Cheap?
AAPL is not even close to cheap anymore. If you buy now, you are buying into the notion Apple will keep growing remarkably even in weak markets that are edging towards double dip recession. The US economy is on the edge of a cliff again, the Fed is about to shred consumer confidence by dramatically weakening the value of dollars people hold, stoking inflation, and all the while the US remains Apple's biggest market.
There's probably further upside with Christmas around the corner. But very few people succeed in selling at the top and buying at the bottom. Greedy people will always try, but the stories often end in tears. I dropped my Apple shares around the $275-$280 level. I'll only be prepared to re-enter the market if they drop below $100 again with the world's biggest markets back in a dark recession. Until then, I'm watching from the sidelines smiling at the same old tired analysts singing from the choir sheet - trying to outbid each other on target prices beyond $400.
I'm very afraid Apple shares have entered territory resembling the housing market before the spectacular crash: a giant bubble. Nobody is trying to cool the hype and speculation. Nobody is speaking of risks to the downside (they always exist). Everyone is yelling buy, buy, buy, this baby is going higher, higher, higher!!!