Or Cook could go in another direction, and launch a new Apple product category today.

For instance, he might actually announce the iWatch , and demonstrate it working with those iBeacon, Healthbook and home automation applications, in conjunction with or absent an iPhone. That would open a new product category.

He could announce an actual Apple TV, maybe with a retina screen seen on recent iPads, one that could control the home and its occupants and transmit programs to other devices through iBeacon. That would also be a new product category.

Last week's announced acquisition of Beats Music makes it likely that integration of music streaming with other Apple technologies will be part of Monday's announcement.

Might home speakers akin to the Sonos Soundbar be coming, again with iBeacon integration to follow the user around the home? Apple could announce a new, higher-quality music encoding scheme that eventually makes users buy their home music libraries all over again.

What's most likely is that Cook will see this week's effort as a software conference and tease new hardware for an announcement later this summer. The intent of a WorldWide Developer Conference, after all, is to give outside developers capabilities they can work into their own products, not just tease Apple's own.

Just watch the action on the stock if Cook finishes his talk, turns away from the audience, then turns back and says "And one more thing..."

At the time of publication the author owned shares of AAPL and GE.

>>Read More: Apple WWDC: What to Expect

>>Read More: How to Trade Apple Ahead of WWDC and the Stock Split

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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