NASDAQ Technical Picture - Lower Trendline Holding

The NASDAQ dropped in opening trade due to higher than expected CPI inflation data. Both the Nasdaq Comp and Dow held near trendline support off the Jan-Feb lows. Narrow range trade dominated in the early going followed by a range BO triggering some midday follow through into positive territory. Choppy trade leading into the FOMC minutes was resolved with new session highs despite the Fed cutting its GDP forecast and raising its inflation and jobless forecasts.

Companies moving in after hours trading in reaction to earnings: Trading Up: LOCM +9.8%; NTES +7.0%; ITRI +6.8%; TEX +6.4%; SNPS +6.2%; IFSIA +6.0%; GA +4.2%; FADV +3.8%; ADI +3.5%; PLLL +2.3; TQNT +2.3%; TRN +1.9%; AEL +1.5%; ACTL +1.3%... Trading Down: LAD -19.9%; NVTL -18.1%; MSSR -17.7%; ATX -9.5%; OCNW -7.6%; CECO -7.1%; OII -7.0%; LNET -6.9%; MCRI -6.9%; VRGY -6.6%; PSYS -5.0%; LFG -3.1%; LGND -1.8%; GRT -1.3%... Companies moving in after hours trading in reaction to news: Trading Up: BNVI +33.9% (announces "positive developments" in on-going Phase 1/2 cancer drug trial); SQNM +6.5% (announces key milestone in development of noninvasive prenatal down syndrome test); IVAC +3.9% (receives orders for five 200 Lean magnetic disk sputtering systems for delivery in 2008); FTEK +2.6% (announces two Fuel Chem orders); IDGR +2.4% (enters into merger agreement to be acquired by an affiliate of Platinum Equity Advisors, LLC; IDGR stockholders to receive $10.30 per share); CPST +1.9% (receives another order in the oil & gas market)... Trading Down: SSRX -23.5% (reports Q4 results below consensus, issues downside FY08 rev guidance; discusses postponed original schedule of completing all three current Phase III trials by end of 2007); CIR -3.2% (announces Bill Higgins elected as CEO and Director); TTEC -2.5% (announces audit committee completes review of equity-based compensation practices with no evidence of improper conduct); DMND -1.8% (reaffims FY08 EPS in-line with consensus, says FY08 revs growth will be less than expected; sees Q2 EPS in-line, revs below); CBE -1.4% (announces its Cannon demand management solution selected by Baltimore Gas and Electric); TIN -1.1% (Carl Icahn amends 13D; reports the sale and purchase of call options); CR -1.1% (reaffirms FY08 guidance); TBSI -1.0% (takes delivery of handysize bulk carrier, M.V. Mohave Maiden for $26.0 mln); ABK -0.80% (U.K. Subisidiary insturucts the Association of British Insurers to conduct an initial holdings enquiry for the Metro Rail SSL & BCV bonds).