"Some of these retailers that are down 35 to 40 percent from their highs look a little cheap here," Church told CNBC. "Macy's and Nordstrom are attractive here. Both have been hit pretty hard."
Black Friday was a red-letter day for those retailers, according to Church. "I think everybody expected bad numbers," he said. "Maybe the consumer [sector] still has got a little kick left in it."
He sees more trouble ahead, as the subprime credit crunch gets played out, but he also sees some defensive plays in stocks that have survived the squeeze.