Apple has a bit more headroom before it bumps up against a 447.41 Hidden Pivot target. Note that Friday’s gap opening created a powerfully bullish island reversal (see inset), amputating the October swoon and the dead weight it might otherwise have added to this thrust. Camouflage will be hard to come so belated for purposes of getting long, but if and when the stock closely approaches the target, we’ll look to buy some way-out-of-the-money puts that would figure into an eventual, potentially riskless, butterfly spread.
