Paying close attention to AAPL is still the best way to know exactly what’s on the tiny brains of portfolio managers. Lately they have been acting as though the company can do no wrong. That’s arguable, but even if they are mistaken it doesn’t mean we should get in the stock’s way. To the contrary, numerous Rick’s Picks subscribers reported cashing out of profitable bullish positions that had been predicated on a run-up to at least 309.16. The stock hit that Hidden Pivot Thursday on a manic short-squeeze leap at the opening, then spent the rest of the day doing the hokey-pokey with it. There is however yet another target slightly above, at 314.28, and I’ll be more than a little surprised if AAPL simply blows past it. It comes from a clear and compelling ABCD pattern that is shown in the chart accompanying the AAPL tout below. (I’ve made this graph publicly available so that non-subscribers can see the enlarged version by clicking on it.) I have continued to emphasize the importance of getting Apple right, because as long as the company’s shares are moving higher, the broad averages cannot but move with it. That being the case, we should pay close attention to price action when — not if — the stock hits my benchmark. If this happen in the final 15 or so minutes of Friday’s session, I’ll be taking home a few cheap puts over the weekend, since you never know.
AAPL Blowoff Must End, but When?
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