AAPL’s performance on Friday left no doubt about where it is headed. The gap through the 327.34 midpoint Hidden Pivot has put the stock on course for a run-up to D=354.47. This implies the broad averages will be moving higher too (and gold probably lower), since AAPL is the most popular must-own stock since man has walked the Earth. Jumping aboard a speeding freight train is never going to be easy, but we can look for opportunities intraday with the potential to let us in with risk well controlled. Stay tune to the Trading Room if you’re interested. Options will not likely be the way to go because ‘implieds’ are on the moon, but you can trade odd lots of 2 to 4 shares if you prefer. ______ UPDATE (June 10, 10:04 p.m. EDT): The 354.47 target that I’d all but guaranteed (see above) caught the top of a $21 spike within 30 cents. No one reported making use of this Hidden Pivot in the Trading Room, but if you did please let me know so that I can establish a tracking position. ______ UPDATE (June 11, 7:01 a.m.): Some subscribers evidently did use the target to get short at the exact top, so I am establishing a tracking position: We are short 400 shares from 354.47. Use a break-even stop for now on all of it, worked o-c-o with a bid at 350.80 to cover half. If it’s filled we’ll keep at least 25% of the position for a potential home run. Don’t underestimate the ability of this stock to cripple, maim and defenestrate bears, since the smartest money in the world is in it up to their eyeballs. _______ UPDATE (7:23 a.m.) I just realized that Apple was trading near 348 when I posted the recommendation to cover at 350.80. My Tradesation ‘radar’ screen had not updated the pre-opening price. Since a subscriber reported covering half at 348.06, I will use 348.50 as the covered price. Please note that the stock is currently at 347.25, so if you woke up late you could have done much better than the ‘official’ price. That leaves us with 200 shares and an effective cost basis of 360.88. Use a stop-loss for now at 353.42, and cover another round lot at 340.41.
AAPL – Apple Computer (Last:347.25)
