Now, with less then 5 weeks to go until the expected unvailing of the iPhone 5 on September 12, traders seem to be positioning themselves to take advantage of the usual Apple launch run-up.
Apple's stock is up sharply in the past few days.
Those who sold in July on the weak iPhone results, meanwhile, are probably feeling a bit silly right now:
By the way, the news flow over the next couple of months is likely to work very much in Apple's favor.
With the new iPhone only a month or so away, iPhone sales for this current quarter are likely to be disastrous.
Long before Apple has to report those disastrous results, however, it will be able to launch the new iPhone AND make ecstatic noises about how amazingly well it is selling in its first few weeks. This excitement will make anyone who complains about lousy iPhone sales in the September quarter sound like a curmudgeon, especially with the blockbuster holiday selling season coming up.