Monday, June 15, 2009

A Hidden Pivot at 326.21 is my worst-case downside target for the near term, and you could bottom-fish there aggressively with a stop-loss as tight as 325.99.

A Hidden Pivot target at 14.345 is my minimum downside projection for the very short-term, although a pop today or tomorrow to 15.095 would put bulls back in charge for the moment.

Friday's high at 90.65 coincided to-the-penny with a Hidden Pivot target easily visible on the 30-minute chart. To sustain the momentum, bulls will need to push this vehicle up to 90.95 today -- or even more convincingly, to 91.65.

If a Hidden Pivot at 570-4/8 doesn't contain the selling, look for the futures to group their way down to visually obvious support near 563.

If the futures breach a midpoint support at 1.3938, look for the decline to continue to at least 1.3847.

Friday's high at 90.65 coincided to-the-penny with a Hidden Pivot target easily visible on the 30-minute chart. To sustain the momentum, bulls will need to push this vehicle up to 90.95 today -- or even more convincingly, to 91.65.

The gnarly-looking pattern shown in the chart projects a tradable low at 135.30, but because this trade is being offered as a Pick of the Day, we'll use a more conservative target at _____. If and when the stock approaches that Hidden Pivot, touching ____, buy a single October 150 call (APVJJ).  I estimate they will be trading for around ____, but you may be able to improve on that price by tracking the bid/asked spread closely intraday. ______ UPDATE: Cancel the bid, since AAPL is trending up after having traded no lower than 134.53.

Conventional support at a too-obvious trendline will take precedence over Hidden Pivots today, but if the line is hit for the fourth time, don't expect to get long there without having your confidence tested.  My suggestion for bottom-fishing would be to use a Hidden Pivot at _____that is not far below the trendline. By then, the breakdown may have served to reduce your competition.

The head-and-shoulders pattern flagged here recently appears to be playing out in textbook fashion, although we may be able to improve on the forecast by using a  Hidden Pivot target at _____ that was mentioned here earlier. You can try bottom-fishing there with a stop-loss as tight as _____, but please note that a picture-perfect bottom based on the head-and-shoulders pattern would imply a reversal near ____-- or perhaps even in the low 880s if the selling gets a little crazy. Alternatively, bulls could seize the advantage today, turning the hourly chart positive with a print at _____.