AAPL – Apple Computer (Last:188.00)

Once again, we look for AAPL to tell us what the stock market might do next. The chart shows last week’s high to have occurred just a hair from a key long-term resistance at 189.07, a Hidden Pivot midpoint associated with an ambitious bull-market target at 253.96.  The actual high so far has been 187.56, fully $1.50 shy of the midpoint. That’s not quite close enough to warrant buying put options, but it would be no stretch to infer that an important top was made there last week. We’ll know soon, especially if the stock’s corrections on the lesser intraday charts begin to exceed their p or D supports. _______ UPDATE Jun 26, 11:57 p.m.): This morning’s head-fake sevened out $1 shy of the target, possibly because the pattern was obvious enough to attract the attention of riff-raff and mouth-breathers. It could be just organic weakness, though, so be prepared for the so-far modest retracement to pick up tempo. ______ UPDATE (June 27, 9:35 p.m.): With the stock trading just a hair beneath the 189.07 target noted above, subscribers bought July 180 puts expiring 7/14 for 0.50, pennies off the intraday low. Sit tight for now.