AAPL – Apple Computer (Last:274.75)

The hopeful, decisive pose struck by the President during tonight’s briefing has touched off a spirited short-covering rally, powering this dervish past a major Hidden Pivot resistance at 291.45 that I hadn’t expected to give way so easily. Actually, I’d planned to get short there, but fortunately the gap-up move in after-hours trading rendered my bold dream impossible. The move has opened a path to p2=313.58, a well-wrought secondary pivot shown in the chart. It will likely be a better place to try shorting than tonight’s erstwhile Maginot Line; however, when we are doing so, it would be careless to ignore the magnetic allure of D=347.24. At that price AAPL would be in record territory, as blithely oblivious to the realities of pandemic economics as a tin of sardines. ______ UPDATE (Apr 20, 12:20 .m.):  Goldman’s spinmeisters unloaded on AAPL Friday, driving the stock sharply lower. Although the selloff generated a bearish impulse leg on the hourly chart that merits our attention, I still expect a rally to at least 313.58 before a top is in. ______ UPDATE (Apr 21, 12:08): If bulls are about to regain command, we should see AAPL turn from either 275.20 or 272.61. Both of these Hidden Pivot supports are shown in this chart. ______ UPDATE (Apr 21, 9:22 a.m.): Sellers breached 272.61 shortly after dawn and now AAPL will fall to at least 268.38, a target calculated using night bars.  For the moment, however, Buffett and DaBoyz are using bears like a speed bag, sending the stock into a short-covering rally before they let the stock grope its way down to a ‘natural’ low. Here’s the chart, with a 268.82 target that is derived from overnight bars.