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Technology Stocks : Apple Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Alomex who wrote (13202)	5/8/1998 10:47:00 PM
From: Sam Scrutchins	Respond to of 213177

This ought to have made a significant dent on the August numbers. I think it also creates a new level of support around $27-28, up from the one at $24-25 we saw a couple of weeks back. Alomex, Agreed, although I think you are a bit low. Part of the reason is that MM's account for 1/3 to 1/2 of the volume, since they recognize both sides of a trade in volume figures. The shares traded in august ranged from about $26 to about $30. A big surge to begin with to around 26, with the gap up from around $20, and solid trading throughout that range. I think that Apple wiped out the resistance between 26 and 28 1/2 during the past two months. The rest was decimated since the earnings announcement. Given this, new support is probably above 29 or higher. The stock has fallen back twice to the upper 29's (admittedly in a heady atmosphere) and recovered nicely. Today's action was one of MM consolidation during the morning (all day yesterday too!), followed by a gradual letting go in the afternoon. The latter obviously is in anticipation of next week's events. Apparently, the MM's have enough inventory now to handle price spikes. They even allowed a spike for some quick profit taking at 29 7/16 to 29 1/2 at least twice today. Even the typical selling into the eve of an event was paltry. With both upgrades and a powerful, surprising presentation by Jobs could propell this stock over $35. It is not likely to happen, but $33 will not be at all surprising. Here's to a good market next week and a helluva presentation by the master!!!! Sam I would be surprised if we see about below about $30 unless the market tanks. The price is a psychological level, and the upper $29's is even technically stronger.