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Wal-Mart, Home Depot Earnings

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Merrill Lynch economist David Rosenberg says the last time he's seen a drop in consumer confidence of this magnitude during this crucial Holiday shopping season, the economy was in a recession. So why were retail stocks higher, Monday?

Jeff Macke anticipates upcoming retail earnings will “stink”. Don’t catch a falling knife, he says. If you must buy retail stocks, Macke recommends sticking with best of breed. He likes Costco (COST) and Target (TGT) on any dip.

Karen Finerman agrees. She explains that she’s long Home Depot (HD), but as a long term value play.

Guy Adami tells the panel he thinks there’s a trade setting up in Coldwater Creek (CWTR) and he’ll give it to viewers when it’s ready.

Symbol
Price
 
Change
%Change
COST
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CWTRQ
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HD
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TGT
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WMT
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Trader disclosure: On Nov. 12, 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), (YHOO), (EMC); Najarian Owns (AMTD) Options, (BHP) Options, (C) Options, (CSCO) Options, (DISH) Options, (EMC) Options, (GOOG) Options, (GS) Options, (YHOO) Options; Finerman's Firm And Finerman Own (GS), (HD); Finerman's Firm Owns (AMTD), (PLCE), (KSS), (NMX), (NYX), (WMT), (YHOO), (LTD); Finerman's Firm Is Short (IWM),(IJR), (SPY), (MDY), (IYR), (LEH), (MER; Finerman's Firm Owns (MSFT) Options, (TGT) Options; Finerman's Firm Owns (HD) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Charles Schwab Is A Sponsor Of Fast Money

CORRECTION: Wachovia bought Golden West, Not Washington Mutual as stated by guest trader Tim Seymour on Friday November 9th so that's not a reason to dislike WaMu's stock.