Broad-based selling for the first day of June goes well with our Sell Bias.

But if you read our weekly report, you know we’re looking for a bounce.

We’ll stop looking for an immediate bounce when/if last week’s low on the major indexes is taken out.

Bounce or not, the one thing that’s been clear to us is that it’s not a favorable time to be buying breakout Growth Stocks.

This week we have our eye on Ulta Salon (ULTA) as a breakout candidate. They report earnings this week, which could give it a bump in either direction.

We can’t expect much given the collapses of other recent top-rated stocks Maidenform Brands (MFB) and Affymax (AFFY.)

In sector action, we’re looking for rebounds from traditional trend leaders like the semiconductors (SMH), retail (XRT), financials (XLF) and transportation (IYT), which are showing not all is broken in the bull’s path as they trade above their 40-week major averages.