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TheStreet Open House

5 Huge Stocks Ready to Slingshot Higher


We'll start off today by taking a refreshed look at Apple (AAPL). In spite of all the arguments taking place over this stock this summer, Apple has had a truly stellar run in 2012. So far this year, it has rallied more than 55%, increasing in market value by hundreds of billions of dollars.

That sort of ascent has obviously caught investors' attention, and left people wondering where it's going next. So here's the big question: Should you own Apple right now?

The short answer is yes. The last time we checked in on Apple was at the end of July, after the firm's earnings call left investors wondering if it was time to sell. As expected, it wasn't; shares of the firm bounced off of trend line support like clockwork, making their way through two minor resistance levels (now support levels S1 and S2 on the chart above), before ultimately coming up to test ultimate resistance at $640.

>>3 Internet Stocks Ready to Move Higher

There's no two ways about it: $640 is make-or-break time for AAPL. The last time shares attempted to push through that level, bids got overwhelmed by sellers' gains-taking. This time, investor sentiment may have changed enough to give investors the breakout they're looking for.

If you already own Apple, I'd recommend holding out to see if shares can pull of the breakout above $640 -- and if you don't own shares, the time to buy is immediately after the breakout. There are enough support levels under foot right now to justify holding onto shares.

Apple, one of David Einhorn's Greenlight Capital holdings, was also featured recently in " 5 Stocks Poised for Breakout."

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