The major averages opened lower, yet closed slightly higher on Tuesday after Alcoa Inc. (AA -1.58%) kicked off earnings season with lackluster results, meanwhile a survey showed small business owners are still pessimistic on the economy. Volume totals on the NYSE and on the Nasdaq exchange were reported higher compared to Monday's totals. Advancers were just about evenly mixed with decliners on the NYSE and on the Nasdaq exchange as the major averages vacillated between positive and negative territory. New 52-week highs trumped new lows on both exchanges yet again. There were 46 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 61 issues that appeared on the prior session.  A healthy crop of new leaders making new highs bodes well for any market rally, so the recent expansion in leadership has been a welcome post-holiday improvement.

After opening lower, the major averages turned positive in the early afternoon as investors looked past Alcoa's disappointing results and the ominous survey from small business owners. The S&P 500 Index has vaulted over +77% from a 12-year low in March 2009 after the economy bottomed and the Federal Reserve held rates near historic lows to spur economic growth. Expect this sideways to choppy action to continue until investors have a solid reading on how corporate earnings fared last quarter.

Defensive groups were among Tuesday's laggards as the Healthcare Index ($HMO -1.25%), Gold & Silver Index ($XAU -0.71%), Oil Services Index ($OSX -1.08%), and Integrated Oil Index ($XOI -0.36%) fell.  The Bank Index ($BKX -1.11%) also backpedaled while the Broker/Dealer Index ($XBD +0.03%) held its ground. The major indices finished the session with small gains, underpinned by a gain from the Retail Index ($RLX +0.69%) while the tech sector also traded with a mostly positive bias, as the Internet Index ($IIX +0.46%), Semiconductor Index ($SOX +0.62%), and Networking Index ($NWX +0.68%) tallied modest gains and the Biotechnology Index ($BTK -0.30%) edged lower.

Charts courtesy www.stockcharts.com

PICTURED: The Gold & Silver Index ($XAU -0.71%) fell today.  It promptly rallied back after brief 50-day and 200-day moving average (DMA) line violations in late-March.  It rallied above a downward trendline, and the 50 DMA line has turned back up above the 200 DMA line. It still faces some resistance up to its December 2009 highs.

Bridgepoint Education (BPI +$2.26 or +9.39% to $26.34) hit a new 52 week high today after a brief consolidation above its old chart high ($21.90). It finished the session strong, rising above its pivot point with about 2 times average volume, triggering a technical buy signal. It has an impressive history of very strong annual and quarterly increases in sales revenues and earnings above the +25% guideline which is good concerning the C & A criteria.  The Commercial Services - Schools firm was last noted in the mid-day report on 3/24/10 after it had rallied straight up from the bottom of a 7-month cup shaped pattern -"Patient investors may watch for future buy points near a sound base or wait for the opportunity to accumulate shares on light volume pullbacks."

Volume totals cooled as it pulled back -11.5% during the "handle" formed after rallying into new high ground without looking back.  Its pattern resembles a cup-with-high-handle, with its pivot point based upon the 3/24/10 high cited in today's mid-day breakouts report (read here). Grand Canyon Education (LOPE) also appeared in yellow in today's mid-day breakouts report. Leadership in the Commercial Services - Schools group includes CPLA and LINC, which is a nice reassurance concerning the L criteria.

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.