AAPL – Apple Computer (Last:468.22)

Two weeks into Apple’s attempt to find a bottom, it has made barely any headway back into the devastating 50-point gap recorded on January 24. This is hardly the behavior of a stock that is raring to get back in the game. Nor was the $8 overshoot of the 443 target shown very encouraging (see inset). That’s why I’m sticking with the 394.93 target given here previously as my minimum downside objective.  As noted here earlier, a rally to 494.59 is probably where this correction would max out, as well as a place where we should try shorting aggressively.  Camouflageurs needn’t wait for this, however, since the 15-minute chart is providing opportunities almost daily to test the water without risking much. _______ UPDATE (February 13, 2:44 a.m. EST):  Use the 461.84 target shown to bottom-fish 100 shares with a 461.69 stop-loss. If the order fill and the stock reverses to hit 465.00, switch to an impulsive stop-loss on the one-minute chart. This means you should exit the position if a bearish impulse leg is created on the one-minute.  Please note that this update doesn’t change my earlier advice and outlook.  _______ UPDATE: (February 19): The bounce occurred from 463.22, and so we did nothing.  With the downtrend back in force, our focus should now be on the 394.93 target.  Trade bearishly if at all. (Note: In the chat room, 2/20 at 14:19, I’ve posted coordinates that would have made shorting AAPL this morning as easy as shooting fish in  barrel.  One the one-minute chart (see inset), A=460.08 on 2/19 at 4:00 p.m. EST); B=455.80 on 2/20 at 9:30 a.m.; and C=456.50, for X=455.43. Note single-bar coordinates at all three ends.)  _______ UPDATE (March 4, 2:01 a.m.): Apple continues to work its way south toward our 394.93 target.  More immediately, be ready for a bounce from 405.71, a secondary target that comes from the weekly chart.  (A=514.99 on 1/25; B=435.86 on 2/1). The p midpoint associated with D=405.71 is 445.27, so any rally to that number should be viewed as  an excellent opportunity to get short via camouflage.

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