Short sellers have taken a neutral position head of Apple Inc.’s (NASDAQ: AAPL) earnings. The number of shares sold short in Apple remained flat at 64.8 million. The guessing game about iPhone sales may be enough to keep potential shorts on the sidelines.

The basis for the success of Apple’s quarterly earnings report will be iPhone sales, which are expected to come in around 55 million. However, some analysts have offered forecasts above 60 million.

The short sales figure is as of April 15.

24/7 Wall St. recently made the case for the huge role iPhone sales numbers will play in driving shares up or down immediately after earnings are announced:

Investors have focused on the Watch as Apple’s next critical product. Sales of the Watch might hit five million in the first month, if Apple has created a product that is as good as many early press reports say. Since Tim Cook became CEO, Apple has depended almost exclusively on the iPhone for surging sales. Nothing shows that more than the quarter that ended on December 27. iPhone unit sales hit 74.4 million, which drove $51.2 billion of Apple’s quarterly total of $74.6 billion for the period. The ratio has to remain, or improve.

For Apple, the stakes for strong iPhone sales remains high. Shares have risen 18% this year, and continue to be a primary engine of the Nasdaq’s rise to its record level. Apple’s shares have traded close to a peak as well, around $130 recently, which has increased its market cap to $760 billion.

Fortune reported that Apple’s success will have to be affected by strong sales from its huge China partner, China Mobile Ltd. (NYSE: CHL), which is the world’s largest wireless carrier, and Brazil sales. No one outside Apple has any real knowledge about these factors.

The last time the market become anxious about Apple’s performance, shares tumbled from $100 in September 2012 to $55 in March 2013. Tim Cook has gained enough admiration among investors that has given him much support from both the tech and investment communities. He could get a pass should the quarter be a bit weak. He will not get one if the results come in well below expectations. Sixty million iPhone sales leaves him in a safe position, at least until the next quarter.

For the time being, short interest in Apple is fairly small compared to its overall float, even if that short interest ranks it 14th among all Nasdaq public companies.

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