June 22, 2009 (FinancialWire) (By Genevieve Hawkins) — Stocks slipped last week despite bullish comments regarding Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT), and it appears that the rally has stalled.

Last week The Dow lost 3%, while the S&P 500 dropped 2.7% and the Nasdaq dipped 1.7% as weak economic reports failed to sustain momentum. With crude oil’s recent rise likely backpedaling, the broader indexes may get dragged down with commodities for the next few weeks.

For the coming week investors are expecting data on new and existing home sales and will be waiting to see what news comes out of the Federal Reserve’s meeting on interest rates. The Fed, however, has little ammunition left even if they felt that it was needed, and they are unlikely to raise interest rates yet.

In the absence of a radical move on any front, stocks may generally trend downward as the euphoria of the recent rally turns to grim pessimism. Although some data had pointed to a stabilization of the economy’s downward slide, the notion of a second half recovery seems overblown. Wall Street may struggle as investors realize that the recession isn’t over, it’s just not getting worse.

Great signs on the housing front could lead to a rally, but it doesn’t seem likely.

The Investrend Economics Calendar lists Treasury auctions 3&6-month bills (1 p.m.).

The Investrend Events Calendar showcases BBG, BRY, FST, VQ, WLL at WJB Capital Group Denver Energy Bus Tour; DAL Annual Meeting of Stockholders; TEL Special General 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 35 advancers versus 14 decliners and one unchanged. Advancers were led by Cell Therapeutics, Inc. (NASDAQ: CTIC) up 16.03%, Genworth Financial (NYSE: GNW) up 13.33%, Palm, Inc. (NASDAQ: PALM) up 6.66%, Marvell Technology Group, Ltd. (NASDAQ: MRVL) up 6.57%. Decliners followed E*Trade Financial Corporation (NASDAQ: ETFC) down 11.89%.

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

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

Quote of the Day: “Winning may not be everything, but losing has little to recommend it.” Dianne Feinstein

Today is: Judy Garland Day in Minnesota, National Onion Ring Day, Chocolate Éclair Day.

Happy Birthday: Carl Hubbell, Anne Morrow Lindbergh, Billy Wilder, Dianne Feinstein, Kris Kristofferson, Ed Bradley, Brit Hume, Pete Maravich, Todd Rundgren, Meryl Streep, Diane Feinstein, Lindsay Wagner, Graham Greene, Cyndi Lauper, Freddie Prinze, Dan Brown, Amy Brenneman, Carson Daly, Dan Wheldon, Joey Cheek.

Today in History: The Holy Office in Rome forced Galileo Galilei in 1633 to recant his scientific view that the Sun, not the Earth, is the center of the Universe. Influential North American fraternity Delta Kappa Epsilon was founded in 1844 at Yale University. France signed armistice with Nazi Germany in 1940. The Pledge of Allegiance was recognized by Congress in 1942. The G.I. Bill was signed into law in 1944. Charon, a satellite of the planet Pluto, was discovered in 1978.

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