So what happened?

For months now that investors and Apple Inc. (NASDAQ: AAPL) enthusiasts have been expecting the 3G iPhone. The past few weeks, there was so much hype that speculation over features, dates and even a new business model surfaced daily, from bloggers, reporters, investors and analysts.

Finally the day came and Steve Jobs announced a 3G iPhone for $199 to be released on July 11 in 22 countries at first with the intention of selling the iPhone in 70 countries. Not only that, but the new model includes a GPS and push email.

It's so odd to see a developer's conference turn into a PR machine for arguably the world's hottest tech company, but about all of the geek crowd is sitting on pins and needles this morning waiting for the Worldwide Developer's Conference (WWDC) from Apple, Inc. (NASDAQ: AAPL) to begin. Why? Well, the expected unveiling of the iPhone 2, of course.

As I wrote last week, Apple's shares may inch towards $200 today depending on what product bombshell Steve Jobs drops on the world. If you bought shares when they were in the $120 range back at the start of 2008, are you going to take a profit should shares reach the $200 level? Apple, like most of the market, took a beating this past Friday as the DJIA dumped almost 400 points in a single day, but that doesn't mean AAPL shares will not make up for lost ground. Customers are still buying Mac computers and iPhones like there's no tomorrow -- recession or not.

The trick is this: Apple could score a major coup if an iPhone 2 is announced today -- and is immediately available for purchase at Apple stores. This is being predicted, and it's not really out of the realm of reality. The original iPhone was a launch of monstrous proportions, but it was announced in January 2007 and released in June 2007. The hype built in that gap was so large that iPhones flew off the shelves once June came last year. The hype is now for the newer, speedier iPhone that has extended capabilities and a possibly lower cost. If that happens when Jobs takes the stage at 9:30 a.m. PDT this morning, expect the market to take notice and AAPL shares to lift past their ending $186.25 price from Friday's market close.

The hysteria will begin soon -- catch it here live.