I really love Apple [[AAPL]] for their iMacs, iPod and now the iPhone. As you can see below I have posted 3 charts that show the monthly, weekly and daily performance of the stock. Overall the stock is in an uptrend as shown in the monthly charts below. But currently is above the upper rising trend line it needs to come down to between 100 to 120 otherwise it’s overbought.

The weekly chart shows that 3 weeks ago on the week of August 13 we retraced down and bounced off the upper trend line. There is a price point of about 144 that needs to be tested. I think next week we will see a bounce on Tuesday or Wednesday to 144 on lighter volume.

The daily charts went over the swing high of 137.24 went over but closed just above this high. Also Apple is having a press conference on Sept 5, and the speculation is that they will announce new iPods with touchscreen capabilities and maybe other iPhone models. So you know what they say sell on the news.

So I would wait to see what happens on Wednesday and possible short the stock just before the close or wait until Thursday. The short would be in the 140 to 144 range and down to 119 to 126.