Stocks have tallied modest gains for the year thus far as investors look past the Greek woes and remain optimistic about the economic recovery. The major averages ended lower on Wednesday as the first quarter of 2010 came to a close. Volume totals on the NYSE and on the Nasdaq exchange were reported higher compared to Tuesday's session, which marked another mild distribution day. Breadth was not especially negative, but decliners led advancers by about a 3-to-2 ratio on the NYSE and on the Nasdaq exchange. New 52-week highs outnumbered new lows on both exchanges yet again, however only 16 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 44 issues that appeared on the prior session.

Before Wednesday's opening bell, ADP, the country's largest private payrolls company, said US employers slashed -23,000 jobs in March which fell short of the Street's +40,000 estimate. Elsewhere, the Chicago PMI index grew to 58.8 but fell short of the Street's more robust 61 forecast. A separate report showed that factory orders grew +0.6% as the economy continues to improve.

Commodity-linked groups traded with a positive bias as the Gold & Silver Index ($XAU +0.95%), Oil Services Index ($OSX +1.09%), and Integrated Oil Index ($XOI +0.46%) posted modest gains. Financial shares were mixed as the Broker/Dealer Index ($XBD -0.95%) fell and the Bank Index ($BKX +0.48%) posted a small gain.  The Healthcare Index ($HMO -0.71%) and Retail Index ($RLX -0.82%) slumped, and the tech sector had a negative bias as the Biotechnology Index ($BTK -1.10%), Networking Index ($NWX -1.02%), Semiconductor Index ($SOX -0.63%), and Internet Index ($IIX -0.45%) ended Wednesday's session unanimously lower.

Charts courtesy www.stockcharts.com

PICTURED: The Semiconductor Index ($SOX -0.63%) has recently been encountering resistance near prior chart highs.

Aruba Networks Inc. (ARUN +$0.09 or +0.66% to $13.66) rallied today on near average volume for its 5th consecutive gain and a new 52-week high. It is extended from its prior base, and disciplined investors would avoid chasing it and wait for another ideal entry point within the investment system's guidelines. Support to watch is defined by prior chart highs and its 50-day moving average (DMA) line in the upper $11 area. It was first featured in yellow on 2/19/10 in the mid-day report with a note that it - "Gapped up today for a considerable gain and new 52 week high, rising from a flat base-on-base pattern" (read here).

Some of the strong technical action recently was an immediate response to its improving fundamentals. Its current quarterly earnings (C criteria) increases have been above the +25% minimum guideline and earnings in recent years followed prior annual losses. The quarter ended Dec 31, 2009 also showed a more impressive +30% sales revenues increase continuing its acceleration. The number of top-rated funds owning an interest in its shares rose from 45 in Mar '09 to 82 in Dec '09 providing a nice reassurance with respect to the investment system's I criteria. Return On Equity reported at 6% is below the 17% guideline, leaving some concerns. However, management's 26% ownership interest keeps the directors' focus on maintaining and growing shareholder value.

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.