ajtj99's Market Pulse

[Justin_Tus]

"Don't Count Your Chickens before...." day again much of the session. "Irrational Exuberance" in the morning on the 'breakouts' and premarket patterns that ending up going haywire and collapsing by 9:45 to 10:00 (which was the exhaustion move and reversal expected on some earnings plays and CTX/PHM which I posted last night). Shorting rallies like the typical patterns below of the familiar double bottom "W" like in PHM that just couldn't break out today was the rule and not the exception. Even AAPL gapped 'n crapped and probably caught some bargain shoppers or novices paying 'next to retail' only to have the bargains begin after the doldrums. Other stocks were not as 'fortunate' as AAPL though.

Reminscent of the GRMN ecstasy in premarket over 100 with GRMN trading below 85 today. Its nice to be bullish going forward but not BEFORE the market tanks. Still somewhat bullish going forward myself and do like some indices' patterns. Everyone analysed so well there is nothing to add really. Call this post somewhat more of a 'micro-analysis' of intraday chart trading as I saw it today around 9:45 to 10:00 which continued until about 3:00.

http://stockcharts.com/c-sc/sc?s=PHM&p=D&yr=1&mn=0&dy=0&i=p65643913254&a=818....

or this CTX chart that is indicative of the prevailing chart patterns today at least on the plays and sectors I followed.