Why It's Okay to Hate Apple

It’s time to raise our sights, since AAPL has blown out of a consolidation pattern that took more than two weeks to create. My new rally target is 162.09, a Hidden Pivot resistance that will become an odds-on bet once AAPL has surpassed the midpoint pivot at 155.90 by perhaps $1.50 or closed above it for two consecutive days. This looks like such an easy romp that it’s difficult to imagine the rest of the FAANG stocks, as well as the Nasdaq, failing to rise over the 5-7 days it will require for AAPL (and AMZN; see my tout elsewhere on this page) to reach its target. A ‘mechanical’ bid at the red line is recommended provided the retracement to it on the hourly chart meets our criteria for this type of trade. The stop-loss would be at 153.83. _______ UPDATE (Jun 5, 7:36 p.m. EDT): There’s no change in my forecast, but here’s a link to a terrific hatchet job on Apple written by The Venture Company’s Georges van Hoegaerden. I’ve been dissing Apple (and its cult of buyers) for years, but never as well as this article.   If you don’t subscribe, click here for a free two-week trial that will allow you not only to view the tout, but to enter the Rick’s Picks chat room, where great traders from around the world gather 24/7.