Bears have lacked the will and the guts to follow through on last week’s hard sell-off. Instead, AAPL has launched into a wafting rebound, punctuated Monday by an opportunistic leap on the opening bar. Shorts had better be prepared to get squeezed all the way up to D=387.84, a minor rally target shown in the chart. It will be scant consolation to AAPL skeptics at this point, but the failure of the opening-bar goosing to exceed an external peak at 379.87 recorded last Thursday on the way down is a subtle sign that bulls’ confidence is ebbing, even if only slightly. As a practical matter, this will enhance our odds for getting short at midpoint and secondary Hidden Pivots, as well as D targets similar in degree to the ones shown. ______ UPDATE (Jul 28, 5:24 p.m. ET): So much for shorting into strength. There was none, only a feeble opening that suggested DaBoyz were setting up a distribution day from the get-go rather than attempting to goose shorts off an oversold opening bar. Now watch AAPL fall to at least 359.52, the midpoint Hidden Pivot support of this pattern. You can scalp-trade some calls down there provided the stock gets within 3-4 cents of the target. _____ UPDATE (Jul 29, 8:04 p.m.): What on earth could I have been thinking when I predicted the stock would fall to at least 359.52? This is the most popular stock on earth, and none of its torqued institutional sponsors are even thinking about parting with a single share. It looks bound now for at least 386.96, the target of the ersatz ABC pattern shown here. This impulse leg isn’t good enough, even, for government work, although I’m sure it will work perfectly well for AAPL. Jump on a pullback to 376.52 using a 373.03 stop. ______ UPDATE (Jul 30, 2:45): Just a slight adjustment in my target, now at 387.08. It is shortable provided you can hold the entry risk down to bupkis using a ‘camouflage’ set-up. _______ UPDATE (Jul 30, 10:19 p.m.): The psychotic after-hours short squeeze amounts to $25 so far, and if you bottom-fished at 376.52 as advised above, you’d be sitting on a profit of about $13,600 on four round lots at the moment. Even if you bailed out at 387.07, my minimum upside target, you’d still have a gain of about $5000. Please let me know in the chat room if you bought calls so that I can gauge the trading interest in this stock.
AAPL – Apple Computer (Last:409.55)