The answer to that question is a big - it depends.
It depends on if you're already in the stock. It depends on what price you got in at. If you're a sub 100 (split adjusted) buyer - you might be feeling the urge to sell and lock in the profits you still hold. That's not a knee jerk reaction. The stock was rejected at new highs at 134 in late April and hasn't recovered since. The stock was locked in a side-ways trading pattern for months and broke hard to the downside.
There are rumors that the watch is a flop. People are worried about the ability of Apple to continue selling iPhones for premium pricing.
As an investor there are many tough decisions to make. Here is how I rate the stock at present.
If you've been in the stock a long time, I say hold. If you wanted to sell, you had many spots over the last four months to do so. Wait for a better exit point in my opinion. That being said - the stock could see a bumpy ride if the 118/119 range doesn't hold. If you don't want that risk in your portfolio, maybe selling is right for you.
For those that do not own Apple or just got into a new position - when is the time to buy more? The dividend yield rises as the stock price falls, so it becomes more attractive with each dollar chipped off the price.
If that break of the 118/119 DOES range does happen, that's the spot to buy, buy, buy as Jim Cramer says.
Watch that 200 DMA. Any break below that is a buying opportunity.