Surprising Strength in Retail

Amid a sea of red there was some green in Wednesday’s session. Polo Ralph Lauren and Estee Lauder both held gains into the close.

Is the action a sign to buy retail?

Strategic investor Dennis Gartman is cautious of the whole space. “I have to think the propensity for anybody to spend has been greatly reduced. Will they continue to spend? Yes. Will it be at the same speed as a couple weeks ago, I doubt it.”

He believes the world has changed a lot over the last few weeks due to the debt debate and now the stock market's decline. "I just can't imagine that people have the same propensity to spend," he says.

However, that doesn’t eliminate single stock stories. Karen Finerman is bullish Macy’s . “Nothing about the down draft makes me want to sell Macy’s,” she says.

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Trader disclosure: On Aug 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (CSCO); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (M); Finerman’s firm owns (MSFT); Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Nathan owns (AAPL) call spreads; Nathan owns (BAC) put spreads; Nathan owns (CSCO) call spreads; Nathan owns Gold puts; Dennis Gartman is long the Yen; Dennis Gartman is long Gold; Dennis Gartman is long Crude Oil

For Brian Modoff
(CSCO) is an investment banking client of Deutsche Bank
Deutsche Bank has received non-investment banking compensation from (CSCO) this year. with wires.