Apple's Crash: A Wall Street Tragedy

Even if they look like they're getting better, things are only going to get worse.

I told you not to own AAPL before earnings because of the irrational market. And I am telling you not to own it after earnings. Your sanity is more important than showing loyalty to AAPL. If you still have profits, take them. If you're down, get out. Waiting for a rebound -- no matter how right you think you are -- ends up a loser's game. For every one you salvage, another handful will break you.

Don't fret if you miss the upside we're likely to get in the next few days, weeks and/or months. It's only going to butt up against the time when concern over Apple's long-term ability to innovate becomes relevant.

>>> Also see Apple: A Great Company, For Now A Toxic Stock

Like I said over the weekend, look at companies the market respects. Big media names such as NWSA, DIS, TWX and MSG. It makes no sense -- if you're investing for your future -- to be long AAPL right now. The time might come again someday, but it's not on the immediate horizon.

Is it crazy to say it's a national tragedy? Apple does everything anybody who follows the stock market, retail or tech -- you name the space -- could possibly ask for, yet we cut it down. We cut down the stock price. We cut down the company. In certain corners, we root for it to fail. But we do not give the same treatment to perennial and hopeless losers. We cut them slack before it's due. That's not rational. And it's certainly not okay.

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--Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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