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Clem Chambers, CEO of ADVFN (LSE:AFN), the leading stocks and shares website

The first rule of trading is don’t fight the tape – or, in Apple’s case, don’t fight the chart. The stock is rallying strongly and looks headed towards and all-time highs.

A long time ago I was a bull of Apple and it went up and up. I became a bear, and it continued to increase. In the stock market, opinion and reality are not correlated. This current strength can be put down to Apple’s buy back, a still-strong market with indices like the Dow and S&P pushing at their all-time high, and you might consider Apple investors’ autumn release expectations too as a driver.

However, a simple bull case that at a 14 P/E (the ratio loosely means you could buy Apple for 14 years’ profits) the company is cheap, and even at 20 P/E would represent good value. At a market normal of 20 P/E Apple would be a $1,000 per share company and pretty close to the $1 trillion valuation. If you’re a bull, this is not a giant stretch. If you’re a bear, for now, you are just wrong.