This is a nice example to show how the mass psychology works and how some technical analysis tools work. In our case we use Elliott waves and Fibonacci.
Some days before the earnings days we were calling for a "buy the rumors and sell the news" event, because, most of the crowd was very bullish with the excellent earnings that were been announced for october 18,2011. What happens next?. Well, the earnings were fabulous, more than expected, and the next day start a big sell the news, as forecasted. (Chart above)