Could apple rise another 50%?

Rumors on Apple’s iPhone 6 have gotten so big, now even celebrity scandal websites are covering them. There’s alsobig money piling into the stock. If the technicals are correct, Apple’s stock may be the star of their portfolios.

The Internet is abuzz with pictures purportedly of the new iPhone 6 appearing on none other than TMZ, the gossip site more likely to cover LindsayLohan than high tech.

Meanwhile, new regulatory filings show several big hedge funds have been buying shares of Apple. Omega Advisors, Viking Global Investors, Blue Ridge Capital, and Appaloosa Management have all taken new stakes in the tech giant. And although David Einhorn’s Greenlight sold off about 4.45 million shares, it still holds roughly 9.5 million of them.

“Hedge funds are clearly looking at the idea that the iPhone 6 launch will be very impressive and that should drive sales,” said Gina Sanchez, founder of Chantico Global. “But also they’re looking at the newlyannounced partnership with IBM and that can help drive enterprise sales.”

Sanchez, a CNBC contributor, said Apple's plans for biometric wearables are another big expectation from the pipeline. Citing a report by MarketsandMarkets.com, she said the wearables market is expected to reach about $8 billion in the next three years.

But Sanchez also sees threats as Apple expands into emerging markets. “They’re facing intensified competition: very cheap options, copycats, etc.” Sanchez said. “That’s the caveat I would say to the Apple story.”

Apple is up 22 percent year-to-date versus about 6 percent for the S&P 500.

“That kind of outperformance could actually continue especially if we see the stock get above final resistance which is right above $100,” Stockton said, looking at a nine-year chart of Apple. “A breakout above that level and you could arrive at technical target of about $144 which would obviously be a very impressive upside with a very long-term time horizon.”

Apple has more than momentum going for it, said Stockton, adding, “it has relative strength and really isn’t showing any major signs of exhaustion, meaning overbought conditions that would be worrisome at current levels"