It’s been more than a month since AAPL got on the ropes, but if support at p=110.18 fails, the stock could soon be headed down to as low as 102.63 (see inset) over the near term. You can use that midpoint Hidden Pivot support as a minimum downside target in the meantime, and bottom-fish there with a stop-loss as tight as a dime. If it’s hit, and especially if it’s exceeded on a closing basis, brace for more slippage to at least p2=106.40. We continue to hold a bull call spread sixteen times — 140/150/160 butterflies @ 0.36 that expire on Nov 20.
AAPL – Apple Computer (Last:113.16)