Kass Katch: Short QQQ
Written by: Doug Kass
Tickers in this article:
AAPL CSCO QQQ
This commentary originally appeared at 9:04 a.m. EST on Feb. 14 on
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"What the wise man does in the beginning, the fool does in the end."
-- Warren Buffett
Last night on "Fast Money," with Mel, Dan, Guy, Karen and Joe, I raised concerns regarding the Nasdaq market, and I have taken a short position in the PowerShares QQQ (QQQ) .
Let's go to the tape.
The NBA Market -- Nothing But Apple
With apologies to the New York Knicks' Jeremy Lin, Apple (AAPL) shares have been nothing short of "Lin-tastic."
Apple's stock is a phenomenon unto itself -- it has taken over clear dominance as the largest-cap stock -- but enthusiasm has a downside.
It has now started to move in a semi-parabolic way, and it has begun to detach itself from the action of the broader markets.