NASDAQ Technical Picture - Testing the Pivot Point

Range and volume contraction precedes expansion. We are currently testing a pivot point resistance area and the pattern on the daily time frame looks like a small bear flag. Technically the market was due for some up ticks in the wake of last week's aggressive slide. It's a stalemate until we can break the pivot point to the upside or the bear flag to the downside.

I have no opinion, I'm just waiting for confirmation.

Companies moving in after hours trading in reaction to earnings: Trading Up: GLUU +12.6%; CPST +10.6%; NDN +7.1%; IMM +5.6% NUAN +3.3%; QGEN +2.3%; CMP +2.2%; PACR +2.0%; FWRD +2.0%; MLAB +1.6%; NXXI +1.5%; CUZ +1.4% VECO +1.1%... Trading Down: DY-16.4%; VRTX -10.5%: BRKS -7.6%; ASEI -6.7%; ANSV -2.7%; LNCR -1.6%; AGO -1.6%... Companies moving in after hours trading in reaction to news: Trading Up: ALDA +17.2% (Declares a $5.00/share special cash dividend and signs credit facility for up to $15 mln); HME +2.7% (HME will replace Kellwood in the S&P SmallCap600); XJT +1.9% (reports January 2008 performance); PCBC +1.4% (names Stephen Masterson Chief Financial Officer); FUL +1.3% (names James R. Giertz Chief Financial Officer); YHOO +0.6% (Microsoft responds to YHOO rejection - says they are confident that moving forward promptly to consummate a transaction is in the best interests of all parties)... Trading Down: FOE -3.5% (sees Q4 EPS below consensus; sees revs above consensus); CLWR -1.6% (Follow up on MOT stake in SC 13G; unchanged from earlier disclosure); RIMM -1.0% (email reports outage of Blackberry service in Americas -- Reuters).