Apple is still a market darling and many are perma-bulls - I however am not one of them. Once we reach the OTE short zone $580 to $620, I for one shall be watching for a trade-able top to come in. Momentum is current very divergent and I am afraid the public is being sucked into another trap. Consider too the simple fact that AAPL is currently trading at more than 3.5 times book value, this is not a cheap stock. Buyer beware!!!!
All IT stocks have a high P/NAV multiple and the reason is that they have a lot of intangible assets (namely goodwill, internally generated IP) that are not booked at market value (and therefore the equity (the denominator in the P/NAV formula) is understated.
From a Technical angle, I think Apple is on an upward trend - see my views here:
Using another approach I have come to the same conclusion as CRinvestor. Also, the market they have created in the MP3, smartphone and tablet industry has become saturated by competitors and they are losing their edge. Apple needs to continue to aggressively differentiate themselves from the rest of the market or a natural decline will ensue. This has happened to Apple in the past if you go back and look at their history and now they don’t have Job's who has been the Heart and Soul of Apple and the only CEO who has been able to save Apple from competitors in the past.