Is Market Riding Apple’s Coattails?

If there’s a stock that professional and retail investors can’t get enough of – it’s Apple.

Many pros will tell you, as Apple goes – so goes theNasdaq. That’s been the case for quite some time.

But with Apple now thelargest company by market cap to have ever traded in history, should Apple begin to wield the same influence over the broader S&P, it will probably end badly.

If Apple is indeed driving gains, then Apple today could be the equivalent to the nifty-fifty of the 1960’s and 1970s, according to Yahoo Finance Editor-In-Chief Aaron Task.

The nifty fifty were considered one-decision stocks because investors thought they could effectively buy and hold forever. (Just like Apple)

And in some cases the thesis played out - examples of nifty-fifty stocks include General Electric, Coca-Cola, and IBM .

However, other examples include Kodak, Xerox and Polaroid. Holding those names for the long haul didn’t play out so well.

“If the market becomes too much about Apple then we’re all in a lot of trouble because if anything goes wrong – anything - it’s going to be Katy bar the door! It would be like having everyone on the same side of a boat. In rocky water, it would get ugly in a hurry.”

However, it’s worth noting that Task does not think the rally is all about Apple. “In fact, I’m not aware of any stock in history where the entire market was dependent on one stock,” he says.

Posted by CNBC's Lee Brodie

Read More from Fast Money:

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> Top Secrets of Pro Traders
> 10 Top Stocks for the Long-Term Investor

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Trader disclosure: On August 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long PAY; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long SBUX; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long NXPI; Joe Terranova is long EMC; Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long WFC; Josh Brown is long GCX; Josh Brown is long XLF; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long V; Josh Brown is long MCD; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long GDX CALL SPREADS; Jon Najarian is long GLD CALL SPREADS; Jon Najarian is long SBUX CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long GLUU; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long S

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