NASDAQ Technical Picture - Overbought

Short term overbought and the four day 7% Nasdaq 100 and 5.7% Nasdaq Comp sprint (low to high) raises the specter of at least a near term period of corrective trade. I'm watching the intra-day trendline for guidance on direction, but for the time being, the bulls look solid.

Companies moving in after hours trading in reaction to earnings: Trading Up: AVNX +5.3%; MIND +5.2%... Trading Down: FNSR -9.6%; GES -7.2%... Companies moving in reaction to news: Trading Up: CPE +11.4% (signs PHA with ConocoPhillips, Devon); YMI +8.3% (annonces positive preliminary results from Phase I/II lung cancer trial of nimotuzumab combined with radiation); EXEL +3.1% (Co and Dow AgroSciences announce major research collaboration, asset purchase to advance gene discovery and validation); CHK +2.1% (announces 2008-2009 plans; curtails Sep 2007 nat gas production, reaffirms previous production guidance for 2007 & 2008); BRCM +1.5% (wins Federal antitrust appeal against Qualcomm)... Trading Down: AIZ -3.9% (suspends common stock buyback program); HILL -2.3% (announces UK OEM partnership with Viglen); IR -1.2% (to acquire Officine Meccaniche Industriali); NOA -0.8% (announced the cos CFO has resigned).

CAL reported an August consolidated (mainline plus regional) load factor of 85.3%, 2.9 points above the August 2006 consolidated load factor, and a mainline load factor of 85.9%, 2.9 points above the August 2006 mainline load factor. The carrier reported a domestic mainline load factor of 88.0%, 2.5 points above August 2006, and an international mainline load factor of 83.7%, 3.4 points above August 2006. All four were records for August. Domestic load factor was an all time record.