NASDAQ Technical Picture - SOX Regains its 50 MA

The SOX opened strong and rallied from 446 to 456 in the first hour of trade. Leading the way was KLAC following a strong earnings report last night. Also, pacing the way were BRCM, MXIM, and LRCX. The SOX closed near its highs once the FED statement was out of the way. Other strong tech sectors included disk drive and internet. From the chart above you will notice that the NASDAQ has held its 10 day EMA very well throughout this consolidation phase.

After hours FFIV beat handily and guided higher. On the docket tomorrow morning we have a few biotech names including CELG, MLNM, and MEDI. Tomorrow AH, one of my favorites - AKAM.

On the economic calendar we have Initial Claims and Durable Orders before the open, followed by New Home Sales at 10:00.