buy on the rumor, sell on the news," and did that ever ring true for Apple. With the shares rallying on the expectations surrounding the launch of the Apple iPhone 5, the stock hit an all-time high of $705 on September 21st which was the exact launch date for the 6th generation of the Apple iPhone. From that moment on, the stock has been in decline.
White's bullishness on the stock is based on fundamental analysis which revolves around the analyst's attempt to determine what Apple will earn in 2013 and beyond. Quite an imprecise science indeed. Meanwhile, most technical analysts, who look at the past movements of Apple shares to predict the future, are bearish on the stock and have been for the last $100 down. The stock has penetrated both the 50 and 200 day moving averages on the downside and most technicians say a close under $500 would lead to more selling.