FORTUNE — The last time Apple (AAPL) closed above $633 was April 9, 2012. The next day it began into a ragged six-week decline that by May 18 (the sharp dip in the middle of the chart at right) had knocked $115 off the share price and more than $100 billion off the company’s market cap.
That’s not likely to happen again, says Bullish Cross‘ Andy Zaky, and as evidence he points to what happened on July 25, the day after Apple (in a rare miss) reported earnings that were below the Street’s expectations.
In July, when Zaky and everybody else thought that the next iPhone wouldn’t arrive before October, he predicted that the stock would be trading in the $700 to $750 range before the end of the year.
Now that it looks like the new phone will arrive before the end of September, he’s warning his readers that the share price could hit $700 a lot earlier than expected. His biggest fear — and apparently much of Wall Street’s — is that it’s going to get there before he has a chance to push all his chips onto the table.
That’s why it’s called a fear-driven rally.
UPDATE: Apple closed Friday at $648.11, up $11.77 (1.85%), to set yet another all-time record.