CNBC contributor Steve Grasso thinks that the sharp move that Abercrombie & Fitch (NYSE:

) shares have had may lead to an overbought situation, and he would be looking to short the name. Grasso thinks the move from $49 to around $75, where shares are currently trading, has been overdone. At last check, shares of Abercrombie were up $1.54 to $74.71, a gain of 2.1%. This is well off the highest levels of the session, where shares were trading above $76.