If we look at arguably the most constructive chart of all, Apple (AAPL), there is no evidence yet of a topping pattern, unlike in Ford (F), a stock we had liked for some time and discussed earlier today for our subscribers. In fact, all of the action in AAPL since Monday's new all-time high at 279.01 has the look of a high-level bullish consolidation-continuation pattern, which should resolve itself to the upside in a thrust to new highs. The chart projects into the 280-83 target zone, prior to a significant correction that points towards 240 and possibly 210/00.

At this juncture, only a decline and close below 265 will indicate that a correction of significance is already in progress.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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