As you can see from the NASDAQ intraday chart, we gapped up into pivot point resistance from yesterday's morning swing low. That was a gap fade begging to happen. Despite some intraday breaches of the PP low, we still managed a modest recovery with some signs of positive divergence of the RSI.
Most major tech sectors ended the session in the green paced by biotechs and internets, but networking was a loser again today. Decliners edged out advancers by a margin of 17:14 and new lows outpaced new highs 257/85.
Tech heavyweights BIDU and AAPL performed in AH on the earnings front so we may see some momentum from that tomorrow.
NB: AAPL closed AH at $150.00 despite lowered guidance. Must have been an interesting conference call.Companies moving in after hours trading in reaction to earnings:
Trading Up: BIDU +19.1%;
ACGL +11.4%;
NMSS +10.8%;
AGP +9.8%;
AFOP +9.7%;
SYMC +9.6%;
AAPL +9.3%;
OMTR +8.5%;
AXYS +8.3%;
PHRM +7.3%;
HLIT +7.0%;
WFR +6.7%;
AFFX +6.1%;
PSYS +5.7%;
DSCM +5.6%;
MTSN +5.3%;
BLUD +4.6%;
SCRX +4.3%;
PLXS +4.0%;
FORM +3.7%;
SSTI +3.5%;
AMAG +2.9%;
VARI +2.9%;
OI +2.9%;
ETFC +2.6%;
QCOM +2.5%;
NUVA +2.5%;
MLNX +2.2%;
PHM +2.1%;
EQIX +2.0%;
BDN +1.9%; NHWK +1.8%;
ANCX +1.6%;
ISH +1.5%;
LSI +1.4%;
FADV +1.2%;
SCSS +1.1%;
AMCC +1.0%...
Trading Down: RIMG -13.0%;
WSTL -10.7%;
AKAM -10.3%;
CPTS -8.9%;
LMNX -8.8%;
CHIC -7.0%;
CDNS -6.4%;
AEIS -6.2%;
SANM -6.0%;
ASIA -4.3%;
FISV -4.0%;
ARRS -3.5%;
ARG -3.2%;
CRUS -2.7%;
CYBI -2.5%;
ZMH -2.3%;
STKR -2.2%;
FFIV -2.1%;
MDC -1.8%;
FI -1.7%;
YDNT -1.6%;
NFX -1.4%;
TQNT -1.4%;
CVA -1.4%;
CSGP -1.4%;
CLB -1.4%;
OSG -1.3%;
COG -1.2%;
NEWP -1.2%;
ARBA 1.2%;
WLL -1.0%;
IPCR -1.0%... Companies moving in reaction to news:
Trading Up: SRZ +6.9% (announces exploration of strategic alternatives);
RPRX +4.0% (reports that patients exposed to proellex for up to six months demonstrated a benign endometrium based on biopsy);
BKI +3.6% (establishes $200 mln senior credit facility);
BMRN +2.9% (Kuvan receives priority review status from FDA);
LSI +1.4% (STATS ChipPAC Acquires LSI's Assembly and Test Operation in Thailand);
LOJN +1.2% (announces Umbilical contract award)...
Trading Down: CPTS -8.9% (FDA approves Conceptus' third generation Essure permanent birth control system);
OII -1.6% (announces Umbilical contract award);
PFB -1.1% (announces new stock repurchase authorization of up to 1 mln shares, in addition to the 676,435 remaining under prior plan).
