Given Apple’s recent volatility, now is a good time to trade it, but fundamentals aren’t strong enough to justify investing in it, says hedge fund manager Doug Kass, president of Seabreeze Partners Management.

"Trade, don't invest in Apple for the time being," he told CNBC. "I don't buy the generational low story."

Apple rose to a record high of $705.07 Sept. 21, and then dropped 28 percent to a low of $505.75 Nov. 16. It has bounced between that level and $585.50 since then.

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The stock closed at $541.39 Tuesday.

In just the last week, Kass said he bought Apple, sold at a profit, then shorted it and later covered the short.

The only reason to invest in Apple for the moment would be if the company planned a special dividend this year to help investors in case of a tax increase, Kass says. "But time is closing out for that."

Apple’s biggest challenge now is to “delivering a high-quality product in massive quantities at attractive margins," Kass says.

Meanwhile, Jefferies analyst Peter Misek cut his price target for Apple shares to $800 from $900, CNET reports.

While he expects Apple’s earnings numbers for the next two quarters to far exceed analysts' expectations, he anticipates decelerating unit sales growth, price drops, and gross margin declines will prevent the stock from soaring.

Editor's Note: The Final Turning Predicted for America. See Proof.