I slept through this session except for a midway wakeup when I arose for a minute. AAPL was at 338 and I was pleasantly stunned. Even now, at 335, it's a 50% retrace from yesterday's close to today's high, and it's good. Maybe good enough to open a position, though I have doubts about how long this mini-rally will last. True, futures are bright green almost entirely, but after a few days with a toe in the grave, markets everywhere were due for a bounce.
Question is whether they're all a bunch of dead cats.
As for AAPL, it was just a matter of time before someone came along and upgraded it. Or, in this case, established coverage. Credit Suisse is aiming at $500 as a target. Those of you who stepped in yesterday at support (328) or below (LOD 326+) are geniuses. There's still no resolution to the Japanese effect on electronics parts prices/supply, but I believe the effect on AAPL is just that it might take a little longer to get to 400 and 500. The iPad 2, upcoming iPhone 5, new MacBook Pro, etc. are all not going to change. They're all still incredibly great pieces of technology.
335 isn't bad, either. 20 minutes until the close, Leaning toward a position. And very glad I got out of TVIX afterhours yesterday.
MarketWatch: Apple initiated at outperform by Credit Suisse (Mar 17 2011)
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