Well, if Ben Bernanke can’t save the market, maybe the consumer can. Retailers will close out earnings season next week with companies such as Wal-Mart (WMT) and Home Depot (HD) attempting to meet or beat The Street. Department stores and mall retailers are also scheduled to give results. Will consumer companies help stabilize this market in the days ahead?
Jeff Macke says Wal-Mart has a time-honored tradition of “stinking and blaming everything.” And he’s not expecting good news from Home Depot, either.
Consequently, Jeff says stay away from WMT and HD. He feels the play is buying Costco (COST) and Target (TGT) on any dip.
Pete Najarian agrees.
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Trader disclosure: On Aug 10 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC), Najarian Owns (GS), CBOE Volatility Index (.VIX) Options; Seymour Owns (AAPL), (BX), (GLD), (SBUX), (X), (BBD) Seymour Owns Bank VTB OAO