i think bill fleckenstein mentioned -- >> nasdaq 100. >> i get it. and i think sentiment as well. if you look apple and the s&p have been mutually exclusive for some time. maybe they're catching up to each other. but as apple goes the market doesn't necessarily goes. i thought bill fleckenstein i thought it's got to be three or four weeks ago put out an interesting bear thesis based on the apple ecosystem. that should be the concern. i understand what your concern would be in terms of the stock. i still think it's got to hold 103 1/2, 104, and you trade it on the long side against that. albeit i think your points are well made in terms of how poorly the stock has been trading. >> still ahead the fear gauge is surging but that could be a good thing if you're worried about the fed. we'll explain what that means a little later on. you're watching cnbc, first in bid worldwide. in the meantime, here's what else is coming up on "fast." >> announcer: crude oil getting slammed on the back of a record three-day rally. and it's got commodities king dennis gartman making a bold call. plus an

bill fleckenstein joins us on the fast line. how did you interpret what the fed said today?think anything is different than what i talked about in august. the market is trapped because the fed is trapped. fed policy shasn't created new money in a year. today the fed couldn't raise rates once again. the elephant in the room that doesn't get discussed, do the fed policies work? do they promote economic growth? is there a plan to drive the stock market higher to drag the economy along is working? i would argue it's not. yes, they have gotten the market higher and created jobs. all they are doing is misallocating mountains of capital as they did in the prior bubbles. the big problem we face despite the fact everyone is in love with the fed is the fed is the problem. the fed can't, they won't stop doing this but it doesn't work. so they are trapped. we'll see what the market wants to do as we go onto q3 and 4 wp people's high expectations. >> your poised to start your short fund october 1st. how does the market set up for you and being a short seller in this market? >> i think th