As depicted on the 15 minute time frame, we have negative divergence of the RSI to higher highs. The NASDAQ is extended (overbought) despite weak volume and it could be argued that a pause or retracement would be welcome at these levels. I certainly don't feel like chasing until we get a technical retracement.Companies reporting in pre-market Wednesday include SGR, MON, and COST.
Economic -Wholesale inventories at 10:00 and crude at 10:30
Companies moving in after hours trading in reaction to earnings: Trading Up: MPET +5.5%; VSGN +1.8%; AA +0.2%... Trading Up: ANPI +10.9% (announces intent to file 510(k) for its innovative 5-FU Central Venous Catheter based on positive results from pivotal trial); FMT +9.6% (Fremont General: Harbinger Capital Partners reports 9% stake); BLDP +3.7% (Exide Technologies Signs Agreement With Ballard Power Systems for Forklift Truck Power Solution); SLTC +1.1% (Co and Versata Software announce settlement of patent litigation and development of joint marketing relationship); DENN +2.0% (reports Q3 same store sales +1.3%) ... Trading Down: ALLT -14.0% (lowers Y07 rev guidance); IP -2.7% (reduces Q3 earnings outlook due to shortfall in land sales); RVBD -2.4% (Co responds to Quantum Corporation); NDN -2.1% (reports Q2 sales above consensus); CVX -2.1% (sees Q3 net income significantly below the record $5.4 bln earned in Q2); JTX -1.6% (promotes Michael Yerington to CEO); SBUX -1.1% (recalls children's plastic cups due to choking and laceration hazards); QTM -1.0% (files patent infringement lawsuit against Riverbed); SLM -1.0% (J.C. Flowers confirms that their offer to amend the terms of the Sallie Mae transaction was allowed to expire without discussion); SMTL -0.9% (announces it has sold an advanced Raider tool to a customer focused on development of high-efficiency, low cost-per-watt solar devices); PCLN -0.4% (American Airlines signs exclusive opaque participation agreement with Priceline.com).
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