NASDAQ Technical Picture - Tech Provides Leadership

Tech provided leadership on the heels of better earnings from Semi +3% (AMAT +10.1%) which carried over to other related sectors such as Computer-Hardware +3.2%, Networking +3.2%, Internet +2.9%, Disk Drive +2.7%, Software +2.1%.

We have now crossed above the lower base/pivot and are in the process of closing the gap from last week. Let's see if we can hang on to the recovery of the 20 day EMA as we approach the next PP level. Although, it's too soon to tell, it looks like we could be in the process of developing an ascending triangle.

The McClellan oscillator is in the overbought zone, so we may have to work it off with some consolidative/corrective action near-term.

Companies moving in after hours trading in reaction to earnings: Trading Up: AMKR +13.3%; PPO +10.0%; CCRT +9.5%; STEN +8.6%; AERO +8.0%; HIMX +6.9%; GNK +6.0%; VCLK +5.2%; RMKR +4.9%; BIDU +6.5%; JLN +4.2%; SKX +3.4%; IPAS +1.7%; KAI +1.5%... Trading Down: MDRX -13.6%; NHWK -12.3%; XFML -10.9%; NTGR -10.3%; HPY -8.3%; EQIX -7.2%; STMP -7.0%; DENN -6.8%; AAP -5.5%; TTGT -5.1%; DVA -4.8%; ZGEN -4.3%; IM -4.3%; GSIC -2.9%; NTAP -2.8%; SMMX -2.0%; TWPG -1.8%; LPSN -1.8%; AEA -1.6%; MOH -1.4%; EGP -1.0%... Companies moving in after hours trading in reaction to news: Trading Up: VCLK +5.6% (announces settlement with the FTC; agrees to pay a settlement of $2.9 mil); CCU +4.3% (DOJ says Clear Channel must sell stations to win deal approval -- DJ); MBI +4.0% (Completes $1 bln common stock offering; increases claims-paying resources by more than $3 bln since inception of capital strengthening plan); WPI +2.7% (announces FDA inspection of Florida facilities); CEPH +1.5% (gives statement on Federal Trade Commission action regarding PROVIGIL patent settlements); ACXM +1.0% (announces increase in stock repurchase program by $25 mln); CEPH +1.0% (FTC says Cephalon illegally delayed generic rivals vs Provigil -- WSJ)... Trading Down: NHWK -12.3% (announces departure of Tim Mayleben, President and COO and the departure of Senior VP and CFO Glenn Cole); COIN -9.7% (files an S-3 related to 750k share common stock offering by selling shareholders); BELM -1.0% (announces receipt of waivers from its major lenders); TYG -1.1% (announces commencement of common stock offering of ~1.5 mln shares). Courtesy of Briefing.com