Fresh contagion woes spread after Spain said it stepped in to save one of its largest banks. The Bank of Spain put CajaSur, a large Spanish bank, under a provisional administrator after the bank lost 596 million euros ($739 million) on 426 million euros in revenue last year. This sent a slew of financial shares lower across the globe as investors were concerned that more banks will fail. 

In the US, the National Association of Realtors said sales of existing homes (i.e. previously owned homes) rose in April to the highest level in five months. The report said buyers scrambled to buy the homes before the government's tax credit expired. Sales increased +7.6% to a 5.77 million annual rate. This was the highest reading since November 2009 which was the month the incentive was first due to expire. Initially, housing stocks rallied on the news but the bears quickly showed up and quelled the bulls' efforts.

Monday marked Day 2 of a new rally attempt which means that as long as Friday's (Day 1) lows are not breached, the earliest a possible FTD could emerge would be this Wednesday )(Day 4). However, if at anytime, Friday's lows are breached, then the day count will be reset. What does all of this mean for investors? Simple, the market remains in a correction which reiterates the importance of adopting a strong defense stance until a new rally is confirmed. Trade accordingly.

PICTURED: The S&P 500 Index is -2.8% from its 2010 low and -12% off its 2010 high. Its 5/21/10 gain marked Day 1 of a new rally attempt.

Energy-related and financial shares were among Monday's biggest decliners as the Oil Services Index ($OSX -3.95%) and Integrated Oil Index ($XOI -2.52%) slumped and Bank Index ($BKX -3.29%) and Broker/Dealer Index ($XBD -2.47%) also erased the bulk of their Friday gains and more.  The Semiconductor Index ($SOX -1.88%) and Networking Index ($NWX -0.92%) led the tech sector lower, followed by the Internet Index ($IIX -0.31%) and Biotechnology Index ($BTK -0.12%).  Defensive groups held their ground as the Gold & Silver Index ($XAU -0.03%) and Healthcare Index ($HMO +0.04%) finished virtually unchanged.

Charts courtesy www.stockcharts.com

PICTURED: The Oil Services Index ($OSX -3.95%) recently slumped to a new 2010 low.

Rovi Corp (ROVI -$0.73 or -1.94% to $36.83) recently endured distributional pressure, and while it is now trading just below its 50-day moving average (DMA) line, it is also consolidating only -7% from its 52-week high without a great deal of resistance due to overhead supply. It makes a good candidate to have on investors' watch list until a new confirmed rally, meanwhile broader market action (M criteria) may be expected to adversely impact 3 out of 4 stocks. Its 50 DMA line may now act as resistance, while a convincing gain above that important short-term average line would help its outlook improve.  Its recent chart low ($33.17) defines near-term chart support above its 200 DMA line. Its 4/23/10 gain for a new all-time high helped it clear a fresh base but was noted as it lacked sufficient volume to trigger a proper new technical buy signal. Earlier, ROVI had triggered a technical buy signal with a high-volume gain on 3/02/10 that may have signaled the beginning of a substantial advance, but thus far it made limited progress. Earnings per share increases in 3 of the past 4 quarterly comparisons versus the year ago period showed better than +25% growth.

