"They should be direct beneficiaries of JCPenney's issues here in the next 40 days, so we point to both of those names, which have both pulled back," he said.
Dollar Tree, however, could miss Wall Street estimates, he added.
Grom said that JCPenney's still faces challenges.
(Read More: Don't Buy These 'Black Thursday' Retailers: Pros)
"I think the true test will come in January when we start to cycle some of the tough numbers," he said. "It takes time for consumers to change perception and shopping habits to change, and it's simply too early to expect comps to improve next year."
Retail companies could see a mixed bag of results, Grom said, adding that Kors and Saks said business had bounced back.
"I think this is a really, really critical week for retail sales ahead of Black Friday," he said. "If we can see the consumer come back here this week, I think you'll see retail stocks really start rally toward the end of the week."
Trader disclosure: On Nov. 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Enis Taner is long GS ; Enis Taner is long XLF Puts; Enis Taner is long YHOO Calls; Steve Weiss is long HK; Steve Weiss is long QCOM; Steve Weiss is long SWKS; Steve Weiss is short JCP; Steve Weiss is short AKS; Steve Weiss is short X; Steve Weiss is short RIO; Steve Weiss is short VALE; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long HOT; Joe Terranova is long SWKS; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long MS; Joe Terranova is long GS; Joe Terranova is long CRUS; Joe Terranova is long IBM; Joe Terranova is long DKS; Joe Terranova is long SWN; Joe Terranova is long CVX; Joe Terranova is long TCBI.
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