The ability of DaBoyz to control the game is simply…awesome. How else to describe yesterday’s vicious short squeeze, which goosed the stock from the depths of a four-day funk into a $25 moon shot? This feat was made even more impressive in view of the headline atop Wednesday’s edition of The Wall Street Journal: ‘Demand Woes Bite Apple’. As the story explained, iPhone sales are strong, but more and more consumers are opting for cheaper models. As a result, profits declined for the second straight quarter.
Unmentioned, and perhaps unmentionable, is that without Steve Jobs at the helm, the company has been unable to bring to market whatever Next Big Thing will cause consumers to line up by the hundreds outside Apple’s retail stores. Retail-demand woes or not, bears scrambled for cover throughout the session, and the stock finished near the peak of its intraday range, up $23 at 440.65. It appears bound for as high as 457.05 on Thursday, provided buyers can get past a lesser ‘Hidden Pivot’ resistance at 446.15 just above Wednesday’s peak.
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