Just look at the volume. The most hedge funds and institutions are sitting on sidelines as they need to analyze what the Obama administration would do next. There are a lot of concerned parties in the Wall Street, since they wanted Romney. On the top of that, weak earning reports from big caps are souring the market sentiment.
The market almost never does things convincingly. I doubt that there is an upside turnaround coming but for an even more bullish sign, I believe the market will be up tomorrow even though this isn't the kind of market where the big guys like to have positions over weekends. The question then is does the drop resume some time next week going through these lows. In that case, AAPL is just along for the ride. Besides the reasons for the drop already mentioned there was that little problem of AAPL, and indeed quite a bit of the market, being priced for perfection. The market doesn't look beyond the next open/close but now that the election is over, those big traders with limited attention spans can look at the lack of positive news and react accordingly.
AAPL slide has nothing to do with Obama sell off. Obama sell off relates to coal and financial stocks. AAPL slide is due to ongoing lawsuits (with Samsung and others), lack of innovation, change in its management, and most of all, hedge funds are getting out. And of course, there are Euope and China slowdown.
Everything losing money has to with Obama. For sure, people and funds are selling right now 100 percent in part to Obama. Just like four years ago. Soon though though people will realize things are oversold. Buy, buy, buy. Bottoms tomorrow
Sentiment: Strong Buy
It is in the correction territory, and with all the bad news coming out of Europe and China, AAPL slide continues for a while. When it rebounds, it won't be much. Just hold it until it introduces iPhone 6, which will be slighter bigger than the iPhone5.
Europe and China are weak because of the weak US dollar making their goods more expensive. AAPL stock will take a temporary shift back to fundamentals (growth, PE, cash on hand, etc) and gain strength. Tomorrow.