Without a major catalyst on the horizon, Apple's shares are little more than a short-term play, Seabreeze Partners President Doug Kass said Monday on CNBC.
"Apple to me is a trading sardine, not an eating or investing sardine for the next few months," he said on "Fast Money."
Kass said he had bought the stock last week at $510 to $530 per share, sold it between $565 and $585, reshorted and since covered.
"There are no short-term, clear catalysts with the exception of large special dividend, but time is closing out for that," he added. "That would encourage me to buy for investment."
Kass refuted the idea that Apple's stock last week posted its worst price performance in two years because of concerns about a possible rise in the capital gains tax next year.
On Nov. 16, Kass said that Apple's share price – around $525 – presented a generational opportunity. (Read More: Once in a Lifetime Opportunity to Buy Apple?)
But on Monday, he expanded on those comments, calling a disagreement over whether he meant Apple remained an investment a matter of "semantics."
"I said it would be subject to trading rentals, both on the long and the short side, and it is not investible," he said. "The bloom is off the rose. The technicals have obviously reversed in addition to the fundamental concerns, and the chief fundamental concerns are that the company faces the challenge of delivering a high-quality product in massive quantities at attractive margins." (Watch: 'Apple Has Become a Casino': Terranova)
For Kass, it was clear what to do with the stock.
"Trade, don't invest in Apple for the time being," he said. "I don't buy the generational low story."
Trader disclosure: On Dec. 10, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long SNDK; Simon Baker is long SMH; Simon Baker is long XLU; Simon Baker is long T; Simon Baker is long GS; Simon Baker is long WFC; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long SBUX; Stephanie Link is long KEY; Stephanie Link is long IBM; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Doug Kass is long AAPL.