Timothy Seymour, another Fast Money panelist, said that's what I should be asking -- is AAPL a good buy on the basis of valuation? Sadly, what to do vis-a-vis AAPL has very little to do with valuation or fundamentals. I'm not sure how you could feel even remotely comfortable buying AAPL on the conviction it's undervalued. Maybe you're right, but now is not the time to follow through on that conviction unless you have nerves of steel and a massive appetite for risk.
If that were the case -- if, as a market, we fairly assessed AAPL from these standpoints -- it would be a no-brainer. Buy more. Put the stock certificates in a safe and check in on things after summer vacation. But that's not it rolls.
You need to do what works for you, but, as I have been saying for weeks, if you're up on AAPL, at least take some profits. And if you're going to start fresh or buy more, you'll have plenty of time to get in after, not before, earnings.