Apple shares have plunged on news out after the close that China’s economic slowdown will adversely impact earnings. The stock dove nearly $14, bottoming so far at 144.51, when trading resumed at 4:50 p.m. after a brief halt. The wizards on the buy side at the moment are not big risk-takers, so we can infer that they think the shares they are sucking up between $145 and $147 are a pretty good deal. Even so, there’s an unfulfilled Hidden Pivot target at 143.36 that I expect to be achieved before sellers are spent, and if it fails we could see still more slippage to as low as 138.20. All of this matter a great deal, since, as I’ve repeatedly emphasized, the broad averages can’t rise if AAPL is falling. This implies that there could be a juicy contrarian trade in index futures if AAPL seems to have put in a bottom overnight. The E-Mini S&Ps, for one, dove while trading was halted in AAPL, but they are now spring-loaded for a nasty short-squeeze rebound if it appears the worst of the selling is over. Plan accordingly.