While at least some market-watchers will view today's key reversal (on extremely heavy volume) in technology bellwether Apple as a potential turning point for the sector, which has been on an incredible tear in recent weeks, there's no shortage of data suggesting that enthusiasm for the group has reached historically untenable extremes.
For example, based on figures derived from the Commodity Futures Trading Commission's weekly Commitments of Traders report, traders categorized as "speculators" by the CFTC (including hedge funds) now have a record net-long position in futures on the technology-laden NASDAQ-100 index.
The obvious question, of course, is if a large chunk of the speculative crowd has already placed its bets on higher prices, who is left to buy?