Higher crude and worrisome core PPI data weighed on the markets today. The NASDAQ managed to carve out a NRB hammer bar which may result in a reversal. The key elements to watch are the depth and choppiness of the retracement. On the 15 minute chart, I would look for prices to hold below the declining 50 period SMA in order to maintain the corrective bias.

The S&P is a little more bearish with a deeper close today. The proximity to the lower trend line could provide support.

The CBOE is back above 1 which implies more put buying.

Companies trading higher in after hours in reaction to earnings: DY +7.9%; INTU +4.7%; OCNF +4.6%... Companies trading down in reaction to earnings: LTXX -10.3%; VRTU -9.0%; RRGB -6.4%; PHHM -4.0%; ADI -2.2%; HPQ -0.6%... Companies trading higher in after hours in reaction to news: ADLR +12.3% (Co and GlaxoSmithKline confirms FDA Approval of Entereg (alvimopan) for the Management of Postoperative Ileus); IDEV +6.6% (presents "successful" Phase III NEBIDO data at American Urological Association); XIDE +2.2% (to supply Bosch branded batteries to Pep Boys); CVTI +1.5% (discloses that Richard Cribbs was promoted from Vice President and Chief Accounting Officer to Senior Vice President and Chief Financial Officer); SBKC +1.2% (declares quarterly cash dividend of $0.04375/common share, down from previous dividend of $0.0875/ common share)... Companies trading lower in reaction to news: IMB -5.3% (Fitch downgrades Indymac's resi servicer ratings; remains on rating watch negative); PCX -3.1% (announces $175 mln convertible note offering); BKR -1.0% (to delay reporting of Q1 2008 financial results); FTD -1.0% (reports 12% growth in Mother's day orders for the Domestic Consumer Segment; reaffirms FY08 guidance, sees revs $645 mln vs $644.50 mln First Call consensus).