Although I’ve been dissing Apple every chance I get, there’s no doubting the bullishness of the stock’s push past the 197.18 peak shown in the chart. It is what I call a look-to-the-left peak, and although it is small and visually obscure, it has the same weight as bigger peaks for purposes of determining trend strength. If bulls seize the advantage, the stock could conceivably go as high as 212.77. That Hidden Pivot would become an odds-on bet to be reached if the rally were to decisively exceed p=198.68. That number is not yet in play, but it would be in theory if x=191.63 is tagged. Here’s a chart that shows the new HP levels. (Note: Despite the foregoing, we have taken a small bearish position using put options. I do not plant to share the details publicly, but they are available via the Trading Room log.) _______ UPDATE (April 1, 10:07 p.m. ET): With this morning’s print just above 191.63, AAPL has put p2=198.68 in play as a minimum upside objective._______ UPDATE (April 5): Just inches to go. As noted above, if 198.68 is decisively exceeded, that would put 212.70 in play as a target, with crucial resistance at 205.72, the secondary pivot. _______ UPDATE (Apr 8): What a rally — a veritable distributionpalooza! AAPL shredded the 198.68 midpoint pivot so easily today that there can be little doubt about whether it will achieve 212.77. First, though, is p2=205.72, a secondary Hidden Pivot that is my minimum upside projection for the near term. Here’s the chart.
