Category: Lee’s Free Thinking

I put VRTX on the Technical Trader chart pick list on September 28. The chart had a near perfect low risk setup, and it continued to look promising right up until Wednesday October 14.

Shit happens. And it happens especially with biotechs. VRTX is a biotech. When a fuxxxxxx biotech company announces after hours something about a drug trial failure, or discontinuing a promising drug, it happens.

When it happens, it becomes patently obvious that the “promising” chart pattern wasn’t promising at all.

Now that I’ve written this headline, the contrarian in me recognizes that this is probably a sure sign that we’re in a major top. But…

The little overnight pullback hasn’t amounted to much here at 4:30 AM ET. The uptrend ran into resistance yesterday, but the current iteration of the hourly uptrend remains intact. It would need to end the 5-6 AM hour below 3515 to break anything.

Going through my stock screens this morning, I was shocked at how bullish the output was. Chart after chart. Sells were few and far between.

I think we’re going to have to grit our teeth for awhile. But this isn’t a surprise. We knew for a coupl…

After a news noise event like yesterday’s I wouldn’t read much into the chart until the reverberations settle down. Here’s the hourly. It shows that at 5:20 AM in NY, the rebound reached resistance at 3378.