I think at the end of the day, Apple is a cash-generating monster and has a great eco system. But investors are still adjusting to the realization that, absent any big surprises, Apple is transitioning from a highly innovative growth co to a blue chip.
Add the exogenous risk of continued sell-offs for tax purposes (plus the larger fiscal-cliff fears, for that matter) and the fear inspired recently by lack of support for the falling stock price.. And we get a stock that I'd feel better about if I didn't have any positions in for now.
So, I bought back my puts this morning while Apple is slightly in the green. Took a loss with a little sting, but not big in the scheme of things. The stock can go where it may but I'll stick with my conviction of mainly staying in cash for the rest of 2012, or until there is more transparency on some of the bigger issues confronting us.