The longstanding rumor is that earnings will disappoint.  The more recent rumor — which has kept the stock on the rise all day and into the after-hours — is that the company will greatly increase the share repurchase plan and dividends.

I have no special insight or inside knowledge about its earnings, unit sales, or plans to return our money to us (a bribe, to continue owning its stock?)  But, if it does disappoint and the stock takes a hit, just how exposed is it?

Short answer, a lot.

A drop below Friday’s lows could do quite a bit of damage — which is why Apple will probably announce a pretty impressive addition to its repurchase program.

If it does, the stock will remain above its SMA200 and be on its way to new highs in no time.  It’s working on an IH&S that targets 226ish.GLTA.