Apple smash

Yep, is anyone really surprised? Apple smoked earnings expectations after the bell as profits increased by 71%. Even with every bullish estimate about the iPad and iPhone and iEverything, Apple knocked the ball out of a cavernous ballpark.

As expected, hedge funds had beaten down AAPL shares for the past week or so, pontificating the horror of the iPhone's antenna problems like Inquisitors at a witch-less, fiery stake. It was only a few weeks ago that shares were nearing 280 again, but even this morning, AAPL was taken to the woodshed. Shares were down to 240 in a weak broad market.

AAPL closed at 251, then ripped to 258 in afterhours trading. I'm still in summer vacation mode and stayed out of the market (again). The time to re-etner AAPL was last week, today, any time below 250. I chose to remain neutral and fully in cash, acting like the Switzerland of tiny retail traders. If global economies can cut the market a break (finally), maybe AAPL is poised to launch its way to 300-plus. In that case, it's not too late for find a suitable entry point.

Call it the Apple slingshot or whatever you like. It happens. Last quarter, the blowout numbers were preposterously, deliciously great, better than Barry Bonds on HGH cream. Shares went up, up, up like a video game on demo mode, then went down, down, down as short-termers reaped their massive profits.

This is the first full quarter banked on iPad sales, and with Mac sales hitting the roof now, there is plenty of reason to believe 250 will become new support.

I won't be chasing here at 258, though. I'll wait until the hedge pimps unload their shares.