I will preface this report by stating that I am not bearish on Apple (AAPL) long-term, and while I consider myself (in Graham’s terms) much more of an investor than a speculator, I am willing to make a significant bet that on a short-term basis, Apple’s share price will deteriorate. 

Since the market's slight recovery in May and sequential downturn through June, the S&P has given up 15% while Apple has significantly outperformed the market. shedding less than 8%.  During these past months, multiple analysts have upped price targets, most citing 3G iPhone sales, and expectations have become overly optimistic in today’s slow-growth environment.