NASDAQ Technical Picture - Approaching Trendline Resistance

Approaching trend line resistance and overbought levels. I know that a lot of traders delayed their vacations during the correction, but this low volume is a real concern. It implies that this rally is a dead cat bounce. We'll soon see.

Companies moving in after hours trading in reaction to earnings: Trading Up: EJ +8.8%; LTD +5.6%; ALOT +5.0%; PVH +4.1%; JDSU +3.3%; MW +3.2%; VVTV +2.9%; BLOG +2.4%... Trading Down: INTU -2.9%; GYMB -2.7%; VRGY -1.7%; GNK -1.6%; ZUMZ -1.4%; SNPS -1.3%... Companies moving in reaction to news: Trading Up: CFC +21.2% (receives $2 bln strategic equity investment from Bank Of America); IMH +10.3% (announces reduction of workforce); IDGR +7.1% (Special Committee engages Robert W. Baird as financial advisor for strategic review); ATSI +5.4.% (expands open pivot heart valve offerings); WAVE +4.8% (Director buys 552K shares at $6.6-7); NFLD +4.2% (announces SEC Staff completes investigation and does not intend to recommend any enforcement action against the Co); VICL +2.6% (Multiple NIH Phase 2 HIV vaccine trials using Vical's technology produce encouraging results); CLZR +2.0% (expands share buyback program; co now authorized to repurchase up to 2.3 mln shares); CME +1.4% (Horizon Cash Mgmt: No contact from CME On Sentinel assets -- DJ); FLE +1.0% (closes gold shield plant in Fontana, California)... Trading Down: RMBS -1.3% (announces Nasdaq Board grants co extension for continued listing; announces it receives European Commission statement of objections); HOLX +1.3% (Breast screening study finds superior performance of Selenia direct digital mammography over film mammography); NOV +1.1% (announces 2-for-1 stock split).