AAPL – Apple Computer (Last:223.02)

Apple not only has a hot story, it’s got some great products, and the company’s shares continue to earn their lofty multiple the old-fashioned way — i.e., with a fabulous run of genuine earnings growth.  That said, we should pay close attention to the rally at these heights, since it’s about to encounter a Hidden Pivot resistance on the monthly chart at 231.00,  exactly $6 above the so-far record high. There are no targets beyond that number that are particularly appealing, although an easy move past it would portend more upside of at least $15-$20.