Brent Wilsey says it's time to go shopping -- for retail stocks. The president of Wilsey Asset Management even has a shopping list.
"What's happening is that a lot of estimates have come down a lot from 90 days ago, so people think they're going to come down further," he told CNBC. "A lot of this is built into the stock price already."
Recommendations:
Wilsey's shopping list includes Best Buy, an electronics chain in a year in which there is no "must-have" electronic product.
"I go by a Best Buy every day, and that parking lot is always packed with cars," he explained. "They beat their estimate by 46 percent."
He also likes Kohl's.
"The bad news is built in there," he said. "This company, they've grown their sales 1.3 percent year-over-year, and 37 percent debt-to-equity on the balance sheet, very strong company."
Also on his list is Coach.
"They've seen their sales increase 18 percent year-over-year," he said. "Their earnings have climbed 24 percent, and for that strong brand name, you're only paying ten times earnings, and they have a debt-to-equity of less than 1 percent, a very strong company that will weather the storm here."
Rounding out Wilsey's recommendations are Gap Stores and perennial favorite eBay.