Price action in Apple stinks, to put it mildly. The stock has gone nowhere for the last ten weeks and on some days — yesterday, for one — it seems to be pulling the entire market down. However, the long-term chart is another matter, as you can see. A 143.97 bull-market target we’ve been using for quite a while remains as compelling as ever. That’s not to say AAPL couldn’t fall all the way down to a related midpoint pivot at 99.49 first; indeed, we should be alert to the subtlest technical signs that this may be starting. But for the time being, the evidence suggests just a routine correction, albeit one that could continue until a spate of ugly Q1 earnings reports has completely blown over in another week or so. Until then, we had best keep our distance if we are not trading the stock intraday. _______ UPDATE (10:03 p.m. EDT): Yesterday’s dive put a 122.15 target in play, raising he odds that AAPL will help drag stocks lower (not that they seem to need any help).
