By Philip Elmer-DeWitt
November 4, 2010

Apple AAPL set a new all-time intraday high Thursday, hitting $320.18 shortly after 11:00 a.m. EDT, up $7.38 (2.4%) from Wednesday’s close.

Apple closed at $318.27, up $5.47 for the day.

The stock’s latest run-up seems driven more by the broader market than by any news out of the company — although a rising tide tends to lift Apple’s stock more than most these days. After a string of record-breaking quarters, Apple has become an institutional favorite. The stock is currently No. 4 among the pro’s top holdings, according to, with a lower short rank than any in the top 10.

If the market keeps climbing this week, predicts Bullish Cross‘ Andy Zaky in an item posted Wednesday, Apple, Google GOOG , Amazon AMZN , Research in Motion RIMM , Microsoft MSFT , IBM IBM and Intel INTC will all take off.

He advises readers to keep a close eye on two numbers: The S&P 500 and the NASDAQ-100 QQQQ .

“If the S&P breaks above 1230 and the QQQQ breaks above $55, then we’re going to see some massive moves in equities,” he writes. “In fact, break above $55 on the QQQQ and we’ll see Apple $500, Google $800, Amazon $250, Research in Motion $120, Microsoft $40, IBM $200 and Intel $33 sometime within the next 18 months.”

The NADAQ-100 closed at $53.67, up $0.65 for the day.

[Follow Philip Elmer-DeWitt on Twitter @philiped]

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