NEW YORK ( TheStreet) -- As painful for many as Apple's (AAPL) decline from $700 was, it's fascinating to note that not only was iStock up for 2012, it increased in value four out of the last four years.Apple turned decidedly bearish on the daily chart, but did you know that Apple on the weekly and monthly charts is still in a bullish trend? On the weekly chart, the 60- and 90-period moving averages are above a rising 200-period moving average.
On the monthly chart, Apple closed above $200 for the first time near the end of 2009. This is the same time that the gross profit chart also reaches its highest level. Two years later, Apple's stock has doubled to close over $400, but the gross profit isn't keeping up. The gross profit is "only" about $20 billion with per-share earnings near $14. What this tells us is that slower growth was already priced in at the end of 2011. At the end of 2012, all earnings growth was removed from the price, and it's clear that investors started pricing in declining growth. Once the stock fell under $600 we started reading "value investment and Tim Cook is no Steve Jobs."