October 26th, 2014
Published Daily

AAPL – Apple Computer (Last:404.24)

by Rick Ackerman on March 6, 2013 12:03 am GMT

If this stock’s wilding spree yesterday felt exhilarating, take a look at the big-picture chart to see it in a more sobering perspective.  A dead-cat bounce?  That’s what it looks like so far, and although it’s always possible that bulls will run with it this time, our expectation is still for lower prices in the post-Jobs era. Specifically, a 394.93 target still obtains, with a possible bounce from 405.71 on the way down.  In the meantime, we are still encouraging camouflageurs to attempt shorting the stock if this bounce reaches the 445.25 midpoint pivot associated with D=405.71.  Whether you trade it or not, the pivot is a logical place for this spree to end. ______ UPDATE (March 18, 1:00 p.m. EDT): With the broad averages on a wilding spree, DaBoyz obviously have more ambitious things in mind for Apple than I’d imagined. Today’s short-squeeze has not only exceeded the 445.25 midpoint resistance, it has created a bullish impulse leg on the daily chart. That mean that any pullback is a ‘buy’.  It will be an ideal camouflage opportunity if the pullback occurs without AAPL’s having exceeded the marquee high at 455.12 (see new chart). _______ UPDATE (March 21):  The stock gapped w-a-a-a-y above 455.12 on a short-squeeze opening, mooting our camouflage strategy. For now, do nothing further. _______ UPDATE (April 17):  The short-squeeze crapped out in late March at $470, leaving Apple vulnerable to forces that still augur an important low at or very near the 394.93 Hidden Pivot target given above.  Today’s so-far low, on a $28 selloff, is 398.11. If using camouflage, you can back up the truck near 394.93.

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