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AAPL – Apple Computer (Last:554.00)


Hidden Pivots aside, it looked like the whole world saw the turn coming from somewhere near $500. The price to be paid for a bounce from a too-obvious place is usually a re-test of the low. In any case, since we don’t favor the crystal-ball approach, we’ll watch and wait. I would bet heavily against Apple’s making new record highs any time soon.  However, if this presumptive bear rally is headed high enough to trap a bunch of bulls, in getting off the launching pad it should be able to take out at least two of the numbered peaks labeled in the chart without a b-c pullback. _______ UPDATE (11:52 a.m. EST):  No stock is more important in determining year-end bonuses on Wall Street than this one, so consider today’s take-no-prisoners short squeeze a shot across the bow. However, because Apple’s product cycle will be dead till perhaps late next summer, and because the U.S. economy is edging toward the Mother of All Recessions,  don’t expect these sleazeballs to lift this stock anywhere close to new all-time highs.

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