The major averages were able to post additional gains on the heels of some positive economic reports. Looking at the data, weekly jobless claims and consumer spending were largely in-line with expectations, while personal incomes rose more than estimated. Housing data was also positive as May pending home sales increased more than expected.

Nine of the 10 sectors on the S&P finished higher led by gains in financial including JP Morgan Chase & Co (JPM +1.24%) and industrial stocks such as Boeing Co  (BA +2.38%). On the earnings front, ConAgra Foods, Inc (CAG +5.07%) rallied after the company's quarterly results topped analysts' expectations. On the downside, spice maker McCormick & Co Inc (MKC -2.00%) fell as the company lowered their full year earnings expectations.

Turning to fixed income markets, Treasuries ended higher along the curve. The benchmark 10-year note was up 1/2 of a point to yield 2.48% and the 30-year bond gained about 5/8 of a point to yield 3.53%.

Disciplined investors will note that the window is now open for the market (M criteria) to produce a follow-through day within the most ideal period between days 4-7 of a new rally attempt. In spite of the recent rebound there is still a need for caution until a new rally is confirmed by a proper follow-through day (FTD) of meaningful gains (+1.4% or greater) from at least one of the major averages on higher volume coupled with an expansion in leadership (stocks hitting new 52-week highs). 

Upcoming CANSLIM.net reports will observe and explain any noteworthy shifts in the market direction (M criteria) while especially highlighting the characteristics and important details in the bold portion of this commentary. Regular readers are aware via prior reports since early June repeatedly reminding members - "Be protective of any gains, and limit losses!  Be especially watchful for any individual issues flashing technical sell signals.  It is vitally important to your success with the fact-based investment system to reduce exposure and preserve cash during market downdrafts."

Individual leaders best matching the winning models of the fact-based investment system are on the Featured Stocks Page - with our Certified experts' latest notes and links to additional resources including detailed analysis with annotated graphs.  The Premium Member Homepage - includes "dynamic archives" to all prior pay reports published. Watch for an announcement via email concerning the next WEBCAST.

PICTURED: The Nasdaq Composite Index closed just above its 50-day moving average (DMA) line, helping its technical stance improve with a gain on Day 3 of its rally attempt. Careful chart readers will notice that the volume totals were below average behind the latest gains following damaging losses with much heavier above-average volume totals.

Defensive shares were standout gainers as the Healthcare Index ($HMO +2.42%) and Gold & Silver Index ($XAU +2.43%) both posted solid gains of about +2.4%. Financial shares were a positive influence on the major averages as the Bank Index ($BKX +1.23%) and Broker/Dealer Index ($XBD +1.41%) rose.  The Networking Index ($NWX +2.29%) led the tech sector higher while the Biotechnology Index ($BTK +1.19%) and the Internet Index ($IIX +1.22%) followed with smaller gains, and the Semiconductor Index ($SOX +0.39%) edged higher. Energy-related shares also drifted higher as the Integrated Oil Index ($XOI +0.39%) and the Oil Services Index ($OSX +0.51%) posted gains.

Charts courtesy www.stockcharts.com

PICTURED: The Retail Index ($RLX +0.67%) rebounded after briefly undercutting its 50-day moving average (DMA) line.

Ambarella Corporation (AMBA -$0.23 or -1.40% to $16.18) is consolidating above its 50-day moving average (DMA) line. Chart-readers recognize that short-term average as an important support level to watch where a violation would trigger a worrisome technical sell signal. In recent months it stayed above the 50 DMA line. It made little additional progress following its 6/14/13 appearance in this FSU section with an annotated graph under the headline, "Eight Consecutive Weekly Gains for Strong Leader".  It touched new 52-week highs last week but encountered distributional pressure - indicated by gaps down for considerable losses on heavy volume. Keep in mind that 3 out of 4 stocks tend to move in the direction of the major averages (M criteria), so whether the market resumes a confirmed rally, or if the current "correction" continues, the broader market action can be expected to weigh heavily on the stock's ultimate performance.

It recently reported strong earnings and revenues increases for the April '13 quarter, continuing its streak of strong quarterly earnings comparisons versus the year ago periods - satisfying the C criteria with increases above the +25% minimum guideline. The high-ranked Electronics - Semiconductor firm saw the number of top-rated funds owning its shares rise from 51 in Dec '12 to 66 in Mar '13, a reassuring indication concerning the I criteria. Its current Up/Down Volume Ratio of 1.5 is also an unbiased indication that its shares have been under accumulation over the past 50 days. Its small supply (S criteria) of only 13.9 million shares in the public float can contribute to great price volatility in the event of institutional buying or selling. 

Color Codes Explained :
Y - Better candidates highlighted by our staff of experts.
G - Previously featured in past reports as yellow but may no longer be buyable under the guidelines.

