CUPERTINO, Calif. (

TheStreet

) -- It's not that

Apple

(AAPL) - Get Report

investors always look to sell the stock after a product event. It's more that they buy the stock before the show on the chance that the big gadget shop will unveil a stupendous new device.

Though Steve Jobs made a triumphant return, Apple failed to deliver a bedazzling new product to keep the magic spell -- or momentum, if you will -- going.

After hitting a one-year high Wednesday, Apple shares,

predictably

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, sank 2% immediately after the show. Jobs concluded the presentation with the "one more thing" routine. But the sell signal flashed brightly when the prize behind door No. 3 turned out to be a video camera-loaded iPod nano.

Gadget fans were hoping for a video-shooting iPod Touch at least. Investors would have liked something even bigger.

Buying on this presumed dip would be a reasonable proposition if Apple had a pipeline of new products coming in the next few months. But it doesn't.

Aside from a refreshed MacBook lineup or an improved Apple TV, the only gadget ahead on the map is the

controversial

Tablet.

It's probably hard to see it now, with the iPhone still opening new markets like China, but Apple may have hit its peak as a stock.

--

Written by Scott Moritz in New York

.