It's Still Apple Season

 | Nov 27, 2013 | 10:38 AM EST
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Apple (AAPL) just keeps going up. The shares are trading above $540 this morning. These are levels the stock hasn't seen since early January of this year.

Now, year-to-date, the stock is actually green. That's a huge win for the stock given that it was down more than 25% earlier in the year when the rest of the market was green. Does it still have room to run? Absolutely.

The holiday quarter -- Apple's fiscal first quarter  -- keeps rolling. We're likely to hear about continued good news with the iPhones, new iPads (including the retina Mini) and other products.

And, as we're getting ever closer to 2014, you can already see some Apple commentators starting to turn their attention to new products that will be unveiled then. There's been lots of speculation about the new TV, the wristband/watch, a new iPhone (the 6, which is expected to be a more substantial upgrade – possibly with a larger screen), a China Mobile deal and even wearable computing devices, including clothing.

A new product cycle is always helpful to a stock price. It certainly hurt Apple tremendously in 2013 that it did not produce anything "big" for customers to look forward to.

The discussion between Apple and Carl Icahn around the stock buyback has been a sideshow. If something happens, that will likely be an additional positive to the stock. However, what's really going to drive the continued move up is the excitement around better-than-expected sales and possible new products -- especially ones that seem to open up whole new vistas of revenue opportunities.

That the iPhone has been so successful and now accounts for more than half of Apple's sales has weighed on the stock as people fret that it's reached max appeal and has nowhere to go but down. If the public shows an appetite for the new wrist band and TVs that Apple comes out with in 2014, it will be a huge shot in the arm for the stock.

In the meantime, I believe we will continue to see the stock ramp up through the month of December as the army of Wall Street "retail checkers" show continued strong traffic to Apple stores.

These one-day and two-day momentum stock selloffs that have taken down Facebook (FB) or Yelp (YELP) haven't affected Apple one iota. There finallyseems to be life in this stock that got left for dead over the summer.

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