NASDAQ Technical Picture - QQQQ Tests July Highs Post Fed

Carryover bullish momentum in the morning followed by a slow fade in the afternoon. We could get more post Fed profit taking tomorrow to help work off this overbought bias. Expect to see more volatility leading into Friday's quarterly OPEX.

Companies moving in after hours trading in reaction to earnings: Trading Up: APOG +5.8%; CMTL +1.5%; CHNR +1.1%... Trading Down: CLC -7.4%; MLHR -4.4%; DDMX -2.8%... Trading Up: MPWR +5.9% (raises Q3 revs guidance above consensus); RDN +3.6% (sells portion of investment in Sherman Financial for $278 mln); NLY +2.1% (announces 3rd quarter dividend of $0.26 per share); SPCHA +1.8% (guides Q2 EPS and revs below consensus); MTG +1.1% (sells portion of Sherman joint venture)... Trading Down: BCRX -30.1% (reports preliminary results from a phase II clinical trial of Peramivir in subjects with Acute Influenza, the improvement was not statistically significant); NPSP -3.4% (PREOS granted U.S. orphan drug status for treatment of hypoparathyroidism); PALM -1.8% (issues in-line EPS guidance for Q1; revenue guidance slightly below consensus).