By David Gaffen (The Wall Street Journal)

Stocks enjoyed a healthy, nearly uninterrupted rally between the middle of March and the middle of May, particularly the big-cap tech names. Among the giants pacing this move was Apple Inc., a crowd-pleaser if there was one in the last several years.

But the recent activity in the stock suggests that its rally may be coming to an end, and while that doesn’t necessarily portend another slump after it hit a 52-week high of $202.96 on Dec. 27, some analysts don’t necessarily believe the stock will enjoy another fierce rally in the near-term, either.

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“I think it's going to challenge the old highs and then some,” says Bruce Zaro, technical strategist at Delta Global Advisors in Huntington Beach, Calif. “This has been one of the better tech performers.” However, he notes that the stock has moved in tandem with the broader market, just with more exaggerated swings. “It's going to be dependent on whether this market will continue rallying,” he says.

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* This is an excerpt of an article from the “MarketBeat” section of The Wall Street Journal that ran on June 3, 2008. To read the full article, click here.