NASDAQ Technical Picture - Low Volume Extension

The market is extended and this rally has been on low volume so I expect a technical correction soon. Today's doji could form part of a bearish doji morning star if we open and close lower tomorrow.

Economic Calendar: Wholesale Inventories tomorrow at 10:00.

Companies moving in after hours trading in reaction to earnings: Trading Down: WDFC -9.4%... Companies moving in reaction to news: Trading Up: RBY +28.7% (announced gold discovered at Rubicon's 100%-owned Alaska claims); GMST +18.2% (Gemstar-TV Guide announces review of strategic alternatives); CAKE +5.1% (reports prelim Q2 revs above consensus); S +4.2% (SK Telecom (SKM) plans to buy Sprint Nextel -- Bloomberg; SK Telecom (SKM) denies report it may acquire Sprint Nextel (S) -- Bloomberg); HALO +2.5% (announced final results of the Enhanze Technology clinical trial demonstrating improved absorption and bioavailability); DRI +2.3% (reports same store sales at Red Lobster increased 6-7%; Olive Garden increased 3-4%); INWK +1.9% (reports prelim Q2 revs above consensus); NAVR +1.7% (agreement to settle securities class action litigation; settlement will not have an impact on the co's earnings or cash balance); THRX +1.2% (announces "Positive" results from phase 2 clinical study); MOSY +1.0% (discloses in 8-K that on July 2, it entered into an asset purchase agreement and a transition services agreement with Atmel Corporation); LNC +1.0% (Partners announces agreement with Delaware Investments)... Trading Down: MHA -32.0% (announces results of Phase 2a studies for oral oleoyl-estrone; results fail to demonstrate meaningful placebo adjusted weight loss); UNCA -16.7% (sees Q3 EPS and revs below consensus); CACS -5.8%( sees Q2 EPS and revs below consensus); SONO -4.9% (to offer $150 mln of convertible senior notes); KNDL -3.1% (announces a $150 mln convertible notes offering); ATRC -1.5% (bipolar ablation clamp system receives FDA 510(k) clearance for cardiac use); PH -1.0% (to offer $150 mln of convertible senior notes.