NEW YORK ( TheStreet) -- It's hard to imagine that just a little over two months ago the world was coming to an end. The stock market's favorite superhero, tech giant Apple (AAPL - Get Report) was trading at $522 after having reached its new 52-week high of $644.
While that was (only) a $122 drop in its stock price, it represented (only) a 22% decline in overall value. I say "only" because what many investors quickly lost perspective of is the fact that the stock didn't break $400 until Dec. 23 and remarkably less than two months later it reached $500 and five weeks after that it was at $600.
The stock needed a break. What better time than in the month of May when it is known to be the optimal peak selling period?
Also for a bit of perspective on its close of $604 this past Friday, the stock was still up a remarkable 47% for the year.So what exactly has all of the commotion been about? Plus if investors consider that even at its recent low of $522 the stock was still up 30% year to date it seems the market has broadly forgotten why it fell in love with the stock in the first place -- but that's a separate issue altogether. The question investors want to know is where the stock heading next and should it be accumulated ahead of earnings?