Here are Doug Kass' top thoughts on some of the biggest stories of the week.

Celgene Disappoints and Takes a Hit

Celgene (CELG) - Get Report is down around $13 in premarket trading after disappointment over its third-quarter results.

This stock has been widely heralded on "Fast Money" and elsewhere, mostly on technical grounds.

But I must say, our Bobby Lang showed a lot of discipline here in jettisoning the name (and his call options) as it began to roll over recently.

Kiss the iShares Nasdaq Biotechnology Index EFT (IBB) - Get Report goodbye, at least today!

Position: None

Originally published Oct. 26 at 8:21 a.m. EDT

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As an observation, I find -- and this is characteristic of a mature bull market -- that many investors, strategists, commentators and talking heads are just taking shots in the dark on stocks these days and are not adjusting their outlooks for changing and advancing stock prices.

Praise by Name, Criticize by Category

If a stock has lagged, such as Celgene (CELG) - Get Report -- recently recommended aggressively in the business media -- it's a buy.

If a stock has rallied, has a good chart and appears to be breaking out -- such as Amgen (AMGN) - Get Report , also recommended in the business media -- it's also a buy.

Heads you win, tails you win, I suppose.

Though I praised Bobby Lang by name in a post below regarding his excellent technical take on Celgene, I only criticize by category.

But you all get my point!

Risk rises with advancing prices, and the reward vs, risk -- and upside versus downside -- typically changes unfavorably.

Don't use price targets; consider probabilities of scenarios and upside vs. downside.

Position: None

Originally published Oct. 26 at 9:01 a.m. EDT

Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings. This week he blogged on:

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Action Alerts PLUS, which Cramer manages as a charitable trust, has no positions in the stocks mentioned.