This leaves Research in Motion ( RIMM) and Nokia ( NOK), two names that have been on life support over the past two years.

Clearly, Apple is not losing its luster but it is taking a much-needed breather. But it needs to wake up. I can say this confidently, even though it concerned me somewhat that the company acknowledged the possibility of slowing growth.

That said, with no clear evidence its growth is being eaten away by its rivals, I think it would open a new set of story lines that analysts have long been afraid to discuss -- market saturation.

The only way to avoid this talk is for Apple's next quarter earnings to arrive as expected and prove the third-quarter disappointment was an anomaly.

At the time of publication, the author was long AAPL and held no position in any of the other stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Richard Saintvilus is a private investor with an information technology and engineering background and has been investing and trading for over 15 years. He employs conservative strategies in assessing equities and appraising value while minimizing downside risk. His decisions are based in part on management, growth prospects, return on equity and price-to-earnings as well as macroeconomic factors. He is an investor who seeks opportunities whether on the long or short side and believes in changing positions as information changes.

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