Rovi Corp (ROVI -$0.15 or -0.44% to $33.82) is consolidating after gains earlier this week helped it challenge its 52-week high. Today it was featured in yellow with pivot point based upon its 10/09/09 high noted in the mid-day report (read here). Recent gains helped it rally to new 2010 highs, however its subsequent ability to rally to a new 52-week high with at least +50% above average volume behind the gain could signal the beginning of a more substantial advance. Earnings per share increases in 3 of the past 4 quarterly comparisons versus the year ago period showed better than +25% growth.

Meanwhile, as the major averages (M criteria) have yet to produce a follow-through-day to confirm the latest rally attempt, it could spend more time consolidating on the right side of its near 4-month base.  Disciplined investors would be patient and not force action without the critical reassurances of heavy institutional buying demand in the market and for this specific firm's shares.