For all of its wicked shakedowns, feints and swoons, Apple hasn’t generated a bearish impulse leg on the daily chart since April, and its tumble this week is still nearly $10 shy of that threshold. At worst it looks like a duel between buyers and sellers, and so we’ll let them duke it our for perhaps 4-7 days before we reconsider some low-risk directional plays using calendar spreads either well above or below the market. My gut feeling is that it will be a long time — perhaps 12-18 months — before the stock exceeds the all-time high at 644.
