Eye on Apple
by Mike Paulenoff, www.MPTrader.com
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The good news just keeps getting better for Apple (AAPL), as investors and consumers prepare for the release of the iPad (Apr. 12th?). In addition, according to the press, the company intends to build a new iphone that will accommodate other wireless carriers like VZ, and S, which will increase the iPhone's appeal tremendously, and also has increased interest in the entire wireless space. As for AAPL technicals, well... all roads NOW point to 244-248 as the next target zone. However, we all know that Wall Street is in love with the stock (for good reason), which argues for another round of upgrades probably targeting $300+. At some point, AAPL will need a rest and will be impacted by profit- taking, but who knows from what level? With that in mind, we can only identify warning signals that might alert us to a reversal-- the first being a sustained downside violation of 230.00. That said, only a violation of 220.00 will trigger serious sell signals. MJP 3/30/10 8:55 AM ET (237.2025)
