What a week for the market. 

Despite being within 1% of the all-time high in the S&P Index, this week's feature was a number of investment potholes --relatively large-sized individual fundamental disappointments followed by marked stock price drops.

Celgene (CELG) - Get Report , Bristol-Myers (BMY) - Get Report , Charter Communications (CHTR) - Get Report , Universal Health Services (UHS) - Get Report , McKesson (MCK) - Get Report , Amerisource Bergen (ABC) - Get Report , Liberty Interactive (LVNTA) , American Airlines (AAL) - Get Report , Walgreens Boots Alliance (WBA) - Get Report , Hershey (HSY) - Get Report are examples of those potholes.

The market is no longer homogenous -- and opportunities to deliver good investment returns on both the long and short sides have developed.

Know what you own and why. 

Originally published Oct. 26 at 4:09 p.m. EDT. Doug Kass fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. 

More of What's Trending on TheStreet: