Our infallible stock-market bellwether remains mired in a bear market that could have years to run, but that doesn’t necessarily mean a a collapse below $100 is imminent. A less serious fall to 135.95 would trigger a fetching ‘mechanical’ buy, actually, with a potential ride up to as high as D=171.28. We’d likely take the money and run with AAPL trading well shy of that, since bear-market rallies are not supposed to reach their d targets. If there is anything in the chart that might give bears a ray of hope, it is the narrow failure of the short-squeeze begun from 124 to exceed October’s ‘external’ peak at 157. AAPL’s institutional sponsors may be thieves, deceivers, cheats and bullies, but it turns out they are also too lacking in guts and conviction to fool this chart into turning very bullish. ______ UPDATE (Mar 1, 9:51 p.m.) The 135.95 ‘mechanical’-trade level mentioned above is looking increasingly likely to see action. Although that would imply a brutal plunge lies ahead, bear in mind that when the stock gets there and it seems like the end of the world, it will actually be an attractive BUYING opportunity.
AAPL – Apple Computer (Last:145.33)
