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Most interestingly, he was discussing Fox News and how the opposition uses the station as a megaphone. One interpretation is that by calmly swatting a fly during that discussion, he was subtly telling Fox and the GOP that he considers them nothing more than mere annoyances and he'll smack em down like the pests they are.
Wow, talk about grasping as straws. He could subtly be telling fox news something, or perhaps he was swatting a fly.
I am going to doubt there was some hidden meaning to the flyswatting though, Obama has no reservations about flat out attacking the news station that isn't kissing his ***.
As with literature, there isn't always a hidden meaning, sometimes a chair is just a chair.