sentiment is as low as its every been, short/sell case has been out there for 6 months - now the less sophisticated investors are jumping on the bandwagon. they are now holding onto many of the issues that are more than priced in. declining margins, competition, lack of innovation, etc... these weak holders/sellers will turn on a dime once some positive news comes out. Dividend increase, new product, china deal - at 7 pe ex-cash this is not a comfortable short position. it cannot go to zero, it could in fact do a transformational deal that would change the whole short thesis and company - the $130plus b cash could buy twitter, facebook, or even Visa or Cisco or Qualcomm.The stock could bounce huge as weak hands get squeezed.
I think Apple is a bucket with a hole in it leaking stock value. Apple is in a confirmed down trend that won't see a real reversal without the large funds accumulating stock shares so until then all you'll see is Bull Trapes on the charts for at least a year.