The Chart du Jour
Back on August 17th. we suggested that Apple was likely to make one more advance before completing a huge potential head and shoulders top formation. Well, in this volatile era that always seems to carry things a bit futher than they should go, Apple spiked a tad higher than we anticipated into early September. The head and shoulders isn't quite as pretty anymore, but the Fibonacci rhythm depicted below is quite nice. It actually uses the recent spike high to help extrapolate an eventual target low here toward 29 1/4.
With Gateway and Dell falling out of bed this week as well, the excess build-up in computer inventories seems to finally be getting noticed. Did people buy Apple stock recently because kids were going back to school and educational-friendly iMacs were supposedly going to fly off the showroom shelves? If so, that's almost as good as the last fatal runup in eToys.com last Christmas before its January collapse. Sell Apple. It could easily be the computer box-makers' rotational turn to lead the way down.
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