As you can see from the chart, the first test of bullish gap support held and we rallied carving out a bullish piercing line on the daily timeframe. Volume was lower than yesterday with choppiness throughout most of the session. There's lots of resistance overhead especially from the unfilled portion of Tuesday's bearish gap.

Economic calendar: initial claims and trade balance at 8:30.

Companies moving in after hours trading in reaction to earnings: Trading Up: JCTCF +17.1%; RECN +5.1%... Trading Down: RT -3.3%... Companies moving in reaction to news: Trading Up: AEO +6.5% (Jun same store sales +8.0%; raises low end of EPS guidance range by a penny); HOTT +6.2% (reports June same store sales -4.0%); IRBT +5.2% (receives U.S. Military orders totaling $17.5 mln); ZUMZ +5.0% (Jun same store sales +13.7%)... Trading Down: ENDP -5.9% (announces that it is withdrawing guidance pertaining to filing date of its NDA for its Ketoprofen Patch); CAMP -4.9% (updated financial outlook for fiscal 2008 first qtr); ABT -3.8% (announces termination of contract with GE; see no impact on full year or Q2 EPS); MOT -1.4% (issues prelim Q2 results; co lowers Q2 revs below consensus; guides Q2 EPS below consensus).