Clearly, the stock price by any metric (unless you believe AAPL is done growing or innovating) is grossly undervalued. The unique circumstances creating this valuation will expire no later than December 31st, including tax gain selling, tax loss selling, shorting to capitalize on these two events, funds locking in their over achievement vis-a-vis their index due in part to AAPL, margin calls and general panic selling. Whether funds start rebuilding their positions before year-end with the fiscal cliff problem, or wait, I don't know. The supply of stock though will be markedly reduced no later than January 1 and should support some favorable stock price movement. If the fiscal cliff is resolved, I think we see a much larger bounce into earnings. No doubt the big boys are accumulating positions already so as not to be chasing when we approach earnings. Just my opinions. Good luck.