Apple has been the lunatic fringe’s heart-throb lately, but the institutional whack-jobs will have their hands full trying to push the stock past the 572.54 target shown, clear as it is. In the entirely likely event they succeed, the next interesting Hidden Pivot resistance, 596.37, would make a logical minimum upside target. Trade those numbers as they suit you, but it is at the higher where your odds will be best for getting short. Assuming you’ve been long for at least part of the ride there, you’ll have some profits to cushion a stop-loss wider than our usual penny-ante play. ______ UPDATE (December 5, 6:58 p.m. EST): Yesterday’s thrust to 575.14 was of course bullish, but because it came in the form of a vicious bull-trap squeeze on the opening bar, we shouldn’t look for Apple to be bounding higher as the week draws to a close. However, if bulls appear to overcome this setback in a mere day, it would set the scene for an Apple-led blitzkrieg next week. _______ UPDATE (December 9, 11:30 p.m.): Bulls have now spent a second day recovering from the sucker punch they received on last Thursday’s opening bar. The stock will be ripe for bottom-fishing at the 556.05 target shown (see inset,a new chart), a Hidden Pivot that is especially enticing because of its location “in the middle of nowhere”. Officially we’ll try a straight 556.13 bid for 100 shares, stop 555.89, but camouflageurs can loosen up however they please. _______ UPDATE (December 10, 12:05 a.m.): The short-squeeze that began the day negated our very promising correction target, so we did nothing. The fact that the intraday high failed to get past the ‘external’ peak shown (see inset) is short-term bearish.
