The spectacle of Apple falling due to negative product reviews is unusual, but there’s no getting around the possibility the company could lay an egg with its overpriced new timepieces. Even by Tim Cook’s presumably rosy estimate, the watches could require a recharge, or perhaps even two recharges, in the course of a 24-hour day. As for the $10,000 high-end version, this may be carrying Apple hubris a bit too far, even if the Sunnyvale-based company has never had trouble selling its ridiculously overpriced iPhones. (For comparison, the Chinese company Xiaomi is making $370 cell phones sold in China that have been getting better reviews than Apple’s $600 product.) From a technical standpoint, AAPL’s presumably corrective move could hit 119.67 before finding good support. If it falls below 121.60, I’ll recommend shorting a snapback rally to 122.56 (the midpoint pivot), stop 123.53. _______ UPDATE (11:20 a.m.): The stock took some nutty, gratuitous swings overnight but went no lower than 121.63, so we did nothing. It has since rallied as high as 124.44, turning the lesser charts bullishly impulsive.