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
BIDU - NASDAQ Baidu Inc Ads INTERNET - Internet Information Providers	$71.01	+0.15 0.22%	$73.35	10,631,612 59.60% of 50 DAV 50 DAV is 17,837,300	$82.29 -13.71%	1/13/2010	$43.13	PP = $42.68
								MB = $44.81
Most Recent Note - 5/24/2010 4:04:37 PM G - Consolidating above its 50 DMA line. A worrisome negative reversal from its all-time high on 5/13/10 followed a 10:1 stock split. It is extended from any sound base. >>> The latest Featured Stock Update with an annotated graph appeared on 5/14/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
BPI - NYSE Bridgepoint Education DIVERSIFIED SERVICES - Education and; Training Services	$22.76	-0.45 -1.94%	$23.78	441,115 85.65% of 50 DAV 50 DAV is 515,000	$27.50 -17.24%	4/13/2010	$25.59	PP = $25.76
								MB = $27.05
Most Recent Note - 5/24/2010 4:06:15 PM G - Quietly consolidating below its 50 DMA line still. Recent lows coincide with old chart highs near $22 as a very important support level to watch. >>> The latest Featured Stock Update with an annotated graph appeared on 5/7/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
BRLI - NASDAQ Bio Reference Labs Inc HEALTH SERVICES - Medical Laboratories and Researc	$22.14	+0.05 0.23%	$22.35	162,435 87.33% of 50 DAV 50 DAV is 186,000	$24.67 -10.27%	2/12/2010	$39.02	PP = $20.49
								MB = $21.51
Most Recent Note - 5/24/2010 4:08:43 PM G - It would need to rally back above its 50 DMA line for its outlook to improve after distributional action led to another violation of its short-term average last week. >>> The latest Featured Stock Update with an annotated graph appeared on 5/11/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
CRM - NYSE Salesforce.Com Inc INTERNET - Internet Software and Services	$82.19	-1.05 -1.26%	$85.02	2,318,277 115.74% of 50 DAV 50 DAV is 2,003,000	$89.84 -8.52%	3/5/2010	$72.28	PP = $75.53
								MB = $79.31
Most Recent Note - 5/24/2010 4:10:59 PM G - Holding its ground after a positive reversal on 5/21/10 a sign of great institutional support again near its 50 DMA line. Concerns were raised after Microsoft Corp. recently sued the company for infringing on nine of its patents. >>> The latest Featured Stock Update with an annotated graph appeared on 5/17/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
LL - NYSE Lumber Liquidators Hldgs RETAIL - Home Improvement Stores	$28.17	-0.17 -0.60%	$28.63	143,348 38.46% of 50 DAV 50 DAV is 372,700	$33.41 -15.68%	4/22/2010	$29.87	PP = $29.03
								MB = $30.48
Most Recent Note - 5/24/2010 4:25:33 PM G - Holding its ground after a positive reversal on 5/21/10, but technically it remains below its 50 DMA line after its slump under its December 2009 highs recently negated the latest breakout. >>> The latest Featured Stock Update with an annotated graph appeared on 5/19/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
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
LOPE - NASDAQ Grand Canyon Education DIVERSIFIED SERVICES - Education and; Training Services	$25.92	-0.07 -0.27%	$26.35	773,306 193.04% of 50 DAV 50 DAV is 400,600	$28.46 -8.92%	4/13/2010	$27.71	PP = $27.33
								MB = $28.70
Most Recent Note - 5/24/2010 4:26:38 PM G - Held its ground today after a positive reversal and rally for a close above its 50 DMA line on 5/21/10 were encouraging signs. Its 4/29/10 low of $23.66 is the next important chart support. >>> The latest Featured Stock Update with an annotated graph appeared on 5/10/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
MELI - NASDAQ Mercadolibre Inc INTERNET - Internet Software and; Services	$46.93	-1.43 -2.96%	$48.99	617,205 99.47% of 50 DAV 50 DAV is 620,500	$55.75 -15.82%	5/13/2010	$54.21	PP = $55.85
								MB = $58.64
Most Recent Note - 5/24/2010 4:28:32 PM G - It has struggled following its 5/13/10 negative reversal and would need to rally back above its 50 DMA line for its outlook to improve. Meanwhile, its 200 DMA and recent lows define important near-term chart support. >>> The latest Featured Stock Update with an annotated graph appeared on 5/13/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
ROVI - NASDAQ Rovi Corp COMPUTER SOFTWARE andamp; SERVICES - Security Software andamp; Services	$36.83	-0.73 -1.94%	$37.70	964,828 70.66% of 50 DAV 50 DAV is 1,365,500	$40.06 -8.06%	4/20/2010	$37.62	PP = $38.60
								MB = $40.53
Most Recent Note - 5/24/2010 4:33:54 PM G - Loss today on light volume leaves it below its 50 DMA line which may now act as resistance. Consolidating just -8% from its 52-week high. Its recent chart low ($33.17) defines near-term chart support above its 200 DMA line. >>> The latest Featured Stock Update with an annotated graph appeared on 5/5/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
SUMR - NASDAQ Summer Infant Inc CONSUMER NON-DURABLES - Personal Products	$7.75	+0.26 3.47%	$7.78	46,607 84.43% of 50 DAV 50 DAV is 55,200	$8.21 -5.60%	5/4/2010	$6.85	PP = $7.09
								MB = $7.44
Most Recent Note - 5/24/2010 4:36:39 PM G - Gain today on light volume lifted it well above its "max buy" level for its third best close ever. Recently found prompt support near prior chart highs and its 50 DMA line. >>> The latest Featured Stock Update with an annotated graph appeared on 5/21/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
ULTA - NASDAQ Ulta Salon Cosm & Frag SPECIALTY RETAIL - Specialty Retail, Other	$23.55	+0.23 0.99%	$24.07	244,050 57.74% of 50 DAV 50 DAV is 422,700	$25.76 -8.58%	3/12/2010	$22.81	PP = $21.72
								MB = $22.81
Most Recent Note - 5/24/2010 4:38:56 PM G - Held its ground today after a positive reversal on 5/21/10 helped it promptly rally back above its 50 DMA line. Recent chart lows define important support to watch now. >>> The latest Featured Stock Update with an annotated graph appeared on 5/20/2010. Click here. View all notes | Alert me of new notes | CANSLIM.net Company Profile
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