Despite the long-awaited release of the iPhone SDK yesterday Wall Street in their usual “wisdom” decided to punish Apple stock. Despite all the incredible news about iPhone for Enterprise, the immediate availability of the beta, the iFund, and even the game-changing nature of the event itself, AAPL managed to lose $3.41 on the day. Here’s how I think it all went down:

Disclosure: Yes, I own stock in Apple Computer and I’m about to own a whole lot more. Once the reality of the SDK starts to sink into investors, $200 a share is going to look like peanuts.