***Last / Change / Volume data in this table is the closing quote data***

Symbol/Exchange Company Name Industry Group	PRICE	CHANGE (%Change)	Day High	Volume (% DAV) (% 50 day avg vol)	52 Wk Hi % From Hi	Featured Date	Price Featured	Pivot Featured
								Max Buy
AMBA - NASDAQ Ambarella Inc ELECTRONICS - Semiconductor - Specialized	$16.18	-0.23 -1.40%	$16.73	794,432 71.28% of 50 DAV 50 DAV is 1,114,600	$18.58 -12.92%	5/6/2013	$15.31	PP = $16.10
								MB = $16.91
Most Recent Note - 6/27/2013 7:07:24 PM Y - Consolidating above its 50 DMA line - important chart support where a violation would trigger a worrisome technical sell signal. See the latest FSU analysis for more details and a new annotated graph. >>> The latest Featured Stock Update with an annotated graph appeared on 6/27/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
EQM - NYSE E Q T Midstream Partners ENERGY - Oil and Gas Pipelines	$50.48	+0.52 1.04%	$50.88	71,800 53.03% of 50 DAV 50 DAV is 135,400	$51.72 -2.40%	4/25/2013	$40.16	PP = $40.84
								MB = $42.88
Most Recent Note - 6/25/2013 5:37:55 PM G - Small gain on light volume today following 3 consecutive losses with average or above average volume after challenging its 52-week high. Extended from any sound base. Recent low and its 50 DMA line define important near-term support in the $45 area. >>> The latest Featured Stock Update with an annotated graph appeared on 6/21/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
FLT - NYSE Fleetcor Technologies DIVERSIFIED SERVICES - Business/Management Services	$83.17	-1.74 -2.05%	$85.69	1,285,033 142.80% of 50 DAV 50 DAV is 899,900	$89.75 -7.33%	5/29/2013	$86.02	PP = $85.66
								MB = $89.94
Most Recent Note - 6/27/2013 12:39:48 PM Y- Consolidating just above its 50 DMA line ($82.47). That short-term average and the recent low ($80.28 on 6/21/13) define important near-term chart support where violations may raise concerns and trigger worrisome technical sell signals. Volume-driven losses negated its recent breakout from a late-stage base. >>> The latest Featured Stock Update with an annotated graph appeared on 6/18/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
LOPE - NASDAQ Grand Canyon Education DIVERSIFIED SERVICES - Education and; Training Services	$31.92	+0.46 1.46%	$32.49	244,212 60.98% of 50 DAV 50 DAV is 400,500	$34.07 -6.31%	6/19/2013	$31.47	PP = $34.17
								MB = $35.88
Most Recent Note - 6/25/2013 5:43:24 PM Y - Gapped up today for a gain backed by above average volume. Consolidating above its 50 DMA line and well above additional support at prior highs in the $27 area. Subsequent volume driven gains above its pivot point may trigger a new technical buy signal. >>> The latest Featured Stock Update with an annotated graph appeared on 6/19/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
PRAA - NASDAQ Portfolio Recovery Assoc DIVERSIFIED SERVICES - Business/Management Services	$156.49	+1.72 1.11%	$157.11	38,283 46.97% of 50 DAV 50 DAV is 81,500	$163.87 -4.50%	5/1/2013	$130.77	PP = $127.88
								MB = $134.27
Most Recent Note - 6/25/2013 5:31:31 PM G - Extended from any sound base, it rallied with no resistance due to overhead supply. Its 50 DMA line ($143.35 now) defines important near-term chart support. See the latest FSU analysis for more details and a new annotated graph. >>> The latest Featured Stock Update with an annotated graph appeared on 6/25/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
Symbol/Exchange Company Name Industry Group	PRICE	CHANGE (%Change)	Day High	Volume (% DAV) (% 50 day avg vol)	52 Wk Hi % From Hi	Featured Date	Price Featured	Pivot Featured
								Max Buy
PRLB - NYSE Proto Labs Inc MANUFACTURING - Small Tools and Accessories	$66.38	+1.09 1.67%	$67.31	507,251 100.97% of 50 DAV 50 DAV is 502,400	$66.25 0.20%	6/17/2013	$59.37	PP = $59.94
								MB = $62.94
Most Recent Note - 6/26/2013 12:47:29 PM G- Perched at its 52-week high following a "positive reversal" on 6/24/13 followed by a considerable gap up gain on higher volume. Found prompt support near prior highs. >>> The latest Featured Stock Update with an annotated graph appeared on 6/26/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
RRTS - NYSE Roadrunner Trans Systems TRANSPORTATION - Air Delivery and Freight Service	$27.98	+0.47 1.71%	$28.00	165,262 83.21% of 50 DAV 50 DAV is 198,600	$29.52 -5.22%	4/3/2013	$22.77	PP = $23.75
								MB = $24.94
Most Recent Note - 6/25/2013 5:44:55 PM G - Posted a gain today with below average volume following a streak of 6 losses after a "negative reversal" at its 52-week high. Fundamental concerns were raised by its sub par earnings increase in the Mar '13 quarter. >>> The latest Featured Stock Update with an annotated graph appeared on 6/20/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M
VRX - NYSE Valeant Pharmaceuticals DRUGS - Drug Manufacturers - Other	$86.15	+1.20 1.41%	$86.94	2,503,874 124.40% of 50 DAV 50 DAV is 2,012,700	$96.25 -10.49%	4/30/2013	$60.24	PP = $76.66
								MB = $80.49
Most Recent Note - 6/24/2013 5:44:12 PM G- Completed a new Public Offering on 6/18/13 following recent M&A news. Concerns were raised by its sub par Mar '13 earnings report. See latest FSU analysis for more details and a new annotated graph. >>> The latest Featured Stock Update with an annotated graph appeared on 6/24/2013. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile | SEC | Zacks Reports | StockTalk | News | Chart |  Request a new note C A N S L I M