National Go Barefoot Day.

Happy Birthday: Martha Washington, Marquis de Sade, Thomas Hardy, Edward Elgar, Johnny Weissmuller, Pete Conrad, Charlie Watts, Craig “The Walrus” Stadler, Dennis Haysbert, Jerry Mathers, Dana Carvey, Kyle Petty, Wayne Brady.

Today in History: The Vandals entered Rome in 455 and plundered the city for two weeks. At what is now Mackinaw City, Michigan, Chippewas captured Fort Michilimackinac in 1763 by diverting the garrison’s attention with a game of lacrosse, then chasing a ball into the fort. P.T. Barnum and his circus began their first tour of the United States in1835. U.S. President Grover Cleveland married Frances Folsom in 1886 in the White House, becoming the only president to wed in the executive mansion. Guglielmo Marconi received a patent for the radio in 1896. Surveyor 1 landed in Oceanus Procellarumon the Moon in 1966, becoming the first US spacecraft to soft land on another world. The CIH computer virus was discovered in Taiwan in 1998.

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