By Renee ButlerNEW YORK ( TheStreet) -- Apple ( AAPL - Get Report) is always highlighted in investing news, but buyer beware -- sometimes hype is just hype. Apple's iWatch appears to be a reality; even Bloomberg noticed its 79 patent applications with the word 'wrist' in it. But that doesn't mean it's worth your time. A bevy of people say this iWatch is going to be a game changer. Others say that the company is releasing too many products and diluting the advantages it held from a relatively low number of SKUs. I say, several other companies are already producing "smartwatches." So unless Apple comes up with something truly revolutionary, it is going to clock more down days than up, in the near term. Expect a low-grade rally surrounding the recent news of an iWatch, but shares will go lower until the next product release. TheStreet says Apple should be launching the iPhone 5s, in August and a next generation iPad next month, says the Apple Insider. The stock will likely pop on the day of release -- it always does -- but the smart money is going to be hanging back and either buying in early, only to sell an hour later, or shorting off the high price on release day. Year after year, companies have been launching various versions of these "smartwatches." There's Sony's ( SNE - Get Report) SmartWatch, which is compatible with Google's ( GOOG - Get Report) Android operating system. Kickstarter raised a mammoth $10.27 million last year to help bring Pebble to market; this one runs both iOS and Android (although it cannot run SMS on iOS). Heard of the MartianWatch, MetaWatch or I'm Watch? In all that time, these "smartwatches" have yet to catch on. Apple is just playing catch-up. In other words, Apple would be really behind the mark if it didn't produce its own version. ( Apple's 6th generation Nano had the capacity to be used as a watch, but the company no longer sells that build and, regardless, the 6th Gen Nano did not have email or texting capabilities. There is, of course, a possibility that Apple discontinued the model once it decided to launch a watch that integrates with the user's smartphone.) A recent article in the New York Times points out that, while many of the existing smartwatches are close, they are not quite ready to meet a variety of consumer needs and preferences. Apple may well be looking to drop in with a product that does fill those requirements and, in turn, dominate the market the same way it blew away the Mp3 player competition with its iPods. Rumors are that Apple may be building a slap bracelet-style smartwatch, that such a watch could have solar or kinetic charging abilities, and that it would have more functionality than existing smartwatches, like the ability to use a map application. Now for the real question: Is it worth betting on (aka "investing in") at this stage? My answer is, no. I am still bearish about the company in the short term. Right now, Apple is trading at under $440, on a 52-week range of $419.00 to $705.07. The company had been trading at more than $700 in September, before it launched the iPhone 5, with its new connector plug (an issue for those with a variety of third-party iPhone products -- an issue solved by a $29 accessory, as I mentioned on Seeking Alpha, but an issue all the same). By October, the company's share price had fallen by more than $40, and it has only continued to decline since then.