AAPL – Apple Computer (Last:177.57)

AAPL still looks like a no-brainer — not only to achieve the 187.93 bull market target shown, but to provide a tradeable pullback from it that we can short profitably. It is comforting to have such a predictable bellwether. It is better than that, actually, since the stock provides an unobstructed view into the chimp brains of those who get paid to throw huge quantities of Other People’s money at a relative handful of ridiculously overvalued stocks. Get AAPL right, as I have always said, and you get stock the market right. ______ UPDATE (Jan 5, 8:43 p.m.)’ The stock has turned down sharply after getting within 2.6% of the 187.93 target. This is interesting, since the E- Mini Dow came even closer to a 36,890 target I was eager to short before it, too, took a steep dive. The yellow flag is out.