I agree with the concept but think the timing may take longer to play out. Wall Street consensus earnings estimates drives stocks and with AMZN FY16 earnings estimates post Thursday call exceeding the original estimates back in Jan (when it was testing $700) you can see why the stock is making the move it did today.
AAPL have the opposite problem - the earnings estimates cuts have to stop. Good news is that with the company basically capitulating and taking the Jun outlook down and the iPhone 7 coming out in Sep we could be looking at the earnings forecast bottoming here. But that assumes iPhone 7 is really something people will rush to upgrade in the post no-subsidy world.
Either way, I think AAPL will be range bound until the summer / before the iPhone 7 announcement.