I just did a back of the envelope, and noted these facts: the February to April rally was just the kind of thing that Andy Zaky was talking about a year or so ago! He was saying that the compression of p/e we were experiencing quarter after quarter, would reach a point where the piston (sorry for the combustion analogy) could go no further, and would cause an explosion of p/e. And so in fact on 1/26/12 just after earnings, closing price of 444.63 represented a ttm p/e of 12.66! This was the extreme low which led to the expansion all the way to the absolute high of 644 which was ttm p/e of 18.34 on 4/10/12.
Applying the above extreme p/e's to this quarter we get a low of 519.18 and a high of 752.12! And Thursday close was a p/e of 14.19... Only 12% Higher than 12.66 p/e, and 22.7% lower than 18.34 p/e. Where do we go from here?
Well now that the hedgies got a whiff and they know there's no catalyst to prop it (The herd is going without the shepherd's protection from the wolf) we're going to re-test the 12.66 P/E level within next week is my guess! And don't let anybody fool you that Apple is finished!
Disclosure: I am long AAPL.