Stocks continued to give it up on price as AAPL is a drag on big tech, and earnings overall appear a bit weak based on sluggish demand.
The problem is not 'uncertainty,' or 'the fiscal cliff.'
The problem with the economy is very weak aggregate demand by the large bulk of consumers who are seeing a very weak median wage, which is a structural problem that has been years in the making.
The problems in the western economies are intimately involved with the global currency war, and a rogue element in the Anglo-American financial system that has wounded the principles of market capitalism with the same old systemic frauds and a foul partnership with the political leadership.
I suspect this stock market downturn has run much of its course by historical standards of elections in which the incumbent wins re-election, but we will have to see if it can find its footing. There are some intense negotiations going on behind the scenes as the monied interests scramble to promote their policy positions.