It has turned into a capital allocation story. Why? Because David Einhorn turned it into one and Tim Cook has done nothing to regain control of the things Apple has always controlled: the narrative and its image.You can blame external forces such as an irrational market all you want. Wall Street is inane and insane when it sends Netflix (NFLX) and Amazon.com (AMZN) up to stratospheric heights and holds Apple down.
Just be careful and heed the warning: You might be getting too emotional. And, if you're a shareholder, that psychology could hurt you or flat wipe you out, if it has not already. Ultimately, Apple's pipeline should -- hopefully -- dictate the stock price. But if you have made yourself believe there is nothing to worry about, that Tim Cook will get it done, you haven't been paying close enough attention these last nine years.
I love Apple. Let's be clear. I am biased in the I want to be bullish direction near term and even long term, despite my doubts. I type on a MacBook Pro with Retina Display that's charging one of our household's two iPhone 5s and one of its three iPads (two regular, one mini). I am a believer. Pretty much a devotee. And I am worried. Follow @rocco_thestreet -- Written by Rocco Pendola in Santa Monica, Calif.