“The Federal Reserve’s latest plan to buy mortgage-backed securities, unveiled Thursday, is the kind of event that makes an observer of technology investing want to hang up his hat,” Tiernan Ray reports for Barron’s. “What can you say about tech stocks that might shed light on a rally that seems driven purely by animal spirits, kindled by the central bank’s decision to pump billions of dollars more into the U.S. economy?”

“Indeed, when Apple’s unveiling of its iPhone 5 last week prompted a rise in the company’s stock to a new lifetime high of $696.98, I was tempted to credit Fed Chairman Ben Bernanke, not the newest iDevice,” Ray reports. “But if the Fed gets most of the credit this time, the next rally will belong to Apple, because the newest iPhone, elegant and faster than ever, looks like a winner and is going to sell.”

Ray reports, “The latest extension of the Apple franchise is likely to propel Apple’s shares even further. The stock has rallied 71% this year, but still is cheap at 13 times expected earnings of $52.81 for the fiscal year ending September 2013. Back out the company’s $29.50 a share in cash, and the price/earnings multiple is just 12.6. Some analysts think the iPhone 5 could add $2 to $4 a share to Apple’s fiscal 2013 earnings.”

Much more – including discussion of Tim Cook’s presentation style vs. that of Steve Jobs – in the full article here.