Buyers re-enthused so quickly after getting raped on Tuesday’s bull-trap opening that I’ve raised my short-term projection. The pattern shown implies AAPL will hit 117.46 if it can get past p=113.31, my minimum upside projection for Wednesday. If the stock does in fact achieve 117.46, the optimists will surely be thinking at that point that new all-time highs are likely. We’ll be extra careful ourselves, since our day-to-day outlook is based in part on the certainty that when conditions are perfect, as they may well be now, Mr Market will set a trap that to snare everyone, not just bulls. That would imply the current bounce will pick up momentum in order to trigger a short-covering stampede. Whatever the case, we will have our eyes wide open in the days and weeks ahead to avoid getting fooled.
AAPL – Apple Computer (Last:111.80)