A report on October factory orders was weaker than expected. Orders fell 0.2%, but analysts were expecting no change. The Dow and Nasdaq continued their descent this morning as European governments hinted bondholders may be saddled with bigger losses on Greek debt. The S&P 500 Index extended its decline from this year's high to more than 20%, the common definition of a bear market.

Federal Reserve Chairman Ben Bernanke told cautioned lawmakers against budget moves that would harm what he called a "sluggish" recovery. Bernanke's comments appeared to give the market a lift when he told Congress the Fed is prepared to take additional steps to boost a faltering U.S. recovery "as appropriate."  Bernanke urged Congress to take action as well.

Deutsche Bank AG (DB +4.93%) said today it will miss previous earnings targets. It erased an early loss and rallied as financial stocks bounced back from initial declines, even as European governments hinted bondholders may be saddled with bigger losses on Greek debt. Greece's finance minister said the country has enough cash to operate until mid-November.

Exxon Mobil Corp (XOM +2.36%) overcame early weakness after oil initially fell to its lowest price in more than a year in New York on signs of rising U.S. supplies and production from Libya. Ford Motor Company (F +7.58%) rallied after the automaker said it has committed to add 12,000 hourly jobs in its U.S. plants by 2015 as part of a tentative agreement with the United Auto Workers. AMR Corp (AMR +20.71%), parent of American Airlines, climbed back from new lows on word the airline is set to resume contract negotiations with pilots after shares fell the most since 2003 Monday on concern the company may file for bankruptcy.

Apple Inc (AAPL -0.56%) unveiled its first new product under new chief executive Tim Cook, and investors were not impressed. Cook introduced an iPhone with a stronger processor and an improved camera. Qualcomm (QCOM +3.74%) and Broadcom Corp (BRCM +4.70%) rose while iPhone component makers had good days.

The market environment (M criteria) is clearly under pressure and back in a correction after a heavy wave of distributional action. The Q3 2011 Webcast (aired on September 28th) is now available "ON DEMAND" - (CLICK HERE) It provides an informative review of current market conditions, leading groups, and best buy candidates.  All upgraded members are eligible to access the webcast presentation at no additional cost!  Via the Premium Member Homepage links to all prior reports and webcasts are always available.

PICTURED: The Dow Jones Industrial Average managed a positive reversal after initially slumping to a new low -19.2% off its May 2nd high.

The Bank Index ($BKX +4.52%) and Broker/Dealer Index ($XBD +4.60%) helped spearhead a turnaround and underpinned the major averages gains after overcoming early weakness. The tech sectore saw unanimous gains from the Semiconductor Index ($SOX +4.25%), Networking Index ($NWX +4.76%), Biotechnology Index ($BTK +3.93%), and Internet Index ($IIX +3.10%).  The Retail Index ($RLX +2.48%) posted a solid gain and gains in energy-related shares lifted the Integrated Oil Index ($XOI +3.11%) and Oil Services Index ($OSX +3.47%).  The Healthcare Index ($HMO +1.38%) posted a smaller gain and the Gold & Silver Index ($XAU -2.29%) finished the day lower, making it standout as a clear laggard.

Charts courtesy www.stockcharts.com

PICTURED: The Semiconductor Index ($SOX +4.25%) ended the session higher after initially undercutting prior lows.

Celgene Corp (CELG +$0.61 or +1.00% to $61.31) managed a positive reversal today for a small gain on below average volume after initially slumping further below its pivot point to trade near its 50-day moving average (DMA) line. Disciplined investors may likely have been prompted to sell after a pullback of more than -7% at the lows today. Its Accumulation/Distribution Rating of C+ is actually up from a D+ at the time of its last appearance in this FSU section on 9/16/11 with an annotated graph under the headline, "Fundamentals Are Strong While Technical Action Has Yet To Confirm". Then it was  perched within close striking distance of previously stubborn resistance in the $62 area. Fresh proof of institutional buying demand triggered a technical buy signal on 9/20/11, but it abruptly pulled back near previously stubborn resistance in the $62 area and then later slumped back into its prior base by closing under prior highs.

