On Monday the stock market took one of its biggest hits in history. Apple's stock got hit even harder as untimely analyst downgrades sent the stock down 18%. The question though is if things are really looking that bad for Apple and I would say no. Piper Jaffray analyst Gene Munster also does not see Apple's near term performance that bleak.
Sure their is concern of a downturn in consumer spending, but I believe that Apple will still get a big junk of whatever consumers are willing to spend on electronics this holiday shopping season.
The iPod line and the iPhone are for most consumers the top choice in their respective product categories.
Additionally everything points to new notebook announcements in October that should also spur Mac sales for fall.
See also this LA Times story.