Higher oil and FOMC minutes beat up the markets today. As noted yesterday the down sloping 50 SMA was observed as resistance on the 15 minute intraday chart.

FOMC highlighted weakening economic activity, slowing growth in consumer spending, softening labor market, financial/housing markets still under stress, and no more rate cuts even if economy contracts.

Technical damage - loss of 20 EMA on the daily and trend line break on S&P. The aggressive reversal off of Monday's highs leaves the door open for more weakness, but the NASDAQ is coming into support levels as highlighted on the chart, as well as, May low at 2535/2429.

Companies trading higher in after hours in reaction to earnings: NDSN +9.7%; LDG +4.2%; LTD +3.8%; PERY +3.3%; SMTC +3.2%... Companies trading down in reaction to earnings: CEDU -16.8%; WSTL -15.9%; NTAP -11.2%; BRS -8.1%; ZL -3.5%; NAPS -2.4%; CHINA -2.3%; CTRN -2.1%; SNPS -1.8%; PETM -1.5%; GYMB -1.0%... Companies trading higher in after hours in reaction to news: CPN +11.0% (Harbinger Capital Partners recommends Calpine review NRG Energy's proposed merger of equals); EAC +6.2% (to explore strategic alternatives); MOBE +2.7% (changes name to iGo, effective immediately; ticker changes to IGOI, effective at the start of trading on Thursday, May 22, 2008); ESE +2.0% (announces contract award at PTI; annual revenue expected to be approx $10-$15 mln); EPAX +1.9% (acquires BookRags for $18 mln; expected to be accretive in the first twelve months following the acquisition); DRC +1.5% (announces renewed supplier agreement with Chevr); KAI +1.1% (enters into a $100 million uncommitted private shelf agreement with Prudential Capital Group); FLIR +1.1% (receives $358.4 mln IDIQ contract modification from the U.S. Army); AZN +1.0% (sued by the Arkansas Attorney General over SEROQUEL -- Bloomberg)... Companies trading lower in reaction to news: JTX -6.2% (issues guidance in addition to reporting its tax returns; prepared 3.45 mln tax returns in 2008, a decline of 5.3% compared to the prior year); NRF -6.2% (announces private offering of up to $75 mln exchangeable senior notes due 2013); RAD -3.9% (announces proposed offering of convertible notes); PFE -1.3% (Report raises new safety concerns about Pfizer drug Chantix -- WSJ); CHINA -1.4% (reiterates revenue and adjusted net income guidance for Q2 2008); MCO -1.1% (Moody's: Senator seeks probe of Moody's errors -- FT).