Keep in mind that a new confirmed rally with a follow-through day is needed to confirm that the market (M criteria) is again in a confirmed uptrend before any new buying efforts may be justified under the fact-based system's guidelines. In a confirmed rally investors' odds are more favorable, meanwhile, it is a good time to study up and keep high-ranked leaders like this one on a watchlist of most worthy buy candidates. CELG was featured in the August 2008 CANSLIM.net News (read here).

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
AAPL - NASDAQ Apple Inc COMPUTER HARDWARE - Personal Computers	$372.50	-2.10 -0.56%	$381.80	44,040,532 194.25% of 50 DAV 50 DAV is 22,672,200	$422.86 -11.91%	9/16/2011	$399.14	PP = $404.60
								MB = $424.83
Most Recent Note - 10/4/2011 7:23:08 PM G - Finished in the upper third of its intra-day range today with a small loss on heavy volume after trading near its 200 DMA line at the session lows. Gains above its 50 DMA line are needed for its outlook to improve. >>> The latest Featured Stock Update with an annotated graph appeared on 9/19/2011. 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
ALXN - NASDAQ Alexion Pharmaceuticals DRUGS - Drug Manufacturers - Other	$62.68	+1.81 2.97%	$62.99	2,772,419 169.13% of 50 DAV 50 DAV is 1,639,200	$68.50 -8.50%	9/15/2011	$63.20	PP = $60.81
								MB = $63.85
Most Recent Note - 10/4/2011 7:23:46 PM G - Posted a gain today after pulling back near prior resistance in the $59-60 area noted as initial support to watch. Heavier distributional volume was behind its 4th consecutive loss on the prior session. >>> The latest Featured Stock Update with an annotated graph appeared on 9/15/2011. 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
CELG - NASDAQ Celgene Corp DRUGS - Drug Manufacturers - Major	$61.31	+0.61 1.00%	$61.44	3,862,311 88.38% of 50 DAV 50 DAV is 4,370,200	$65.86 -6.91%	9/16/2011	$61.21	PP = $62.59
								MB = $65.72
Most Recent Note - 10/4/2011 7:25:31 PM Y - Managed a positive reversal today for a small gain on below average volume after initially slumping further below its pivot point to trade near its 50 DMA line. Following its breakout on 9/20/11 it abruptly pulled back near previously stubborn resistance in the $62 area which has acted as a support level. >>> The latest Featured Stock Update with an annotated graph appeared on 10/4/2011. 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
MA - NYSE Mastercard Inc Cl A DIVERSIFIED SERVICES - Business/Management Services	$307.66	-3.22 -1.04%	$308.67	2,670,179 161.93% of 50 DAV 50 DAV is 1,649,000	$361.94 -15.00%	8/3/2011	$324.82	PP = $322.38
								MB = $338.50
Most Recent Note - 10/4/2011 7:27:44 PM Finished near the session high today with a small loss on above average volume after a gap down. Damaging losses recently triggered technical sell signals. Based on weak action it will be dropped from the Featured Stocks list tonight. A rebound above its short-term average is needed for its outlook to improve. >>> The latest Featured Stock Update with an annotated graph appeared on 9/12/2011. 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
MG - NYSE Mistras Group Inc DIVERSIFIED SERVICES - Bulding and Faci;ity Management Services	$20.23	+2.23 12.39%	$20.30	200,030 95.57% of 50 DAV 50 DAV is 209,300	$20.82 -2.83%	8/10/2011	$17.89	PP = $17.58
								MB = $18.46
Most Recent Note - 10/4/2011 7:29:22 PM G - Rallied well above its 50 DMA line with today's gain and challenged its prior highs. See the latest FSU analysis for more details and a new annotated daily graph. >>> The latest Featured Stock Update with an annotated graph appeared on 9/30/2011. 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
V - NYSE Visa Inc Cl A DIVERSIFIED SERVICES - Business/Management Services	$84.78	+0.52 0.62%	$85.09	7,853,870 127.06% of 50 DAV 50 DAV is 6,181,200	$94.75 -10.52%	9/20/2011	$93.91	PP = $90.93
								MB = $95.48
Most Recent Note - 10/4/2011 7:30:27 PM G - Managed a positive reversal today. Recent losses violated its 50 DMA line raising concerns. Color code was changed to green, meanwhile a prompt rebound above its short-term average is needed for its outlook to improve. It recently stalled after rallying to a new all-time high. >>> The latest Featured Stock Update with an annotated graph appeared on 9/21/2011. 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