Apple Round Trips Years Range on Jobs Medical Leave of Absence for the 3rd Time This Decade

Apple AAPL set its year high on Friday Jan 14 at 348. It opened at 326 this morning atop its 2010 year high at 326 and the 2011 year low at 325. The stock began the year with a gap open higher. There is a bull gap window from the previous year close at 322 to the 2011 year low at 325. If the bull gap window closes at 322, that would be a negative signal. Bulls want that window to stay open. On a more bearish note, the bear gap down on Jan 18 is far bigger than any bear gap since 2008. A failure to close the bear gap window at 348 and continue higher is a short term ominous warning to bulls, particularly if the bounce off the year low and last yrs highs can't trade into Friday's range low at 344 and change. That would signal an island top reversal. As it stands now in candlespeak language, if today's “candle” fails to close inside the “body” of Friday, this would constitute a three day reversal pattern known as a bearish evening star, last seen on the Oct 18 2010 high at 319. The correction following Oct 18 2010 evening star pattern ended on Nov 17, one month later. The first tier of support below 322 will be the bull gap window at 305. The second tier of support will be the 270-280 zone. Tech Ticker questions whether Steve Jobs is actually replaceable. Why Steve Jobs Is So Important to Apple- Tech Ticker “Apple's tremendous success over the past decade--combined with the repeated failure of some of its competitors--has illustrated just how rare Steve Job's talents are.”