AAPL – Apple Computer (Last:604.75)

Apple Computer (AAPL) price chart with targetsA nasty three-day selloff was recouped in mere hours recently, implying that the stock is still well-controlled by those who have engineered the nasty but always fleeting dips. Since the longer-term charts project to Never-Neverland, let’s use the 654.79 target on the hourly (see inset) as a minimum upside objective.  Note as well that a B-C pullback from just beneath the recent all-time high at 621.45 could set up a low-risk buying opportunity via camouflage. The particular appeal is that many bulls and bears are probably scared witless at these heights._______ UPDATE (April 13): From a high of 644, Apple has fallen 6% this week, and now the decline has created a bearish impulse leg on the hourly chart.  Would it be the end of the world if Apple’s fabulous run has ended?  Actually, yes — at least if you’re a portfolio manager, since the stock is so heavily owned by institutions.  It would need to drop a further $7 to ‘go impulsive’ on the daily chart, but for now we’ll give it the benefit of the doubt.