by Rick Ackerman
AAPL’s vertical climb since October has grown treacherous, as the chart makes clear. Last week we told subscribers to be alert to the possibility of an important top at 314.28, but now we see another potentially daunting Hidden Pivot resistance at 319.92. These targets, which lie just inches above Friday’s close, are purely technical, but we’ll lay odds that a chartist will come closer to calling the top than some analyst who is paid to invent reasons for shares to move higher more or less forever. As regards AAPL, Rick’s Picks tracks it obsessively because it tops every portfolio strategist’s list of must-owns. Small wonder, then, that institutional investors have continued to pile into just a handful of high-fliers, shunning value stocks as though they were chopped liver. Apple, Microsoft and Facebook shares, to name three sure things, returned 108%, 60% and 53% respectively over the last twelve months. Why would a portfolio manager glutted with an endless gusher of Other People’s Money bother to look elsewhere?