Apple and the Fiscal Cliff

Colin Anderson | Photographer's Choice | Getty Images

It's the newest worry on Wall Street: fiscal cliff anxiety.

Some are selling on fears of higher capital gains tax. (Read more: Stocks Lower as 'Fiscal Cliff' Worries Linger)

Some are taking high-beta risk stocks down either to protect gains or to dodge headline risks associated with the fiscal cliff.

The Dow, the Nasdaq, and the Russell 2000 have broken below their 200-day moving averages, causing some to review their risk management strategies.

Some of this is irrational, of course.

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