As you can see from the NASDAQ daily chart, we have a broken trend line on higher volume. The Qs breached the trend line on the opening range and that was a cue to get short. We have gap support and the 50 DMA just below, both of which line fairly nicely with the 38% Fibonacci retracement level. Cont'dCompanies moving in after hours trading in reaction to earnings: Trading Up: APOG +9.9%; LNDC +1.8%... Trading Down: CBK +10.0%; BBBY -5.7%; WDFC -3.7%... Companies moving in after hours trading in reaction to news: Trading Up: LOOK +9.8% (guides Q1 revs to $17.4-$17.7 mln vs $15.03 mln First Call consensus); MW +4.9% (reaffirms Q1 EPS guidance of $0.20-0.24 vs $0.22 consensus); NDN +4.8% (reports Q4 revs of $290.7 mln vs $294.8 mln consensus; reports an increase in same-store sales of 1.5%); HOTT +4.6% (reports March comparable sales of -3.5%); TX +3.7% (comments on recent developments in Venezuela); HOKU +2.9% (subsidiary Hoku Materials announces amendments to polysilicon plant engineering and construction contracts); ZUMZ +2.8% (reports Mar same store sales -3.0%); IUSA +1.3% (guides Q1 EPS; sees Q1 and FY08 revs above consensus); RGR +1.1% (product safety warning and recall notice of SR9 pistol); PAC +1.0% (reports passenger traffic of +9.1% for March); MTG +1.2% (discloses that it has sold $390 mln in debentures as buyers exercise option)... Trading Down: SMCI -10.8% (Q3 EPS of $0.14-0.16 vs $0.19 First Call consensus; revs of $136.5-137 mln vs $139.00 mln First Call consensus); VMED -2.6% (to offer $1 bln convertible senior notes due 2016 to repay a portion of senior credit); EURX -2.2% (receives a notice of allowance for U.S. patent application covering Amrix); RDC -1.8% (says it hasn't gotten any approaches regarding buy of company -- Bloomberg); EDAP -1.0% (announces a research cooperation with Epitarget AS); YHOO -0.11% (MSFT says YHOO-GOOG deal would hurt competition; says deal would consolidate 90% of search ad mkt -- Bloomberg).
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