We get a credit event in Europe, and we are on the path to World War 3. (I say that seriously.) No stock is safe, no high yielder, nothing. Its the low probability scenario. So I try to position to a large reward with a relatively minimal risk.
Everyone and their mother has an opinion on Apple and why it is good, and why it is bad. Here is a good write up pointing out Apple's growth in relation to stock performance.
At this point, the major question is whether or not AAPL's multiple has stopped contracting. There is a compelling argument to say it has. Especially when comparing AAPL to other large caps with lower revenue growth. (And iTunes, iCloud and Apple's general attention to users are an extremely good form of stickiness that will maintain a huge cash flow.) Also, given the growth in iOS devices, I find it difficult to entertain a person who says "Apple's earnings will collapse".
From the technical perspective, its downside risk is 350 via a weak market back drop. Upside potential 425 from a stabilized market.