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The concerns over the health of Steve Jobs caused a gap down today in AAPL. However, it was pointed out by one of our members who is a medical doctor during today's webinar that Jobs' form of pancreatic cancer may not be lethal, even though most forms usually are lethal.

Further, large companies usually have someone in the wings to take over should the health of a key member fail. All that is to say today's gap down in AAPL was probably an over-reaction to the situation, as the stock has clawed back nicely in front of earnings. Today's action will qualify as a pocket pivot based on the huge volume and long downside "tail" as long as the stock closes above the 10-day moving average at $340. The higher up in its price range that it closes today the better, and the price/volume action could be a clue regarding this afternoon's earnings report.

Should AAPL gap up after it reports earnings, it still could be buyable. But over the last 6 earnings reporting periods, only one gap up was buyable that day (7/22/10). The other gap ups did not work so well, thus one was better waiting for the stock to consolidate then buy on the pocket pivot.


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