Not to disparage last week’s powerful, bear-impaling 35-point rally, but it narrowly missed taking out an “external” peak at 356 that should have fallen if this latest bull cycle were destined for fabulous new highs. Now, even if the peak should succumb when the stock gets second wind, it will not negate the evidence that Apple no longer has the moxie that we’ve seen in the past. The company nonetheless remains too profitable and innovative to diss, although this is probably a good time for long-term shareholders to initiate a program of covered writes if you are not doing so already. For right now, I’d start with May 345 calls, which will somewhat favor defense over yield.