The numbers of people pre-ordering Apples over-hyped iPad is has slumped. On the first day pre-orders were a fairly lack-luster 120,000 but since the the numbers have plummeted.

According to Daniel Tello, the Venezuelan blogger-analyst who has been tracking order numbers submitted by volunteers at Investor Village's AAPL Sanity board, orders on Saturday and Sunday slowed to an estimated 1,000 per hour.

Writing in his bog Tello thinks that the first 120,000 first-day sales was "pure overexcited fanboism”. In other words those who are stupid enough to buy anything that Steve Jobs suggests have all put in their orders. However those with half a brain cell have decided to wait and see if the hype bears out.

Tello is famous in Apple investor circles for making predictions of the company's quarterly revenues and earnings that are as good as, and more often better, than those published by professional analysts.

It would be nice to think that the great unwashed have realised that the US tech press have sacrificed their credibility to hawk the iPad for Jobs' Mob and are going to ignore the over priced netbook without a keyboard in droves.