Although I was jazzed about the prospect of shorting a 447 rally target, the plunge on yesterday’s faintly disappointing earning news has brought some downside targets into focus that we might try bottom-fishing just as easily. The clear ‘p’ midpoint and ‘d’ target of the pattern shown lie, respectively, at 395.23 and 382.05, and you can bid for 200 shares a few cents above either price, using a 21-cent stop-loss. That’s how we’ll treat this play officially, but I’ll recommend a ‘camouflage’ entry on the five-minute chart if you’re capable of handling it. It’ll be very interesting to see how this correction evolves, since at no time during Steve Jobs’ tenure did any vicious move to the downside turn out to have been other than a shakedown engineered by DaSleazeballs for the purpose of buying stock at fire-sale prices. _______ UPDATE: The higher target got exceeded by $1, stopping us out for a modest loss of about $50. We’ve still got one gambit left at 382.05, a HIdden Pivot that can serve for the time being as a minimum downside objective. _______ FURTHER UPDATE: We’ll set the trade aside for now, since recent price action has distorted our target pattern.
