NASDAQ Technical Picture - No Defence from Bulls

CBOE Put/Call ratio reading below 1.00 suggests more active call buying than put trading.

VXN volatility Index is testing the August highs.

The late day slide left the NASDAQ Comp, down as much as 8.5% over the last four days alone (Nasdaq 100 -11%) and sitting just above its 200 sma. The aggressive nature of this decline has created a deeply oversold posture but the short term pattern suggests potential for further weakness into Tuesday unless we see some sustained gains back above today's close in early trade.

Today's movement came from higher than avg volume with decliners outpacing advancers (1250/1787) with new lows outpacing new highs (58/267).

Companies moving in after hours trading in reaction to earnings: Trading Up: OWW +8.8%; HINT +6.5%; BOBE +4.3%; ESE +3.1%; JOBS +3.0%; BIDZ +2.7%; FACE +2.6%. Trading Down: SNUS -8.0%; CSR -2.7%; RWC -1.1%; WX -1.0%.

Other News:

Trading Up: WAB +4.1% (Westinghouse Air Brake Technologies (WAB) will replace Florida Rock Industries (FRK) in the S&P MidCap 400); IAG +2.5% (announces appointment of Gordon Stothart as Chief Operating Officer); CTS +2.3% (announces realignment of operations and workforce reduction); BRE +1.7% (BRE Properties will replace United Rentals in the S&P MidCap 400); HALO +1.3% (added to Nasdaq Biotech Index); NTG +1.2% (to acquire Norwegian separator technology co, ConSepT AS; The transaction is expected to be accretive to earnings); EAT +1.1% (signs co investment deal with CMR); ADCT +1.1% (announces agreement to acquire Century Man Communication for $55 mln; expected to be dilutive to GAAP earnings per share in the first year or two of ops)... Trading Down: ADBE -3.2% (names Shantanu Narayen Chief Executive Officer); ALTH -1.9% (initiates study of RH1 in patients with advanced solid tumors or non-hodgkin's lymphoma); EBHI -1.0% (announces key executive appointments).

DNA for OSIP rumor making the rounds. OSIP one of the few bullish charts on my radar.