Okay, so we made another new high and held into the close to take out the 200DMA. Yesterday's bearish rant was foiled early in the session when we failed to confirm yesterday's shooting star. We chopped our way back up after testing yesterday's low as support early in the session. Again, we got relatively little participation from large cap tech leaders AAPL, RIMM, GOOG and BIDU. Instead the leaders of today's NASDAQ 100 rally were losers such as NVDA and FMCN. Today's higher volume is courtesy of pre-options expiration, not to confused with bullish momentum. Enough said, the real test of the strength of this rally will be resistance from former support.

Companies trading higher in after hours in reaction to earnings: NED +19.5%; SUTR +16.4%; UTSI +4.6%; BMC +4.3%; JWN +3.4%; PDEX +1.8%... Companies trading down in reaction to earnings: GSI -17.7%; ATEA -15.3%; KONG -14.1%; PRD -10.4%; QTM -10.1%; CLNE -8.4%; EXAR -7.9%; MNT -5.6%; GA -5.4%; NCOC -5.1%; ATN -4.1%; ONSM -3.2%; CPWR -2.7%; KSS -1.9%; TBUS -1.5%... Companies trading higher in after hours in reaction to news: HOKU +15.2% (announces that the Public Utilities Commission approves Hoku Solar-Hawaiian electric contract for photovoltaic project); AMLN +5.6% (Icahn discloses new 6.3 mln share stake); PENN +2.5% (transaction secures approval from the West Virginia Racing Commission)... Companies trading lower in reaction to news: LWAY -18.4% (FDA shutting down co's seafood, cream cheese ops -- DJ); EFDT -3.5% (announces commencement of $35 mln common stock offering); LCC -2.0% (Fleet Service employees ratify unified contract); MGAM -1.5% (reports installed base of player terminals and product mix at April 30, 2008); PNM -1.1% (to issue 9.4 mln shares to complete settlement of equity-linked units purchase contra); YHOO -0.4% (responds to Carl Icahn's intention to nominate candidates for election to Yahoo!'s board of directors).