Apple Inc. (AAPL) — This maker of personal computers, portable digital music players, mobile communication devices and supporting materials ran from $40 in early 2005 to more than $200 before succumbing to the bear market.

The stock has plunged to around $90. Now, however, buy signals from our internal indicator at support levels formerly seen in early 2007 tell us that it may be time for the more adventuresome investors to take a risk with a trading target of $110.

Longer-term investors who see promise in Apple’s products may want to buy a limited number of shares at this price. But be assured that if APPL closes under its low at $85, it will most likely head south from there.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.