AAPL – Apple Computer (Last:221.03)

AAPL exceeded a rally 226.26 target I’d drum-rolled by $3 last week — not quite enough to make another big leg up a done deal. More immediately, the stock looks likely to continue falling to at least 217.70, the ‘D’ target of the nicely formed pattern shown in the inset.  A rally back up to the green line can be shorted ”mechanically’ with a stop-loss at 225.37. I’d suggest near-the-money puts with about 4-12 days left on them and an initial stop-loss equal to a third of their purchase price.______ UPDATE (Sep 11, 5:12): The short squeeze off engineered weakness at the opening suggests DaBoyz are solidly in command, well able to take the stock still higher on Wednesday. If and when they push AAPL above the red line, look for a move to the 231.81 target shown. That would be a new all-time high.______ UPDATE (Sep 12, 6:14 p.m.): AAPL continues to turn skittish at midpoint resistance levels of different degree. The rally target flagged above remains viable nonetheless, but slightly altered: 232.30.  Corresponding midpoint resistance lies at 224.39.