1. Excessive bearishness is the surest buy signal. This fear needs to be bought hand over fist. (Just as excessive complacency should be sold.)
2. Doug Kass' reversal from bear to bull should not be dismissed lightly. He's not always right, but he often is. (He called the 2009 bottom to the day.) And, more importantly, he's by nature a bear. When guys like him turn bullish, it goes against every fiber in their nature, but they can't ignore their market-trained instincts. Buck him at your peril.
3. The stock has retraced 20% but the fundamentals are still largely in place. To the naysayers, I say the increased competition/lower margin/law of large number arguments are all overblown. The company will still produce a pornographic amount of profit in the next 4 quarters.
4. The stock has now bounced twice off the late-May $533 bottom and is clearly forming a base of support.
5. The upcoming holiday season, traditionally AAPL's strongest quarter, promises to be a blockbuster. Remember that iPhone 5 is being sold in the greatest number of countries to date--over 120 (approximately).
You can probably come up with other reasons (no debt, cash on hand), but five is a big enough number for me.
Good post, agree with you. Also, I have walked by or visited at least four Apple stores in the New York area (including NYC) and they are just jammed packed wall-to-wall every hour of every day of the week. It is truly amazing the demand for Apple products.