Whilst guys like you and Fred Hickey still nay say AAPL, I know there's plenty of people who aren't in the stock or are still short it.. room to run higher in other words ;)
Like I keep saying, you can't nay-say 60-70% YoY earnings growth when its visible two years+ out. In addition, you seem to ignore the fact that AAPL has already had two major corrections of 30%+ in the last 6 months thanks to the market mistakenly thinking that Apple has a mortgage business (anyone heard of the iHome?) and has still managed to recover and run higher.
In fact, the stock continually whipsaws out the weak hands, but until the company itself stops growing earnings at 2-3x the rate the Street expects, the stock isn't going to do anything other than trend upwards (broader market permitting it goes without saying) even whilst undergoing painful (for margin'd players) corrections along the way.
You really need to understand iTunes, iPhone sales deferred revenue, subscriber revenue sharing, and Mac sales growth to get AAPL. Unless you're prepared to do the math on this you'll (somewhat reasonably) see the stock as overvalued because you simply won't understand what is driving earnings growth nor comprehend why that growth is going to continue unabated at current eye-popping levels for the next couple of years at a minimum.
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