Apple cracks $320

November 4, 2010, 4:22 PM UTC

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]