Despite today's downgrade by BTIG, the reactive weakness so far has NOT inflicted any meaningful damage to the overall Apple (AAPL) Point & Figure chart structure. To inflict preliminary damage, the stock must press to a PF print of 623, which should trigger downside continuation to test much more meaningful PF support at 619. A print of 618 will trigger near term sell signals, and WILL represent a near term PF top in AAPL.

Barring preliminary damage at 623, the otherwise very powerful PF uptrend in AAPL remain intact, with a next swing target of 650.00. MJP 4/09/12

Let's also notice that Amazon (AMZN) has corrected off of its recent upside breakout rally high at a 209 print, into the 192- 191 support zone, which thus far has contained the weak- ness. The stair-step decline exhibits a completed correct- ive pattern from 209 to 191.

As long as 190-188 support contains any forthcoming downside "over-shoot" selling pressure, the weight of techincal evidence in AMZN argues for entering, holding, maintaining long positions in and around current levels.

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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