This stock was so revved up at the close on Friday that one could almost believe it capable of returning to the old highs. I seriously doubt it, although we shouldn’t get too aggressively in the stock’s way as it methodically disembowels any bears who survived Friday;s carnage. Remember, AAPL’s institutional sponsors are the smartest, craftiest, richest scumbags in the investment world, and they instinctually work together as one when the goal is to replace themselves with new owners. For sure, Warren Buffett and his ilk are in for the long haul. But if they can create opportunities to lighten up at ridiculous prices, they will. From a technical standpoint, Friday’s rabid short-squeeze must be respected because it began at a secondary pivot, p2=250.87. That is where corrective moves often end, although reversals occurring from p (in this case, 268.58) should be treated with even more respect. ______ UPDATE (Mar 16, 8:35 p.m.) The 233.16 target shown in the chart remains valid and can be used to bottom-fish, provided you know how to control the risk tightly. _______ UPDATE (Mar 17, 8:50 p.m.): Not sure what I found to like so much about the 233.16 target, since AAPL has bounced from within 21 cents of another that comes from as juicy a pattern as I can now find. The stock has been struggling for three days to hold the low, but I won’t offer any predictions at the moment concerning whether it will hold. Here’s a graphic picture. _______ UPDATE (Mar 18, 9:21 p.m.): Buffett and DaBoyz beat back sellers for a third straight day, suggesting this could be the start of a short squeeze more murderous, even, than the $25 tsunami that occurred last Friday.
AAPL – Apple Computer (Last:244.01)