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FirstAlert(tm) Daily 8/3: Climbing The Wall Of Worry

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August 3, 2009 (FinancialWire) (By Genevieve Hawkins) — The rally may be back on following another week of modest gains. and if Proctor & Gamble (NYSE: PG) and others can keep their financial results above expectations the market could continue to climb.

Last week the Dow rose 0.9%, while the S&P 500 increased 0.8% and the Nasdaq climbed 0.6% on better than expected company financial results and a strong auction of US treasury bills. Although many investors are anxious about the direction of the economy, this could lead to a climbing a wall of worry scenario that often leads to extended stock market gains.

Economic reports of interest in the coming week include those on the personal savings rate and on June pending home sales and factory orders. Most investors, however, will be watching the all important July unemployment report expected on Friday, which will give an indication of whether the US is emerging from the current recession. The S&P 500 is poised to break through the important psychological barrier of 1000 points, and such a move could encourage a move upward in the short term.

Concern about the current rally is warranted-but this sentiment may lead to a healthier basis for continued market increases.

The FirstAlert(tm) Economics Calendar lists Construction Spending for June (10 a.m.), ISM Index for July (10 a.m.), Treasury auctions 3&6-month bills (11:30 a.m.), Auto Sales for July (2 p.m.).

The FirstAlert(tm) Events Calendar showcases AEP, CEP, LNT at Marcus Evans Outage Management for Power Plants Conference.

FirstAlert(tm) Website of the Day: http://www.ratracerebellion.com

Quote of the Day: “We English are good at forgiving our enemies; it releases us from the obligation of liking our friends.” P. D. James

Today is: Independence Day in Niger, Watermelon Day.

Happy Birthday: Rupert Brooke, Ernie Pyle, Dolores Del Rio, P.D. James, Tony Bennett, Martin Sheen, Martha Stewart, Jay North, Evangeline Lilly, Tom Brady.

Today in History: Christopher Columbus set sail in 1492 from Palos de la Frontera, Spain. Mount Asama erupted in Japan in 1783, killing 35,000 people. Firestone Tire & Rubber Company was founded in 1900. The National Basketball Association was founded in 1946 in the United States. The nuclear submarine USS Nautilus sailed in 1958 beneath the Arctic ice cap.

[FirstAlert(tm) was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information. The opinions expressed in FirstAlert(tm) do not necessarily reflect the opinions of Investrend.]

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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