Q2 earnings for Apple (AAPL) were a little better than many had feared, and it has resulted in a rather powerful rebound, settling +6.5% @ $102.99, the best close since late April. Any price action >105 should confirm the 120s by late 2016/early 2017... with eventual new historic highs (>131).
Just consider that AAPL saw Q2 EPS of $1.42, on rev' of $42.4bn
That is roughly $6 a year... and on a stock price of $100, that makes for a PE in the 16s.
Unquestionably, AAPL is a superior company relative to the main market, and thus 'should' be trading considerably above the average market valuation.
Technically, the break back above the $100 threshold today was very important... along with a close above the 200dma (102s).
Next resistance is declining trend, currently in the $105s.
With a new historic high >sp'2134, AAPL looks set to follow in 2017