When Jobs was alive, investors were afraid he was going to die. Now that he's gone, he's no longer here. And that's even worse. What else could explain the rapid surges and equally as swift pullbacks Apple has experienced over the last year or so? Sure, you can blame market manipulation conspiracies, hedge funds, mutual funds profit taking, the broader market, the economy, the rumor mill or sheer stupidity, but these excuses do not cut it. It's all about investor confidence.Investor confidence in Apple's future. It was there with Jobs. It's there at Amazon.com ( AMZN) with Jeff Bezos, but it's clearly not there with Tim Cook as Apple CEO. Cook just does not display that Apple swagger I spoke of while hanging at the Apple Store in Santa Monica over the weekend.
An earnings miss might actually work in the patient bull's favor. Remember, we're not talking about an overvalued company struggling to grow revenue and earnings and take control of mindshare and market share. We have the exact opposite. That should be the lead story; not misguided noise, smoke and mirrors.I believe this. However, something or somebody must turn the tide. For better or worse, a wildly successful iPad mini didn't do it. Same goes for record iPhone sales, a growing cash pile and major inroads in China. It's all about innovation that has Tim Cook's, not Steve Jobs's name on it. Until we see something that qualifies investors will refuse to believe the things Apple tells them if they're not verifiable in the company's financial statements. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.