$AAPL – Apple Computer (Last:151.29)

You don’t need to be chartist to see that Apple is not about to go quietly into the night. Since the beginning of the year, every worrisome selloff has been answered by a rally of nearly equal breadth. The stock’s long list of sponsors includes virtually every giant investment fund on the planet, many of them sovereign funds with no foreseeable need for quick cash.  It is predictable that they will support the stock for as long as possible, presumably until they are overwhelmed by redemptions by individual investors grown mortally fearful of plummeting iPhone sales. That could only occur in the throes of a deep and prolonged global economic downturn, and even then over a months-long period of disillusionment.  Rather than proffer a chart for trading purposes this week, the inset shows a channel that could define the limits of the stock’s ups and downs in 2023.  However, odds would tilt toward a breakout above the upper channel line if the current rally, begun from 134 two weeks ago, surpasses September 12’s  164.26 high without correcting to the lower line that currently comes in at around $123.

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