the base looks beautiful and the bottoming level is perfectly consistent to the fundamental aspect. the gap between 422 and 446 created by the beat of last year at the same period was filled. AAPL's revenue continue to enjoy growth, but the earning remain flat comparing to the same period a year ago while the stock was priced between 422 to 446. for 2012, the company earned and increase cash of $44. so, the stock should at least be $466-$490 in the most bearish case. why should AAPL valuation should be deviated? the revenue is not even declining like PC-based companies, like INTC. the resistance of $515 is significant and will take time or catalyst to overcome. whoever have cost over that may want to write near-term covered calls so as to justify the opportunity cost. after all, this stock is very over-owned. there will be seller all the way up. but i do believe value fund which did not have AAPL will continue to buy and of course, short seller will continue to help the stock build a very strong base.