An article came out yesterday that says an analyst from Goldman Sachs had just returned from China and was very bullish on the stock with increased eps for 2013 & 2014. The story was largely unreported. Then Bill Miller came on CNBC and said that he was overweight the stock and gave his reasons. People are realizing just how cheap the stock. Quadruple expiration day. Index funds had to readjust their funds based on Apple having a cheaper price now and their maintain equal weighting of the stocks in those funds. Also the debut of Samsung's new phone was mediocre at best.
Er... The mere fact that the technically neutral price for AAPL stock remains at $715 is sufficient explanation. In other words, one way or another, this stock will go to $715. There's no way around it. So, regardless of how you slice it, one day it has to start going up.
Might just as well be this day.
Apple was in a one stock bear market. While the rest of the market was in bull mode Apple was a bear. Apple has been oversold. The P/E was down to around 9, they've got $138 per share in cash, they add $40 per share cash every year, they're PROBABLY going to do a massive buyback.
The only reason for AAPL to have a 9 p/e is if there was going to be significant revenue decline. At worst it will plateau which means that the stock should be in the low to mid 500's.