“Apple (NASDAQ: AAPL) rumors are bringing opportunity to investors,” says Toby Smith. In his ChangeWave Investing, he explains why the recent price decline is cause to buy.

“Shares of Apple recently dropped sharply on a trading note from Miller Tabak & Co. that claimed APPL was cutting iPhone production from ‘9 million units to 4.5 million units.’ However, several follow-up reports have revealed how flimsy the sources were that led to this note.

”Analysts are lying in the bush, trying to find holes in the Apple story and take shots wherever they can. For those of us who know the real deal on AAPL, this provides a great buying opportunity.

”If there were one rumor out there that holds a little water, it would be the speculation that Apple is about to refresh its line of iPod digital media players. Trust me, this will be a good thing for Apple if it's true, as we can expect a new surge in purchases.

”Meanwhile, we emphasize that you can't base the entire value of Apple on the iPhone. Our research has shown an amazing uptrend in Mac computer sales and continued strength in iPods -- and that's what's fueling growth in earnings and in the shares. The iPhone is just the cherry on top.

”By the way, our ChangeWave Alliance Director of Research Paul Carton notes that we are seeing rising intent to purchase numbers for the iPhone among our Alliance members who will be shopping for handsets during the next six months.

"In addition, our research found that 77% of our Alliance members reported that they were 'very satisfied' with their iPhones. That number is practically off the charts. Bottom line: Don't believe the Apple haters and skeptics until they can bring something tangible to the table. Buy Apple on this insanity.”