While it would be lovely to think that the chimpanzees who make their living throwing OPM at AAPL are finally getting their comeuppance, the reality is that they are allowing it to fall in order to reload at lower prices. AAPL being our main bellwether, this is yet another picture of the groundhog seeing his shadow: six more weeks of phony springtime to be endured by permabears. It’s possible I could be wrong — but not likely, given that the selloff of the last two weeks has come from a high that had impaled two very significant ‘external’ peaks recorded, respectively, on January 12 and February 9. Most immediately, however, the downtrend targets 158.47, a tradable Hidden Pivot that comes from A=178.49 (hourly chart) on 4/4. _______ UPDATE (Apr 20, 11:15 p.m.): The weak rally to x=168.07 on the opening triggered a ‘mechanical’ short, stop 171.27. No one mentioned having done the trade, but I’ll track it anyway since AAPL remains our key bellwether for the stock market as a whole. Here’s the chart. ______ UPDATE (Apr 21, 11:18 p.m.): Shorts had no chance when a gap-up opening goosed the stock to 171.53 before it collapsed almost as sharply.
AAPL – Apple Computer (Last:166.32)
