"Look at what they're doing with the millennial strategy, and look at what they're doing with Omni-Channel," she. They're basically going out with guns a-blazin' to be ready for if there is an increased amount of promotions out of JC Penney.
(Read More: Fix for JC Penney's Woes Could Take 'Years': Dana Telsey)
Telsey also sounded positive on Ralph Lauren, despite a slowdown in luxury brand.
"What we are seeing is accessible luxury working," she added.
(Watch Video: Time to Try on Ralph Lauren, Pro Says)
Telsey added that retailers to avoid for now included Bebe, Guess and Kohl's.
(Watch Video: Gap Gets Set to Report Earnings)
Trader disclosure: On May 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long WFC; Stephanie Link is long COST; Joe Terranova is long JULY CRUDE OIL FUTURES; Joe Terranova is long MINI S&P FUTURES; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long TBT; Joe Terranova is long SWN ; Joe Terranova is long IBM; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C CALLS; Pete Najarian is long GS CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long WFC CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC CALLS ; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long C; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long WMT; Anthony Scaramucci is long GOOG; Doug Kass is long AAPL.