A bit of price inflation at this point in a hot expanding economy is natural and not unexpected. It could be a sign of a recovering world economy, which is a good thing. The really dangerous inflation that has been with us for some time now is in the form of hyperinflated US financial assets. Meanwhile, the rest of the manufacturing world has suffered deflation stemming from overcapacity and leaps in productivity. The global economy is out of balance.
Markets search for equilibrium.
Alan Greenspan, surely less than a God, may yet be proven less than nature left to her own devises. Apple's schizophrenic identity as an undervalued growth stock with momentum may actually benefit from a more cautious atmosphere where the fundamentals regain their former importance to investors. So, kids, be careful out there. Stay cash heavy. Liquidate those margin positions and remember to never play with money you can't afford to lose.