Sellers and buyers appear to be on hold at a 10 PE until a significant event occurs, low volume, and options pegged within that range. Will take a major new product announcement, deal , and/or acquisition to significantly move the PPS beyond 484.00. Increased Dividend and buy backs will have minimal lasting impact on PPS. The market wants to see new products and growth through an effective use of the capital.
I agree there is some downside, but Apple can catch everyone off guard at anytime with any of the following, serious div or buyback, dutch tender, acquisition, CHL deal, and product announcement. They could also raise guidence. In a nutshell, this is the time when people get crushed. Use options for risk management.