AAPL was a rare laggard last week, gaining a mere 3% while the Nasdaq 100 rose 5%. Even so, there is no reason to think it will not lead the next stampede, or that it will fail to achieve the 378.51 target shown in the chart. This is based on a smaller pattern than the one yielding a 385.48 projection we used last week, but it looks more tradeable. Specifically, a pullback to the green line would trigger a ‘mechanical’ buy at 358.09, stop 351.28, risking a theoretical $2728 on four round lots. We’ll look for ways to cut the initial risk by perhaps 70%-80% if the opportunity should arise, but under no circumstances should you treat x=358.09 as a likely place for a bullish reversal. It is not in fact a Hidden Pivot support or resistance, just a reference point for certain types of trades that we do. ______ UPDATE (Jul 7, 8:52 p.m.): AAPL fell more than $6 after coming within a dime of the 378.51 target drum-rolled above. Since no one mentioned this in the chat room, I will assume that trading interest in the stock is nil.
AAPL – Apple Computer (Last:364.11)