"It certainly was an overly invested story. It had such incomparable growth last year. it was so large that any active manager, if they didn't have five or six percent in their portfolio, they were going to trail. You needed a five percent position, even if you were neutral on the market. We've seen some funds with eight, nine, or 10 percent. It certainly was a very loved name," said Ablin.
"I think what they're trying to do is either reduce their exposure or just let the market do it for them," he said.
Ablin says the market can continue to climb higher, but may back off once March 1 approaches, the next date for Congress in the "fiscal cliff" saga. That is the day automatic spending cuts kick in if Congress does not act. Still, he sees the old high of 1565 as very achievable for the S&P 500. "It's very doable," he said. (Read More: Apple May Be 'Dirt Cheap' But It Can Get Even Cheaper)
Jeff Mortimer, director of investment strategy at BNY Mellon Wealth Management, expects the S&P 500 to surpass its all-time closing high before year end. His target is 1,575 to 1,600. He said the list of things that had worried investors are gradually retreating, including slower Chinese growth and the European debt crisis. U.S. growth is slow but there are some positives on the economic front, including housing.
"I like the fact that people are doubting. I like the fact that people are not giving credit. I like the fact the valuations are not stretched. Risky is becoming safe, and safe is becoming risky," he said.
Mortimer says Apple was like a lone commander leading the market for a while, and it's healthier that money coming out of Apple is spreading across the market. "It's much more dangerous to have one lieutenant running ahead of everyone," he said. (Read More: Investors 'Not Fair' to Apple: Cramer)