Whilst the main indexes saw the usual latter day recovery, Apple (AAPL) soared on news that Icahn has picked up an AAPL position. AAPL closed strongly higher, +4.7% @ $489, having peaked in the $494s. Near term trend looks moderately bullish into opex.
Well, I thought I was bold with a target of $485/490 by opex, but with the announcement that Icahn is jumping on board, a little bit of hysteria has returned to AAPL
AAPL resistance $500/520
AAPl will find it VERY tough to break and hold the $500s in the days ahead, not least if the main market rolls over into September. There will be strong resistance at the May and November 2012 lows.
*important note...this was the second daily close above the 200 day MA. On any basis, this is not one for the bears to still be holding short.