AAPL – Apple Computer (Last:467.44)

Having shredded a $457 rally target I disseminated when Apple was trading around $440, the stock now appears bound for the 472.24 Hidden Pivot resistance shown in the chart. That is a minimum upside objective for the near-term, and traders should position accordingly from the long side. Because the rally is so well developed, we’ll have plenty of competition trying to find a good entry spot.  That’s why we employ camouflage, of course, and you need only pore over the one-minute chart to find the kind of opportunity you’ll need to get aboard painlessly: A= 461.13 at 3:45 p.m. EDT on 8/2. _______  UPDATE (August 7, 12:01 a.m.):  Apple’s sleazy bull-trap opening should have fooled none of you, since the high came within 35 cents of the 472.24 rally target we’ve been using for this move.  If you shorted near the top, please let me know in the chat room and I’ll establish a tracking position for your further guidance.  _______ UPDATE (August 12): Friday’s surge was strongly impulsive on the daily chart, implying that any pullback should be viewed as a buying opportunity. If this move exceeds yet another ‘external’ peak at 484.95 before pausing for breath (see inset, a new chart), look for a push to $600 in the weeks ahead. _______ UPDATE (August 12, 9:16 p.m.): The take-no-prisoners short-squeeze that greeted the day left few easy handholds for us, although very nimble traders could have broken down into tradable pieces. My very bullish outlook still obtains, but only adroit camouflageurs should attempt to trade Apple at the moment, since the stock is about to test resistance at a key peak at 471.89 recorded last week (see inset, a new chart).  Keep in mind that however scary the price action becomes as Apple approaches the peak, ‘panic’ is just a bunch of tradable impulse legs, as far as we’re concerned.