Minor gains for the major indices amid a low volume relief rally. Sector leadership came from Coal +4.3%, Steel +4.3%, Mining +3.4%, Chemical +3%, Paper +3%, Oil Service HOLDRs OIH +2.8%, Casino +2.2%, Crude Oil +1.5%, Natural Gas +1.4%. Banks and insurance were weak due to loan loss hikes and AIG's need to raise more capital.

The H&S top scenario is on track and the choppiness amid a lower volume rebound supports the right shoulder pattern.

Companies trading higher in after hours in reaction to earnings: JAS +7.4%; AFCE +1.5%; APSG +1.2%; TIVO +1.2%... Companies trading down in reaction to earnings: MW -6.6%; LONG -4.2%; AINV -3.3%; JST -3.0%... Companies trading higher in after hours in reaction to news: POWR +6.7% (awarded $30 mln of new business); LCC +2.2% (US Airways, UAL CEOs to meet to discuss merger Thursday -- WSJ); ESLR +1.2% (CEO says expects to be profitable in 1Q09; says targeting production capacity of 850 mw by 2012 vs current 15 mw Reuters); YHOO +0.9% (Yahoo!'s Yang says Microsoft still has 'some interest' - Bloomberg)... Companies trading lower in reaction to news: ACEL -60.6% (announces preliminary results from ONCONASE Phase IIIb clinical trial; did not meet statistical significance for the primary endpoint); WR -2.1% (announces public offering of its common stock of 6 mln shares); KMGB -2.0% (expects fiscal 2008 sales to come in at expected levels in excess of $135 mln vs $148.6 mln consensus; sees EPS 10-20% lower Fy07's $0.80); RJF -1.8% (April assets under mgmt up over 3% vs March -- Bloomberg); MRCY -1.6% (reaffirms guidance in 8-k, sees Q4 EPS of ($0.05)-(0.01) vs ($0.02) single estimate; revs $53-56 mln vs $54.19 mln two analysts estimate); OME -1.0% (discloses that Robert Stockton, CFO, has entered into a 10b5-1 plan to sell 210k shares); ARD -1.0% (announces public offering of 2,175,000 shares of common stock); SCOR -0.9% (acquires M:Metrics; is expecting the M:Metrics business to be profitable on an Adjusted EBITDA basis by the end of Q4 of 2008); MDU -0.5% (files mixed securities shelf offering); GFF -0.5% (obtains financing commitment for Clopay subsidiaries).