Easy come, easy go. DaBoyz desperately need Apple to move higher in order to distribute stocks before they pull the plug in August or September. Alas, Tuesday’s plunge gave back three days’ worth of adroitly coaxed short-covering, leaving Apple vulnerable to a relapse beneath last Wednesday’s 112.10 bottom. More immediately, we should look for a potentially tradable bounce from the 112.50 midpoint pivot shown. If this doesn’t happen the stock will become an odds-on bet to continue to at least p2=108.75, or possibly even 105.00 if the selling turns ugly. That would represent a 20% fall in the valuation of the world’s most valuable stock — not exactly chump change.
